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Affordable HousingDevelopmentNewsTexas

KWA Construction Builds 120-Unit Affordable Community in Fort Worth

by Jeff Shaw

FORT WORTH, Texas — KWA Construction has completed Phase II of Columbia Renaissance Square in Fort Worth. Columbia Residential developed the 120-unit affordable senior living community for persons age 62 and above. Designed with improved energy efficiency, indoor air quality and lower utility costs, the residences are built to achieve certification by National Green Building Standard. JHP Architecture designed the three-story, 95,015-square-foot building. Purpose Built Communities, a nonprofit consulting firm, was also a partner on the project.

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DevelopmentMemory CareNevadaNews

Oakmont Finishes 31-Unit Memory Care Expansion at Community in Las Vegas

by Jeff Shaw

LAS VEGAS — Oakmont Senior Living has completed an expansion and renovation project at Oakmont of Las Vegas, which included the new construction of 31 memory care units. “Memory care is an essential part of continuity of care and important to families who don’t want to uproot their loved ones should they need to transition to this type of care,” says Melon Rivera, executive director at Oakmont of Las Vegas. The community already offered independent living and assisted living. In addition to the new memory care neighborhood, the multi-million-dollar renovation …

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AcquisitionsAssisted LivingIndianaNews

ESI Arranges $9.2M Sale of Journey Senior Living of Valparaiso in Indiana

by Jeff Shaw

VALPARAISO, Ind. — Evans Senior Investments (ESI) has arranged the sale of Journey Senior Living of Valparaiso, a 98-unit assisted living and memory care community located near the southern bank of Lake Michigan in Valparaiso. The community opened in 2018, but struggled with lease-up, went through two management companies and was shut down in September 2020. The buyer was a regional private equity group that plans to make significant renovations to the empty building and reopen it in fall 2021. The price was $9.2 million, or $93,000 per unit. “Journey …

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NewsPeople

Lifespace Communities Appoints Sandra Parker as General Counsel

by Jeff Shaw

WEST DES MOINES, Iowa — Lifespace Communities has appointed Sandra Parker to the position of general counsel. Parker is a lawyer with more than 25 years of experience. Her knowledge and expertise span many aspects of the health care industry, including hospital administration, federal healthcare regulations, pharmaceutical manufacturing compliance and health data information. Sandra earned her bachelor’s degree in English literature from the University of Southwestern Louisiana, her master’s degree in English literature from Louisiana State University, and her Juris Doctor from the Loyola School of Law. Lifespace Communities, based …

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FinanceNewsOregon

Berkadia Arranges $82.4M Financing for Community in Portland

by Jeff Shaw

PORTLAND, Ore. — Berkadia Seniors Housing & Healthcare has arranged $82.4 million in financing for Touchmark in the West Hills, a seniors housing community in Portland. The borrower is Oregon-based Touchmark. Further details on the property and the use of the financing were not disclosed. Chris Cain and Rafael Nobo of Berkadia Seniors Housing & Healthcare secured the financing through Freddie Mac. The seven-year loan has a 53 percent loan-to-value ratio.

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AcquisitionsActive AdultNewsTexas

SLIB Brokers $18M Sale of Residence at Legacy Park Active Adult Community in Granbury, Texas

by Jeff Shaw

GRANBURY, Texas — Senior Living Investment Brokerage (SLIB) has arranged the sale of Residence at Legacy Park, an active adult community in Granbury, approximately 35 miles southwest of Fort Worth. Built in 2018, the community features 81 units and is restricted to residents age 55 or older. A local owner-operator looking to exit the industry sold the asset to a national group headquartered in Utah for $18 million. Matthew Alley and Bradley Clousing of SLIB handled the transaction.

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Active AdultNewsPeople

Essex Communities Hires Camille Burke as Chief Development Officer

by Jeff Shaw

OMAHA, Neb. — Essex Communities, an Omaha-based active adult operator, has added Camille Burke to its leadership team as vice president and chief development officer. Burke has more than 20 years of experience in the seniors housing industry, including almost 17 years at Christian Living Communities, where she recently ended her tenure as interim chief executive officer. At Christian Living Communities, Burke helped lead design, development, pre-sales, opening of new communities and community operations, growing the portfolio from three continuing care retirement communities to 26 communities across seven states In …

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AcquisitionsCCRCIndianaMissouriNews

Boncrest Resource Group Buys Two Brookdale CCRCs in Missouri, Indiana

by Jeff Shaw

RAYMORE, Mo., and INDIANAPOLIS — Subsidiaries of Boncrest Resource Group Inc. have acquired two continuing care retirement communities (CCRCs) from Brookdale Senior Living: Foxwood Springs in the Kansas City suburb of Raymore and Robin Run Village in Indianapolis. Following a brief transition period where Brookdale will continue to manage the properties, Boncrest plans to install Texas-based ER Senior Management as operator. The new operator specializes in active adult and age-in-place communities. The acquisitions are the first for Boncrest, a nonprofit organization based in Atlanta formed in 2017 to address the …

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DevelopmentFloridaNews

Validus Opens 127-Unit Alura Community in Rockledge, Florida

by Jeff Shaw

ROCKLEDGE, Fla. — Validus Senior Living has opened the doors on Alura by Inspired Living, an independent living, assisted living and memory care community in Rockledge, a coastal city east of Orlando. Situated on 11.3 acres, the 113,935-square-foot building will feature a total of 127 one- and two-bedroom apartments. Alura by Inspired Living is part of an ongoing relationship between Tampa-based operator Validus and developer Premium Edge LLC. “Inspired Living” is the upscale brand of Validus.

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FinanceNewsOregon

Berkadia Arranges $50.2M HUD Refinancing for Community in Portland, Oregon

by Jeff Shaw

PORTLAND, Ore. — Berkadia Seniors Housing & Healthcare has arranged a $50.2 million HUD 232/223(a)(7) refinancing for a 253-unit independent living, assisted living and memory care community in Portland. “Historically, the property has maintained an occupancy percentage in the low 90s and ended 2020 with an occupancy of 88 percent, showing impressive resilience throughout the pandemic,” says Ed Williams of Berkadia, who led the refinancing. “The HUD refinance will allow the borrower to save on debt service and MIP payments through the combination of a lower rate and an extension …

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