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Affordable HousingFloridaNewsPeople

LeadingAge Florida Appoints Rhanda McKown as Director of Affordable Housing

by Jeff Shaw

TALLAHASSEE, Fla. — LeadingAge Florida has appointed Rhanda McKown as its director of affordable housing. McKown joins LeadingAge Florida from the North Tampa Housing Development Corp., where she served as a local contract specialist. She has nearly 20 years of experience in various aspects of the housing industry and spent the last 15 years conducting management and occupancy reviews (MOR) under the Performance Based Contract Administration (PBCA) contract in Florida. “Through her previous work with our association and her work at the North Tampa Housing Development Corp., she knows many …

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Assisted LivingCaliforniaDevelopmentNews

Ware Malcomb Completes 93-Unit Westmont of Encinitas in California

by Jeff Shaw

ENCINITAS, Calif. — Ware Malcomb has completed construction of Westmont of Encinitas, an assisted living community in the San Diego suburb of Encinitas. Ware Malcomb provided architectural services for the 91,334-square-foot project. The two-story building sits on 3.2 acres and features 93 units in studio, one- and two-bedroom options. Westmont Construction was the general contractor. Westmont Living is the operator.

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FeaturesNews

Private-Pay Occupancy Grows 100 Basis Points in Fourth Quarter

by Jeff Shaw

ANNAPOLIS, Md. — Seniors housing occupancy increased for the second consecutive quarter and rose to 81 percent in the fourth quarter of 2021, a 100 basis-point increase from the third quarter and a 230 basis-point increase from a pandemic-related low of 78.7 percent in the second quarter. By comparison, the occupancy rate was 87.8 percent in March 2020, the first full month of the COVID-19 pandemic. That’s according to new data from the National Investment Center for Seniors Housing & Care (NIC), an Annapolis-based nonprofit firm that tracks industry data …

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AcquisitionsNewsPennsylvaniaSkilled Nursing

Colliers Brokers Sale of Two Lehigh Valley Communities for $24M

by Jeff Shaw

MACUNGIE and ALLENTOWN, Pa. — Colliers has arranged the sale of two seniors housing communities in the Lehigh Valley region of Eastern Pennsylvania for $24 million. The first community was Victoria’s Place, located in Macungie. The 59,500-square-foot community features 80 licensed one-bedroom and studio units, with capacity to add 30 more. The second community was Mountain View in Allentown. The 54,693-square-foot property features 115 beds and was built in 1987. A new operator will be announced for the communities. The buyer and seller were not disclosed. Bob Gaines of the …

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FinanceMichiganNewsSkilled Nursing

Northland Networks Arranges Financing for 250-Bed Skilled Nursing Portfolio in Michigan

by Jeff Shaw

MICHIGAN — Northland Networks, a debt placement agent that finances senior living projects through a network of community banks, has arranged financing for a portfolio of three skilled nursing facilities in Southeast Michigan. The communities total 250 beds, which the loan represents a 65 percent loan-to-value ratio. “Community banks across the country are sitting on record sums of cash with nowhere to put it,” says Seth Kahn, managing director of Northland Networks. “Participating in senior living loans is an attractive option for many of these banks who, in the past, …

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MassachusettsMemory CareNewsOperationsPeople

Anthemion Senior Lifestyles Names Maria Lastoria as Executive Director of The Cordwainer in Norwell, Massachusetts

by Jeff Shaw

NORWELL, Mass. — Anthemion Senior Lifestyles has named Maria Lastoria the executive director of The Cordwainer, a memory care community scheduled to open in 2022 in the Boston suburb of Norwell. Lastoria has more than 30 years’ experience in senior living, and was recently named Executive Director of the Year by the Massachusetts Assisted Living Association. Lastoria previously served as regional director of operations overseeing six senior living communities in New England and has held several executive director roles within assisted living, memory care and luxury independent living communities. In …

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FinanceNewsTexas

JLL Arranges $37.5M Refinancing for Hidden Springs of McKinney in Texas

by Jeff Shaw

MCKINNEY, Texas — JLL Capital Markets has arranged a $37.5 million refinancing for Hidden Springs of McKinney, a 194-unit independent living, assisted living and memory care community in McKinney, a growing submarket in the Dallas-Fort Worth area. The borrower was a joint venture between CREC Real Estate and Madison Marquette. A life insurance company provided the non-recourse, fixed-rate loan, which features a five-year term with extension options. Completed in 2020, Hidden Springs of McKinney is approximately 30 miles northwest of Dallas anf 15 miles west of Frisco. Joel Mendes and …

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NewsPeople

Aegis Living Promotes Sandra Preyale to President, Among Other Executive Appointments

by Jeff Shaw

BELLEVUE, Wash. — Aegis Living, a Bellevue-based owner-operator, has promoted Sandra Preyale from chief people officer to president. In her new role, Preyale will oversee operations and strategies for new properties in development, including two new communities expected to open later this year. As CPO, she developed and launched Aegis University to grow talent from within, created a centralized recruiting team to maintain lower-than-average industry turnover and was helped the leadership team navigate through the pandemic. Preyale has more than 30 years of experience as an executive leader in global …

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AcquisitionsMassachusettsNewsSkilled Nursing

ESI Arranges $42.5M Sale of Three Skilled Nursing Facilities in Massachusetts

by Jeff Shaw

CHICAGO — Evans Senior Investments (ESI) has arranged the sale of a portfolio of three skilled nursing facilities in Massachusetts. An independent owner-operator seeking to exit long-term care sold the properties to Eagle Arc Partners, an institutional buyer, for $42.5 million, or $111,000 per functional bed/unit. The portfolio totals 384 licensed skilled nursing beds (359 functional beds). All three communities were located eight to 10 miles north of downtown Boston and have a five-star rating from Medicare. During the time of marketing, occupancy was 80 percent across the portfolio, with …

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AcquisitionsAssisted LivingFloridaNews

SLIB Negotiates Sale of 98-Unit Savannah Grand of Maitland in Florida

by Jeff Shaw

MAITLAND, Fla. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Savannah Grand of Maitland, a 98-unit assisted living and memory care community in the Orlando suburb of Maitland. The community was built in 1998. A publicly traded REIT sold the asset to a regional owner-operator for an undisclosed price. The buyer has planned renovations to the asset. Bradley Clousing and Daniel Geraghty handled the transaction in SLIB. “This will be an excellent addition to the buyer’s portfolio,” says Clousing. “They will be able to utilize their construction …

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