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Affordable HousingCaliforniaDevelopmentNews

SVA Architects Plans Lakeland & Laurel Intergenerational Affordable Project in Santa Fe Springs, California

by Jeff Shaw

SANTA FE SPRINGS, Calif. — SVA Architects, along with development partners The Richman Group Inc., The Whole Child and Habitat for Humanity, has received entitlements for the construction of Lakeland & Laurel, an intergenerational affordable housing community in the Los Angeles suburb of Santa Fe Springs. The project encompasses more than an entire city block and will feature three distinct housing communities consisting of intergenerational affordable apartments, interim transitional housing and for-sale townhomes. The development will cost the city approximately $110,000 per unit for 139 units, and a groundbreaking for …

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AcquisitionsMontanaNewsOregon

Harrison Street Sells Five Seniors Housing Properties in Oregon, Montana to Springs Living for $193.5M

by Jeff Shaw

MEDFORD and EUGENE, Ore., and BUTTE and BILLINGS, Mont. — Harrison Street has completed the disposition of five senior housing properties valued at $193.5 million to The Springs Living. The properties were held across several of Harrison Street’s U.S Opportunity Funds and related co-investment vehicles. The portfolio consists of 622 independent living, assisted living and memory care units in Medford, Eugene, Butte and Billings. As of December 2021, the properties had an average occupancy of 93 percent. Further details on the properties were not disclosed.

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NewsPeople

Vi Names Gary Smith as Future CEO as Randy Richardson Plans Retirement

by Jeff Shaw

CHICAGO — Vi, a Chicago-based developer, owner and operator of 10 luxury senior living communities across the U.S., announced that Randy Richardson will retire as president effective May 31. Richardson will remain in an advisory role through the end of the year, and current CFO Gary Smith will succeed him as president. Smith, Vi’s most tenured executive management team member, has served as CFO for more than 20 years. Prior to joining Vi, Smith served as vice president of finance for an affiliate of JMB Realty Corp., where he was …

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FinanceNew JerseyNewsSkilled Nursing

Cambridge Provides $10.7M HUD Refinancing for Pine Acres in Madison, New Jersey

by Jeff Shaw

MADISON, N.J. — Cambridge Realty Capital Cos. has provided a $10.7 million HUD-insured loan for Pine Acres Healthcare & Rehabilitation Center, a 102-bed skilled nursing facility in Madison, approximately 40 miles west of Manhattan. Pine Acres is a long-term care facility and rehabilitation center offering a variety of post-operative services and amenities, including private and semi-private rooms. The loan refinances existing debt.

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FloridaNewsOperationsPeople

SantaFe Senior Living Appoints Ron Jennette as President, COO

by Jeff Shaw

GAINESVILLE, Fla. — SantaFe Senior Living, a Gainesville-based operator of three senior living communities in North Central and South Florida, has appointed Ron Jennette as its new president and chief operating officer. Jennette will oversee The Village at Gainesville, The Terraces at Bonita Springs and East Ridge at Cutler Bay. The organization is part of the larger SantaFe HealthCare organization. He will report to Larry Schreiber, president and CEO for all affiliated businesses of SantaFe HealthCare. Jennette has been in the senior living industry since 1994, both as a CFO …

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AcquisitionsAlabamaConnecticutFinanceFloridaKentuckyMarylandNew YorkNews

JLL Arranges $145M in Acquisition Financing for 15-Community Portfolio Throughout the East

by Jeff Shaw

NEW YORK CITY — JLL Capital Markets has arranged $145 million in acquisition and capital improvement financing for two seniors housing portfolios. The first portfolio includes six properties throughout the Northeast, and the second comprises nine properties in the Southeast. JLL worked on behalf of the borrowers, Sculptor Real Estate and its operating partners, to secure two separate nonrecourse loans, one for each portfolio, through national banks. Each loan was fully underwritten without a syndication requirement. Additionally, JLL represented the undisclosed seller in the marketing and sale of the portfolios. …

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CaliforniaCCRCFinanceNews

Ziegler Arranges $23.6M Bond Financing for The Redwoods in Mill Valley, California

by Jeff Shaw

MILL VALLEY, Calif. — Ziegler has arranged $23.6 million in bond financing for The Redwoods, a nonprofit continuing care retirement community in Mill Valley, a suburb of San Francisco. The Redwoods features 148 independent living units, 130 assisted living units and a 58-bed skilled nursing facility. The Redwoods will use the proceeds of the bonds, together with an equity contribution of $5 million, to refinance its outstanding 2013 bonds, fund a bond reserve account, pay an insurance premium to the Cal-Mortgage Loan Insurance Program and pay costs of issuance. While …

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AcquisitionsCaliforniaFinanceIndependent LivingNews

CBRE Provides $8.4M in Acquisition Financing for Arbor Senior Living in Lodi, California

by Jeff Shaw

LODI, Calif. — CBRE has provided $8.3 million in financing for the acquisition of Arbor Senior Living in Lodi, approximately 40 miles south of Sacramento. Built in 1985, the community features 96 independent living units on a three-acre site. The borrower is Ray Stone Inc. Aron Will, Austin Sacco and Adam Mincberg of CBRE National Senior Housing partnered with CBRE Sacramento’s Kevin Randles to arrange the fixed-rate Freddie Mac financing. RSI will take over as operator following the sale.

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Assisted LivingCaliforniaDevelopmentFinanceNews

Monarch Advisors Arranges $4.6M Refinancing for 12-Bed Community in Salinas, California

by Jeff Shaw

SALINAS, Calif. — Monarch Advisors has arranged a $4.6 million refinancing a 12-bed assisted living facility in Salinas, located just south of Silicon Valley. In addition to refinancing existing debt, the loan will fund a 28-bed expansion at the community. The borrower is Songbird Care Homes, a local owner-operator. Monarch arranged a commitment from a national SBA lender for 25 years at a variable interest rate, with an option to convert to a fixed rate upon completion of the expansion project.

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Company NewsLegal IssuesNewsPeople

Ventas Appoints Michael Embler to Board of Directors, Passes on Nominations from Activist Shareholder

by Jeff Shaw

CHICAGO — Ventas Inc. (NYSE: VTR) has appointed Michael Embler, former chief investment officer of Franklin Mutual Advisors, to its board of directors. Jay Gellert, who has served on the Ventas board since 2001, will retire from the board at the company’s annual meeting in May. Embler will serve on Ventas’ investment and audit committees. Ventas also announced that Melody Barnes is expected to serve as chair of the Nominating & Corporate Governance Committee, effective at the company’s annual meeting. Embler, 57, is an institutional investor with 30 years of …

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