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Affordable HousingCaliforniaDevelopmentNews

R.D. Olson Breaks Ground on Two Affordable Housing Communities in Los Angeles County

by Jeff Shaw

LONG BEACH and WEST CARSON, CALIF. — R.D. Olson Construction has broken ground on two affordable housing communities in Los Angeles County: Anaheim and Walnut in Long Beach and West Carson Villas in West Carson. The projects are slated for completion by summer 2023. Developed by Bridge Housing in partnership with the City of Long Beach and the Long Beach Housing Authority, Anaheim and Walnut will feature 207,000 square feet of mixed-use space at 1500 E. Anaheim St. in Long Beach. The $44 million project will offer 88 housing units …

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AcquisitionsAffordable HousingNew JerseyNews

Fairstead, LIHC Investment Group Buy 691-Unit Affordable Seniors Housing Portfolio in Newark

by Jeff Shaw

NEWARK, N.J. — Fairstead, an investment firm with three offices along the East Coast, and Maine-based LIHC Investment Group have purchased the 691-unit Essex Plaza seniors affordable housing portfolio in Newark. The portfolio consists of 13 buildings. The partnership plans to invest in capital improvements, including the enhancement of the portfolio’s proptech features, sustainability and community programming. Information about income restrictions for the portfolio was not released. Dane Global represented the buyer and seller in the transaction.

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Assisted LivingDevelopmentNew JerseyNews

Callahan Construction Breaks Ground on 90-Unit Seniors Housing Project in Basking Ridge, New Jersey

by Jeff Shaw

BASKING RIDGE, N.J. — Callahan Construction Managers has broken ground on Residence at Basking Ridge, a 90-unit seniors housing project that will be located about 40 miles west of New York City. Developed by LCB Senior Living and designed by The Architectural Team, the property will offer assisted living, memory care and respite care services. Amenities will include common living rooms, a bistro, salon and a fitness area. The development team expects to begin welcoming residents in early 2023.

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AcquisitionsNew JerseyNews

Tryko Partners Acquires 299-Bed Seniors Housing Facility in Allendale, New Jersey

by Jeff Shaw

ALLENDALE, N.J. — New Jersey-based investment firm Tryko Partners has acquired The Allendale Community for Senior Living, a 299-bed facility located in Northern New Jersey’s Bergen County. The 146,000-square-foot facility was built in the 1960s and offers skilled nursing, assisted living and memory care services. The seller and sales price were not disclosed.

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CCRCDevelopmentNewsNorth Carolina

Acts Begins Construction of $59M Expansion at Matthews Glen in North Carolina

by Jeff Shaw

MATTHEWS, N.C. — Acts Retirement-Life Communities has started construction on a $59 million expansion at Matthews Glen, a 124-acre continuing care retirement community in Matthews. The project will add 72 independent living apartments and 16 villas to its campus. Construction is also underway to add additional assisted living residences. The new construction is Phase II of the expansion and features 1,650- to 1,785-square-foot apartments along with 2,275- to 2,500-square-foot duplex-style villas. Amenities include tennis and pickleball courts. Acts is also adding 40 suites to its OakBridge Terrace assisted living residence, which …

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CaliforniaFinanceNewsSkilled Nursing

BMO Harris Provides $30M Term Loan, $35M Line of Credit for Life Generations Healthcare LLC

by Jeff Shaw

SANTA ANA, Calif. — BMO Harris Bank’s Healthcare Real Estate Finance group has closed on a $30 million term loan and a $35 million revolving line of credit for a portfolio of skilled nursing facilities operated by Life Generations Healthcare LLC. Headquartered in Santa Ana, Life Generations operates 28 communities in California and Nevada with over 3,100 licensed beds. Further details on the financing were not disclosed.

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AcquisitionsAssisted LivingNewsOklahoma

ESI Brokers $6.5M Sale of Quail Creek Assisted Living Near Oklahoma City

by Jeff Shaw

QUAIL CREEK, Okla. — Evans Senior Investments (ESI) has arranged the sale of Quail Creek, a 103-unit assisted living and memory care community in the Oklahoma City suburb of Quail Creek. A private equity investor sold the asset to a regional operator for $6.5 million, or $63,000 per unit. Built in 1999, the community is licensed for 116 beds and the community’s resident base is 100% private pay. At the time of marketing, the community was averaging 41 percent occupancy on total revenue of $1.8 million. Due to the low …

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AcquisitionsCCRCFinanceNewsWisconsin

Vium Funds $21.3M Bridge Loan for Bria of Trinity in Milwaukee

by Jeff Shaw

MILWAUKEE — Vium Capital has provided a $21.3 million bridge loan for Bria of Trinity, a continuing care retirement community in Milwaukee. The loan provides funds for the acquisition of the property. The seller was seeking an exit from a geographic outlier while the buyer was looking to expand its presence in the state. Further details were not disclosed.

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NewsPeopleTechnology

OneDay Appoints Lacy Jungman as VP of Strategic Development

by Jeff Shaw

DALLAS — OneDay, a technology company based in Dallas that serves the seniors housing industry, has appointed Lacy Jungman as vice president of strategic development. OneDay has added 35 new team members this year, bringing it total number of employees to 64. In her new role, Jungman will be responsible for helping client success advisors create and execute specific growth plans through OneDay video platforms and partnerships. As a senior living industry veteran with 15 years of experience, Jungman has been responsible for occupancy revenue, sales strategies, brand management, marketing, …

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Affordable HousingDevelopmentGeorgiaNews

McShane Completes 238-Unit Stonepointe Affordable Community in Stonecrest, Georgia

by Jeff Shaw

STONECREST, Ga. — McShane Construction Co. has completed the construction of Stonepointe, a 238-unit affordable senior living community in Stonecrest, just southeast of Atlanta. Dominium was the developer of the project while Martin Riley Associates served as the architect. Construction began in January 2020. Positioned on 11.3 acres of land, the four-story building features units ranging from one to three bedrooms. Last month, McShane also completed Covington Crossings, another affordable senior living residence for Dominium in nearby Covington.

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