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Commonwealth Senior Living Promotes Earl Parker to CEO, Michelle Hamilton to COO

by Jeff Shaw

CHARLOTTESVILLE, Va. — Commonwealth Senior Living, a Charlottesville-based operator, has promoted Earl Parker to CEO. The move is part of a planned transition. The former CEO, Richard Brewer, will stay on as chairman. Michelle Hamilton, formerly senior vice president of operations, was also promoted to fill Parker’s previous role as chief operating officer. Brewer founded the company in 2002 and led the company’s growth from three to 33 communities over the last 19 years. “Since I joined the company in 2013, Commonwealth has grown considerably into one of the largest …

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AcquisitionsAssisted LivingMontanaNewsWyoming

SLIB Negotiates Sale of Two Communities in Montana, Wyoming

by Jeff Shaw

CODY, Wy., and GREAT FALLS, Mont. — Senior Living Investment Brokerage (SLIB) has arranged the sale of two assisted living communities, located in Cody and Great Falls. The portfolio totals 107 units of assisted living and independent living. The buyer is an Oregon-based regional owner-operator familiar with the region. The seller and price were not disclosed. Bradley Clousing, Jason Punzel and Jeff Binder of SLIB handled the transactions.

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CCRCIllinoisNewsPeople

Clare Oaks CCRC in Illinois Announces New Name, Leadership

by Jeff Shaw

BARTLETT, Ill. — Clare Oaks, a continuing care retirement community in the Chicago suburb of Bartlett, has changed its name to The Oaks at Bartlett and announced changes to its leadership team. ER Senior Management, which was appointed as the senior living community’s operator at the end of 2020, led the changes. Tim Lynch will take over the community as executive director. With more than 20 years’ experience in the healthcare and senior living fields, Lynch began his career as a physical therapist and has held management positions in hospitals …

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FinanceNews

Grandbridge Arranges $36.3M Financing Package for BrightSpace Senior Living

by Jeff Shaw

CHATTANOOGA, Tenn. — Grandbridge’s Atlanta-based Seniors Housing and Healthcare Finance team has arranged $36.3 million in financing for BrightSpace Senior Living, a Chattanooga-based owner-operator. The financing package included two separate loans, both through Freddie Mac. The use of the funds was not disclosed. Richard Thomas led the transaction for Grandbridge.

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FinanceNews

Ventas Closes New $2.8B Unsecured Credit Facility

by Jeff Shaw

CHICAGO — Ventas Inc. (NYSE: VTR) has closed a four-year, $2.8 billion unsecured credit facility. The credit facility was oversubscribed, with support from 24 new and incumbent financial institutions, according to the Chicago-based REIT borrower. “Ventas’ successful completion of this transaction reinforces our ample liquidity, extends our debt maturities and improves our borrowing costs,” says Robert Probst, executive vice president and chief financial officer for Ventas. The credit facility is initially priced at 82.5 basis points over LIBOR, based on the company’s debt ratings, a five-basis-point improvement from pricing under …

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Active AdultNewsPeople

Livingston Street Capital Hires Two to Expand Active Adult Sector Growth

by Jeff Shaw

RADNOR, Pa. — Livingston Street Capital, a boutique private equity firm focused on commercial real estate investments, has expanded its leadership team to coincide with the firm’s actively growing focus on active adult and independent living assets nationally. The Randor-based firm, which currently owns nearly 1,000 active adult and independent living units in addition to its core and core-plus industrial and office holdings, has appointed Brian Krill as chief financial officer and senior housing industry veteran Shawn Rose as managing director of asset management. “As we strategically expand our holdings …

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AcquisitionsFeaturesNews

Seniors Housing Sellers Are Highly Motivated Coming Out of COVID-19, Webinar Panel Concludes

by Jeff Shaw

Seniors housing investors may be switching from development to acquisitions in the near term, as highly motivated sellers seek to unload existing properties at a lower price than the cost of building a new community. The prospect of highly motivated sellers has largely come as a result of the stresses of operating seniors housing during a global pandemic. “We’re starting to see valuations that are well below what we can develop for,” said Bill Pettit of R.D. Merrill Co. “If it’s the right business model and the right locations, we’ll …

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Affordable HousingDevelopmentNewsNorth Carolina

Hunt Capital Partners, Durham Housing Authority Plan Redevelopment of J.J. Henderson Senior Apartments in North Carolina

by Jeff Shaw

DURHAM, N.C. — Hunt Capital Partners, Durham Housing Authority and California Commercial Investment Group Inc. have closed $7.5 million in Low-Income Housing Tax Credit (LIHTC) equity financing for the acquisition and rehabilitation of J.J. Henderson Senior Apartments in Durham. The acquisition is a Rental Assistance Demonstration (RAD) transaction, a program administered through the U.S. Department of Housing and Urban Development (HUD). By utilizing RAD, Durham Housing Authority gains access to more public and private funding resources to refurbish and preserve the property. Additionally, J.J. Henderson Senior Apartments converts from a …

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AcquisitionsAssisted LivingNewsTexas

Blueprint Brokers Sale of 36-Unit Villagio of Kerrville in Texas

by Jeff Shaw

KERRVILLE, Texas — Blueprint Healthcare Real Estate Advisors has arranged the sale of Villagio of Kerrville, a 36-unit seniors housing community in Kerrville, approximately 65 miles northwest of San Antonio. The community has maintained occupancy levels more than 90 percent and operational margins around 30 percent over recent historical periods (adjusted for COVID-19). The community is well located near Kerrville’s primary retail corridor and less than three miles from two large hospitals — Peterson Regional Medical Center and the Kerrville State Hospital. Local senior demographics are projected to grow significantly …

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AcquisitionsActive AdultMinnesotaNews

JLL Arranges $18.8M Sale of The Estates at Arbor Oaks in Andover, Minnesota

by Jeff Shaw

ANDOVER, Minn. — JLL Capital Markets has arranged the sale of The Estates at Arbor Oaks, an active adult community in Andover, a northern suburb of Minneapolis. Estates of Arbor Oaks LLC sold the property to PC Arbor Oaks for $18.8 million. The Estates at Arbor Oaks sits on 12.5 acres and features 66 one-, two- and three-bedroom units. It was 95.5 percent occupied at the time of sale. The JLL Capital Markets team representing the seller was led by Dan Linnell, Mox Gunderson, Josh Talberg and Adam Haydon. The …

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