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AcquisitionsAssisted LivingNewsWest Virginia

SLIB Negotiates Sale of Colonial Place Assisted Living in Elkins, West Virginia

by Jeff Shaw

ELKINS, W.V. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Colonial Place, a 70-unit, 88-bed assisted living and memory care community in Elkins, approximately 80 miles south of Morgantown. The community was built in 1995. The seller was an institutional capital provider based in Florida that acquired the asset as a part of a larger portfolio. The property was an operational outlier for the seller. The buyer, a local nonprofit, now can provide a full spectrum of care in Elkins as it also owns a local nursing …

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AcquisitionsMassachusettsNewsSkilled Nursing

JLL Brokers Sale of Nursing Home Near Boston for Conversion to Multifamily

by Jeff Shaw

WEYMOUTH, Mass. — JLL Capital Markets has arranged the sale of the former Colonial Nursing Center in Weymouth, a South Shore suburb of Boston. The buyer plans to convert the property to a workforce housing asset. The seller and price were not disclosed. Located on 2.11 acres and totaling 72,999 square feet, the current layout includes 93 units with various amenities, including a commercial kitchen, dining room, activity areas, outdoor courtyard, common gathering areas and outdoor walking trails. The transit-orientated property is also in close proximity to various public transportation …

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Company NewsNewsSkilled Nursing

Welltower Ends 51 Genesis HealthCare Leases, Shifts Portfolio to Regional Operators

by Jeff Shaw

TOLEDO, Ohio — Welltower (NYSE: WELL) today announced that it has essentially ended its operating relationship with Genesis HealthCare, terminating the 51 leases for Genesis-operated skilled nursing facilities. Concurrent with the lease cancelation, Welltower has agreed to sell 42 traditional skilled nursing facilities for $680 million to a joint venture with Aurora Health Network, in which Welltower will retain a participating preferred equity position. Welltower will also contribute its nine former PowerBack facilities, which provide higher acuity, short-stay rehabilitation and care, into its 80/20 joint venture with ProMedica at a …

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AcquisitionsMarylandNews

Commonwealth Senior Living Acquires 48-Unit Community in Salisbury, Maryland

by Jeff Shaw

SALISBURY, Md. — Commonwealth Senior Living has acquired The Village at Harbor Pointe in Salisbury, located across the Chesapeake Bay from Washington D.C. The community currently features 12 independent living cottages, 26 assisted living beds and 10 memory care beds. The seller was Sterling Care. The new owner will rebrand the property as Commonwealth Senior Living of Salisbury, the 34th community in the company’s portfolio. Commonwealth has also unveiled a $6.8 million renovation and expansion plan, scheduled to start this year. Following the project, the community will feature 44 assisted …

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DevelopmentFinanceNewsOregon

CBRE Arranges $60.4M Construction Financing for The Springs at Happy Valley in Oregon

by Jeff Shaw

HAPPY VALLEY, Ore. — CBRE National Senior Housing has arranged $60.4 million in construction financing for The Springs at Happy Valley, a senior living community to be built in Happy Valley. Situated on a 6.95-acre site, the community will feature 210 units, about half of which are earmarked for independent living and the other half for assisted living and memory care. Happy Valley is an affluent suburb approximately 10 miles southeast of downtown Portland. Aron Will, Austin Sacco and Adam Mincberg of CBRE National Senior Housing arranged the financing on …

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AcquisitionsMassachusettsNews

Cushman & Wakefield Negotiates Sale of Seniors Housing Campus in Norton, Massachusetts

by Jeff Shaw

NORTON, Mass. — Cushman & Wakefield has arranged the sale of The Residences at Norton, a 72-unit assisted living property, and Wingate at Norton, a 106-bed skilled nursing facility. The properties are located on a single campus in Norton, approximately 30 miles south of Boston. The institutional seller was a pension fund investor that is exiting the senior living space. The buyer is a joint venture between Harrison Street, an institutional private equity firm and LCB Senior Living. The price was not disclosed. LCB, a regional operator, plans to upgrade …

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NewsPeople

Cadence Living Hires Tracey Harvey as Regional Vice President of Marketing for the Northwest Region

by Jeff Shaw

SCOTTSDALE, Ariz. — Cadence Living, a Scottsdale-based owner-operator, has hired Tracey Harvey as vice president of marketing and strategic planning for the Northwest region. Harvey will have principal responsibility for marketing strategy of Cadence’s growing portfolio of senior living communities in the Northwest, including the launch of Cadence at Kent-Meridian in the Seattle area. Harvey has spent over 15 years in senior living. Before joining Cadence, she was the director of community solutions with Seattle-based Living Care Lifestyles. Harvey is a national presenter at aspirational conferences that specialize in improving …

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FinanceNewsPeople

Walker & Dunlop Hires Former FHA Commissioner Dana Wade to Lead HUD Loan Originations

by Jeff Shaw

BETHESDA, Md. — Walker & Dunlop Inc. has hired Dana Wade as chief production officer for all Federal Housing Administration-backed loan originations through the U.S. Department of Housing and Urban Development (HUD). She will also be responsible for helping drive the company’s affordable housing financing activities. Wade previously served as the commissioner of the Federal Housing Administration (FHA), which financed a total of over 11,000 rental properties and 3,000 mortgages for residential care facilities and hospitals during fiscal year 2020. In her role at the FHA, she was responsible for …

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FinanceNebraskaNews

Lument Provides $41.5M Refinancing for Hillcrest Country Estates Grand Lodge in Papillion, Nebraska

by Jeff Shaw

PAPILLION, Neb. — Lument has provided a $41.5 million Freddie Mac loan to refinance Hillcrest Country Estates Grand Lodge, an upscale senior living community in Papillion, a suburb of Omaha. Set on Hillcrest Country Estates’ 44-acre campus, which offers the full continuum of care, Grand Lodge was built in 2015 and features 102 independent living apartments and 60 assisted living and memory support apartments. Quintin Harris, managing director and head of Lument’s Midwest seniors housing and healthcare team, spearheaded the transaction along with Doug Harper and Casey Moore, managing directors …

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Company NewsNewsOperations

Atria to Operate 21 Independent Living Communities, Unveils New Brand

by Jeff Shaw

LOUISVILLE, Ky. — Atria Senior Living, a Louisville-based operator of independent and assisted living communities across the United States and Canada, has assumed management of 21 independent living communities owned by New Senior Investment Group (NYSE: SNR). The communities are spread across nine states, concentrated in the Northeast, Midwest and West Coast. It is the first partnership between Atria and New Senior. Holiday Retirement previously operated the communities. Atria will manage these new communities through its Atria Retirement brand. While the brand debuted in Canada in 2014, these will represent …

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