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CaliforniaCCRCDevelopmentNews

Sundt Completes The Ridge at Paradise Valley Estates in Fairfield, California

by Jeff Shaw

FAIRFIELD, Calif. — Sundt Construction Inc. has completed construction of The Ridge at Paradise Valley Estates, an eight-acre life plan community in the Bay Area city of Fairfield. The Ridge features a mix of 70 cottages and villas. The private cottages have two bedrooms and attached garages, and the villas feature either one bedroom or two bedrooms with under-building parking. In addition to the amenities of the larger Paradise Valley Estates 76-acre community, residents can access The Ridge’s dining facility and outdoor amenities such as a learning center and outdoor …

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CaliforniaFinanceMemory CareNews

JLL Capital Markets Arranges $15M Refinancing for Monarch Cottages Memory Care Community in La Jolla, California

by Jeff Shaw

LA JOLLA, Calif. — JLL Capital Markets has arranged a $15 million refinancing for Monarch Cottages, a 26-unit, 52-bed, two-story, Class A memory care community in the San Diego suburb of La Jolla, California. JLL represented the borrower, Monarch Senior Living, in arranging the loan. Remodeled in 2016, Monarch Cottages comprises five companion studio and 21 private studio units averaging 370 square feet. Within a three-mile radius, the 75-plus population is over 6,500 and is expected to grow by 13.5 percent over the next five years. Additionally, the property’s surrounding …

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AcquisitionsIllinoisNewsSkilled Nursing

ESI Brokers Sale of Holy Family Villa, Bishop Lyne Resident in Chicago

by Jeff Shaw

CHICAGO — Evans Senior Investments (ESI) has arranged the sale of Holy Family Villa and Bishop Lyne Residence, a nonprofit, 129-bed skilled nursing community with an 18-unit independent living component in Chicago. Built in 2002 with a 2012 rehabilitation unit addition, the community features 35 private resident rooms. Despite the contemporary design, the community was not profitable at the time of marketing, with census averaging 73 percent, resulting in a net operating loss. Prior to the COVID-19 pandemic, the community averaged 87 percent occupancy with 49 private-pay residents and 28 …

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DevelopmentMinnesotaNewsSkilled Nursing

Lakeview Methodist Completes Construction of $24M Skilled Nursing Community in Fairmont, Minnesota

by Jeff Shaw

FAIRMONT, Minn. — Lakeview Methodist Health Care Services has completed construction of a $24 million skilled nursing community in Fairmont, located in the southern part of the state near the Iowa border. The 72-bed, 80,000-square-foot building was created as a “neighborhood concept,” which encourages companionship and sociability among residents. Kraus-Anderson Construction was the builder and Wold Architects and Engineers was the designer.

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CCRCDevelopmentFinanceIllinoisNews

HJ Sims Arranges $8.8M in Financing for Clark Lindsay Village Repositioning in Urbana, Illinois

by Jeff Shaw

URBANA, Ill. — HJ Sims has arranged an $8.8 million taxable note on behalf of Clark Lindsey Village. Established in 1978, Clark Lindsey Village is a nonprofit continuing care retirement community in Urbana. The campus currently features 147 units of independent living, 12 units of memory care and assisted living and 105 beds of skilled nursing. The borrower plans to use the funds to undertake a repositioning project at the community over the next five years. Phase I includes the construction of eight independent living villas, in addition to site …

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AcquisitionsFloridaNews

Berkadia Brokers Sale of 176-Unit Homestead Village in Pensacola, Florida

by Jeff Shaw

PENSACOLA, Fla. — Berkadia has negotiated the sale of Homestead Village Retirement Community, a 176-unit, 180-licensed-bed community in Pensacola. Tim Cobb and Brooks Minford of Berkadia Seniors Housing & Healthcare completed the transaction on behalf of the seller, an Alabama-based nonprofit. The buyer was New Jersey-based Twin Light Capital. “The seller owned the asset for many years and decided it was time to refocus their efforts on operations within the state of Alabama,” says Minford. Built in 1993, Homestead Village Retirement Community offers independent living, assisted living and memory care. …

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NewsOperationsPeople

Benchmark Senior Living Names Elizabeth Wheatley, Kristine Martel to Executive Team

by Jeff Shaw

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 …

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Active AdultDevelopmentFloridaNews

United Group Starts Construction of $64.5M Active Adult Community in Sarasota, Florida

by Jeff Shaw

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 …

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AcquisitionsNewsPennsylvania

ESI Arranges Sale of Eight-Property Portfolio in Pennsylvania for $150M

by Jeff Shaw

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 …

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AcquisitionsCompany NewsNewsOperations

Discovery Senior Living Assumes Management of 19 Former Elmcroft Communities, Announces New Regional Brands

by Jeff Shaw

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 …

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