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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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AcquisitionsAssisted LivingNewsTennessee

NHI Acquires 48-Unit Community in Tennessee, Expands Relationship with Operator Navion

by Jeff Shaw

MANCHESTER, Tenn. — National Health Investors Inc. (NYSE: NHI) has expanded its relationship with Navion Senior Solutions through the acquisition of an assisted living and memory care community, funding of an expansion at an existing community, and funding of a corporate loan for future development costs. These investments total approximately $13.2 million. NHI acquired a 48-unit assisted living and memory care community in Manchester for $6.6 million at an initial yield of 7.5 percent. The lease has 2.5 percent annual escalators and was added to the existing master lease with …

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AcquisitionsCompany NewsNews

Seniors Housing Advisor Spectrum Consultants Acquires Holleran Consulting

by Jeff Shaw

GASTONIA, N.C. — Spectrum Consultants, a Gastonia-based advisor to senior living communities, has acquired Holleran Consulting, a community engagement research and consulting firm specializing in resident and employee surveys for senior living. The goal of the acquisition is to diversify Spectrum’s services, according to the buyer. “Holleran provides an avenue for us to develop strategic marketing and positioning for senior living communities based on feedback and the voice of residents and staff — the true essence of a community’s aspirational culture,” says Hoppy Sell, Spectrum’s president. The Holleran suite of …

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NewsPeople

Acts Retirement-Life Communities Announces Three Appointments to Corporate Leadership Team

by Jeff Shaw

FORT WASHINGTON, Pa. — Acts Retirement-Life Communities, a nonprofit senior living operator based in Fort Washington, has made three appointments to its corporate leadership team. Susan Ahern was appointed to the position of senior vice president and chief financial officer. Ahern has been with Acts since 2000, and most recently served as vice president and controller. She is a Certified Public Accountant and a Certified Management Accountant. Ahern holds a bachelor’s degree in accounting from Messiah University and an MBA from LaSalle University. She is a fellow in the LeadingAge …

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Active AdultDevelopmentNewsTexas

Sparrow Partners, Welltower Break Ground on 188-Unit Active Adult Community in Metro Austin

by Jeff Shaw

GEORGETOWN, Texas — Austin-based developer Sparrow Partners and Ohio-based REIT Welltower (NYSE: WELL) have broken ground on Amberlin Georgetown, a 188-unit active adult community in Georgetown, a northern suburb of Austin. The property will feature one- and two-bedroom units ranging in size from 615 to 1,285 square feet and equipped with private terraces or fenced-in backyards. Amenities will include bocce and pickleball courts, a resort-style pool and sundeck, a fenced-in dog park, fitness center, game lounge, media lounge, community garden, library and a coffee bar. Each unit will rent for …

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AcquisitionsAssisted LivingNewsWisconsin

LTC Sells Three Assisted Living Communities in Wisconsin for $35M

by Jeff Shaw

WESTLAKE VILLAGE, Calif. — LTC Properties Inc. (NYSE: LTC), a Westlake Village-based REIT, has sold three assisted living communities in Wisconsin that were part of LTC’s Senior Lifestyle portfolio for $35 million. The estimated gain from the sale of the properties, which include 263 assisted living units, is approximately $5.6 million. The net proceeds from the sale of approximately $34.0 million were used to paydown LTC’s unsecured revolving line of credit. “Transitioning the Senior Lifestyle portfolio has been a key focus for LTC, and the sale of these communities brings …

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Active AdultDevelopmentMarylandNews

Pennrose Begins Leasing at Residences at Glenarden Hills II Active Adult Community in Maryland

by Jeff Shaw

GLENARDEN, Md.— Pennrose has started leasing at Residences at Glenarden Hills II, the second of the six-phase Glenarden Hills master-planned community. The community is available to seniors age 55 and older, expanded from the previous 62-plus eligibility. The community features one- and two-bedroom apartments available for $1,299 to $1,617 per month. The number of units was not disclosed. Once complete, the 27-acre Glenarden Hills master-planned community will include seniors and family affordable apartments, market-rate and affordable rental townhomes, and for-sale townhomes.

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NewsPeople

Watercrest Senior Living Group Promotes Jessica Desjarlais to Talent Acquisition Specialist

by Jeff Shaw

VERO BEACH, Fla. — Watercrest Senior Living Group, a Vero Beach-based operator, has promoted Jessica Desjarlais to talent acquisition specialist, less than two years after her latest promotion to family office manager in August 2019. Desjarlais joined Watercrest in early 2018 as concierge at Watercrest St. Lucie West Assisted Living and Memory Care in St. Lucie. In her previous role, she also supported human resources in recruitment, administration and onboarding, while leading local job fairs. In her new role, Desjarlais will assist in attracting and recruiting new talent and prospective …

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CCRCDevelopmentFinanceNewsNorth Carolina

Ziegler Arranges $44.4M Bond Financing for The Forest at Duke in Durham, North Carolina

by Jeff Shaw

DURHAM, N.C. — Ziegler has arranged $44.4 million in bond financing for The Forest at Duke, a 47-acre continuing care retirement community just south of Duke University in Durham. The Forest at Duke opened in 1992 and currently serves over 360 residents across 154 apartments, 88 cottages (242 total independent living units), 34 assisted living units and 58 licensed skilled nursing beds. Proceeds of the bonds will be used for a renovation project that will include 90 new units (32 assisted living and 58 skilled nursing) in a “small house” …

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