DALLAS — Capital Senior Living Corp. (NYSE: CSU), a Dallas-based seniors housing operator, has launched Magnolia Trails to meet the growing need for individualized programming for residents receiving memory care services. Magnolia Trails evolved out of one of the company’s communities where the local leadership team observed improvements in resident emotional and physical well-being as a result of highly individualized programming. In partnership with internal experts and dementia care consultant and author Rachel Wonderlin, the company applied these best practices to establish the key tenets of Magnolia Trails. Aspects of the …
CHARLOTTE, S.C. — Progress Carolina, as general contractor, has obtained the certificate of occupancy for its latest project, Guardian Angel Villa, an affordable seniors housing community in Charlotte. Project partners include Douglas Development, Schaumber Development and the Catholic Diocese of Charlotte. The 101,583-square-foot community sits on 4.4 acres and totals 81 units.
BOSTON — 2Life Communities, a Boston-based developer, owner and operator, has named Jeff Sacks as the company’s chairman of the board. He replaces Donna Kalikow, who will continue to serve on the board. Sacks, a partner with Nixon Peabody, is a community development attorney who represents for-profit and nonprofit developers of affordable and seniors housing. Through his work with public housing authorities, he has helped to transform outdated public housing projects in the state into vital communities that continue to serve their low-income residents. Sacks served as a commissioner of …
MORENO VALLEY, Calif. — Vendaval Corp. has unveiled plans for an affordable housing community for seniors and veterans in Moreno Valley, approximately 65 miles east of downtown Los Angeles. The property is situated on seven acres and will include more than 400 units. A name for the community was not released. Additional facilities will include entertainment venues, restaurants and other amenities totaling 30,000 square feet to support both residents and the surrounding community. The development will be self-sustaining, and programs will be free. Revenues from the apartment rentals and retail …
RENSSELAER, N.Y. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Rosewood Rehabilitation & Nursing Center in Rensselaer, just across the Hudson River from Albany. Totaling 80 beds, the skilled nursing facility was originally developed in the mid-1970s. Prior to the marketing and sale process, the private ownership group completed capital investments including interior renovations, operational equipment upgrades and technological enhancements. The property was consistently above 90 percent occupancy at the time of sale. The buyer and seller were not disclosed.
TACOMA, Wash. — NorthMarq has arranged a $35 million refinancing for Weatherly Inn, an independent living, assisted living and memory care community in Tacoma. Developed in the mid-1990s, the community is family owned and operated. It features 136 units. Stuart Oswald, senior vice president and managing director of NorthMarq’s Seattle office, arranged the Freddie Mac financing with a 10-year term and 30-year amortization.
SOUTH ELGIN, Ill. — Spectrum Retirement Communities has opened Silver Glen Senior Living, a 180-unit independent living, assisted living and memory care community in South Elgin, approximately 35 miles west of Chicago. With COVID-19 restrictions and precautions still in place, the community is hosting a virtual and drive-by Grand Opening event on March 20. The first residents have already moved in.
NEW YORK CITY — New Senior Investment Group Inc. (NYSE: SNR) has elected Frances Aldrich Sevilla-Sacasa as an independent director to the company’s board of directors. “Frances, a seasoned financial services executive and experienced investor, will bring tremendous value to New Senior,” says Susan Givens, president and CEO of New Senior. “She joins the board with extensive experience in real estate, financial services and banking. In addition, her significant public company board expertise will bring additional depth.” Aldrich Sevilla-Sacasa is a private investor and was CEO of Banco Itaú International, …
TUCSON, Ariz. — Marcus & Millichap has arranged the sale of Carlton Village Senior Care Community, an 80-bed assisted living community in Northwest Tucson. The community was built in 2018. The price of $5.6 million equates to $70,000 per bed. Alex Snyder and Hamid Panahi, seniors housing investment specialists in Marcus & Millichap’s Tucson office, represented the seller, a seniors housing developer. The buyer was a Tucson-based owner-operator. The community combines the scale of a large assisted living operation with the communal setting of high-acuity care homes, creating a quasi-campus …
OAK GROVE, La. — Blueprint Healthcare Real Estate Advisors has brokered the sale of Carroll Nursing Home, located in Oak Grove, in the Northeast corner of Louisiana near the Arkansas border. The skilled nursing facility features 120 beds. It was originally built in 1960, with expansion and renovation projects in 1962, 1976 and 1987. A local family seeking to exit the industry sold the property to a Southeast-based regional owner-operator. The price was not disclosed.