WALTHAM, Mass. — Benchmark Senior Living, a Waltham-based provider of senior living services in the Northeast, has hired Elizabeth Wheatley as vice president of resident care and Kristine Martel as vice president of human resources. Wheatley spent almost two decades with Five Star Senior Living. She recently served as vice president of health and wellness, designing and managing resident service programs and overseeing COVID-19 clinical response. Wheatley is an advisory board member of the National Center for Assisted Living and a former member of Argentum’s Clinical Quality Roundtable. She earned …
SARASOTA, Fla. — The United Group of Cos. has started vertical construction on The Alloro at University Groves, an active adult community in Sarasota. The community will feature 183 one- and two-bedroom apartments, including seven two-bedroom penthouse suites in two residential buildings above covered parking. Units will range from 708 square feet to 2,228 square feet. The property will also boast a 15,210 square foot clubhouse. Development costs are estimated at $64.5 million. Project partners include Current Builders and Trez Capital. Adam Horowitz of Cooper Horowitz LLC out of New …
CHICAGO — Evans Senior Investments (ESI), a Chicago-based broker, has arranged three separate sales transactions totaling $150 million. The dispositions allow the seller, a Pennsylvania-based owner-operator, to fully exit the seniors housing industry. The first tranche of the portfolio consisted of four communities totaling 661 licensed skilled nursing beds and 88 independent living cottage units. At the time of marketing the average census was 74 percent with total portfolio revenue of $48 million and net operating income of $2.3 million. The buyer was a regional owner-operator looking to grow its …
BONITA SPRINGS, Fla. — Discovery Senior Living and Ventas have announced the rebranding of 19 former Elmcroft Senior Living communities. Management functions for the communities, which are located in multiple states, were transferred from prior operator Eclipse to Discovery, while Ventas will retain ownership of each. The move results in the TerraBella regional brand name’s transformation into a second, formal, regionally focused, wholly owned subsidiary management company for Discovery, and also gives rise to two newly created regional brands, SummerHouse and Seaton. Of the 19 communities, 13 were rebranded under …
WILLIAMSBURG, Va. — Berkadia has arranged the sale of Edgeworth Park at New Town, an 83-unit, 95-bed senior living community in Williamsburg, for an undisclosed price. Tim Cobb and Brooks Minford of Berkadia Seniors Housing & Healthcare completed the transaction on behalf of the seller, Virginia-based Robertson Liebler. The buyer was Connecticut-based Wheelock Street Capital. Solera Senior Living will serve as the new operator. Built in 2017, Edgeworth Park at New Town is a Class A assisted living and memory care community.
CHICAGO —Chicago Pacific Founders has promoted Guy Geller to the position of president of CPF Living, one of its subsidiaries. Geller will continue to serve in his role as president of Grace Management Inc. Geller previously joined both organizations in 2016 and has served in a dual role as the chief operating officer of CPF Living and president of Grace Management. Geller is a graduate of Cornell University and maintains affiliations with the American Seniors Housing Association (ASHA), Alzheimer’s Association, Future Care Home Commission Group, and the Alzheimer’s Society in …
TOLDEO, Ohio — Welltower Inc. (NYSE: WELL), a Toldeo-based REIT and the largest owner of seniors housing in the United States, has extended its 2021 spending spree by agreeing to acquire four seniors housing portfolios for a combined total of $1.3 billion. Welltower has invested $5.6 billion in acquisitions and developments since October 2020. Highlights include the acquisition of 86 Holiday Retirement communities for $1.6 billion and the acquisition of 22 properties in Ohio and Illinois totaling over 1,000 units. “Since pivoting to offense 13 months ago, Welltower is pleased …
HOUSTON — Although the seniors housing industry as a whole suffered big setbacks throughout the COVID-19 pandemic, hitting record-low occupancy rates across the board, one sub-segment was an exception to the rule. “During COVID there were clear winners and losers in commercial real estate,” said Aron Will, vice chairman of debt and structured finance at CBRE, where he is also co-head of CBRE Senior Housing. “Industrial, life sciences, medical office and multifamily were very clear winners. But one asset class that’s been overlooked is active adult, as it was also …
ENGLEWOOD, Colo. — Ziegler has arranged $32.5 million in bond financing for Christian Living Neighborhoods, a nonprofit owner-operator based in Englewood. The borrower comprises three communities in Colorado — Holly Creek, Someren Glen and Clermont Park — and is one of the largest senior living systems in Colorado with a total of 782 units, according to Ziegler. Bond proceeds, along with other available funds, will refinance bonds from 2011 and 2012, fund $11.8 million of capital expenditures at Someren Glen, fund a deposit to the reserve fund and pay cost …
MEMPHIS, Tenn. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Tranquility at Hickory Hill, a 150-unit active adult community in Memphis. The property offers the opportunity to rebuild 10 units that were previously damaged by fire. The community was originally built in 1985, totaling 161,990 square feet on a 13-acre plot. A regional owner sold the asset to a Southern California-based multifamily group looking to increase its footprint in active adult. The price was not disclosed. Jason Punzel, Brad Goodsell and Vince Viverito of SLIB handled the …