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DevelopmentNew JerseyNews

LCS Breaks Ground on The Delaney at The Green in Florham Park, New Jersey

by Jeff Shaw

FLORHAM PARK, N.J. — The LCS Family of Companies has broken ground on The Delaney at The Green, a seniors housing community in Florham Park, approximately 25 miles east of Manhattan. The community will feature 128 independent living units, 58 assisted living units and 34 memory care units. Construction is scheduled for completion by March 2023. LCS Real Estate structured the financing in collaboration with an institutional equity partner. LCS Development designed the community. When complete, Life Care Services, An LCS Company, will provide operational management of the community. The …

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AcquisitionsAlaskaAssisted LivingNews

SLIB Arranges $32.5M Sale of Community in Anchorage, Alaska

by Jeff Shaw

ANCHORAGE, Alaska — Senior Living Investment Brokerage (SLIB) has arranged the sale of a 116-unit assisted living and memory care community in Anchorage. The community was built in 2017, officially opening in December 2019. The 82,813-square-foot facility sits on 2.7 acres of land, with an adjacent 2.7-acre plot available for purchase. The community’s developer sold the asset to a national REIT for $32.5 million. The new owner will use a third-party operator. The REIT also is considering a joint-venture independent living expansion at the property. Vince Viverito, Brad Goodsell and …

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NewsPeople

Watercrest Senior Living Group Hires Industry Leader Michael Marlow as Vice President of Sales Education

by Jeff Shaw

VERO BEACH, Fla. — Watercrest Senior Living Group, a Vero Beach-based operator, has hired sales trainer Michael Marlow to its executive leadership team as vice president of sales education. Marlow will establish sales training and implementation to maximize lead management and referral development for all communities operated by Watercrest Senior Living. Marlow brings nearly 30 years of experience in senior living sales and marketing, including the training, management, tracking and launch of strategic sales programs across national markets. He most recently served as national sales engagement manager for the industry’s …

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Affordable HousingCaliforniaDevelopmentNews

Century Housing Opens 160-Unit The Beacon Affordable Community in Long Beach, California

by Jeff Shaw

LONG BEACH, Calif. — Century Housing, in partnership with the City of Long Beach and The Long Beach Community Investment Company, will host a grand opening May 7 at The Beacon, an affordable housing community for seniors and veterans in Long Beach, just south of Los Angeles. “There’s no denying that this past year has been a very difficult and painful year on many, many levels,” says Brian D’Andrea, senior vice president with Century. “This development represents a source of light and hope for all of us, including the more …

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AcquisitionsCaliforniaNewsSkilled Nursing

CareTrust REIT Acquires El Centro Post-Acute Center in California

by Jeff Shaw

EL CENTRO, Calif. — CareTrust REIT Inc. (NASDAQ: CTRE) has acquired El Centro Post-Acute Center, a 123-bed skilled nursing facility located adjacent to the El Centro Regional Medical Center. El Centro is located in Imperial County near the border with Mexico. The facility has been added to CareTrust’s existing master lease with San Diego-based Bayshire Senior Communities, which sourced the off-market transaction and turned to CareTrust to finance and close the deal. Terms of the transaction were not disclosed. Scott Kirby, Bayshire’s CEO, found the El Centro opportunity after the …

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FinanceMarylandNewsWashington

Grandbridge Arranges $11.2M in Seniors Housing Loan Modifications

by Jeff Shaw

SEATTLE and GAITHERSBURG, Md. — Grandbridge Real Estate Capital arranged $11.2 million in financing across three modification loans. Artin Anvar arranged the interest rate reduction (IRR) modifications through HUD’s IRR program. The first transaction, totaling $984,721, was secured by Hilltop Manor, a 35-unit assisted living community in Seattle. The loan features a 20-year term and 20-year amortization. The second transaction, totaling $955,717, was secured by Spring Manor, a 54-unit memory care facility in Seattle. The loan features a 20-year term and 20-year amortization. The largest transaction, totaling $9.2 million, was …

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AcquisitionsAlabamaNewsSkilled Nursing

SLIB Brokers Sale of 170-Bed Azalea Gardens in Mobile, Alabama

by Jeff Shaw

MOBILE, Ala. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Azalea Gardens, a 170-bed skilled nursing facility in Mobile. The asset was built in 1968 and renovated in 1982. Occupancy was 60 percent at the time of sale. The facility is part of a land lease with a local hospital. The seller was looking to divest from a non-core market. A local owner-operator familiar with the market acquired the property for $11 million, or $64,700 per bed. Bradley Clousing and Matt Alley handled the transaction for SLIB.

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CaliforniaDevelopmentNewsSkilled Nursing

Rudolph and Sletten to Build $269M Expansion at Yountville Veterans Home of California

by Jeff Shaw

YOUNTVILLE, Calif. — Rudolph and Sletten, a subsidiary of Tutor Perini Corp., was awarded a $269 million design-build contract for an expansion project at Yountville Veterans Home of California, located in the Napa Valley town of Yountville. The California Department of General Services (DGS) awarded the contract on behalf of the California Department of Veterans Affairs (CalVet). Founded in 1884, VHC-Yountville is the oldest and largest veterans home in California, and also the largest such facility in the United States, and provides long-term care to 1,000 aged or disabled veterans. …

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Active AdultDevelopmentNewsSouth Carolina

Hudson Capital Properties Completes 194-Unit Inspire Coastal Grand in Myrtle Beach

by Jeff Shaw

MYRTLE BEACH, S.C. — Hudson Capital Properties has completed Inspire Coastal Grand, a 194-unit active adult community in Myrtle Beach. The first phase of leasing is currently underway, with the first residents expected to move in mid-April. Hudson partnered with GHK Cape Fear Development and the property management company is Liberty Senior Living. “The combination of low taxes, lower cost of living and warm weather has made Myrtle Beach an increasingly sought-after retirement destination,” says Bill Schoettelkotte, director of development services at GHK Cape Fear. “The active adult housing market …

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AcquisitionsAssisted LivingNewsOregon

SLIB Arranges $8M Sale of Harmony Guest Home in Hillsboro, Oregon

by Jeff Shaw

HILLSBORO, Ore. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Harmony Guest Home, a 42-unit assisted living and memory care community in Hillsboro, a suburb of Portland. The 22,597-square-foot community was built in 2002 with additions in 2006 and 2012. A one-property owner-operator looking to retire sold the asset for $8 million. The buyer was a national private equity that will partner with a third-party operator. The buyer plans to convert beds from assisted living to memory care and will also conduct a community-wide refresh. Jason Punzel, …

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