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Affordable HousingDevelopmentNew JerseyNews

Walters Starts Construction of Cornerstone at Greentree Affordable Community in Marlton, New Jersey

by Jeff Shaw

MARLTON, N.J. — Walters has started construction of Cornerstone at Greentree, an affordable seniors housing community in Marlton, approximately 15 miles east of Philadelphia. The 68-unit project, which is being built on 2.3 acres, is slated for completion in the first quarter of 2021. The four-story building consists of one- and two-bedroom residences leased exclusively to residents over age 55 whose incomes are at or below 60 percent of the area median income. Rental rates are based on the renter’s gross annual income, according to the rent/income requirements chart. Designed …

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AcquisitionsAssisted LivingFloridaNews

Colliers Negotiates $13.7M Sale of Seniors Housing Portfolio in Central Florida

by Jeff Shaw

PORT RICHEY, ZEPHYRHILLS AND CASSELBERRY, FLA. — Colliers International has negotiated the $13.7 million sale of a three-property assisted living facility portfolio in Port Richey, Zephyrhills and Casselberry. Florida Seniors Properties Inc. sold the portfolio, which was 66 percent occupied at the time of sale. The prices were not disclosed. Best Care Senior Living LLC acquired The Cottages in Port Richey, which is located about 37 miles northwest of downtown Tampa. A joint venture between 201 Sunset Drive LLC and 6701 Dairy Road LLC acquired Westbrook Manor in Zephyrhills and …

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Company NewsNewsPeopleTechnology

Sentrics Adds Industry Thought Leader Bob Kramer to Advisory Council

by Jeff Shaw

CHICAGO — Sentrics, a Chicago-based technology company serving seniors housing, has added Robert Kramer to its Advisory Council. Kramer is the co-founder and former CEO of the National Investment Center for Seniors Housing & Care (NIC). Broadly recognized as one of senior living’s most influential and high-profile thought leaders, Kramer joins a group of leaders providing the Sentrics management team guidance and insight about the trends impacting the services and care in senior living. Kramer, who launched Nexus Insights in 2020, offers new ideas about how to rethink aging and …

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Assisted LivingDevelopmentNewsVirginia

Watercrest, Harbert Break Ground on 98-Unit Community in Richmond, Virginia

by Jeff Shaw

RICHMOND, Va. — Watercrest Senior Living Group and joint venture partner Harbert Seniors Housing Fund II have broken ground on Watercrest Richmond Assisted Living and Memory Care in Richmond. Trustmark Bank provided financing and EMJ Corp. is providing construction services for the 98-unit luxury senior living community. Completion is scheduled for summer 2022. Watercrest Richmond will feature 76 assisted living and 22 memory care apartments.

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CCRCFinanceNew YorkNews

HJ Sims Arranges $30M Financing for The Knolls Continuing Care Retirement Community in Valhalla, New York

by Jeff Shaw

VALHALLA, N.Y. — HJ Sims has closed $30 million in financing for The Bethel Methodist Home and its continuing care retirement community The Knolls, located in Valhalla, approximately 25 miles north of Midtown Manhattan. The community, which opened in 2002 under the name Westchester Meadows, offers independent living, assisted living and skilled nursing services on one campus. In 2008, Westchester Meadows experienced financial difficulty, which culminated in a bankruptcy filing in 2015. The community was acquired in 2016 with the proceeds of tax-exempt and taxable bonds privately placed with a …

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AcquisitionsAssisted LivingMassachusettsNews

Blueprint Brokers Sale of Two Assisted Living Communities in Massachusetts

by Jeff Shaw

MASSACHUSETTS — Blueprint Healthcare Real Estate Advisors has arranged the sale of two assisted living communities totaling 195 units in Massachusetts. The properties were over 96 percent occupied at the time of sale. The buyer was a partnership between a New York-based operator and an experienced investor with a home health business in the state. Further details on the seller, price and properties were not disclosed.

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Company NewsNewsPeopleTechnology

OneDay Technology Platform Hires Allegro Executive Eric Varin

by Jeff Shaw

DALLAS — OneDay, a Dallas-based technology company offering video storytelling within senior living communities, has hired Eric Varin as vice president of client success and Victoria Repice as vice president of product. The company also promoted Deena Naccarella from vice president of finance to chief financial officer and Carter Severns from director of marketing to vice president of marketing. Varin and Repice bring OneDay to 14 new hires in the last year, which are in response to OneDay’s growth. In 2020 alone, the company increased its customer base by more …

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DevelopmentFinanceMinnesotaNews

Axial Receives Financing for Willows Bend Redevelopment Project in Fridley, Minnesota

by Jeff Shaw

FRIDLEY, Minn. — Axial Real Estate Advisors, in partnership with United Properties and Ivy Properties, has received acquisition and development financing for Willows Bend Senior Living, a seniors housing project in Fridley, a northern suburb of Minneapolis. Willows Bend will be a 136-unit, four-story building with underground parking. Ebenezer Management Services, a division of Fairview Health System, will operate the community upon completion. Groundbreaking is scheduled for later this month, with an anticipated opening in summer 2022. The site, measuring 2.67 acres, is the former home of Fridley City Hall, …

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FinanceNews

Dwight Capital Closes $117.5M in Healthcare Financings

by Jeff Shaw

NEW YORK CITY — Dwight Capital provided over $117.5 million in healthcare financing during fourth-quarter 2020. Featured among these transactions are loans for several properties within the Recover Care, The Laurels, and Landmark portfolios. Dwight closed $15 million in bridge and mezzanine financing for the acquisition of the Recover Care Kansas Portfolio, a 253-bed, three-asset assisted living and skilled nursing facility portfolio located across Kansas. Adam Sasouness originated this transaction. Sasouness also originated $13.95 million in bridge financing for the Laurels Portfolio, a 313-bed, three-asset assisted living and skilled nursing …

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AcquisitionsAssisted LivingCaliforniaNews

SLIB Arranges $7.8M Sale of FountainWood Lodge Community in Orangevale, California

by Jeff Shaw

ORANGEVALE, Calif. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of FountainWood Lodge, a 90-unit assisted living and memory care community in Orangevale, a suburb of Sacramento. The community was built in 1981 and has undergone several renovations. The 63,930-square-foot building is located on six acres of land. The seller is a nonprofit owner-operator. A regional owner-operator acquired the property for $7.8 million. Brad Goodsell, Jason Punzel and Vince Viverito of SLIB handled the transaction. “FountainWood Lodge has a great reputation in the local market, and the buyer …

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