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Developers, Capital Providers Seek Creative Solutions for New Projects

by Jeff Shaw

Development activity in the seniors housing sector has slowed greatly as a result of the COVID-19 pandemic. New construction as a percentage of existing inventory fell from a high of 7.3 percent in the fourth quarter of 2017 to 4.9 percent in the first quarter of 2021, according to the National Investment Center for Seniors Housing & Care (NIC). This deceleration is due to a combination of factors: Occupancy hit record lows, meaning new product wasn’t needed; Lenders became very hesitant to loan on new, ground-up construction; Construction material costs …

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AcquisitionsArizonaAssisted LivingNews

Chicago Pacific Founders Acquires The Ranch Estates of Tucson in Arizona

by Jeff Shaw

TUCSON, Ariz. — Chicago Pacific Founders (CPF) and its subsidiaries, CPF Living Communities and Grace Management Inc., have acquired The Ranch Estates of Tucson, a 107-unit senior living community in Tucson. The property was previously known as Sage Desert Assisted Living and Memory Care. Grace Management will take over operations. The Ranch Estates of Tucson is located in North Tucson’s Casas Adobes community, near Oro Valley. Blueprint Healthcare Real Estate Advisors arranged a non-recourse acquisition loan through Truist on behalf of CPF. The seller and price were not disclosed. The …

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CCRCDevelopmentFinanceNewsPennsylvania

Ziegler Arranges $39.3M Bond Financing for Londonderry Village in Palmyra, Pennsylvania

by Jeff Shaw

PALMYRA, Pa. — Ziegler has arranged $39.3 million in bond financing for Lebanon Valley Brethren Home. The funds will be used to finance an expansion project at Londonderry Village, a seniors housing community in Palmyra, a small borough near Harrisburg. The 146-acre campus features 374 independent living units, 38 personal care units and 88 skilled nursing beds. The expansion includes developing a 40-acre tract of farmland at the southern boundary of the campus, and will add 35 new independent living units along with a model home, sales office and clubhouse. …

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Assisted LivingDevelopmentFloridaNews

Solvere Nears Completion of Sunscape Daytona Beach in Florida

by Jeff Shaw

DAYTONA BEACH, Fla. — Solvere Living has opened the sales center at Sunscape Daytona Beach, an 85-unit seniors housing community in Daytona Beach, located along the Atlantic Ocean northeast of Orlando. Upon completion, scheduled for late this year, the community will feature 65 assisted living units and 20 memory care units. Solvere Living, the operations management division of St. Petersburg-based Solutions Advisors Group (SAG), will be the operator. Protea Capital Partners is the owner and developer. Irwin Partners Architects designed the community.

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Company NewsFeaturesNewsPeople

CFG Bank Launches Workforce Development Program for Healthcare Workers

by Jeff Shaw

BALTIMORE — CFG Bank (CFGB), a Baltimore-based lender, has launched the Jack and Nancy Dwyer Workforce Development Program. The non-profit organization seeks to help resolve the effects of systemic poverty and inequality and help fix the turnover crisis and burnout due to staffing shortages in the healthcare industry by creating a pathway to advance career opportunities in the nursing profession. CFGB donated $1 million to jumpstart the program. As part of this initiative, CFGB also announced a partnership with and $1 million donation to Living Classrooms, a nonprofit serving Baltimore …

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Assisted LivingDevelopmentNew JerseyNews

Capitol Seniors Housing Breaks Ground on 87-Unit Project in Evesham Township, New Jersey

by Jeff Shaw

EVESHAM TOWNSHIP, N.J. — Capitol Seniors Housing has broken ground on Arbor Terrace Marlton, a project in Evesham Township near Philadelphia that will consist of 60 assisted living apartments and 27 memory care units. The 76,500-square-foot community will be located near several major medical facilities and will offer amenities such as a private dining area, theater, bistro, hair salon, lounges and outdoor amenity spaces with artwork and a pond. Meyer Senior Living Studio is designing the project, and IMC Construction is the general contractor. The opening is scheduled for early …

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Company NewsNewsPeople

Steven Vick Retires from Pegasus, Chris Hollister to Take CEO Role

by Jeff Shaw

DALLAS — Steven Vick has retired as chairman and CEO of Pegasus Senior Living, a Dallas-based operator formed in 2016 to take over management of a portfolio of Welltower-owned seniors housing assets. Co-founder Chris Hollister has assumed both roles effective immediately. “I have been battling some health problems for several years and felt it was time to retire,” says Vick. “Chris has been my partner and co-founder in Pegasus since day one. I am confident he and his team will carry on the mission and the work to deliver quality …

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FinanceNew YorkNewsSkilled Nursing

Greystone Provides $24.9M HUD-Insured Loan for Refinancing of Skilled Nursing Facility in Yonkers, New York

by Jeff Shaw

YONKERS, N.Y. — Greystone has provided a $24.9 million HUD-insured loan for the refinancing of Adira at Riverside, a 120-bed skilled nursing facility in Yonkers, located north of New York City. Built in 2000, the property offers short-term rehabilitation, occupational, physical and speech therapy services, as well as amputee rehab, wound care, neuro-rehabilitation, certified cardiopulmonary rehabilitation, long-term skilled nursing care, and dedicated Alzheimer’s and dementia care services. Fred Levine of Greystone originated the financing. Shia Fishman of Capital Stack Advisors arranged the loan on behalf of the borrower, L&A RE …

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Company NewsNews

Lument Securities Advises on Employee Stock Ownership Plan Transaction for Midwest Nursing Home Provider

by Jeff Shaw

NEW YORK CITY — Lument Securities has assisted one of the largest groups of skilled nursing providers in the Midwest with the successful sale and transition of approximately 36 operating affiliates, consisting of approximately 4,000 licensed beds, to a newly formed employee stock ownership plan (ESOP). As a result of the transaction, the company is now fully employee-owned through its employee stock ownership trust. “ESOP transactions are gaining in popularity in recent years and can serve as an effective solution for operating company owners,” says Laca Wong-Hammond, head of M&A …

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NewsPeopleTechnology

Atria Senior Living Hires Chris Nall as Chief Technology Officer

by Jeff Shaw

LOUISVILLE, Ky. — Atria Senior Living has appointed technology executive Chris Nall to the position of chief technology officer (CTO). Atria also announced that current Ali Sareea, currently executive vice president and chief information officer at Atria, has been named executive vice president and CTO for Glennis Solutions. Louisville-based Atria’s new subsidiary offers a full suite of “software as a service” technology solutions and software platforms to help senior living providers and operators improve resident care and business management. As Atria’s CTO, Nall will be the top executive client interface …

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