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DevelopmentNewsTexas

Ryan Cos., Grand Living Management Start Construction of Grand Living at Tuscan Lakes in League City, Texas

by Jeff Shaw

LEAGUE CITY, Texas — Ryan Cos., Grand Living Management and Bow River Capital have formed a joint venture for construction of Grand Living at Tuscan Lakes in League City. The 186-unit, luxury senior living community will be part of Tuscan Lakes, a Johnson Development master-planned community located in the southeast area of greater Houston. The 75 and older demographic is expected to grow 26.6%, more than triple the total population growth in the area between 2019 and 2024, according to Moore Diversified Services. “Grand Living at Tuscan Lakes will be …

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DevelopmentFloridaNews

Acts Begins $13M Expansion at Indian River Estates in Vero Beach, Florida

by Jeff Shaw

VERO BEACH, Fla. — Acts Retirement-Life Communities has started the $13 million expansion at Indian River Estates, a 100-acre seniors housing community in Vero Beach. The project will add 16 new units to the community, with most already pre-leased. Proctor Construction is the general contractor for the new units, which range from 2,662 to 2,873 square feet. The project is scheduled for completion in 2022.

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Company NewsNews

Homestead Cos. Launches Homestead Living, Bringing All Operations Divisions Under One Umbrella

by Jeff Shaw

COLUMBUS, Ohio —Homestead Cos. has launched Homestead Living, bringing its multifamily, student housing and seniors housing divisions under one company umbrella. Homestead Living will encompass the in-house management team that oversees the day-to-day operations and performance of student housing company Homestead U (HU), multifamily company Homestead America (HA) and the newest venture of active 55+ Homestead Senior Living (HSL). The company is based in Columbus. Laura Formica, former vice president of operations who led the student housing division for five years from 2012 to 2017 and rejoined the company as …

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AcquisitionsConnecticutNewsSkilled Nursing

SLIB Negotiates Sale of 62-Bed Skilled Nursing Facility in Plainfield, Connecticut

by Jeff Shaw

PLAINFIELD, Conn. — Senior Living Investment Brokerage has arranged the sale of Villa Maria Nursing and Rehab, a 62-bed skilled nursing facility in Plainfield. The seller was a private owner looking to divest ownership of the asset, while remaining employed within the industry. The buyer is a New England-based owner-operator. Villa Maria represents its third community in Connecticut and is also strategically located within its current Connecticut footprint. The price was not disclosed. Dave Balow of SLIB handled the transaction.

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Assisted LivingCaliforniaDevelopmentFinanceNews

Blueprint Arranges Construction Financing for Cadence Tracy in Tracy, California

by Jeff Shaw

TRACY, Calif. — Blueprint Healthcare Real Estate Advisors has arranged an undisclosed amount of construction financing for Cadence Tracy, a seniors housing development in the Bay Area city of Tracy. The borrower is a joint venture between Summit Senior Life, a Newport Beach-based developer, and Cadence Living, a Scottsdale, Arizona-based operator. The capital providers were Link Development and Medcore Partners. Cadence Tracy will sit on a 2.8-acre parcel of land and consist of 77 assisted living and 24 memory care units. The site is adjacent to Lennar at Tracy Hills, …

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AcquisitionsAssisted LivingFinanceNew JerseyNews

BHI Provides $31.1M Loan for Lionstone Care Acquisition in Southern New Jersey

by Jeff Shaw

NEW JERSEY — BHI’s Healthcare Group has provided $31.1 million to Lionstone Care for the acquisition of an assisted living and memory care facility in Southern New Jersey. The facility has 110 units and is licensed for 130 beds. “Almost completely occupied, [the facility] has historically yielded impressive results,” says Tami Antebi, head of BHI’s Healthcare Group.

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MassachusettsNewsOperations

Diversified Healthcare Trust Transitions Seven Communities to New Operators

by Jeff Shaw

NEWTON, Mass. — Diversified Healthcare Trust (NASDAQ: DHC), a Newton-based REIT, has added five assisted living communities in Wisconsin totaling 300 units to its existing management agreement with Cedarhurst Senior Living within its seniors housing operating portfolio (SHOP). Additionally, DHC has entered into a new management agreement with IntegraCare for two assisted living communities in Pennsylvania totaling 182 units within its SHOP. DHC has now entered into new management agreements representing approximately 91 percent of its 108 SHOP communities to be transitioned from Five Star Senior Living Inc. (NASDAQ: FVE), …

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AlaskaAssisted LivingDevelopmentFinanceNews

Live Oak Funds $15M Construction Loan for 68-Unit Community in Fairbanks, Alaska

by Jeff Shaw

FAIRBANKS, Alaska — Live Oak Bank has provided a $15 million construction loan for owner-operator Frontier Partners LLC to support the development of a 68-unit assisted living community in Fairbanks. The community will consist of 50,680 square feet and will be situated on 7.8 acres. The debt was structured into two loans utilizing the SBA 504 program. The interim construction loan will be held by Live Oak Bank in the amount of $10.2 million, and the second bridge loan prior to the 504 Debenture will be in the amount of …

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NewsPeopleTexas

Koelsch Communities Promotes Two to Executive Director Positions in Texas

by Jeff Shaw

FORT WORTH and ARLINGTON, Texas — Koelsch Communities has promoted Quentin Zambeck to executive director at Riverside Inn in Fort Worth. Zambeck transferred from sister community Meadowbrook Memory Care in Arlington, where he served as the executive director. Zambeck will oversee daily operations of Riverside Inn. Replacing Zambeck as executive director at Meadowbrook Memory Care team is Jamie Althaus. He brings more than 12 years of community management experience and has been with the Meadowbrook community since the first of the year as the physical plant director.

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Active AdultDevelopmentIndianaNews

Capitol Seniors Housing Breaks Ground on The Outlook at Hamilton Town Near Indianapolis

by Jeff Shaw

NOBLESVILLE, Ind. — Capitol Seniors Housing has broken ground on The Outlook at Hamilton Town Center, an active adult community in Noblesville, a suburb of Indianapolis. The 145,000-square-foot, four-story community is reserved for those age 55 and older and will offer 164 units. The property is adjacent to Hamilton Town Center, an outdoor shopping, dining and entertainment destination. The community will also be within walking distance of a recently announced, 274-acre, master-planned development known as Hyde Park, which will include a mix of retail, restaurants, office space and 162 acres …

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