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Silverpoint, Journey Capital Complete Phase I of Edition of Saginaw in Texas

by Jeff Shaw

SAGINAW, Texas — Journey Capital and SilverPoint Senior Living have opened Phase I and broken ground on Phase II at Edition of Saginaw, a 6.2-acre senior living campus in Saginaw. Located in the Dallas-Fort Worth Metroxplex, Phase I includes 22 one- and two-bedroom independent living cottages. Phase II will add 74 assisted living and memory care apartments. The 57,000-square-foot expansion is slated to open fall of 2023. This will mark the fourth collaboration and partnership between SilverPoint and Journey Capital.

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Memory CareMichiganMinnesotaNewsOhioOperationsUtahWashington

Anthem Memory Care Assumes Management of Nine Communities in Midwest, West

by Jeff Shaw

LAKE OSWEGO, Ore. — Anthem Memory Care has been selected to manage nine memory care communities in Utah, Washington, Minnesota, Michigan and Ohio. The new communities bring Anthem’s portfolio up to 21 properties and mark the Lake Oswego-based operator’s entry into Utah, Washington, Michigan and Ohio. The properties, owned by Irwin Investors, were previously operated by Sinceri and include: Elk Ridge in Maplewood, Minnesota Edgemont Place in Blaine, Minnesota Robinwood Landing in Lansing, Michigan Glenwood in Dublin, Ohio Preserve at Beavercreek in Beavercreek, Ohio Greenfield Estates in Akron, Ohio Pheasant …

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NewsOperationsPeople

Grace Management Inc. Hires Max Rasquinha as National Director of Dining Services

by Jeff Shaw

MAPLE GROVE, Minn. — Grace Management Inc., a Maple Grove-based operator, has hired Max Rasquinha as national director of dining services. Rasquinha will provide direction, support and training for dining services to all of Grace Management senior living communities throughout the country. Rasquinha has worked in the hospitality industry for more than 25 years. He has a degree in administrative management from the University of Houston and 17 years of restaurant management experience with the Pappas Restaurant group, Landry’s Hospitality and Carlson Restaurants. In 2006, Rasquinha joined the senior living …

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Assisted LivingFinanceIllinoisNews

BWE Provides $21M Freddie Mac Refinancing for HarborChase of Naperville

by Jeff Shaw

NAPERVILLE, Ill. — Bellwether Enterprise Real Estate Capital LLC (BWE) has provided a $21 million Freddie Mac loan for the refinance of HarborChase of Naperville, an assisted living and memory care community in the Chicago suburb of Naperville. Ryan Stoll and Taylor Mokris originated the loan on behalf of the borrowers, affiliates of Bourne Financial Group and HRA Senior Living. HRA operates the 101-unit, two-story property. The loan refinanced the construction debt of the recently developed property, which maintains prepayment flexibility along with a significant interest savings. The loan term …

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AcquisitionsIdahoNews

Blueprint Arranges Sale of 167-Unit Community in Nampa, Idaho

by Jeff Shaw

NAMPA, Idaho — Blueprint Healthcare Real Estate Advisors has arranged the sale of a seniors housing community in the Boise suburb of Nampa. The single-story community features 107 independent living units, 18 assisted living units and 42 licensed skilled nursing beds. The REIT owner and operator collectively decided to divest the property, as it was the operator’s only Idaho location. Cascades Healthcare acquired the asset for an undisclosed price.

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Company NewsNewsOperations

Five Star Senior Living Rebrands as AlerisLife, Announces Two C-Suite Appointments

by Jeff Shaw

NEWTON, Mass. — Five Star Senior Living Inc. (NASDAQ: FVE), a Newton-based operator, has rebranded as AlerisLife Inc. The company’s common shares now trade on the Nasdaq stock market under the new ticker symbol ALR. Aleris is a Latin word meaning “to foster, nourish and develop,” signifying the company’s intent to continue fostering, developing and expanding its lifestyle services. The name change reflects the company’s organizational restructuring over the past two years and its strategic decision to continue delivering a resident experience to senior living and active adults, while also …

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NewsPeople

SRI Management Hires Kim Hollingshed as Director of Human Resources

by Jeff Shaw

TALLAHASSEE, Fla. — SRI Management LLC, a Tallahassee-based operator with more than 30 communities throughout the Southeast, has hired Kim Hollingshed as its senior director of human resources. Bringing more than a decade of corporate HR experience, Hollingshed will oversee employee relations, performance management and corporate policy and procedures. Previously, Hollingshed held HR positions for emerging and large, established companies in different industries. Her diverse background includes strategic human resource management and planning; performance management; federal and state law compliance; employee benefits management; employee wellness and safety; recruitment, training and …

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AcquisitionsAssisted LivingCaliforniaNews

IRA Capital Buys 160-Unit Portfolio in Northern California for $106.5M

by Jeff Shaw

DUBLIN and NOVATO, Calif. — Southern California private equity firm IRA Capital has acquired two newly constructed assisted living and memory care facilities totaling 160 units in the Northern California cities of Dublin and Novato for $106.5 million. An active player in the medical office, life sciences and ambulatory surgery space, IRA Capital is growing and diversifying its healthcare real estate portfolio by expanding into seniors housing in high-barrier-to-entry markets on the West Coast. Elegance Senior Living operates the two Class A communities. Elegance at Dublin is an 80-unit community …

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AcquisitionsArizonaCaliforniaNewsOperationsWashington

Pennant Group Transfers Operations of Five Communities in the West to Ensign Group

by Jeff Shaw

EAGLE, Idaho — The Pennant Group Inc. (NASDAQ: PNTG), an Eagle-based REIT, has agreed to transfer the operations of five senior living communities to affiliates of The Ensign Group Inc. The five communities are located in Washington, Arizona and California and are co-located with skilled nursing facilities already operated by affiliates of Ensign. The transaction is anticipated to occur across separate closings in the first half of 2022, subject to receipt of third-party approvals and other customary closing conditions. On the same day, Pennant Group announced that it has entered …

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Affordable HousingColoradoDevelopmentFinanceNews

Lument Provides $5.9M Fannie Mae Construction Loan for Lynwood Senior Apartments in Denver

by Jeff Shaw

DENVER — Lument has provided a $5.9 million Fannie Mae affordable loan to fund the construction of Lynwood Senior Apartments. The property will feature 62 units of affordable housing for seniors in a three-story building on nearly an acre. Construction of the community will be facilitated via a 30-month taxable forward commitment Fannie Mae affordable loan structured as a 9 percent Low-Income Housing Tax Credit (LIHTC) mortgage-backed securities (MBS) exchange. The Fannie Mae loan features a fixed interest rate, 15-year term and 35-year amortization. Additional funding sources include a construction …

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