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Affordable HousingDevelopmentNew JerseyNews

Walters Starts Construction of Expansion at Cornerstone at Branchburg Affordable Community in New Jersey

by Jeff Shaw

BRANCHBURG, N.J. — Walters has started construction of the second phase of Cornerstone at Branchburg, an age- and income-restricted apartment community in Branchburg. Situated on 11.7 acres, the property will feature 150 units when both phases are completed. Each phase represents a three-story building, with the first scheduled for completion in December 2022 and the second in spring 2023. Apartment floor plans include one- and two-bedroom residences, ranging from approximately 700 to 900 square feet. The development team is seeking LEED and Energy Star certifications. Priority is given to residents …

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AcquisitionsAssisted LivingGeorgiaNews

Atlas Senior Living Acquires Three Communities in Metro Atlanta

by Jeff Shaw

PEACHTREE CITY, KENNESAW and MARIETTA, Ga. — Alabama-based Atlas Senior Living has acquired three assisted living and memory care communities, all located in the greater Atlanta area. The properties include Legacy Ridge at Brookstone in Kennesaw, Legacy Ridge at Peachtree in Peachtree City, and Legacy Ridge at Sandy Plains in Marietta Atlas will replace the current operator, Heritage Senior Living, effective April 1. The acquisitions bring Atlas’ total number of properties to 35, with 10 in Georgia.

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DevelopmentNew JerseyNewsSkilled Nursing

Marquis Completes $4M Renovation Project at Spring Grove Skilled Nursing Facility in New Providence, New Jersey

by Jeff Shaw

NEW PROVIDENCE, N.J. — Marquis Health Consulting Services has completed a $4 million renovation and modernization project at Spring Grove Rehabilitation & Healthcare Center. “Spring Grove’s reintroduction is the culmination of a vision four years in the works,” says Ugochi Opara, regional director of market development for Marquis Health Consulting Services, which supports the facility and spearheaded the renovation. “Spring Grove has been completely transformed into a modern, home-like environment for residents.” The Spring Grove renovation included a full-scale retrofit of the facility’s dedicated subacute unit and enhancements throughout its …

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DevelopmentFeaturesNews

Pandemic Highlighted Strengths of Senior Living, Accelerated Important Changes, Say Developers

by Jeff Shaw

LOS ANGELES — While the COVID-19 pandemic clearly had a negative effect on seniors housing for the short term, it also provided a chance for developers, owners and operators to take an introspective look at what the industry does well and what needs improvement. “Many of us were on this stage two years ago talking about this same topic of development,” said Ben Seager, associate principal at KTGY, while moderating a panel at InterFace Seniors Housing West in Los Angeles. “A lot of people had opinions that probably got turned …

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ColoradoDevelopmentFinanceMinnesotaNews

Northmarq Arranges $50M in JV Equity for Four Developments in Minnesota, Colorado

by Jeff Shaw

MINNEAPOLIS — Northmarq has secured $50 million in joint-venture equity for a four-property seniors housing development pipeline in Minnesota and Colorado. Equity was procured on behalf of the developer, Minneapolis-based United Properties. The joint-venture partner is a private equity group. The Northmarq team members that facilitated the equity and debt financing included Patrick Minea, Joel Heikenfeld, Dave Link and Stuart Oswald. All four assets are under United Properties’ Amira brand and are in various states of construction and lease-up. The projects include: Amira Bloomington, a 133-unit active adult community in …

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AcquisitionsMemory CareNewsOregon

Blueprint Brokers $11M Sale of Regent Court Memory Care Community in Corvallis, Oregon

by Jeff Shaw

CORVALLIS, Ore. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Regent Court Senior Living, a 32-unit memory care community in Corvallis. Summit Healthcare REIT Inc. sold the asset to a regional owner-operator for $11 million, or $344,000 per unit. Further details were not disclosed.

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Assisted LivingFinanceIllinoisNews

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

by Jeff Shaw

PONTIAC, Ill. — Cambridge Realty Capital Cos. has provided a $7.4 million HUD-insured loan for Pontiac Supportive Living, a 60-bed supportive living facility located in Pontiac, approximately 90 miles southwest of Chicago. “The loan was underwritten by Cambridge Realty Capital Ltd. of Illinois, our specialists in FHA-insured HUD loans,” says Jeffrey Davis, Cambridge chairman. Further details were not disclosed.

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NewsPeople

ZOM Living Hires Stephen Ordway as Senior Vice President

by Jeff Shaw

ORLANDO, Fla. — ZOM Living, an Orlando-based multifamily developer, has hired Stephen Ordway as senior vice president of the company’s growing seniors housing division. In his role, Ordway will spearhead ZOM Senior Living’s nationwide growth strategy and pursue opportunities to partner with operators and develop communities that cater to today’s more active and independent senior resident profile. Ordway brings over 17 years of commercial and hospitality real estate experience to ZOM Living, with the last 10 years dedicated to seniors housing. Based in ZOM Living’s Orlando headquarters, Ordway will seek …

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AcquisitionsActive AdultNewsOklahoma

Green Courte Partners Acquires Three Active Adult Communities Near Oklahoma City

by Jeff Shaw

EDMOND, MUSTANG and MOORE, Okla. — Green Courte Partners (GCP), a private equity firm based in Chicago, has acquired three active adult cottage communities in the Oklahoma City metro. The properties include Chateaux at Mon Abri in Edmond, Laurel Springs in Mustang and Grace Pointe Living in Moore. The portfolio contains 315 cottages and a 35-unit apartment building. The acquisition increases GCP’s national age-restricted housing portfolio to 17 communities containing approximately 2,600 units. The firm’s wholly owned operating platform, True Connection Communities, operates all 17 assets. “We are increasingly attracted …

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FinanceNewsTexas

CBRE Arranges $54.4M Refinancing for The Village at Woodlands Waterway in Texas

by Jeff Shaw

THE WOODLANDS, Texas — CBRE National Senior Housing has arranged a $54.4 million refinancing of The Village at Woodlands Waterway in The Woodlands, a suburb of Houston. The borrowers are the Saudi Economic and Development Co. (SEDCO) and Madison Marquette. Situated on a 2.7-acre site, the community was built in 2011 and consists of 116 independent living units, 63 assisted living units and 28 memory care units for a total of 207 units. The property is in the heart of The Woodlands Town Center along The Waterway, which connects to …

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