MEMPHIS, Tenn. — Charter Senior Living has taken over management duties at The Village at Primacy Place in Memphis. Formerly known as Rose Terrace Assisted Living, the community offers assisted living services. The Village at Primacy Place increases the family of Charter Senior Living retirement communities to more than 40 throughout the U.S.
NEWTON, Mass. — Diversified Healthcare Trust (NASDAQ: DHC) has elected David Pierce to its board of trustees as an independent trustee. With the addition of Pierce, DHC’s board now includes seven trustees. Pierce has served as executive vice president and president of Boston Scientific’s MedSurg since 2018, and president of Boston Scientific’s Endoscopy since 2020. He joined Boston Scientific in 1991 as a territory manager before assuming management-level positions with increasing responsibility. Pierce has served as a director of the Medical Device Manufacturers Association since 2014. He has served as …
JACKSON, Mich. — Grandbridge Real Estate Capital’s Tampa-based seniors housing investment sales team has arranged the recapitalization of Vista Grande Villa, a 318-unit campus in Jackson, approximately 35 miles west of Ann Arbor. Vista Grande Villa is an approximately 20-acre campus comprising 32 cottage homes, 181 independent living apartments, 46 assisted living units, 23 memory care units and 36 skilled nursing units. The recapitalization plan consisted of restructuring approximately $22 million of prior debt, together with new committed funding of roughly $8 million to put toward capital investment and stabilizing the …
OGDEN, Utah —Canterbury Partners LLC has completed work on Senior Living on Washington, an affordable seniors housing community in Ogden, approximately 35 miles north of Salt Lake City. Partners on the project include R & O Construction, Think Architecture, The Richman Group Affordable Housing Corp., JP Morgan Chase Community Development Bank, Rocky Mountain Community Reinvestment Corp. and the Olene Walker Housing Loan Fund. Senior Living on Washington is a 100 percent affordable housing project for seniors over age 62. EMG Management will be the operator.
SOUTH BEND, Ind. — Strawberry Fields REIT Inc., a self-administered real estate investment trust engaged in the ownership, acquisition, development and leasing of skilled nursing and other healthcare-related properties, has decided to switch from a privately traded REIT to a publicly traded one. The South Bend-based company has publicly filed a registration statement on Form S-11 with the Securities and Exchange Commission (SEC) relating to the proposed direct listing of its common stock on the Nasdaq Capital Market. The listing is expected to take place after the SEC completes its …
KING OF PRUSSIA, Pa. — McGriff, a full-service insurance broker, has hired Michael Welz as a producer in the organization’s senior living practice in Pennsylvania. With nearly 15 years of experience in insurance and financial services, including investment advisory expertise, Welz joins McGriff from another national broker where he served as a consultant/producer based in Philadelphia. He previously served as director of investor relations at Verdis Investment Management. Welz earned his bachelor’s degree in organizational management and marketing from La Salle University.
JANESVILLE, Wis. — Ziegler has arranged a financing package totaling $87.5 million for an expansion project at Cedar Crest, a continuing care retirement community in Janesville, approximately 40 miles southeast of Madison. The financing includes $57.5 million in fixed-rate revenue bonds and $30 million in bank debt bought by BMO Harris Bank. The Wisconsin Health and Educational Facilities Authority issued the financing. Cedar Crest currently features 135 independent living units (consisting of 102 apartments and 33 cottages), 44 assisted living units, 24 memory care assisted living units, and a skilled …
MASHPEE, Mass. — Greystone has provided a $24.8 million Freddie Mac Optigo loan for the refinancing of a 70-unit seniors housing property in Mashpee, a town on Cape Cod. Built in 2018, Laurentide at Mashpee Commons includes studio, one- and two-bedroom units and offers assisted living and memory care services. Approximately 10 percent of the units are designated as affordable housing by the Cape Cod Housing Authority. Shailini Nehra of Greystone arranged the transaction on behalf of the owner-operator, Northbridge Cos. The fixed-rate, nonrecourse loan carries a 10-year term and …
COSTA MESA, Calif. — CBRE National Senior Housing has arranged $15.5 million in financing for Coastal Heights Senior Living, a 148-unit independent living community located in the Orange County city of Costa Mesa. The borrower was a joint venture between Capitol Seniors Housing and an institutional equity partner, which has owned the property since 2016. It was built in 1990 and has undergone $7 million in renovations since the acquisition. The operator is Integral Senior Living. Aron Will, Austin Sacco and Adam Mincberg arranged the three-year, floating-rate loan with full-term, …
MOULTRIE, Ga. — Blueprint Healthcare Real Estate Advisors has negotiated the sale of Cobblestone Rehabilitation & Healthcare Center, a 59-bed skilled nursing facility in the Southwest Georgia city of Moultrie. The seller was a New York-based investment firm, and the operator recently filed for bankruptcy. The buyer was local community-based teaching hospital Colquitt Regional Medical Center. The price was not disclosed. “Acquiring Cobblestone will allow us to expand our continuum of care and provide additional services to our patients and this community,” says Jim Matney, Colquitt’s president and CEO. “It …