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David Sedgwick to Take Reins at CareTrust REIT

by Jeff Shaw

SAN CLEMENTE, Calif. — The Board of Directors of CareTrust REIT Inc. (NASDAQ: CTRE) has appointed David Sedgwick as CEO, effective Jan. 1. Sedgwick will succeed founding chairman and CEO Greg Stapley, who will continue to serve as CareTrust’s executive chairman during an approximately six-month transition period, following which Stapley and his wife Deborah will commence a three-year, full-time volunteer assignment for The Church of Jesus Christ of Latter-day Saints. The board also announced that Diana Laing was appointed as lead independent director. Sedgwick, who has been with CareTrust since …

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Assisted LivingDevelopmentNew YorkNews

Sunrise, Welltower, Hines Open 151-Unit Community in Manhattan

by Jeff Shaw

NEW YORK CITY — Sunrise Senior Living has opened Sunrise at East 56th, a 151-unit high-rise in the Upper East Side neighborhood of Manhattan. Partners on the project included Hines and Welltower (NYSE: WELL). The asset features assisted living and memory care services. Sunrise is collaborating with Northwell Health for services at the building. The community is the first and only building in the sector to receive LEED Silver, WELL Certification at the Silver level and WELL Health-Safety Rating Seal certifications, according to Sunrise. SLCE Architects designed the building. Champalimaud …

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Affordable HousingFinanceNew YorkNews

Berkadia Provides $22.6M HUD-Insured Loan for Refinancing of Section 8 Housing Property in Brooklyn

by Jeff Shaw

NEW YORK CITY — Berkadia has provided a $22.6 million HUD loan for the permanent refinancing of Scheuer House of Manhattan Beach, a 149-unit Section 8 seniors housing property in Brooklyn. The property consists of one eight-story building and two five-story buildings that were respectively constructed in 1964 and 1932. Laura Smith of Berkadia originated the loan through HUD’s 223(f) program. The borrower, New York-based nonprofit JASA, will use a portion of the proceeds to fund capital improvements and preserve affordability.

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Assisted LivingDevelopmentNewsTexas

MorningStar Senior Living Opens 112-Unit Community in Houston

by Jeff Shaw

HOUSTON — MorningStar Senior Living and Hines have opened MorningStar at River Oaks, a seniors housing community in Houston’s River Oaks neighborhood. The community features 85 assisted living and 27 memory care units. The community is Denver-based MorningStar’s first in Texas. Partners on the project include Munoz + Albin Planning & Architecture, Kirksey Architecture, Thoma-Holec Design, TBG Partners and D. E. Harvey Builders.

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AcquisitionsNewsWashington

Ziegler Arranges Sale of 42-Unit South Pointe Assisted Living in Everett, Washington

by Jeff Shaw

EVERETT, Wash. — Ziegler has arranged sale of South Pointe Assisted Living, a 42-unit independent living and assisted living community in Everett, a northern suburb of Seattle. The seller was Radiant Senior Living, which acquired the community in 2020 as part of a larger portfolio transaction including one other community in the greater Seattle area and another community in Bozeman, Montana. Prior to acquiring the community from the previous lessor, Radiant leased and operated the community for 10 years. The buyer and price were not disclosed.

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NewsPeople

Senior Resource Group Hires Chris Gladheim as Vice President of Human Resources

by Jeff Shaw

SOLANA BEACH, Calif. — Senior Resource Group LLC (SRG), a Solana Beach-based company that develops, owns and operates luxury senior living communities across seven states, has hired Chris Gladheim as vice president of human resources. Gladheim will be responsible for managing talent acquisition and management, leadership development, total rewards and recognition, and advising senior management regarding current and future workforce strategies. Gladheim has 25 years of experience in human resources, focusing on recruitment, employee relations, performance management and organizational effectiveness. He is a veteran of the U.S. Marine Corps and …

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FinanceFloridaNews

JLL Arranges $57.5M Refinancing for Windsor at Celebration in Florida

by Jeff Shaw

CELEBRATION, Fla. — JLL Capital Markets has arranged a $57.5 million refinancing for Windsor at Celebration, a 239-unit seniors housing community near Orlando in Celebration. JLL worked on behalf of the borrower, a partnership between Square Mile Capital Management and Big Rock Partners, to secure the five-year, floating-rate, non-recourse loan through a large debt fund. Built in 2018, Windsor at Celebration features 133 independent living, 73 assisted living and 33 memory care units in a mix of studio, one- and two-bedroom suites averaging 853 square feet. Joel Mendes, Chris Drew …

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AcquisitionsCompany NewsFinanceNews

NewPoint Real Estate Capital Acquires Housing & Healthcare Finance

by Jeff Shaw

PLANO, Texas, and NORTH BETHESDA, Md. — NewPoint Real Estate Capital LLC, a Plano-based finance company, has acquired North Bethesda-based Housing & Healthcare Finance (HHC Finance), including its FHA multifamily and healthcare origination business and its loan servicing portfolio. With a specialized focus on healthcare and seniors housing lending, HHC Finance will augment NewPoint’s existing suite of agency lending solutions. HHC Finance founders Erik Lindenauer and Rich Lerner will join NewPoint as co-presidents of the FHA housing business unit and lead the integration of HHC Finance’s team of approximately 50 …

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Assisted LivingCaliforniaDevelopmentNews

Clearwater Opens 110-Unit Community in North Tustin, California

by Jeff Shaw

NORTH TUSTIN, Calif. — Clearwater Living has opened Clearwater at North Tustin, a 110-unit assisted living and memory care community in the Orange County municipality of North Tustin. The community features 72 assisted living apartments and 38 memory support apartments. Clearwater Living now operates five communities in California and Nevada.

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AcquisitionsNew MexicoNewsSkilled Nursing

ESI Brokers Sale of 100-Bed Skilled Nursing Facility in New Mexico

by Jeff Shaw

NEW MEXICO — Evans Senior Investments (ESI) has arranged the sale of a 100-bed skilled nursing community in New Mexico. Built in the late 1990s, the facility is located over 50 miles from the nearest competing nursing facility. The facility experienced a COVID-19 outbreak shortly before going to market, which resulted in the loss of over 25 residents and brought occupancy down to an all-time low of 46 percent. At the time of sale, the facility was 65 percent occupied. ESI represented the seller, a regional owner-operator based out of …

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