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DevelopmentIllinoisNews

City of Chicago Approves $3.8B Mixed-Use Project to Include Seniors Housing

by Jeff Shaw

CHICAGO — The Chicago City Council has given approval for the development of Bronzeville Lakefront, a $3.8 billion mixed-use project located in Bronzeville, a South Side neighborhood. Michael Reese Hospital and Medical Center, which closed in 2008, formerly occupied the 48-acre development site. The City of Chicago acquired the property in 2009 and cleared most of the land over the ensuing months. A team of local developers known as GRIT was selected to purchase the site for $96.9 million through a redevelopment agreement. GRIT comprises Farpoint Development, Loop Capital Management, …

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Company NewsNewsOperations

Diversified Healthcare Trust Transitions 66 Communities to New Operators

by Jeff Shaw

NEWTON, Mass. — Diversified Healthcare Trust (NASDAQ: DHC) has entered into three new management agreements for 66 of its seniors housing communities totaling 4,084 units. Charter Senior Living will manage communities in Florida, Maryland, Tennessee and Virginia; Oaks-CaraVita Senior Care will manage communities in Georgia and South Carolina; and Phoenix Senior Living will manage communities in Alabama, Arkansas, Kentucky, Missouri, North Carolina and South Carolina. These three agreements represent approximately 61 percent of DHC’s seniors housing operating portfolio (SHOP) communities to be transitioned from Five Star Senior Living Inc. (NASDAQ: …

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AcquisitionsAssisted LivingFloridaNews

Atlas Senior Living Acquires Community in St. Petersburg, Florida

by Jeff Shaw

ST. PETERSBURG, Fla. — Birmingham, Alabama-based operator Atlas Senior Living has acquired both the real estate and operations of an assisted living and memory care community in St. Petersburg. The community will be the sixth Atlas property in Florida and the first in the St. Petersburg area. Previously named Bloom at St. Petersburg, the community will be rebranded and renamed The Goldton at St. Petersburg. Further details on the transaction were not disclosed.

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NewsPeople

Watercrest Senior Living Group Hires Shannan Rhodes as Sales Specialist

by Jeff Shaw

VERO BEACH, Fla. — Watercrest Senior Living Group, a Vero Beach-based owner-operator, has hired Shannan Rhodes as sales specialist, supporting sales and marketing leadership for the seniors housing communities in Watercrest’s portfolio. As sales specialist for Watercrest, Rhodes utilizes her expertise in marketing strategy, partnership development and census management to drive the communities’ sales efforts and ensure successful openings for new Watercrest communities. Rhodes entered the senior living industry more than 20 years ago as community development director at an assisted living community in Tennessee. She advanced into census development …

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ConnecticutFinanceMassachusettsNewsSkilled Nursing

Ziegler Arranges $85.5M Bond Financing for Ascentria Care Alliance

by Jeff Shaw

WORCESTER, Mass. — Ziegler has arranged $85.5 million in bond financing for Ascentria Care Alliance, a Worcester-based skilled nursing operator. The bonds will support three of the borrower’s facilities: Quaboag Rehabilitation and Skilled Care Center in West Brookfield, Massachusetts, featuring 147 skilled nursing beds. Lutheran Home of Southbury (LHS) in Southbury, Connecticut, featuring 120 skilled nursing beds and 14 assisted living units. Lutheran Rehabilitation and Skilled Nursing Center in Worcester, featuring 107 skilled nursing beds and 43 rest home care beds. Proceeds of the bonds issued through the National Finance …

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Assisted LivingDevelopmentFloridaNews

CIP Group, Linkvest Capital to Build 120-Bed Assisted Living Facility in Dadeland, Florida

by Jeff Shaw

DADELAND, Fla. — Sunset Point ALF, an affiliate of Miami-based real estate development firm CIP Group, and LV Development, an affiliate of Miami-based Linkvest Capital, have formed a joint venture to develop a 40,000-square-foot, 120-bed assisted living facility in an unincorporated area near Dadeland. The partners acquired the vacant site for $3.7 million from the Stupp Family Partnership. The developers are expected to break ground on the project in the first quarter of 2022 CIP Group and Linkvest Capital, through its LV Lending affiliate, are also developing Miami Springs Town …

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AcquisitionsFinanceMarylandNews

MidCap Financial Provides $46M First Mortgage Loan for Sonata Senior Living Portfolio in South Florida

by Jeff Shaw

BETHESDA, Md. — MidCap Financial has provided a $46 million, floating-rate, first mortgage loan for Fortress Investment Group. The funds will facilitate the acquisition of a portfolio of five senior housing communities totaling 444 units across South Florida. Sonata Senior Living is the operator of the portfolio Allison Holland at Jones Lang LaSalle arranged the financing.

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AcquisitionsMichiganNewsSkilled Nursing

Blueprint Brokers Sale of Advantage Living Center Battle Creek in Michigan

by Jeff Shaw

BATTLE CREEK, Mich. — Blueprint Healthcare Real Estate Advisors has negotiated the sale of Advantage Living Center Battle Creek, an 82-bed skilled nursing facility in Battle Creek. The property was built in 1967 and renovated 1985. The seller elected to pursue an exit of its Battle Creek location as it was an underperforming, geographic outlier compared to the owner-operator’s network of facilities in and around metro Detroit. The buyer was a New York-based company looking to expand in the Midwest with a new operating partner.

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NewsPeople

Cadence Living Hires Caitlin Van Der Schaaf as Regional Vice President of Operations for the Northwest Region

by Jeff Shaw

SCOTTSDALE, Ariz. — Cadence Living has hired Caitlin Van der Schaaf as vice president of operations for the Northwest region. Van der Schaaf will have principal responsibility over operations of the Cadence Living managed communities in the Pacific Northwest. Van der Schaaf has been in senior living for over 20 years, starting in the industry as a server and caregiver and working her way up the ranks to executive director and regional vice president of operations. Before Joining Cadence, she served in a regional operations role with Frontier Management. She …

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Assisted LivingDevelopmentIllinoisNews

ISL Ventures Completes 88-Unit Mount Prospect Senior Living in Illinois

by Jeff Shaw

MOUNT PROSPECT, Ill. — ISL Ventures has completed construction on Mount Prospect Senior Living, an assisted living and memory care community in Mount Prospect, approximately 20 miles northwest of Chicago. The 78,000 square-foot building features 56 assisted living units and 32 memory care units. Partners on the project include Leading Light Development, Pi Architects, Charles Hall Construction, Manhard Engineering, TDi and EEA Consulting Engineers. Integral Senior Living is the operator.

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