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 …
LOS ANGELES — Walker & Dunlop Inc. has hired Gideon Orion as managing director on its investment sales platform. Orion is based in Los Angeles and will join the firm’s national seniors housing property sales team led by Joshua Jandris. Orion will focus on originating and executing seniors housing property sales opportunities across the United States. Prior to joining Walker & Dunlop, Orion served as managing director and managing broker of California for Blueprint Healthcare Real Estate Advisors, an advisory firm exclusively focused on seniors housing and healthcare real estate. …
STAMFORD, Conn. — EPOCH Senior Living and National Development has opened Waterstone on High Ridge, a seniors housing community in Stamford, approximately 25 miles northeast of New York City. The community features 88 independent living, 36 assisted living and 22 memory care units. Independent living units are currently 60 percent leased. All-inclusive monthly fees for independent living start at $8,950 per month for a one-bedroom, while assisted living starts at $10,500 and memory care at $8,750. EPOCH Senior Living operates 13 senior living communities in the Northeast with three under …
ST. LOUIS — Arrow Senior Living, a St. Louis-based operator, has promoted Crystal Parrish, Nicole Rozsa, Gregory Dierlam and John McAninch to its management team. Parrish has been promoted to managing director of wellness. In her new role, she will provide clinical oversight and support across Arrow communities. With more than a decade experience in healthcare and senior living, her previous assignments include clinical nursing instructor and corporate director of clinical care. Parrish joined Arrow in January 2021. Rozsa has been promoted to managing director of marketing. In her new …