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Pennrose Hires Tom Anderson as Senior Vice President of Development

by Jeff Shaw

PHILADELPHIA — Pennrose, a developer based in Philadelphia, has hired Tom Anderson to its executive development team as senior vice president of development. Anderson will lead Pennrose’s strategic expansion into the Midwest and Mountain regions. In addition to providing leadership for an expanding development team, he will also provide executive representation of Pennrose among industry organizations and associations, financial partners, design and construction partners, housing authorities, and state agencies. Prior to Pennrose, Anderson spent six years as managing director of Cohen-Esrey Development Group, an affordable housing developer. In this role, …

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Company NewsNews

Welltower, Oakmont Management Group Enter Into Joint Venture Partnership

by Jeff Shaw

TOLEDO, Ohio — Welltower Inc. (NYSE: WELL), a Toledo-based REIT and the largest owner of seniors housing in the United States, has expanded its relationship with Oakmont Management Group. Through the acquisition of new management contracts, the partnership is expected to roughly double the size of Welltower and Oakmont’s existing portfolio by the end of the third quarter in affluent markets across California. Welltower has also signed a long-term exclusive development agreement with Oakmont. Through this agreement, both organizations will invest significant capital and resources to build, own and operate …

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ArizonaFinanceNewsSouth CarolinaTennessee

Walker & Dunlop Arranges $37.4M in Financing for Four Assisted Living, Memory Care Facilities

by Jeff Shaw

BLUFFTON and HILTON HEAD, S.C.; TUCSON, Ariz.; and JACKSON, Tenn. — Walker & Dunlop Inc. has structured $37.4 million in financing for four assisted living and memory care facilities. The finance transactions included $5.5 million for Bloom at Bluffton in Bluffton; $5.8 million for Bloom at Hilton Head in Hilton Head; $16.1 million for Cascades of Tucson in Tucson; and $10 million for Regency of Jackson in Jackson. Kevin Giusti and Brian Neal led the origination team. The Bloom portfolio, comprising two assisted living and memory care communities with 117 …

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Affordable HousingDevelopmentNewsUtah

TWG Breaks Ground on $9.5M Residences at West Haven Affordable Development in Utah

by Jeff Shaw

WEST HAVEN, Utah — TWG has started construction of Residences at West Haven, a new affordable seniors housing project in West Haven, approximately 35 miles north of Salt Lake City. The 38,000-square-foot, three-story property will consist of 40 one-bedroom units affordably priced for seniors aged 62 and older. Priority will be given to residents who are military veterans, and a number of units will also be reserved for local seniors with disabilities or who are suffering from homelessness. All units are reserved for seniors who earn between 30 percent and …

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AcquisitionsNewsSkilled NursingTexas

Ensign Group Acquires Two Skilled Nursing Facilities in Texas

by Jeff Shaw

AUSTIN and CEDAR PARK, Texas — The Ensign Group Inc. (NASDAQ: ENSG) has acquired the operations of Sedona Trace Health and Wellness Center, a 119-bed skilled nursing facility located in Austin, and Cedar Pointe Health and Wellness Center, a 122-bed skilled nursing facility located in Cedar Park. CareTrust REIT Inc. (NASDAQ: CTRE) acquired the real estate in the transaction and each operation will be added to an existing long-term, triple-net master lease, which is currently in place between Ensign affiliates and CareTrust. Terms of the transactions were not disclosed. This …

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FinanceNewsPeople

Oxford Finance Hires Kevin Harbour to Healthcare Services Team

by Jeff Shaw

ALEXANDRIA, Va. — Oxford Finance LLC, a specialty finance firm based in Alexandria, has hired Kevin Harbour to its healthcare services real estate and asset-based lending team. As managing director, Harbour will be responsible for continuing the firm’s real estate bridge lending programs; developing new financial offerings, including structured equity and acquisition lines of credit for qualified healthcare companies; expanding Oxford’s asset-based lending platform in all healthcare sectors; and managing the firm’s associated business development and underwriting teams. Harbour brings 18 years of healthcare lending experience to Oxford. He spent …

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AcquisitionsAssisted LivingFloridaNews

JLL Brokers Sale of 82-Unit The Preserve at Clearwater in Florida

by Jeff Shaw

CLEARWATER, Fla. — JLL Capital Markets has arranged the sale of The Preserve at Clearwater, an assisted living and memory care property in the coastal Tampa suburb of Clearwater. JLL represented the seller, a joint venture between Solera Senior Living and Elkco Properties. The buyer, an experienced institutional investor, plans to retain Solera as property manager. The price was not disclosed. The Preserve at Clearwater is a 2012-vintage, 82-unit property that sits on an 11-acre parcel. The building is LEED Silver certified and located in close proximity to many of …

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Assisted LivingCaliforniaFinanceNews

Oxford Finance Provides $28M Credit Facility to AvantGarde Senior Living

by Jeff Shaw

TARZANA, Calif. — Oxford Finance LLC has provided a $28 million senior credit facility to AvantGarde Senior Living. The funds are being used to refinance existing debt on one facility located in Tarzana. Founded in 2008, AvantGarde owns and operates two luxury assisted living facilities in California. The subject facility was acquired in 2010 as a 100-room senior living hotel and converted to a 138-bed assisted living community.

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NewsPeople

Proveer Senior Living Hires Steven Crittenden as Chief Administration Officer

by Jeff Shaw

MCKINNEY, Texas — Proveer Senior Living has hired Steven Crittenden as chief administration officer. Crittenden will be responsible for project evaluations, as well as coordination of the financial activities for acquisitions, new developments and turnaround opportunities in support of daily operations. He has a background in finance and commercial real estate accounting, focusing on financial modeling and data analytics. Prior to joining Proveer, Crittenden managed a seniors housing portfolio as director of financial planning and analysis. Additionally, he held the chief financial officer role for a senior living management company …

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CCRCDevelopmentFinanceNewsTexas

Ziegler Arranges $56.9M Bond Financing for Westminster CCRC Expansion in Austin

by Jeff Shaw

AUSTIN, Texas — Ziegler has arranged $56.9 million in bond financing through the New Hope Cultural Education Facilities Finance Corp. for an expansion at Westminster, a continuing care retirement community (CCRC) in Austin. The community is located on approximately 9.3 acres in west central Austin and comprises 324 independent living units, 22 assisted living units and 85 skilled nursing beds (of which 30 are utilized for memory care). Life Care Services (LCS) has operated the property since 1981. Additionally, LCS is providing development services for Westminster’s expansion project. The project …

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