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Staffing, Data, Partnerships Are the Three Keys to Seniors Housing Success, Says Pathway’s Justin Dickinson

by Jeff Shaw

LOS ANGELES — For an investor and operator, the most important factors a seniors housing company needs to have down to a science are staff recruitment and accountability, proper use of data and strong partnerships, according to Justin Dickinson, executive vice president with Pathway To Living. “There are three near-term goals that I’m focused on: operations, data and growth,” said Dickinson, who was named as successor to retiring CEO Jerry Finis as head of Pathway to Living earlier this year. His comments came during his keynote address at France Media’s …

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AcquisitionsMarylandNews

Tryko Partners Purchases Assisted Living, Skilled Nursing Portfolio in Maryland

by Jeff Shaw

ROCKVILLE and WESTMINSTER, Md. — Tryko Partners has purchased two skilled nursing and assisted living properties in Maryland, including Brighton Gardens of Tuckerman Lane in Rockville and Sunrise of Carroll in Westminster. Developed in 1998, Brighton Gardens of Tuckerman Lane is a 140-bed assisted living and skilled nursing community. Tryko will rename the property’s two components to The Terraces at Tuckerman Lane and Tuckerman Rehabilitation & Healthcare Center. Renovations to the property are planned, including the construction of a secure memory care unit. Sunrise of Carroll is a 62-bed assisted …

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Company NewsLegal IssuesNews

Welltower, NHI Reach Agreement in Lawsuit Over Holiday Portfolio

by Jeff Shaw

MURFREESBORO, Tenn. — National Health Investors Inc. (NYSE: NHI) has entered into a memorandum of understanding with Welltower (NYSE: WELL) regarding a lawsuit over a portfolio of Holiday Retirement properties. The agreement sets forth principal terms by which NHI and Welltower agree to operate until the execution of a final settlement agreement resolves the litigation. The agreement states that both REITs wish to transition the 16 communities to new tenants. The two companies will cooperate to sell one of the communities. Meanwhile, Welltower will pay NHI $6.9 million, which will …

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FinanceIllinoisIndependent LivingNews

Northmarq Arranges $19.2M Refinancing of Mayslake Center in Oak Brook, Illinois

by Jeff Shaw

OAK BROOK, Ill. — Northmarq has arranged a $19.2 million FHA loan for the refinancing of Mayslake Center II in the Chicago suburb of Oak Brook. The property features 249 independent living units and is located within the larger Mayslake Village. Amenities include a wellness center, dining room, chapel and social services. Sue Blumberg of Northmarq arranged the fixed-rate loan, which is fully amortized over 40 years. The borrower was a nonprofit entity.

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NewsOperationsPeople

Oakmont Senior Living Promotes Scott Carlson to Senior Vice President of Operations

by Jeff Shaw

IRVINE, Calif. — Oakmont Senior Living, an Irvine-based operator with over 40 communities in California and Nevada, has promoted Scott Carlson to senior vice president of operations. Carlson joined Oakmont Senior Living in 2017 as the regional vice president of operations supporting the Northern California communities. Prior to Oakmont, he worked for Brookdale Senior Living, where he served in management positions including executive director, district director of sales and district director of operations. Carlson’s previous experience also includes serving as regional director of memory care for Sunrise Senior Living. Over …

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Assisted LivingDevelopmentMassachusettsNews

Benchmark Nears Completion of 97-Unit Community in Hanover, Massachusetts

by Jeff Shaw

HANOVER, Mass. — Benchmark Senior Living has begun reserving apartments in preparation for Benchmark at Hanover, a 97-unit assisted living and memory care community in Hanover, approximately 23 miles south of Boston. The community is scheduled to open this summer. It will be Benchmark’s 64th community in the Northeast. Benchmark at Hanover totals 91,000 square feet. The site is located next to a YMCA and near shopping, dining and entertainment. Fatima Feliciano will be executive director. Udelsman Associates designed the community, which Callahan Construction is building.

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DevelopmentFinanceNewsOhio

Monarch Advisors Arranges $18.9M Construction Financing for Community in Bowling Green, Ohio

by Jeff Shaw

BOWLING GREEN, Ohio — Monarch Advisors has arranged $18.9 million financing for the development of a 105-unit, 116-bed skilled nursing, assisted living and memory care community in Bowling Green, approximately 22 miles south of Toledo. The borrower is Trilogy Opportunity Fund I, a development fund based in Louisville, Kentucky. The loan represents 80 percent of the total cost of the project. Monarch secured a senior loan commitment from a local bank for a five-year term and a 3.5 percent fixed interest rate. The loan is structured as interest only for …

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CCRCDevelopmentMarylandNews

Senior Lifestyle Corp. Completes $13M Renovation Project at Atrium Village in Owings Mills, Maryland

by Jeff Shaw

OWINGS MILLS, Md. — Senior Lifestyle Corp. has completed a $13 million renovation project at Atrium Village, a seniors housing community in the Baltimore suburb of Owings Mills. The project “completely reimagined” the property, adding 187 independent living, 58 assisted living and 20 memory care units. The renovation is part of a 20-year anniversary transformation to create a next-generation senior living experience, according to Senior Lifestyle. Atrium Village has partnered with the Community College of Baltimore County on weekly instructor-led classes.

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NewsPeople

Discovery Senior Living Promotes Lou Maranto to Senior Vice President of Sales

by Jeff Shaw

BONITA SPRINGS, Fla. — Discovery Senior Living has promoted Lou Maranto to senior vice president of sales. Maranto has served as vice president of sales for Discovery since 2018, and has been integral in the company’s planning and execution of milestone innovations including the launch of its centralized sales contact center in February 2021. Maranto will continue to oversee Discovery’s national sales organization, which consists of three national brands, four regions, a sales education department and the sales contact center. Under Maranto’s leadership, Discovery has strategically expanded its sales training …

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AcquisitionsDevelopmentMichiganNewsOhioOperationsTennessee

Welltower Acquires 33-Property Seniors Housing Portfolio for $548M, Plans Two Developments in Silicon Valley

by Jeff Shaw

TOLEDO, Ohio — Welltower Inc. (NYSE: WELL), a Toledo-based healthcare REIT, has agreed to acquire 33 seniors housing communities totaling 2,787 units in Michigan, Ohio and Tennessee. The purchase price is $548 million. The communities will be acquired as three separate portfolios from undisclosed sellers. The communities were available for purchase because the lease-up process was heavily damaged by the onset of the COVID-19 pandemic. With occupancy at only 63 percent, Welltower expects the communities will greatly improve their performance in 2023 and beyond. Welltower will install Michigan-based senior living operator …

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