MODESTO, Calif. — JCH Senior Housing Investment has arranged the triple-net lease of a 68-unit, 120-bed assisted living and memory care community in Modesto, approximately 80 miles south of Sacramento. The team at JCH led a marketing campaign for the landlords, a family-owned owner-operator that is seeking retirement. Throughout the pandemic, the facility struggled to maintain census and keep up with new requirements from licensing, ultimately leading to a licensing revocation hearing. A local operator seeking to convert the building to an adult residential facility was the successful bidder. The …
ELK GROVE, Calif. — Koelsch Communities has named Irene Charnell as executive director of The Park at Laguna Springs, a 129-unit independent living community in the Sacramento suburb of Elk Grove. Charnell brings more than 15 years of senior living experience to the community. She started as an active living director at a retirement community and has held a variety of positions within the industry including activity director, director of resident services and marketing director, and previously served as executive director of another community in California. Koelsch also hired Terrie …
TAYLORVILLE and PARIS, Ill. — Senior Living Investment Brokerage (SLIB) has arranged the sale of two Life’s Journey-branded memory care communities in Taylorville and Paris, located approximately 97 miles apart in the southern portion of Illinois. Life’s Journey of Taylorville features 46 units in 25,000 square feet on a 4.2 acre plot. The community was built in 2012 and renovated in 2014. Occupancy was 69 percent at the time of sale. Life’s Journey of Paris features 23 units in a 9,200-square-foot building on 0.7 acres. The community was built in …
WEST LAFAYETTE, Ind. — HJ Sims has arranged $60.5 million in bond financing for Westminster Village, a continuing care retirement community (CCRC) in West Lafayette, approximately midway between Chicago and Indianapolis. Founded in 1976, the community features 346 beds targeting middle-class seniors. The ownership partners with Purdue University. Westminster Village sought to take advantage of low interest rates to refinancing its outstanding 2014 bond issue. Sims found a banking partner with terms that would offer flexibility and savings for the borrower. The financing generated enough savings to for the community …
STOCKTON, Calif. — JCH Senior Housing Investment Brokerage has arranged the sale of an 80-unit assisted living and memory care community in Stockton, located south of Sacramento and east of the Bay Area. JCH represented the sellers, a family-owned owner-operator looking to retire from the space. A local owner seeking to grow in the area acquired the property for $5.8 million. Jim Hazzard and Cindy Hazzard handled the transaction process.
NEW YORK CITY — Seniors housing finance veterans Rick Shamberg, Greg Rush and Kari Schmidt have launched Scarp Ridge Capital Partners, a New York-based investor. Focused on value-add and opportunistic real estate, the company plans to invest in hospitality and healthcare with a heavy concentration of seniors housing. Launching with a $300 million fund, Scarp Ridge plans to acquire non-performing loans; create structured financing solutions including debt, mezzanine and preferred equity; and acquire direct ownership interests in assets and portfolios. “Scarp Ridge believes there will be opportunities to acquire distressed …
CINCINNATI — Northsiders Engaged in Sustainable Transformation (NEST) and Pennrose have broken ground on John Arthur Flats, Cincinnati’s first LGBTQ-friendly affordable senior housing community. Located in the city’s Northside neighborhood, the new development includes 57 affordable apartments and on-site supportive services. The community is slated for completion in the summer of 2022. The three-story, elevator-serviced building will include a mix of studio, one-, and two-bedroom apartments for seniors earning 30 percent to 60 percent of the area median income (AMI). The community is located near the Northside business district, McKie …
CHARLOTTE, N.C. — CBRE Senior Housing has arranged an undisclosed amount of construction financing for The Village on Morehead, a seniors housing community in Charlotte. The borrower is a joint venture between Bridgewood Property Co. and Harrison Street. The 12-story, Class A development will feature 199 units of independent living, with assisted living services arranged by Bridgewood’s wholly owned management company, Retirement Center Management (RCM). The property sits on “an irreplaceable infill site between downtown Charlotte and the city’s most desirable neighborhoods,” according to CBRE. Aron Will, Austin Sacco and …
RURAL RETREAT, Va. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Carrington Place at Rural Retreat, a 120-bed skilled nursing facility in the western portion of Virginia, near the North Carolina and Tennessee borders. The property is a dually certified facility constructed in 2015. Census stabilized shortly after opening and the operator subsequently executed its below-market option to acquire the real estate. The operator then decided to exit and take advantage of Virginia’s red-hot acquisition market. The chosen buyer was an owner-operator based in the Northeast and …
CHARLOTTE, N.C. — Maxwell Group Inc., the Charlotte-based parent company of Senior Living Communities, Wellmore and Live Long Well Care, has promoted Blair Quasnitschka from executive director to the company’s vice president of operations. Quasnitschka will oversee, train and mentor executive directors and executive teams in Connecticut, Indiana, North Carolina and inland South Carolina. He joined the company in 2017 as the executive director at Evergreen Woods, a Maxwell Group property in North Branford, Connecticut. Prior to joining Maxwell Group/Senior Living Communities, he graduated from Springfield College with a bachelor’s …