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AcquisitionsAssisted LivingNew YorkNews

ESI Arranges $10M Sale of The Terrace at Woodland in Rome, New York

by Jeff Shaw

ROME, N.Y. — Evans Senior Investments (ESI) has arranged the sale of The Terrace at Woodland, a 46-unit assisted living and memory care community in the Central New York city of Rome. An independent owner-operator sold the property to a regional owner operator. The price of $10 million equates to approximately $217,000 per unit and a capitalization rate of 7.5 percent. Built in 2009, The Terrace at Woodland is licensed for 48 assisted living beds and 12 memory care beds. In addition, the community holds an ALP Medicaid license in …

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AcquisitionsNewsPennsylvaniaSkilled Nursing

Tryko Partners Acquires Regina Community Nursing Center in Norristown, Pennsylvania

by Jeff Shaw

NORRISTOWN, Pa. — Private equity investment firm Tryko Partners has acquired Regina Community Nursing Center, a 121-bed skilled nursing facility in Norristown, for an undisclosed price. Tryko has rebranded the property as Markley Rehabilitation & Healthcare Center and plans to implement a $3.5 million investment in physical plant renovations and specialty programming enhancements. “This facility has significant upside potential,” says Tryko’s Uri Kahanow, director of acquisitions. “It has good bones and is located in a prime market, one in which we have nearly a decade of experience and facilities that …

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Company NewsNewsPeople

Benchmark Makes Three Hires, Promotions Within C-Suite

by Jeff Shaw

WALTHAM, Mass. — Benchmark Senior Living, a Waltham-based provider of senior living services in the Northeast, has appointed Jerry Liang to executive vice president and chief financial officer, effective immediately, and John Hartmayer to executive vice president and chief operations officer, as of March 8. Heather Frahm, the company’s chief marketing officer, was also promoted to executive vice president. Benchmark CFO Sarah Laffey will shift to a part-time consulting role with the company, overseeing its continuing care retirement communities’ (CCRCs) investments and working as a liaison with investors. Liang and …

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NewsOperations

Webinar Panelists: Residents Line Up for Vaccine, but Employees Hesitate

by Jeff Shaw

As the COVID-19 vaccine rolls out around the country, nobody is more excited to put the pandemic behind them than seniors housing operators. The disease has driven occupancy to record-low rates, while 39 percent of all deaths from the disease occurred in skilled nursing facilities, according to a December report by AARP. Residents have largely been eager to take the vaccine. However, employees have been much more hesitant. “After almost a year of navigating the COVID-19 pandemic and the effects on staff, residents and family members, the news of the …

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Assisted LivingDevelopmentFloridaNews

Watercrest, St. Joe Company Open 107-Unit Community in Santa Rosa Beach, Florida

by Jeff Shaw

SANTA ROSA BEACH, Fla. — Watercrest Senior Living Group and The St. Joe Company have welcomed its first residents to Watercrest Santa Rosa Beach Assisted Living and Memory Care. Located on the Florida Panhandle, the property features 75 assisted living units and 32 memory care units in a 92,000-square-foot building.

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NewsOperationsPeople

Cadence Living Hires Pat Teske as Vice President of Facilities Management

by Jeff Shaw

SCOTTSDALE, Ariz. — Cadence Living has hired Pat Teske as vice president of facilities management. Teske will have principal responsibility for preventative maintenance, director management, renovation planning and plant management of Cadence’s portfolio of senior living communities. He joins Cadence after a career as a business owner in the fields of mechanical engineering and agriculture. “Individuals that have been leaders of their own business are the kind of talent Cadence looks to attract,” says Eric Gruber, principal with Cadence. “We are looking forward to Pat bringing his management skills in …

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Foundry Commercial Appoints Jimmy Yu Joins as Vice President of Senior Living

by Jeff Shaw

TAMPA, Fla. — Foundry Commercial has hired Jimmy Yu as vice president of senior living. Yu is based in the firm’s Tampa office, which itself is experiencing exponential growth, with the additional appointments of a market leader and office broker in the past six months. In his role with Foundry, Yu manages the platform’s senior living investments, serving as the primary contact for operating and equity partners while assisting in acquisitions and due diligence. Yu has a long history in the senior living sector, having previously worked with national owners …

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AcquisitionsFinanceMassachusettsNews

Newmark Arranges Acquisition Financing for The Residence at Watertown Square in Massachusetts

by Jeff Shaw

WATERTOWN, Mass. — Newmark has arranged an undisclosed amount of financing for the acquisition of The Residence at Watertown Square, a 90-apartment senior living community located in the high-end Boston suburb of Watertown. Developed in 2014, the community features 19 independent living units, 46 assisted living units and 25 memory care units. Newmark’s Sarah Anderson, Ryan Maconachy, Chad Lavender, Ross Sanders and David Fasano represented the buyer, a joint venture partnership between Harrison Street Real Estate Capital and LCB Senior Living (LCB), in the placement of financing for the property. …

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AcquisitionsNew MexicoNewsNorth CarolinaTexas

Discovery Acquires 16 Properties, Launches New Morada Brand for Portfolio

by Jeff Shaw

BONITA SPRINGS, Fla. — Discovery Senior Living has acquired a portfolio of 16 seniors housing properties in Texas, North Carolina and New Mexico, the largest single acquisition in the Bonita Springs-based owner-operator’s history. Discovery’s partner on the acquisition was White Oak Healthcare REIT. The seller and names of the communities were not disclosed. As part of the purchase, Discovery launched a new brand — Morada Senior Living. Based in Dallas and wholly owned by Discovery, Morada will oversee the new portfolio with a dedicated management team led by a division …

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Active AdultDevelopmentNew YorkNews

Chelsea Living Opens Residences at Plainview Active Adult Community in New York

by Jeff Shaw

PLAINVIEW, N.Y. — Chelsea Living has opened The Residences at Plainview, an active adult community in the Long Island hamlet of Plainview. The community features newly renovated studio, one-bedroom and two-bedroom apartments with full kitchens, a custom wellness program and a host of amenities reminiscent of a luxury hotel. Chelsea operates a full-service assisted living and memory care community, Somerset Gardens, in Plainview less than a mile from the new property. The number of units at the property was not disclosed.

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