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Affordable HousingDevelopmentNew JerseyNews

Walters Opens Cornerstone at Greentree Affordable Community in Marlton, New Jersey

by Jeff Shaw

MARLTON, N.J. — Walters has opened the doors at Cornerstone at Greentree, an income-restricted seniors housing community in Marlton, a suburb of Philadelphia. Situated on 2.3 acres in Burlington County, the four-story building features 68 one-bedroom and two-bedroom apartments, with rents starting at $850 per month. Apartments are leased exclusively to residents whose incomes are at or below 60 percent of the area median income. Rental rates are based on the renter’s gross annual income, according to the rent/income requirements chart. A staff social services coordinator is available upon request …

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FinanceIndependent LivingM&T Realty Capital CorporationNebraskaNews

Ziegler, M&T Partner on $4.4M Fannie Mae Refinancing for The Regency in Kearney, Nebraska

by Jeff Shaw

KEARNEY, Neb. — Ziegler, in partnership with M&T Realty Capital Corp., served as financial advisor in a $4.4 million Fannie Mae refinancing on behalf of Essex Communities. The loan will finance the existing debt on The Regency, an independent living community in Kearney, located along the Platte river in the southern portion of the state. The 10-year, fixed-rate loan was structured at a 75 percent loan-to-value ratio with two years of interest only payments, followed by 30 years of amortization. The loan also carries a declining prepayment schedule. The deal …

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MinnesotaNewsOperationsPeople

Anthem Names Theresa Bigalk as Executive Director of Cascade Creek in Rochester, Minnesota

by Jeff Shaw

ROCHESTER, Minn. — Athem Memory Care has named Theresa Bigalk as executive director of Cascade Creek, a new Anthem Memory Care community scheduled to open this summer in Rochester. She will oversee all daily operations and care at the community. Bigalk most recently was operations manager for Jaybird Senior Living in Cedar Rapids, Iowa. Her two decades of experience also include serving as a senior living operations executive and director of social services throughout Minnesota. Bigalk received a bachelor’s degree in social work degree from Winona State University.

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AcquisitionsActive AdultNewsTexas

Livingston Street Capital Acquires 180-Unit Active Adult Property in Lewisville, Texas

by Jeff Shaw

LEWISVILLE, Texas — An affiliate of Livingston Street Capital, a boutique private equity firm focused on commercial real estate investments throughout the U.S., has acquired a 180-unit active adult apartment community in the Dallas-Fort Worth submarket of Lewisville. The seller was not disclosed. The property, which the firm has rebranded as Haven at Lewisville Lake, is the first Texas addition to Livingston’s geographically diverse active adult and independent living portfolio. The acquisition brings the firm’s total unit count in the sector to nearly 1,000 units. “The acquisition of Haven at Lewisville …

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AcquisitionsIllinoisNewsSkilled Nursing

Ziegler Structures $49M in Financing for Symphony Care Network Portfolio Acquisition in Chicago

by Jeff Shaw

CHICAGO — Ziegler has served as capital structuring advisor in a $49 million debt placement on behalf of Symphony Care Network. The financing will fund the acquisition of a portfolio of two skilled nursing facilities and one supportive living facility located in the Lincoln Park and South Shore neighborhoods of Chicago. Prior to the Transaction, Symphony already operated the communities, consisting of 475 licensed skilled nursing beds and 118 supportive living beds. The financing allowed Symphony to reacquire the portfolio’s real estate interest from a publicly traded REIT. The transaction …

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AcquisitionsCCRCIowaNews

Lument Securities Advises Multi-Generational Family Business on Exit from Seniors Housing Industry

by Jeff Shaw

WOODBINE, Iowa — Lument Securities has advised Sherer Management, a multi-generational seniors housing and care owner and operator based in Woodbine, on the sale of two businesses as well as the company’s exit from the seniors housing industry. Sherer Management is a family-owned business that operated continuing care retirement communities in western Iowa, Rose Vista in Woodbine and Longview Home in Missouri Valley, which offer skilled nursing, assisted living and independent living services, in addition to hospice services through Generations Hospice. The company operated the communities for over 60 years. …

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CCRCDevelopmentNewsVirginia

Mather Launches Phase II Presales at Massive CCRC Project in Tysons, Virginia

by Jeff Shaw

TYSONS, Va. — Mather has started pre-sales for the second phase of The Mather, a Life Plan Community in Tysons, a suburb of Washington, D.C. The second phase is known as the South Building. The two high-rise buildings of the development include one with 186 apartments (Phase I, projected to open in 2023) and another with 114 apartments (Phase II, projected to open in 2024), which will be connected by a multi-story concourse with amenity spaces. Phase I is currently 80 percent pre-sold. Entrance fee pricing starts at $646,700, with …

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NewsOperationsPeople

Arrow Senior Living Announces Promotions, Executive Leadership Expansion

by Jeff Shaw

ST. CHARLES, Mo. — Arrow Senior Living, a St. Charles-based operator, has announced 21 promotions in 2021, growing in nearly every department and expanding its executive leadership team. Among those shifting to more senior roles are six executive-level promotions. Cassie Tweten has been appointed as Arrow’s chief sales officer. She joined Arrow in 2010 and has been an integral part of developing and executing sales strategies throughout her tenure. Justin Ladd was named vice president of operations. Under his new title, Ladd will lead Arrow’s team of regional directors and …

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NewsPeople

LCS Hires Welltower Veteran Joe Weisenburger to Lead Business Development

by Jeff Shaw

DES MOINES, Iowa — LCS, the nation’s second-largest senior living operator, has hired Joe Weisenburger as vice president and senior director of business development. His official start date is July 6. Weisenburger, the former senior vice president of business development at healthcare REIT giant Welltower, will lead business development initiatives designed to grow revenue for all business lines in LCS. “Joe is well-known and connected in the senior living industry,” says Rick Exline, executive vice president at LCS. “We believe he can leverage these relationships to sell the value and …

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Affordable HousingDevelopmentMassachusettsNews

Arch Communities, WinnDevelopment Begin $25.7M Historic School Redevelopment in Southbridge, Massachusetts

by Jeff Shaw

SOUTHBRIDGE, Mass. — Arch Communities and WinnDevelopment have started a $25.7 million project that will transform the 104-year-old Mary E. Wells School in Southbridge into seniors housing. The property is located along the Connecticut border southwest of Worcester. Upon completion, the community will feature 62 apartments for seniors over age 55, with 48 of the apartments restricted for residents earning up to 60 percent of the area median income (AMI), eight reserved for up to 30 percent of AMI and six at market rates. The Massachusetts Department of Housing and …

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