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DevelopmentNewsWisconsin

Kraus-Anderson Begins Construction of $20M Senior Living Facility in Sparta, Wisconsin

by Jeff Shaw

SPARTA, Wis. — Kraus-Anderson has begun construction of Rolling Hills, a $20 million senior living and rehabilitation center located in the western Wisconsin community of Sparta. Designed by Community Living Solutions LLC, the 80,000-square-foot property will feature 50 skilled nursing beds, 24 CBRF assisted living units and 24 RCAC assisted living apartments. CBRF refers to community-based residential facility, which is a place where five or more unrelated people live together in a community setting and receive up to three hours of care per week. RCAC refers to residential care apartment …

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Affordable HousingDevelopmentNewsPennsylvania

Pennrose Completes Bensalem Veterans Residences in Bucks County, Pennsylvania

by Jeff Shaw

BENSALEM, Pa. — Pennrose has opened Bensalem Veterans Residences, a affordable residential community for seniors and senior veterans age 62 years and older. Partners on the project included Pennsylvania Housing Finance Agency, Bucks County, the Bucks County Housing Authority and Bensalem Township The 39,673-square-foot apartment community offers 40 one-bedroom units in a three-story building in the Philadelphia suburb of Bensalem. The project was financed with Low Income Housing Tax Credits awarded by the Pennsylvania Housing Finance Agency. Hudson Housing Capital was the syndicator of these credits and Santander Bank is the …

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AcquisitionsNewsSkilled NursingTexas

SLIB Negotiates Sale of 493-Bed Skilled Nursing Portfolio in Texas

by Jeff Shaw

GALVESTON and PORT ARTHUR, Texas —Senior Living Investment Brokerage (SLIB) has arranged the sale of two skilled nursing facilities in Port Arthur and one in Galveston totaling 493 beds. The seller was a regional owner-operator looking to consolidate its portfolio. The buyer is a regional owner-operator based in Utah that is expanding its portfolio into Texas. The price was not disclosed. The buyer is planning to invest in improving the property appearance and focusing on leveraging operational experience for stabilizing the portfolio. Matthew Alley and Vince Viverito of SLIB handled …

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InvestmentNews

Welltower Invests in Developer, Operator Monarch Communities

by Jeff Shaw

TOLEDO, Ohio — Welltower Inc. (NYSE: WELL) has made an investment in Monarch Communities, a developer, owner and operator of seniors housing communities. Industry veterans Michael Glynn, Ross Dingman and Andrew Teeters launched the company in 2019. This new relationship is focused on developing, re-developing and managing independent and assisted living communities. Welltower’s investment in Monarch will give Welltower exclusive access to Monarch’s expertise in developing and operating senior living communities in premium micro markets throughout the United States. “Monarch is an ideal fit to our long-term vision in senior …

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Active AdultDevelopmentNewsOklahoma

Gardner Capital Completes Construction of Tennyson Manor in Enid, Oklahoma

by Jeff Shaw

ENID, Okla. — Gardner Capital has completed construction on Tennyson Manor in Enid, approximately 80 miles north of Oklahoma City. The development offers one- and two-bedroom apartment homes specifically built for seniors and will offer modern conveniences such as electric vehicle charging stations. The development was made possible through multiple financial and other partners, including Red Stone Equity Partners and Legacy Bank & Trust Co. Seldin Companies is the on-site property manager at Tennyson Manor and is current accepting applications.

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AcquisitionsAssisted LivingNevadaNews

SLIB Brokers $20.2M Sale of 98-Unit Community in Las Vegas

by Jeff Shaw

LAS VEGAS — Senior Living Investment Brokerage (SLIB) has arranged the sale of a 98-unit assisted living and memory care community in Las Vegas. The 76,458-square-foot community sits on 3.2 acres. A local developer sold the community to a private equity fund for $20.2 million. The new owner plans to replace the operator. Vince Viverito, Brad Goodsell and Jason Punzel of SLIB handled the transaction.

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FeaturesNews

Greystone Partners with LeadingAge on New Story Collector Portal

by Jeff Shaw

IRVING, Texas — Greystone, a senior living consulting firm based in Irving, has partnered with LeadingAge, the association of nonprofit providers of aging services, to provide a portal for member stories to be gathered, organized and published across multiple media platforms, both in the industry and beyond. The tool, located on the LeadingAge website and powered by Greystone, provides LeadingAge members the opportunity to share their responses — written or oral — to a prescribed prompt, which will be updated monthly. The purpose is to highlight a diverse range of …

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NewsPeople

Allegro Promotes Six, Hires Two to Corporate Team

by Jeff Shaw

ST. LOUIS — Allegro Senior Living, a St. Louis-based operator, has promoted six employees and hired two vice presidents to its corporate team. Joseph Miklich was promoted to president; John LeFauve was promoted to senior vice president of design and construction; John Kratochvil and Sproule Love were promoted to vice president of development and acquisition; Brandi Sharp was promoted to vice president of sales; and Christy Reynolds was promoted to vice president of administration. Additionally, Michele Hoeft was hired as vice president of marketing and Gabrielle Anderson was hired as …

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Affordable HousingDevelopmentHawaiiNews

Michaels Organization Breaks Ground on $93.3M Affordable Housing Project in Downtown Honolulu

by Jeff Shaw

HONOLULU — The Michaels Organization, in partnership with the City and County of Honolulu and the State of Hawaii, has broken ground on Halewai`olu Senior Residences, an affordable seniors housing community in downtown Honolulu. Scheduled for completion in 2023, the 17-story development sits on a 26,925-square-foot parcel owned by the City and County of Honolulu. The property will feature 156 one- and two-bedroom affordable rental units. Construction of the $93.3 million project will be funded using a combination of $48 million in Hula Mae Multi-Family (HMMF) tax-exempt bonds, $21.3 million …

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AcquisitionsCCRCIllinoisNews

Covenant Living Acquires Three Crowns Park CCRC in Evanston, Illinois

by Jeff Shaw

EVANSTON, Ill. — Covenant Living Communities and Services has entered into an affiliation agreement with Three Crowns Park, a continuing care retirement community (CCRC) in Evanston, approximately 12 miles north of downtown Chicago. Under the agreement, Three Crowns Park will become part of the Covenant Living organization. Covenant Living will assume overall management and operations of Three Crowns Park with shared governance and leadership upon closing, which is scheduled for July 1. Three Crowns Park is a seven-acre, single-site senior living community established more than 125 years ago. It is …

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