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Assisted LivingDevelopmentFloridaNews

Providence One, ANF Group Break Ground on 117-Unit Community in Pembroke Pines, Florida

by Jeff Shaw

PEMBROKE PINES, Fla. — ANF Group Inc. and Providence One Partners have broken ground on Providence Living at Pembroke Pines, an assisted living and memory care community in the Miami suburb of Pembroke Pines. The two-story, 114,003-square-foot property is located on 3.2 acres near Pembroke Pines City Center.and will feature 117 units, totaling 121 beds. ANF will handle construction, while Providence One will be the operator upon completion. The project is scheduled to open in fourth-quarter 2023.

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ArizonaDevelopmentNewsOperationsTexas

Integral Senior Living to Operate Two Communities in Texas, Arizona

by Jeff Shaw

PFLUGERVILLE, Texas, and QUEEN CREEK, Ariz. — Integral Senior Living has taken oer operations of Sage Valley Senior Living in Pflugerville and Mojave Sage Senior Living in Queen Creek. Both properties provide assisted living and memory care services. This addition comes shortly after ISL announced expanding its portfolio with four new communities in Utah and Nevada. Investcor owns the communities. Sage Valley is set to open its doors early 2023, with Mojave Sage opening in 2024.

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Company NewsNewsPeople

Omnicare Appoints Ahmed Hassan as President

by Jeff Shaw

CINCINNATTI — Omnicare, a CVS Health company based in Cincinnati that provides pharmacy services for seniors housing communities, has appointed Ahmed Hassan as its president. Previously, Hassan served as the vice president and general manager of PBM Care Management, overseeing operations, clinical excellence, product development, sales and account management for Caremark’s Care Management portfolio, including Accordant, Transform Diabetes Care and Health Advisor. Before joining CVS Health in 2015, Hassan held various leadership positions across a range of healthcare and technology organizations in strategy, operations and product management. This experience includes …

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AcquisitionsAssisted LivingCaliforniaNews

Northwestern Mutual Divests of Cortona Park Assisted Living Community in Brentwood, California for $39.2M

by Jeff Shaw

BRENTWOOD, Calif. — Northwestern Mutual has completed the sale of Cortona Park, an assisted living community in Brentwood, to a joint venture between Cogir and a national investment partner for $39.2 million. The buyer plans to rename the property Cogir of Brentwood. Built in 2007, the community features studio, one- and two-bedroom units averaging 761 square feet. Situated on 4.3 acres, the property is located at 150 Cortona Way. Charles Bissell, Cody Tremper and Dean Ferris of JLL Capital Markets’ investment sales and advisory team represented the seller in the …

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FinanceIndependent LivingNewsOregon

CBRE Arranges $33.1M Refinancing for MorningStar of Hillsboro in Oregon

by Jeff Shaw

HILLSBORO, Ore. — CBRE National Senior Housing has arranged $33.1 million in financing for MorningStar of Hillsboro. The borrower is a joint venture between Artemis Real Estate Partners, MorningStar Senior Living and American Capital Group. ​Situated on a 1.35-acre parcel, the community comprises 142 independent living units. The property recently opened its doors. The operator is MorningStar. The property is less than a mile north of Kaiser Permanente Westside Medical Center, a 126-bed hospital that serves the greater Hillsboro and Beaverton suburbs. Additionally, half a mile north of the community …

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Affordable HousingDevelopmentIllinoisNews

Evergreen Breaks Ground on $30M Bellwood Senior Apartments Near Chicago

by Jeff Shaw

BELLWOOD, Ill. — Evergreen Real Estate Group has broken ground on Bellwood Senior Apartments, an 80-unit affordable rental community in the western Chicago suburb of Bellwood. The $30 million project will replace a former Walgreens with a four-story, 73,228-square-foot residential building. Professionally operated by Evergreen’s in-house management team, Bellwood Senior Apartments will offer 76 one-bedroom and four two-bedroom independent living apartments for seniors age 62 or older, with incomes at or below 60 percent of the area median income. Evergreen will begin accepting applications for the apartments in spring 2023, …

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AcquisitionsAssisted LivingNewsSouth Carolina

Blueprint Negotiates Sale of 265-Unit Portside at Grande Dunes in Myrtle Beach, South Carolina

by Jeff Shaw

MYRTLE BEACH, S.C. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Portside at Grande Dunes in Myrtle Beach. Owned and developed by LIV Development, Portside at Grande Dunes is a 265-unit community. The development opened in two phases starting with 83 assisted living and 32 memory care units in January 2019, followed by a Phase II that included 134 units of independent living and 16 independent cottages in August 2020. Chicago Pacific Founders Living Communities acquired the asset for an undisclosed price, and will install Grace Management …

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Company NewsFinanceNews

Greystone Appoints Hafize Gaye Erkan as CEO

by Jeff Shaw

NEW YORK CITY — Greystone, a New York-based national real estate finance company that serves the seniors housing industry, has appointed Hafize Gaye Erkan as its chief executive officer (CEO). Erkan’s executive responsibilities will commence in September 2022. She will report to Steve Rosenberg, the former CEO who will continue to serve as the Executive Chairman of the Board. Erkan most recently served as co-CEO, president and board member at publicly traded First Republic Bank, where she helped deliver growth in wealth management, deposits and total assets. Prior to joining …

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Affordable HousingDevelopmentFloridaNews

Integra Investments, EHDOC Complete $58M Mosaico Affordable Community in Miami

by Jeff Shaw

MIAMI — A joint venture between Miami-based Integra Investments and nonprofit Elderly Housing Development & Operations Corp. (EHDOC) has completed Mosaico, a $58 million affordable housing community in Miami. The 13-story property will span 271 apartments reserved for households with citizens aged 62 years and older. Located in Miami’s Allapattah neighborhood, Mosaico features 179 one-bedroom units and 92 studios and townhomes. CC Hodgson Architectural Group designed the project. Integra Investments and EHDOC worked alongside HUD, the Housing Finance Authority of Miami-Dade County, City of Miami and Miami-Dade Public Housing & …

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DevelopmentIllinoisNews

McShane Completes 166-Unit The Oaks at Algonquin in Illinois

by Jeff Shaw

ALGONQUIN, Ill. — McShane Construction Co. has completed construction of The Oaks at Algonquin, a 166-unit independent living, assisted living and memory care community in Algonquin, approximately 40 miles northwest of Chicago. Spectrum Retirement Communities is the developer of the three-story building. Vessel Architecture designed the property. Spectrum received local approval for the project in 2018, and construction began in 2020.

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