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Palace Group Opens Four-Story Community in Weston, Florida

by Jeff Shaw

WESTON, Fla. — The Palace Group has opened the doors on The Palace at Weston, an independent living, assisted living and memory care community in Weston, approximately 35 miles northwest of Miami. This is owner-operator Palace Group’s 10th luxury senior living community in Miami-Dade and Broward counties. It is located next door to The Palms, an active adult condominium community developed by The Palace Group. The four-story property features 130 independent living units ranging from 800 to 1,300 square feet, 144 assisted living units and a separate memory care building …

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AcquisitionsFinanceNewsSkilled Nursing

Lument Arranges $168M Bridge-to-HUD Financing for Mitchell Family Office Skilled Nursing Portfolio

by Jeff Shaw

BIRMINGHAM, Mich. — Lument has arranged a $168 million bridge loan for a skilled nursing portfolio on behalf of Mitchell Family Office (MFO), a Birmingham-based investment firm focused on the healthcare industry. Proceeds of the loan funded the acquisition of the skilled nursing division of American Health Partners and was part of a larger acquisition plan in which MFO acquired all the interests of American Health Partners for an undisclosed price. Leading the transaction for Lument were Conner Girdley, director for seniors housing and healthcare, and Brandon Gill, vice president …

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Affordable HousingDevelopmentFinanceNew YorkNews

Merchants Capital Arranges $18M Loan for Renovations at Mannie Wilson Towers in Harlem

by Jeff Shaw

NEW YORK CITY — The New York office of mortgage banking company Merchants Capital has arranged an $18.2 million Housing Development Corporation (HDC) Fannie Mae Risk Share loan for Mannie Wilson Towers, a historic affordable housing development located in the Harlem neighborhood of Manhattan. Located in the former Sydenham Hospital, Mannie Wilson Towers provides 102 one- and two-bedroom units of restricted-income housing for seniors. As part of the U.S. Department of Housing and Urban Development (HUD) Section 202 program, units are restricted to residents 62 years of age and older …

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NewsOperationsPeople

Grace Management Hires Sarah Moriyama as National Director of Hospitality and Engagement

by Jeff Shaw

MAPLE GROVE, Minn. — Grace Management Inc., a Maple Grove-based operator, has hired Sarah Moriyama as national director of hospitality and engagement. Moriyama will provide support, inspiration and training for hospitality and engagement to all of Grace Management’s senior living communities throughout the country. Prior to joining Grace Management, Moriyama built a career with Disney. She has more than a decade of leadership experience working within the many facets of operations and hospitality. Moriyama earned her bachelor’s degree in in fashion merchandising from Kent State University and her MBA from …

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DevelopmentFeaturesNews

Developers, Capital Providers Seek Creative Solutions for New Projects

by Jeff Shaw

Development activity in the seniors housing sector has slowed greatly as a result of the COVID-19 pandemic. New construction as a percentage of existing inventory fell from a high of 7.3 percent in the fourth quarter of 2017 to 4.9 percent in the first quarter of 2021, according to the National Investment Center for Seniors Housing & Care (NIC). This deceleration is due to a combination of factors: Occupancy hit record lows, meaning new product wasn’t needed; Lenders became very hesitant to loan on new, ground-up construction; Construction material costs …

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AcquisitionsArizonaAssisted LivingNews

Chicago Pacific Founders Acquires The Ranch Estates of Tucson in Arizona

by Jeff Shaw

TUCSON, Ariz. — Chicago Pacific Founders (CPF) and its subsidiaries, CPF Living Communities and Grace Management Inc., have acquired The Ranch Estates of Tucson, a 107-unit senior living community in Tucson. The property was previously known as Sage Desert Assisted Living and Memory Care. Grace Management will take over operations. The Ranch Estates of Tucson is located in North Tucson’s Casas Adobes community, near Oro Valley. Blueprint Healthcare Real Estate Advisors arranged a non-recourse acquisition loan through Truist on behalf of CPF. The seller and price were not disclosed. The …

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CCRCDevelopmentFinanceNewsPennsylvania

Ziegler Arranges $39.3M Bond Financing for Londonderry Village in Palmyra, Pennsylvania

by Jeff Shaw

PALMYRA, Pa. — Ziegler has arranged $39.3 million in bond financing for Lebanon Valley Brethren Home. The funds will be used to finance an expansion project at Londonderry Village, a seniors housing community in Palmyra, a small borough near Harrisburg. The 146-acre campus features 374 independent living units, 38 personal care units and 88 skilled nursing beds. The expansion includes developing a 40-acre tract of farmland at the southern boundary of the campus, and will add 35 new independent living units along with a model home, sales office and clubhouse. …

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Assisted LivingDevelopmentFloridaNews

Solvere Nears Completion of Sunscape Daytona Beach in Florida

by Jeff Shaw

DAYTONA BEACH, Fla. — Solvere Living has opened the sales center at Sunscape Daytona Beach, an 85-unit seniors housing community in Daytona Beach, located along the Atlantic Ocean northeast of Orlando. Upon completion, scheduled for late this year, the community will feature 65 assisted living units and 20 memory care units. Solvere Living, the operations management division of St. Petersburg-based Solutions Advisors Group (SAG), will be the operator. Protea Capital Partners is the owner and developer. Irwin Partners Architects designed the community.

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Company NewsFeaturesNewsPeople

CFG Bank Launches Workforce Development Program for Healthcare Workers

by Jeff Shaw

BALTIMORE — CFG Bank (CFGB), a Baltimore-based lender, has launched the Jack and Nancy Dwyer Workforce Development Program. The non-profit organization seeks to help resolve the effects of systemic poverty and inequality and help fix the turnover crisis and burnout due to staffing shortages in the healthcare industry by creating a pathway to advance career opportunities in the nursing profession. CFGB donated $1 million to jumpstart the program. As part of this initiative, CFGB also announced a partnership with and $1 million donation to Living Classrooms, a nonprofit serving Baltimore …

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Assisted LivingDevelopmentNew JerseyNews

Capitol Seniors Housing Breaks Ground on 87-Unit Project in Evesham Township, New Jersey

by Jeff Shaw

EVESHAM TOWNSHIP, N.J. — Capitol Seniors Housing has broken ground on Arbor Terrace Marlton, a project in Evesham Township near Philadelphia that will consist of 60 assisted living apartments and 27 memory care units. The 76,500-square-foot community will be located near several major medical facilities and will offer amenities such as a private dining area, theater, bistro, hair salon, lounges and outdoor amenity spaces with artwork and a pond. Meyer Senior Living Studio is designing the project, and IMC Construction is the general contractor. The opening is scheduled for early …

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