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Cushman & Wakefield Arranges $250M in Seniors Housing Transactions

by Jeff Shaw

BOSTON — Cushman & Wakefield’s Senior Housing Capital Markets team, based in Boston, has completed more than $250 million in transaction closings in April 2021. The firm advised Lytle Enterprises on the sale of Broadway Proper, a 232-unit independent living and assisted living community located in Tucson, Arizona. A joint venture between Harrison Street Real Estate and Stellar Senior Living acquired the property for an undisclosed price. The Cushman team also advised the buyer on acquisition financing, procuring non-recourse bridge financing from a national bank. Cushman & Wakefield also advised …

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FinanceNewsSkilled NursingWisconsin

Greystone Provides $35M in HUD-Insured Financing for Skilled Nursing Portfolio in Wisconsin

by Jeff Shaw

ANTIGO, BURLINGTON, MANITOWOC AND KENOSHA, Wis. — Greystone has provided $35 million in HUD-insured loans for the refinancing of a five-property, 558-bed skilled nursing portfolio across Southeast Wisconsin. The facilities are located in Antigo, Burlington, Manitowoc and Kenosha. Each of the nonrecourse loans features a fixed interest rate and is fully amortized over 30 years. The loans refinance the existing debt on the properties, which were purchased in 2017. The undisclosed borrower plans to continue ongoing property improvements. Fred Levine of Greystone originated the loans.

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NewsNorth CarolinaPeople

Cadence Living Hires Melissa Cole as Regional Vice President of Operations for the North Carolina Region

by Jeff Shaw

SCOTTSDALE, Ariz. — Cadence Living has hired Melissa Cole as vice president of operations for the North Carolina region. Cole will have principal responsibility over operations of the seven Cadence Living-managed communities in the Charlotte, Winston-Salem and Raleigh metro areas. Cole brings over 20 years of senior living operations experience to Cadence Living and is a member of the North Carolina Assisted Living Association Board of Directors. Before Joining Cadence, she served in a similar role for Five Star Senior Living and also served in various leadership capacities including regional …

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FeaturesInvestmentNews

JLL: Investors Are Looking Beyond the Pandemic

by Jeff Shaw

CHICAGO — Although the seniors housing industry still faces many challenges, long-term demand still has the sector on a trajectory of growth. That’s according to JLL Valuation Advisory’s fourth annual Seniors Housing Investor Survey and Outlook, released last week. Construction delays resulting from the pandemic will magnify the long-term supply shortage, the report notes. With the baby boomers within approximately 10 years of occupancy, medium- and long-term investment remains positive. Additionally, the need to serve the middle-income population will continue to grow, exacerbated by the global impact of COVID-19. “Investors …

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CCRCNewsPeopleTexas

Buckner Retirement Services Promotes Danica McGuire to Executive Director of Ventana by Buckner

by Jeff Shaw

DALLAS — Buckner Retirement Services has promoted Danica McGuire to executive director of Ventana by Buckner, a high-rise continuing care retirement community in Dallas. McGuire previously served as the community’s associate executive director. Ventana’s previous executive director, Chuck Childress, is now the director of operations for Buckner Retirement Services, the faith-based, nonprofit senior living provider that operates Ventana. McGuire began her career in aging services as a social work intern. She then worked in various leadership roles including assisted living director, activity director, marketing director and assistant administrator. In 2010, …

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Affordable HousingConnecticutDevelopmentKeyBankNews

KeyBank Provides $37.5M for Affordable Housing Renovations in New Haven, Connecticut

by Jeff Shaw

NEW HAVEN, Conn. — KeyBank has funded a $37.5 million financing package for Community Preservation Partners (CPP) and Hampstead Development Partners, which will use the funds to acquire and renovate an affordable seniors housing property in New Haven. Originally built in 1973, Fairbank Apartments, a Section 8 property on one acre of land, consists of 121 units (106 one-bedroom and 15 two-bedroom) and one ground-level retail bay in a nine-story building. KeyBank operates a branch out of the retail space. The property will have a Housing Assistance Payments (HAP) contract …

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Affordable HousingDevelopmentGeorgiaNews

Tapestry Development, Columbia Residential Open $19M Stride Senior Residences Near Atlanta

by Jeff Shaw

DECATUR, Ga. — Tapestry Development Group and Columbia Residential have opened Stride Senior Residences, a 90-unit affordable seniors housing community in Decatur, just east of Atlanta. Development costs were estimated at $19 million. A grand opening ceremony was held May 27 at the property. The transit-oriented community provides critical affordability in a high-cost area, according to the developers. Eighty percent of the units serve seniors earning below 60 percent of the area median income. The location features walkable access to a variety of retail, grocery stores, restaurants, professional services options, …

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FinanceFloridaNews

CBRE Arranges $78M Refinancing for Community in Miami

by Jeff Shaw

MIAMI — CBRE has arranged $78 million in financing for an upscale seniors housing community near the University of Miami. Aron Will, Austin Sacco and Adam Mincberg of CBRE Senior Housing arranged the three-year, floating-rate loan with full-term interest-only payments. A debt fund provided the capital, which refinances existing debt. Further details on the property were not disclosed.

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NewsPeople

Aegis Living Hires Constance Schein as Senior Vice President of Clinical and Health Services

by Jeff Shaw

BELLEVUE, Wash. — Aegis Living, a Bellevue-based owner-operator, has hired Constance Schein as senior vice president of clinical and health services. Schein will lead nursing and care initiatives across the company, as the company moves toward a more integrated healthcare model and focuses on wellness. In addition to overseeing all nursing and care, Schein will manage and develop existing and new healthcare partnerships, enlist new technology to improve resident care, and support general managers in hiring, developing and retaining talent. Prior to joining Aegis Living, Schein served as vice president …

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DevelopmentNewsTexas

Watermark, Hines Plan 222-Unit Luxury Community in Houston

by Jeff Shaw

HOUSTON — Watermark Retirement Communities and Hines have unveiled plans for The Watermark at Houston Heights, a 222-unit independent living, assisted living and memory care community in Houston’s Greater Heights neighborhood. The seven-story property will be the tallest building in the neighborhood, with views of the downtown skyline. Two of the floors will be fully dedicated to amenity space. The Watermark at Houston Heights is the fifth addition to Watermark’s upscale Élan Collection communities. The development is scheduled for completion in January 2022. Project partners include Munoz + Albin Architecture …

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