ALEXANDRIA, Va. — Argentum has elected five new directors to serve on the Argentum Board of Directors. Each assumed their official roles on the board as of June 3. New directors include: Cindy Baier, president and CEO, Brookdale; Jack Callison, CEO, Sunrise Senior Living; Tana Gall, president, Merrill Gardens; Mary Ellen Pisanelli, senior vice president, legal and administration, Welltower Inc.; and Aaron Webb, CEO, CHI Living Communities. “These welcome additions to the board bring experience and knowledge that will help provide valuable direction,” says Pat Mulloy, Argentum Board of Directors …
VERO BEACH, Fla. — Watercrest Senior Living Group, a Vero Beach-based operator, has hired Sebastian Watteau to a newly created role as area director of culinary operations. Watteau joins the Watercrest leadership team with a background ranging from luxury hotels to the White House. Born in the Loire Valley of France and raised in Mexico, Watteau was introduced to culinary fusions at a young age, where he discovered his passion for the industry. Following hospitality training in Spain, and military service in France, Watteau returned to the U.S. for advanced …
CHICAGO — Chicago-based Harrison Street has entered into a series of transactions under which the company agreed to purchase 24 seniors housing assets and sell 14 medical office properties for a total transaction volume of approximately $1.6 billion. The 24 Class A seniors housing properties comprise 2,195 assisted living and memory care units across California and Nevada. The purchase price was roughly $1.2 billion. Healthpeak Properties Inc. was the seller of 12 communities, while Gallaher Cos. was the seller of the other 12 properties. Oakmont Management Group operates all 24 …
NASHVILLE, Tenn. — Brookdale Senior Living Inc. (NYSE: BKD) has reported that occupancy across its portfolio has increased for three straight months, signaling a start to the recovery from the COVID-19 pandemic. Occupancy at the end of each month rose from 70.1 percent in February to 70.6 percent in March, 71.1 percent in April and 71.6 percent in May. The Nashville-based company managed 695 communities in 42 states as of March 31.
TOLEDO, Ohio, and CHICAGO — Pathway to Living, the seniors housing platform of Chicago-based real estate investor and operator Waterton, has partnered with giant healthcare giant Welltower (NYSE: WELL) to manage and modernize a 22-property seniors housing portfolio across Illinois and Ohio. Pathway to Living will operate the communities, which Toledo-based Welltower will own. The portfolio totals 1,105 units. “This new alliance with Welltower, the industry’s leading healthcare real estate entity, is a testament to our reputation as a specialist in middle-market senior housing operations,” says Jerry Finis, CEO of …
HARWICH, Mass. — Cushman & Wakefield has brokered the sale of Wingate at Harwich, a 135-bed skilled nursing facility located in the Cape Cod city of Harwich. Richard Swartz, Jay Wagner, Dan Baker and Jack Griffin of Cushman & Wakefield represented the seller, an undisclosed institutional investor that is exiting the skilled nursing space, in the transaction. The buyer, a regional operator, plans to upgrade the community.
ASHLAND, Ore. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Skylark, an assisted living and memory care community in Ashland, located near the California border. Totaling 95 units, the community was built in 1997 with a renovation project in 2015. The facility is approximately 66,169 square feet and is situated on approximately 2.85 acres of land. The seller was regional owner-operator looking to exit the Oregon market. The buyer is a regional investor that will use a third-party operator. The price was not disclosed. Jason Punzel, Vince …
The seniors housing industry has been through the wringer as a result of the pandemic, setting and then resetting its own record-low occupancy rates as expenses increased for infection control, staffing and construction materials. However, many in the industry are now starting to see the light at the end of the tunnel. The skilled nursing sector has undergone two straight months of rising occupancy rates, and industry experts are seeing the effects of the COVID-19 vaccine taking hold on the industry. “It’s not back to where it was, and it …
ORANGEBURG, N.Y. — Grandbridge Real Estate Capital’s Atlanta-based Seniors Housing and Healthcare Finance team has closed a $49.2 million refinancing for Brightview Lake Tappan. The 143-unit seniors housing community in located in Orangeburg, approximately 15 miles north of New York City. Funding for the loan was arranged through Fannie Mae.
LINCOLN, Neb., and DES MOINES, Iowa — Immanuel Communities has acquired two continuing care retirement community (CCRC) campuses in Lincoln and Des Moines. Lifespace Communities, also a nonprofit owner-operator, was the seller. Terms of the transaction were not disclosed. Deerfield and Grand Lodge at the Preserve will join Immanuel’s portfolio in third-quarter 2021. The campuses comprise 349 apartments with a mix of independent living, assisted living, memory care, residential care, and skilled-nursing and long-term care. The acquisitions are part of Immanuel’s plans to expand its Midwest presence.