SOLON, Iowa — Nick and Dani Merlino have acquired and assumed leadership of Better Living, a senior living operator based in Iowa. The pair, which brings 35 years of experience to the company, plans to rebrand Better Living, invest in enhanced team training and launch a “Better Days Memory Care” program. Better Living currently operates 14 communities throughout Iowa, Minnesota and Wisconsin.
GLENDALE, Calif. — EAH Housing, a nonprofit housing developer and manager, has announced plans to redevelop Parkview Glendale, an assisted living community located in Glendale. Upon completion, the property will feature 68 units of affordable housing for seniors. Originally built in 1973, the community will comprise 20 studio apartments ranging from 350 to 360 square feet and 47 one-bedroom apartments ranging from 400 to 475 square feet, as well as a 750-square-foot manager unit. Amenities at the 43,000-square-foot property will include a community room, community garden, courtyards and a resident lounge. …
DALLAS — The evolution of active adult product is in the third inning of a nine-inning game, but some markets are clearly ahead of the curve, says Zach Crowe, managing director of U.S. real estate for private equity giant The Carlyle Group. “There are markets like Dallas, Las Vegas and Denver that have had active adult for 20 years at this point, and the product is well known. The consumer understands what it is. There are other markets with very few properties, and people have no idea what it is. It’s …
OMAHA, Neb. — Forrest Westin and Michael Pittore have been appointed as co-CEOs of owner and operator Agemark Senior Living. Westin and Pittore will assume their roles beginning June 1. Current CEO Marty Hug will serve as executive chairman moving forward. Hug first joined the company as a community director in 1989. Founded in 1983 by Westin and Pittore’s fathers, Agemark has grown to a portfolio of 28 communities across six states. The company recently entered into an agreement with National Health Investors to sell six of its properties in a …
HELENA and MISSOULA, Mont. — Stellar Senior Living, an owner and operator of seniors housing communities in the western United States, has added two properties to its management portfolio. Located in Helena and Missoula, the communities include Helena Point and Missoula Valley. This marks Stellar’s first expansion into the state. Stellar now operates 37 senior living properties across nine states.
WAKE COUNTRY, N.C. — Senior Living Investment Brokerage (SLIB) has brokered the sale of a portfolio located in Wake County. A regional owner sold the portfolio, which totals 75 beds. At the time of sale, the seller was eliminating assisted living options at the properties, skilled nursing facilities. A national operator acquired the portfolio for an undisclosed price. Patrick Burke, Toby Siefert and Jason Punzel of SLIB represented the seller in the transaction.
By Hayden Spiess DALLAS — Although tenant demand for active adult communities remains strong, the sector is not immune to escalating construction costs, labor shortages, tariffs and general economic uncertainty, say industry professionals. Teamwork across key disciplines can help make clearing those hurdles much easier. “We’re having a hard time getting things to pencil these days,” levels Erin Berry Harps, director of interior design at Direct Supply Aptura, a senior living design and construction firm. Simultaneously, residents are as price conscious as ever, she points out. “We also have increased consumer …
MONTEBELLO, N.Y. — Developer and owner FilBen Group and partner private equity firm RSF Partners have opened Braemar Living at Montebello, a $54 million senior living community in Montebello, roughly 40 miles outside New York City. Totaling 133,675 square feet and 133 apartments across four stories, the property features assisted living residences and a dedicated 32-bed memory care unit. The community can accommodate up to 200 residents. Amenities at the community include a pub and game room, café, business lounge, general store, arts and crafts room, family lounge, beauty salon, coffee …
NEW YORK CITY — New York City-based MonticelloAM has provided roughly $108.8 million in financing for a portfolio of skilled nursing facilities located in southern Florida. The portfolio totals 500 beds across three properties. The undisclosed borrower plans to use the financing, which comprises a $105.5 million floating-rate senior bridge loan and $3.3 million working capital facility, to refinance existing debt and cover day-to-day operational needs.
LOS ANGELES —Live Oak Bank has provided a $25 million bridge-to-sale loan to finance a community located near Los Angeles. An entity doing business as Harbert Seniors Housing Fund I LP is the borrower. The financing features a three-year initial term, 36 months of interest-only payments and $2.8 million in potential future earnout proceeds. The property totals 97 units, with independent, assisted living and memory care residences.