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CaliforniaDevelopmentIndependent LivingNews

Revel Communities Begins Pre-Leasing at Independent Living Community in Folsom, California

by Jeff Shaw

FOLSOM, Calif. — Revel Communities, a division of The Wolff Company representing a portfolio of independent living communities, has launched pre-leasing at its newest community, Revel Folsom. Expected to open spring 2022, Revel Folsom is the latest expansion for Revel across the Western U.S. and will join Revel Palm Desert and Revel Lodi as the brand’s third independent living community in California in two years. Located 35 miles outside of Sacramento, Revel Folsom will feature views of the foothills of the Sierra Nevada Mountains. The size and number of units …

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NewsOperationsSkilled NursingTexas

LTC to Transfer 11 Skilled Nursing Operations in Texas to HMG Healthcare

by Jeff Shaw

WESTLAKE VILLAGE, Calif. — LTC Properties Inc. (NYSE: LTC), a Westlake Village-based real estate investment trust that primarily invests in seniors housing and health care properties, has unveiled plans to transfer 11 skilled nursing facilities in Texas to a new operator. The United States Bankruptcy Court for the Northern District of Texas Dallas Division approved a settlement agreement between current operators Senior Care Centers LLC and Abri Health Services LLC, which have declared bankruptcy, and LTC. Under the agreement, LTC will pay the bankrupt entities $3.3 million in order to …

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AcquisitionsNew JerseyNewsSkilled Nursing

ESI Brokers $24M Sale of Skilled Nursing Community in New Jersey

by Jeff Shaw

NEW JERSEY — Evans Senior Investments (ESI) has arranged the sale of a 120-bed skilled nursing community in New Jersey for $24 million. Built in the last 20 years with multiple renovations since, the community exhibited a modern physical plant with all of the rooms at the community being private or semi-private. Despite the contemporary design, the community was not profitable at the time of marketing the offering, with census averaging 77 percent, resulting in a net operating loss. Contributing to the below-average profitability was the high expense structure in …

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Active AdultDevelopmentNewsOhio

Homestead Senior Living Breaks Ground on 131-Unit Active Adult Community in Blacklick, Ohio

by Jeff Shaw

BLACKLICK, Ohio — Homestead Senior Living has broken ground on Homestead Village, a 131-unit active adult community in Blacklick, approximately 10 miles east of Columbus. The property will span 122,275 square feet and is scheduled to open in October 2022. Development costs were estimated at $14.5 million, with Homestead Construction as the contractor. Homestead’s “active senior” designation is marketed toward people 55 and older, are just retired and do not require any form of assisted living. The average resident age is between 60 and 75.

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DevelopmentMemory CareNewsTexas

Nexion Health Opens Eagle’s Landing Memory Care Facility in Eagle Lake, Texas

by Jeff Shaw

EAGLE LAKE, Texas — Nexion Health has opened Eagle’s Landing, a memory care community within its Arbor Hills Rehabilitation and Healthcare Center at Eagle Lake. Located in the small city of Eagle Lake, approximately 70 miles west of Houston, the asset offers 20 units. The Arbor Hills Rehabilitation and Healthcare Center was one of nine Texas facilities where Nexion Health took over operations in December 2020.

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IndianaMichiganNewsOperationsPeople

Integral Senior Living Grows Leadership Team, Operational Portfolio

by Jeff Shaw

CARLSBAD, Calif. — Integral Senior Living (ISL), a Carlsbad-based operator, has taken over management of six senior living communities in Indiana and Michigan. The company also named Adam Parton as regional vice president of operations and Brandy Ross as regional director of sales and management. Parton joins the ISL team with a decade of experience in senior living operations management, particularly in the Midwest. He is a Licensed Nursing Home Administrator in three states. Ross is an industry veteran with years of experience growing and managing senior living communities across …

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AcquisitionsAffordable HousingNew JerseyNews

Standard Communities Acquires Affordable Property in Atlantic City for $35.9M

by Jeff Shaw

ATLANTIC CITY, N.J. — Standard Communities, through a public-private partnership, has acquired New York Avenue Apartments, a 151-unit affordable seniors housing community in Atlantic City, for $35.9 million. Built in 1980, New York Avenue’s units are supported by a project-based Section 8 Housing Assistance Payment (HAP) contract. Standard Communities completed this transaction in partnership with the U.S. Department of Housing and Urban Development (HUD) and the New Jersey Housing and Mortgage Finance Agency (NJHMFA). The transaction was financed with Low Income Housing Tax Credits (LIHTC) arranged in partnership with PNC …

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Assisted LivingFinanceNewsWashington

CBRE Arranges $19.5M Financing for Harbour Pointe Senior Living in Mukilteo, Washington

by Jeff Shaw

MUKILTEO, Wash. — CBRE Senior Housing has arranged $19.5 million in financing for Harbour Pointe Senior Living, a 106-unit assisted living and memory care community in Mukilteo, approximately 25 miles north of downtown Seattle. Aron Will, Austin Sacco and Adam Mincberg of CBRE Senior Housing arranged the financing on behalf of a joint venture between Capitol Seniors Housing and a large university endowment. Integral Senior Living operates the community. The community, originally acquired by the owners in 2015, sits directly adjacent to Paine Field, a once-commercial airfield that is now …

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AcquisitionsKentuckyNewsSkilled NursingTennessee

Strawberry Fields REIT Acquires Six Nursing Facilities in Kentucky, Tennessee for $81M

by Jeff Shaw

SOUTH BEND, Ind.— Strawberry Fields, an owner and lessor of long-term acute care hospitals, skilled nursing and assisted living facilities in the Midwest and South, has acquired six skilled nursing facilities in Kentucky and Tennessee. The purchase price was $81 million and Strawberry Fields used the proceeds of a recently completed bond offering on the Tel Aviv Stock Exchange to finance the acquisition. The Kentucky facility will join the Landmark portfolio, which has operations throughout Kentucky, and in Texas, Oklahoma, Illinois, and Michigan. Each of The Waters-branded operators at the …

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NewsPeople

Cadence Living Hires Shelly Stewart-Girton as Regional Vice President of Marketing for the Mountain Region

by Jeff Shaw

SCOTTSDALE, Ariz. — Cadence Living has hired Shelly Stewart-Girton as vice president of marketing for the mountain region. She will have principal responsibility over marketing and strategic solutions for the Cadence Living managed communities in Colorado. Stewart-Girton brings over 25 years of sales, real estate and nursing experience to Cadence, including over 10 years in the senior living Industry managing healthcare services and driving sales and marketing.  She has served as a director of sales and marketing for Avenida Partners, MorningStar Senior Living and Brookdale Senior Living. Based in Scottsdale, …

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