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Company NewsFloridaNew JerseyNews

Distinctive Living Acquires Validus Senior Living Management, Expands Footprint in Southeast

by Katie Sloan

FREEHOLD, New Jersey and TAMPA, Fla. — Distinctive Living, a New Jersey-based seniors housing operator and developer that is expanding nationally, has acquired Validus Senior Living Management, a Tampa, Florida-based operator.  Headquartered in Freehold, N.J., Distinctive Living currently operates 46 communities and has 14 under development via its development services platform, Distinctive Living Development LLC. More specifically, the company operates and is developing active adult, assisted living, independent living, and memory care communities throughout the country. Validus is an owner, operator and third-party manager of senior living communities throughout the Southeast. …

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Affordable HousingCaliforniaDevelopmentNews

Community HousingWorks Opens 59-Unit Puesta del Sol Apartments in San Diego

by Jeff Shaw

SAN DIEGO — Community HousingWorks (CHW) has opened Puesta del Sol Apartments, a 59-unit affordable seniors housing community in the Linda Vista neighborhood of San Diego.  Puesta del Sol apartments are reserved for households earning 30 to 60 percent of the area median income and the community has been awarded 59 project-based vouchers to ensure access for the most income-vulnerable residents. Additionally, six of the 59 vouchers will serve chronically homeless. Built adjacent to CHW’s Amanecer Apartments on Ulric Street, Puesta del Sol completes the combined intergenerational community. Together, Puesta …

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FinanceNewsSkilled Nursing

Dwight Capital, Dwight Mortgage Trust Close $152.5M in Seniors Housing During Q1

by Jeff Shaw

MIAMI — Dwight Capital and its affiliate REIT, Dwight Mortgage Trust, which are both headquartered in Miami, financed $152.5 million in seniors housing during first-quarter 2024.  Among the transactions were a $44 million bridge loan for a skilled nursing facility in the Southwest and $26 million in HUD financing for River Towne Center and Etowah Landing, a skilled nursing portfolio in Georgia. This Southeast transaction involves a 369-bed facility which rises seven stories on three acres and totals 117,000 square feet. The bridge loan, which closed in conjunction with a …

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FinanceNewsWisconsin

BMO Healthcare Provides $70.6M Bridge Financing to New Perspective Senior Living, Boldt Capital

by Jeff Shaw

FRANKLIN and WAUKESHA, Wis. — BMO’s Healthcare Real Estate group has provided a $70.6 million bridge loan for a joint venture between New Perspective Senior Living, Boldt Capital and Fengate Asset Management as part of a larger programmatic relationship focused on acquiring, developing, and operating senior living communities.  The BMO loan is secured by two senior living communities totaling 290 units in Franklin and Waukesha. Loan proceeds include capital allocated for future capital improvements and value enhancement.  Further details were not disclosed.

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NewsOperationsPeople

Grace Management Hires Abby Romaine as National Director of Sales Strategy, Development

by Jeff Shaw

MAPLE GROVE, Minn. — Grace Management Inc., a Maple Grove-based operator, has hired Abby Romaine as national director of sales strategy and development. In her new role, Romaine supports creating and implementing strategies to support the success of specific Grace Management senior living communities across the country. Romaine has worked in various industries, including healthcare, senior living and online media. She brings experience in fostering partnerships, education, strategic planning, enhancing sales strategy efforts and local professional collaborations.

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ArizonaFinanceNews

JLL Arranges Financing for 165-Unit Inspira Arrowhead in Glendale, Arizona

by Jeff Shaw

GLENDALE, Ariz. — JLL Capital Markets has arranged financing for Inspira Arrowhead, a newly constructed seniors housing asset in Glendale, Arizona. The borrowers are funds managed by affiliates of Fortress Investment Group LLC and COGIR Senior Living. The amount of the financing was not disclosed. Inspira Arrowhead is a 187,393-square-foot, Class A community featuring 165 seniors housing units across three stories. Alanna Ellis and Alex Sheaffer led the JLL Capital Markets team.

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AcquisitionsAssisted LivingNewsTennessee

Bourne Financial, SRI Management Acquire Trinity Hills of Knoxville in Tennessee

by Jeff Shaw

KNOXVILLE, Tenn. — SRI Management, in conjunction with Bourne Financial Group, has acquired Trinity Hills of Knoxville. The community is located in the foothills of the Great Smoky Mountains in East Knoxville. It offers assisted living and memory care services. Further details were not disclosed.

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NewsTechnology

ASHA’s Consumer Website Features New Wrinkle: Free Direct Lead Referrals

by Kristin Hiller

The American Seniors Housing Association (ASHA) has relaunched an enhanced version of its Where You Live Matters consumer website (whereyoulivematters.org) that features a new tool to funnel leads directly to participating communities at no expense.  The announcement by ASHA President and CEO David Schless came in an e-mail blast to association members on Monday. Schless wrote that the new and improved site continues to include educational information on senior living that consumers rely upon, but now offers some new features that include: • direct lead referrals at no cost to …

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AcquisitionsArizonaCCRCNews

SLIB Negotiates Sale of 198-Unit North Chandler Place in Arizona

by Jeff Shaw

CHANDLER, Ariz. — Senior Living Investment Brokerage (SLIB) has arranged the sale of North Chandler Place, a 198-unit continuing care retirement community in the Phoenix suburb of Chandler. The property features 119 independent living, 16 assisted living, 28 memory care and 35 skilled nursing units. It was built in 1966 with additions in 2002 and 2007. The property totals 192,208 square feet on approximately 15.2 acres of land. The seller is a group of investors that will reinvest their proceeds in other core assets in the portfolios. The buyer is …

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AcquisitionsFinanceNewsSkilled NursingTennessee

CareTrust REIT Funds $26.7M Mortgage Financing with Purchase Option on Tennessee Skilled Nursing Portfolio

by Jeff Shaw

SAN CLEMENTE, Calif. — CareTrust REIT Inc. (NYSE:CTRE), a San Clemente-based REIT focused on skilled nursing properties, has funded a $26.7 million mortgage loan in connection with the borrower’s acquisition of a two-asset skilled nursing portfolio in Tennessee. The properties feature a combined total of 276 licensed beds. The borrower group under the loan is a regional healthcare real estate owner and investor. Affiliates of The Ensign Group Inc. (NASDAQ: ENSG) took over operations on May 1 pursuant to a new, long-term, triple-net master lease with the borrower. The loan …

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