MINNEAPOLIS — Walker & Dunlop Investment Sales has arranged the sale of five Class A seniors housing communities in Minneapolis. Minnetonka-based Roers Cos. developed the communities, which Walker Methodist and Jaybird Senior Living operate. The communities opened between 2018 and 2021. The portfolio consists of 567 independent living, assisted living and memory care units. The buyer, an affiliate of Lone Star Funds, will utilize Grace Management to oversee daily operational responsibilities. The price was not disclosed. This is Minnesota’s largest-ever sale for a senior living portfolio, according to Walker & …
OAK LAWN, Ill. — Anthem Memory Care has named Dashira Contreras as executive director for Grace Point Place, a community in Oak Lawn, a suburb of Chicago. Contreras previously was director of resident care at The Carrington of Lincolnwood in Lincolnwood. She also served as director of memory care for The Carrington. She brings over 10 years of senior living experience to this position. She earned a medical assistant degree from Lincoln College of Technology in Melrose Park. In addition, Contreras is a certified dementia practitioner and a Montessori dementia …
ANNAPOLIS, Md. — Demand for seniors housing hit an all-time high in the second half, signifying continued growth out of the depths of the effects of the COVID-19 pandemic, according to the National Investment Center for Seniors Housing & Care (NIC). The analysis came in the form of a blog post by Beth Mace, NIC’s chief economist. NIC is an Annapolis-based nonprofit firm that tracks industry data gathered from 31 primary metropolitan markets through its NIC MAP Vision product. The demand was measured by absorption, with the market absorbing 21,029 …
OREGON and MONTANA — LTC Properties Inc. (NYSE: LTC) has originated a $25 million mezzanine loan for the recapitalization of a five-property seniors housing portfolio. The loan has a term of five years and two months, with two one-year extension options. It bears interest at 8 percent, with an IRR of 11 percent. Located in Oregon and Montana, The Springs Living operates the five communities, which include independent living, assisted living and memory care and total 621 units. The Springs is a new operator partner for LTC. Aron Will, Austin …
SANDY SPRINGS, Ga. — Sunshine Retirement Living has named Bruce Johnson as the new executive director at Hammond Glen Retirement Community in Sandy Springs, a suburb of Atlanta. The company also hired Peter Cartagena as the community’s executive chef. Johnson has experience in spearheading multi-disciplinary teams in seniors housing communities with a mix of memory care, assisted living and independent living offerings. In his new role, he will leverage a social services background to enrich residents’ living experiences and improve staff engagement and performance. In addition to serving in senior …
WILLIAMSBURG, Va. — CBRE has arranged $17 million in Freddie Mac acquisition financing for Edgeworth Park at New Town in Williamsburg, located between Richmond and Norfolk. The borrower is a joint venture between Solera Senior Living and Wheelock Street Capital. Built in 2017, the community consists of 62 assisted living and 21 memory care units. Aron Will, Austin Sacco and Tim Root of CBRE National Senior Housing arranged the seven-year, floating-rate loan with four years of interest-only payments. The seller and total price were not disclosed.
LITTLETON, Mass. — Nauset Construction has broken ground on Hager Homestead, a five-building, 24-unit, age-restricted cohousing development in Littleton, approximately 30 miles northwest of Boston. Located on a 15-acre site, the new community will be built in two phases near Littleton Center, the Town Hall and public library, and a short drive to the commuter rail station. Hager Homestead will be the first cohousing development for seniors in New England, according to Nauset. “Many seniors are looking for a downsized, community-oriented, environmentally friendly lifestyle, and that’s what Hager Homestead will …
BONITA SPRINGS, Fla. — Discovery Senior Living has completed a strategic realignment of its Discovery Village portfolio and announced the appointment of Cindy Crowley as national brand manager. Crowley will focus on a collection of Discovery Village communities in Florida, most of which feature large independent living buildings with separate continuing care offerings on the shared campuses. It’s the second national brand manager position established by Discovery, which designed the new role to better align leadership over common assets, enable future portfolio growth and efficiently allocate corporate resources to drive …
MENIFEE, Calif. — Consolidated Contracting has completed construction of WellQuest of Menifee Lakes, a senior living community in Menifee, located between Los Angeles and San Diego. The 134,641-square-foot, three-story property features 92 independent living and assisted living units ranging from 470 to 1,017 square feet, as well as 30 memory care units ranging from 386 to 578 square feet. Jonetta Eads, executive director of the facility, predicts the community will be fully occupied by mid-summer. Project consultants included Greg Irwin of Irwin Partners Architects as the architect; Conley360, space planner; …
ROCHESTER, Minn. — Cushman & Wakefield has arranged the sale of The Waters on Mayowood, a 175-unit independent living, assisted living and memory care community in Rochester. The seller was a joint venture between The Waters Senior Living, Harrison Street Real Estate Capital and North Rock Real Estate. A private buyer acquired the property for an undisclosed price, and will retain The Waters as operator. The property was originally constructed in 2015 and has averaged over 96 percent occupancy since January 2018. Cushman & Wakefield’s Rick Swartz, Jay Wagner, Sam …