AUSTIN, Texas, and CHICAGO — After years of working together through an informal partnership, Chicago-based brokerage firm Evans Senior Investments (ESI) and Austin-based financial intermediary Carnegie Capital have announced a strategic joint-venture. The venture aims to bring both companies’ respective brokerage practices under a seamless platform for seniors housing and skilled nursing owners. “We have long seen the fragmented and opaque nature of the Capital Markets space in our industry; it is often frustrating and inefficient for the owners and buyers that we represent,” says Jeremy Stroiman, CEO of ESI. …
SAN RAFAEL, Calif. — Kisco Senior Living has named Ricardo Romero as the new executive director of Drake Terrace in the Bay Area city of San Rafael. Romero brings more than 13 years of senior living experience to his new role. He has held multiple positions at senior living communities across the Bay Area, including business office manager, concierge manager and activities director. He previously served as the resident relations director at Byron Park, a sister community to Drake Terrace. Romero joined Kisco Senior Living in 2019. As executive director …
WEST PALM BEACH, Fla. — Former Welbrook Senior Living executive Douglas Brawn has announced the creation of a new seniors housing investment, development and operations company named Alta Senior Living. Based in West Palm Beach, with another office in Santa Monica, California, the company is slready seeking investment opportunities in Florida and California. Industry investment veteran Scott McCorvie recently joined the company as chief financial officer and executive vice president of investments “Senior living is going to experience exponential growth over the next five to 10 years, and I want …
SEATTLE and BELLEVUE, Wash. — Washington-based nonprofits seniors housing operators Transforming Age and SHAG (Sustainable Housing for Ageless Generations) have announced the companies have officially affiliated. Transforming Age and SHAG will continue to operate as their own, independent 501(c)(3) nonprofit organizations. The affiliation will be guided by a common board of directors. “As the number of older adults soars, bold moves are needed to ensure seniors have quality homes, access to services and opportunities to thrive no matter their level of income,” says Torsten Hirche, Transforming Age president and CEO. …
WEST DES MOINES, Iowa — Lifespace Communities, an owner-operator based in West Des Moines, has appointed Kenneth Poinsette to the position of chief information officer. He has more than 25 years in the technology sector, though his employment history was not disclosed. Poinsette earned his bachelor’s degree from the United States Military Academy at West Point and served in the U.S. Army. He also earned his M.B.A. from Emory University and a master’s degree from Bowie State University.
WALL TOWNSHIP, N.J. — Ziegler has underwritten $114.8 million in bond financing for Springpoint Senior Living. The borrower is a regional senior living system based in Wall Township. Originally founded in 1916 as the Presbyterian Home of the Synod of New Jersey, the company changed its name to Springpoint Senior Living in 2010. Springpoint operates eight continuing care retirement communities (CCRCs) in New Jersey and Delaware, 19 affordable housing communities, a home care agency and a continuing care at home program. Springpoint formed a new obligated group for the refinancing, …
ALEXANDRIA, Va. — Seniors housing operators are rushing to host vaccine clinics for residents and staff, hoping to put an end to the COVID-19 pandemic that has depressed occupancy across the industry. By the end of the month, 83 percent of communities expect to complete at least one vaccine clinic, with more clinics on the way for future doses. That’s according to a pair of surveys conducted by Argentum, an Alexandria-based national association exclusively dedicated to supporting companies operating professionally managed, resident-centered senior living communities. The surveys, one in January …
FISHERS, Ind. — AHEPA Affordable Housing Management Co. (AMC) has reached an agreement with Gardant Management Solutions to assume management of two affordable assisted living lifestyle communities located in Indiana, effective March 1. Through its newly launched subsidiary, Hellenic Management Company, Fishers-based AMC will assume management of two affordable assisted living communities AMC owns, Hellenic Senior Living of Indianapolis and Hellenic Senior Living of New Albany. “We are excited about future opportunities for growth and that optimism begins with reaching an agreement with Gardant to assume management of these two …
CHICAGO — Merchants Capital has provided funding for the development of Montclare Senior Residences of Calumet Heights, a 134-unit affordable seniors housing project in Chicago. Financing for the project was obtained through the United States Department of Housing and Urban Development (HUD) 221(d)(4) program. The funding was completed in partnership with MR Properties LLC and Patti Ann Charitable Services. Located on a formerly vacant, five-acre lot in the historic Pill Hill neighborhood on Chicago’s South Side, the majority of units are reserved for extremely-low, very-low and low-income seniors earning no …
VANCOUVER, Wash. — Bank Leumi USA funded a $23.5 million deal with Prestige Care, a Vancouver-based operator of 80 senior living and rehabilitation centers across eight Western states. The deal will refinance one of Prestige Care’s asset-based lending revolvers and a real estate term loan, which will enable it to support a portfolio of 356 operating beds across four skilled nursing facilities in Oregon and Washington and one assisted living facility in Arizona. The refinancing will allow Prestige to restore its liquidity and continue on a growth trajectory. “As the …