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AcquisitionsIndependent LivingNewsSouth Carolina

JLL Arranges Sale of 187-Unit Discovery Village at Sandhill in Columbia, South Carolina

by Jeff Shaw

COLUMBIA, S.C. — JLL Capital Markets has arranged the sale of Discovery Village at Sandhill, a 187-unit independent living community in Columbia. JLL marketed the property on behalf of the seller, South Bay Partners LLC. Liberty Senior Living LLC acquired the property and took over operations following the closing of the transaction. The property has been renamed to Inspire Sandhill. The price was not disclosed. Completed in 2019, Inspire Sandhill features one-, two- and three-bedroom units averaging 981 square feet. Located on 8.4 acres, Inspire Sandhill is near local entertainment …

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AcquisitionsCCRCNew HampshireNews

Covenant Living Acquires 222-Unit Hillside Village Keene CCRC in New Hampshire

by Jeff Shaw

KEENE, N.H. — Covenant Living Communities and Services has acquired Hillside Village Keene, a continuing care retirement community (CCRC) in Keene, 20 miles north of the Massachusetts border. Covenant acquired the community out of bankruptcy and has renamed it Covenant Living of Keene. Grandbridge Real Estate Capital’s David Kliewer, Jay Jordan and Allen McMurtry arranged the $33 million sale. Situated on 66 acres, the property opened in 2019 and features 141 independent living units, 43 assisted living units, 18 assisted memory care units and 20 nursing care suites. Entrance fees …

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Assisted LivingDevelopmentNew JerseyNews

Sunrise Opens 99-Unit Community in Mountain Lakes, New Jersey

by Jeff Shaw

MOUNTAIN LAKES, N.J. — Sunrise Senior Living has opened the doors on Sunrise of Mountain Lakes in the North Jersey borough of Mountain Lakes. The community features 99 units of assisted living and memory care. Nearby medical support is available to support care coordination and wellness though Saint Clare’s Denville Hospital and Morristown Medical Center. Lakeland Hills Family YMCA offers transportation and intergenerational activity programming options. Germaine Dignan is the property’s executive director.

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AcquisitionsAffordable HousingIllinoisMinnesotaNewsOhioOperationsVirginia

Evergreen Real Estate Group to Operate 1,377-Unit Portfolio in Illinois, Minnesota, Ohio, Virginia

by Jeff Shaw

CHICAGO — Chicago-based Evergreen Real Estate Group has been retained to manage multifamily communities comprising a total of 1,377 units across Illinois, Minnesota, Ohio and Virginia. The assignments include a mix of market-rate units and affordable housing for families, seniors and disabled individuals, expanding Evergreen’s management portfolio to more than 10,000 units throughout the U.S. “While some of the new management contracts were underway just before COVID-19, many started during the pandemic, and we have taken great care to help residents of each community navigate these uncertain times,” says Steve …

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AcquisitionsNewsOperationsPennsylvania

Providence Place Senior Living to Operate Country Meadows in Lancaster, Pennsylvania

by Jeff Shaw

LANCASTER, Pa. — Providence Place Senior Living has taken over leadership duties at the former Country Meadows of Lancaster in Lancaster. Providence Place is a sister company of Country Meadows, also owned by the George M. Leader Family. Like Country Meadows, the community serves seniors through independent living, assisted living and memory care at six additional campuses in Central and Eastern Pennsylvania.

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Affordable HousingDevelopmentNewsTexas

Montrose Center Opens LGBTQ-Friendly Affordable Community in Houston

by Jeff Shaw

HOUSTON — The Montrose Center has completed construction of the Law Harrington Senior Living Center, an age- and income-restricted housing community in Houston’s Third Ward. Designed by Smith & Co. Architects, this affordable, LGBTQ-affirming senior living center features 112 one- and two-bedroom independent living apartments. Development took seven years and cost $22 million. The property totals 162,000 square feet. Units are reserved for those over 62 years of age making up to 60 percent of the area median income. A 17,196-square-foot clubhouse features a social services department managed by the …

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Affordable HousingDevelopmentIllinoisNews

Walsh Construction Completes Broadview Affordable Community in Chicago

by Jeff Shaw

CHICAGO — Walsh Construction has completed work on Broadview Senior Apartments, an affordable community for residents over age 55 in Chicago. CIBC Bank USA provided a $5.3 million dollar construction loan and made a $6.9 million equity investment in the project, which rises three stories. Of the 70 units, 11 are reserved for special-needs tenants. “We support affordable housing initiatives because we know how important the security of a home is,” says Cheryl Wilson, managing director and head of US Community Development Lending at CIBC. “We also know seniors can …

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Assisted LivingFinanceIllinoisNews

Cambridge Provides $11.3M HUD Refinancing for The Ponds of Wealshire in Lincolnshire, Illinois

by Jeff Shaw

LINCOLNSHIRE, Ill. — Cambridge Realty Capital Cos. has provided an $11.3 million HUD-insured loan for The Ponds of Wealshire, a 116-unit assisted living facility in the Chicago suburb of Lincolnshire. “The loan was underwritten by Cambridge Realty Capital Ltd. of Illinois, our specialists in FHA-insured HUD loans,” says Jeffrey Davis, Cambridge chairman. The facility provides rehabilitation services, respite care and progressive memory care. The loan refinancing existing debt.

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AcquisitionsMemory CareNewsOregon

Blueprint Negotiates Sale of 105-Unit Memory Care Portfolio in Oregon

by Jeff Shaw

OREGON — Blueprint Healthcare Real Estate Advisors has brokered the sale of a memory care portfolio in Oregon. Built between 1999 and 2014, the portfolio consists of seven 15-unit buildings located in secondary markets along the I-5 Interstate. While historically operating near stabilized levels generating gross revenue of $6 million, performance declined in late 2021 during the COVID-19 pandemic. Occupancy at closing was approximately 85 percent. The seller is retiring and selling off all its assets. The buyer is a regional operator specializing in memory care. The price was $15.9 …

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CCRCCompany NewsFinanceNewsPeople

Erickson Senior Living Hires Christian Sweetser as Chief Financial Officer

by Jeff Shaw

BALTIMORE — Erickson Senior Living, a Baltimore-based developer and manager of continuing care retirement communities (CCRCs), has hired Christian Sweetser as chief financial officer (CFO). Sweetser will oversee the planning, implementation and direction of Erickson Senior Living’s fiscal function and performance. This includes participating in the development of the company’s strategic plans and programs while evaluating and advising on long-range plans, as well as providing financial and trend analysis. Prior to joining Erickson Senior Living, Sweetser most recently served as CFO of Silverado, an Irvine, California-based memory care company. Before …

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