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AcquisitionsFeaturesNews

Transaction Volume Returns to Pre-Pandemic Normal, Say Webinar Panelists

by Jeff Shaw

After a pause in seniors housing acquisitions in 2020 as a result of the COVID-19 pandemic, it appears volume is back to normal, according to experts within the industry. “Before the pandemic started, volume was pretty good for acquisitiions and there was an ample pool of buyers out there,” said JP LoMonaco of Valuation & Information Group. “Debt and equity were available from among the widest variety of sources I’ve seen in a long time. Then we had the pandemic and everything came to a screeching halt.” LoMonaco’s comments came …

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ArizonaFinanceNews

CIT Arranges $34M Financing for Enclave at Chandler in Arizona

by Jeff Shaw

CHANDLER, Ariz. — CIT Group Inc. (NYSE: CIT), through its Healthcare Finance business, served as sole lead arranger of $34 million to refinance the Enclave at Chandler. Opened in 2018 in the Phoenix suburb of Chandler, the community features 89 independent living, 49 assisted living and 24 memory care units. The borrower is Spectrum Retirement Communities. “Demand is strong for senior housing facilities like the Enclave at Chandler that serve a range of needs,” says William Douglass, managing director and group head for CIT’s Healthcare Finance business.

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CCRCFinanceNewsOhio

Ziegler Arranges $40.1M Bond Financing for Ohio Living

by Jeff Shaw

WESTERVILLE, Ohio — Ziegler has arranged $40.1 million in bond financing for Ohio Living, a Westerville-based owner-operator. Ohio Living owns and operates 12 senior living communities located throughout the state of Ohio, nine of which are full-service continuing care retirement communities. Proceeds of the bonds will be used to refinance a previous bond issue from 2013. In order to lock in attractive interest rates, the new bonds were priced on Oct. 13 with a six-month forward delivery for a planned closing on April 6, 2022. As a result of locking …

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Active AdultDevelopmentNewsTexas

Greystar Prepares to Open Album Mansfield Active Adult Community in Texas

by Jeff Shaw

MANSFIELD, Texas — Greystar has started pre-leasing at Album Mansfield, an active adult community in the Dallas suburb of Mansfield, with plans to start move-ins this June. Apartments come in one- and two-bedroom layouts. The number of units was not disclosed. Album Mansfield is part of a larger project that also includes conventional multifamily apartments, retail and for-sale single-family homes in a neighborhood called Watson Branch.

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NewsOperationsSkilled NursingTexas

Blueprint Arranges New Tenant at The Lodge at Bear Creek in Grapevine, Texas

by Jeff Shaw

GRAPEVINE, Texas — Blueprint Healthcare Real Estate Advisors has arranged the placement of a new tenant at The Lodge at Bear Creek in Grapevine. The Lodge at Bear Creek was built in 2016 and is licensed for 100 beds of skilled nursing and short-term rehabilitation. Grapevine is an affluent suburb approximately 21 miles northwest of Dallas, and the facility benefits from being near two prominent regional hospitals. The owner, ServiceStar Capital Management, sought to reposition the asset with a new operator. A Utah-based management company, Eduro Healthcare, was selected as …

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Affordable HousingDevelopmentNewsTexas

Columbia Residential, Renaissance Heights Open Phase II of Columbia Renaissance Square in Fort Worth

by Jeff Shaw

FORT WORTH, Texas — Renaissance Heights United, in partnership with Columbia Residential and Purpose Built Communities, has opened the second phase of Columbia Renaissance Square Senior Residences, an affordable seniors housing community in Fort Worth. The $21.8 million expansion is the second of three phases, and included a three-story building with 120 apartments. The apartments average 792 square feet with 96 of the units reserved for low-income seniors. Construction was certified by National Green Building Standard for improved energy efficiency, indoor air quality and lower utility costs. Project partners included …

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FeaturesNews

OnShift Survey: Workforce Shortage, Leadership Burnout Among Top Seniors Housing Challenges

by Jeff Shaw

CLEVELAND — In its third annual Workforce 360 Survey, Cleveland-based HR software company OnShift revealed workforce shortages to be the top challenge among senior care organizations. Responses came from more than 2,000 long-term care, senior living and healthcare professionals. Approximately 79 percent are most concerned with staffing shortages, overtaking last year’s top challenge of finding and hiring qualified candidates (currently 62 percent). Staffing shortages have had a direct impact on clinical and financial operations, as 35 percent of respondents indicated they have had to limit new admissions or move-ins. Nearly …

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AcquisitionsIndependent LivingIndianaNews

Sonida Senior Living Agrees to Acquire Two Communities Near Indianapolis for $12.3M

by Jeff Shaw

BROWNSBURG and PLAINFIELD, Ind. — Sonida Senior Living Inc. (NYSE: SNDA) has agreed to acquire two recently renovated seniors housing communities in metro Indianapolis for $12.3 million. Formerly known as Capital Senior Living, the Dallas-based owner-operator rebranded as Sonida in November and began trading under its new stock symbol. The communities, Northfield Senior Living in Brownsburg and Southfield Senior Living in Plainfield, total 157 independent living units and are located approximately 20 minutes outside of downtown Indianapolis. Sonida expects the acquisition to close in the first quarter of 2022. The …

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AcquisitionsNewsOhioSkilled Nursing

Blueprint Brokers Sale of Two Skilled Nursing Facilities Near Dayton, Ohio

by Jeff Shaw

DAYTON, Ohio — Blueprint Healthcare Real Estate Advisors has arranged the sale of two skilled nursing facilities north of Dayton. The two facilities were originally built in the 1990s and underwent considerable renovations since 2010. Further details on the property were not disclosed. A regional owner-operator sold the assets to an East Coast-based owner-operator making its first move into Ohio. The price was not disclosed.

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FinanceNewsOhio

Ziegler Arranges $24.5M Bond Financing for Otterbein SeniorLife

by Jeff Shaw

LEBANON, Ohio — Ziegler has arranged $24.5 million in bond financing for Otterbein SeniorLife, a nonprofit operator based in the Cincinnati suburb of Lebanon. The borrower’s portfolio totals 1,440 independent living units, 489 assisted living units and 1,020 skilled nursing units across nine SeniorLife communities and nine Neighborhood-branded skilled nursing communities. The bonds were issued through the State of Ohio, acting by and through the Ohio Higher Educational Facility Commission. In addition to these bonds, Ziegler also priced $20.5 million of tax-exempt, forward-delivery bonds that are scheduled to close on …

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