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Affordable HousingDevelopmentIllinoisNews

Evergreen, CJE SeniorLife Complete $25M Ann Rainey Apartments Affordable Community in Evanston, Illinois

by Jeff Shaw

EVANSTON, Ill. — Evergreen Real Estate Group and the Council for Jewish Elderly (doing business as CJE SeniorLife) have opened Ann Rainey Apartments, a 60-unit affordable seniors housing community in Evanston, a northern suburb of Chicago. The $25 million project is next to the existing CJE SeniorLife Adult Day Services center, which provides programming and socialization opportunities for seniors who require supervision during the day. The new residential community is named for Ann Rainey, who served as alderman of Evanston’s 8th Ward for more than three decades and is credited …

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AcquisitionsCompany NewsNews

Sabra, Sienna Complete $236.5M Acquisition of 11 Communities in Canada

by Jeff Shaw

IRVINE, Calif. — Sabra Health Care REIT (NASDAQ: SBRA) and Sienna Senior Living (TSX: SIA) have completed their joint-venture acquisition of 11 seniors housing communities in Canada. The properties are located in the provinces of Ontario and Saskatchewan. The buyers paid CA$307.5 million (US$236.5 million). Sabra and Sienna acquired the portfolio through a newly formed 50/50 joint venture, with Sienna also acting as the operator. The predominantly independent living portfolio consists of mostly newer construction with an average age of six years, which positions it to capture demand growth across …

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AcquisitionsAssisted LivingGeorgiaNews

SLIB Negotiates Sale of Two Communities in Northwest Georgia

by Jeff Shaw

CARTERSVILLE and CALHOUN, Ga. — Senior Living Investment Brokerage (SLIB) has arranged the sale of two assisted living and memory care communities in Cartersville and Calhoun, located between Atlanta and Chattanooga, Tenn. The communities, both branded as The Fountains, total 127 units. The seller is a private owner-operator exiting the business. The buyer is a partnership between a private REIT and a regional operator. The price was not disclosed. Bradley Clousing and Daniel Geraghty of SLIB handled the transaction.

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Assisted LivingFinanceIllinoisNews

Cambridge Provides $7.4M HUD Refinancing for Springfield Supportive Living Center in Illinois

by Jeff Shaw

SPRINGFIELD, Ill. — Cambridge Realty Capital Cos. has provided a $7.4 million HUD-insured loan for the Springfield Supportive Living Center, a 127-bed assisted living facility in Springfield, Illinois. Cambridge Realty Capital Ltd. of Illinois, Cambridge’s specialists in FHA-insured HUD loans, underwrote the loan. Further details were not disclosed.

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New JerseyNewsPeople

Erickson Senior Living Promotes Kristen Compton to Executive Director of Cedar Crest

by Jeff Shaw

POMPTON PLAINS, N.J. — Erickson Senior Living has named Kristen Compton as executive director of Cedar Crest, a seniors housing community in the North Jersey municipality of Pompton Plains. “Kristen has been serving as Cedar Crest’s associate executive director since 2017 and has proven herself to be a strong and dedicated leader,” says John Mann, Erickson Senior Living’s vice president of regional operations. Compton’s accomplishments at Cedar Crest include facilitating many of the community’s repositioning projects, driving operations and helping the community achieve both resident satisfaction and employee engagement. Before …

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FeaturesNews

Senior Living is Still Searching for Answers to Worker Shortage, Says C-Suite Panel at Argentum Conference

by Jeff Shaw

MINNEAPOLIS — The worker shortage situation in seniors housing has improved marginally in recent months, but remains a “crisis,” said Tana Gall, president of Seattle-based Merrill Gardens, an owner-operator with a portfolio of 72 communities across 20 states. The veteran executive urged the industry to leave no stone unturned in its quest to find new employees, but discouraged the practice of operators poaching employees from competitors. “What’s interesting to me, and a bit of a silver lining, is that during the pandemic I don’t think we felt that [workforce housing …

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FeaturesNews

Argentum’s Balda Highlights Forces Shaping Future of Seniors Housing; Hero Award Winners Honored

by Jeff Shaw

MINNEAPOLIS — People, trust and choice. James Balda, president and chief executive officer of Argentum, believes those three factors will play a crucial role in determining the overall success of the senior living industry going forward. “We must never forget that we are in the business of helping people, and specifically our job is to help people thrive. We do this by helping connect seniors to relationships and to create a sense of meaning and purpose. This is fundamentally why our communities are so effective. We don’t just focus on …

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AcquisitionsCaliforniaCCRCCompany NewsNews

Welltower Buys Seven West Coast Communities for $344M

by Jeff Shaw

TOLEDO, Ohio — Welltower Inc. (NYSE: WELL) has expanded its strategic partnership with Oakmont Management Group, a West Coast operator of Class A seniors housing communities. Welltower agreed to purchase seven senior living communities, subject to customary closing conditions, which Oakmont will operate under a RIDEA contract. The seven properties are located in affluent markets in California and include four rental properties and three continuing care retirement communities (both entry fee and rental), including Fountaingrove Lodge, the nation’s first LGBTQ-focused CCRC. The portfolio has geographic overlap with Welltower’s current footprint, …

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Affordable HousingDevelopmentNewsPennsylvania

Grace Inspired Ministries Opens 50-Unit Sellersville Senior Residences Affordable Community in Pennsylvania

by Jeff Shaw

SELLERSVILLE, Pa. — Grace Inspired Ministries (GIM), along with development partner Leon N. Weiner & Associates Inc. (LNWA), has completed Sellersville Senior Residences, an affordable housing community in Sellersville, approximately 30 miles north of Philadelphia. The community’s 50 apartments are reserved for residents over age 55 meeting income requirements, with eight also reserved for those with behavioral health needs. The residences were built to the energy efficiency standards utilizing the Department of Energy Zero Energy Ready program. “Sellersville Senior Residences will bring much needed affordable and supportive housing to an …

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Company NewsFinanceInvestmentNews

Kayne Anderson Real Estate Closes Latest Debt Fund Above Target at $1.9B

by Jeff Shaw

BOCA RATON, Fla. — Kayne Anderson Real Estate, the real estate investment arm of private equite firm Kayne Anderson Capital Advisors, has closed its latest at an oversubscribed level of nearly $1.9 billion. The fund, Kayne Anderson Real Estate Debt IV (KARED IV), is run through the company’s debt platform KA Real Estate Debt. The fundraise, having received strong support from a diverse group of existing and new investors, surpassed its original target of $1.5 billion. KARED IV seeks to generate risk-adjusted returns in structured real estate finance, leveraging KA …

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