TACOMA, Wash. — Lument has hired David Boitano as a managing director. He will be responsible for delivering an array of debt and structured products to the firm’s seniors housing and healthcare clients. Boitano will be based in Tacoma as part of Lument’s Western region team co-led by Casey Moore and Doug Harper, both managing directors. Boitano has 25 years of experience in seniors housing finance. Prior to joining Lument, he was a senior vice president at Ventas, a healthcare REIT, where he completed over $15 billion in healthcare real …
News
Walker & Dunlop Arranges $86M in Financing for Two Seniors Housing Communities in Western U.S.
by Jeff Shaw
PALO ALTO, Calif., and HONOLULU — Walker & Dunlop Inc. has arranged a total of $86 million in financing for two seniors housing properties. The loans provided $45 million to EWS Real Estate Investment Co. for Palo Alto Commons, a 181-unit property in Palo Alto, and $41 million to The MW Group for The Plaza at Moanalua, a 160-bed community in Honolulu. Both properties offer assisted living, independent living and memory care. Palo Alto Commons, built in 1989 and 2010, is a three-story, two-building complex with a mix of studio, …
JCH Negotiates $5.4M Sale of Skilled Nursing, Assisted Living Campus in Southern California
by Jeff Shaw
HEMET, Calif. — JCH Senior Housing Investment Brokerage has arranged the sale of a seniors housing community in Hemet, located the San Jacinto Valley, totaling 64 skilled nursing beds and 49 assisted living beds. A family-owned owner-operator sold the property to a first-time buyer for $5.4 million. The new owner immediately leased the property to a local assisted living operator. The price equates to a capitalization rate of 9 percent and a price per bed of $84,375.
DELRAY BEACH, Fla. — Tuscan Gardens Senior Living proudly announces the opening of Tuscan Gardens of Delray Beach. The property offers assisted living, “enhanced assisted living” and memory care. The number of units was not disclosed. The luxury community is located within 15 miles of multiple hospitals, including those for rehabilitation and short- and long-term acute care.
LOS ANGELES — The Stahler Group of Marcus & Millichap has arranged the sale of an 89-unit assisted living and memory care community in Los Angeles County. The specific name and location of the property were not disclosed. A private investor sold the property to a regional owner with a track record of successful turnarounds. The price was not disclosed. The property was originally leased to Summerville followed by Emeritus and then ultimately Brookdale following the merger with Emeritus. Brookdale recently chose to not renew its lease.
PHILADELPHIA — Pennrose has promoted Ivy Dench-Carter to senior vice president of development. In this role, she will oversee the execution and growth of Pennrose’s development pipeline within multiple designated regions, be responsible for the oversight of performance goals for the regions as identified in Pennrose’s Strategic Plan and monitor regional performance and efficiency. Dench-Carter will provide executive representation of Pennrose among industry organizations and associations, financial partners, design and construction partners, housing authorities, and state agencies. Prior to her new role, Dench-Carter served as the regional vice president of …
Sparrow Partners to Break Ground on Sage Cobblestone Active Adult Community in Norman, Oklahoma
by Jeff Shaw
NORMAN, Okla. — Sparrow Partners will break ground this week on the first active adult community in Norman, the 168-unit Sage Cobblestone. The community will be adjacent to the Cobblestone Creek Golf Course and 2.5 miles from the University of Oklahoma. The first residents are scheduled to move in to the six-acre property in the spring of 2022. The community’s one- and two-bedroom apartments will rent for between approximately $1,400 and $2,055 a month, compared to the $3,345 average monthly cost of an assisted living facility in Oklahoma, according to …
Survey of Sunrise Residents, Families Shows 92 Percent Plan to Request COVID-19 Vaccine
by Jeff Shaw
MCLEAN, Va. — A recent survey of Sunrise Senior Living residents and families found that more than 92 percent of respondents would “definitely” or “probably” request the vaccine for themselves, or their loved ones. This data point is one of several findings in a recent survey powered by Qualtrics with more than 8,000 respondents. According to Pew Research Center, only 60 percent of all Americans said they would definitely or probably get a vaccine to prevent COVID-19. McLean-based Sunrise recently announced that its senior living communities, which offer assisted living, …
PERRY, Iowa — Blueprint Healthcare Real Estate Advisors has arranged the sale of Rowley Masonic Community, a seniors housing campus located on more than 20 acres in Perry, a suburb of Des Moines. The original Rowley Masonic Community was built in the late 1950s with eight independent living cottages added in the 1980s. In January 2014, the seller began constructing a 72,000-square-foot addition featuring 16 assisted living units and 57 skilled nursing and transitional care beds. The Board of Directors engaged Health Dimensions Group in 2018 to help stabilize operations …
Mathew Dougherty to Take Over as President of McShane Construction Co. Following Retirement of Jeffrey Raday
by Jeff Shaw
ROSEMONT, Ill. — After serving as president of McShane Construction Co. for 22 years, Jeff Raday will retire at the end of the year. Upon Raday’s retirement from the firm, Mat Dougherty, executive vice president at McShane, will transition into the president’s role. “We have been planning this transition for quite some time,” says Raday. Raday joined the firm in October 1996 as vice president and was promoted to president in March 1998. Under his leadership, the firm broadened its project portfolio and diversified geographically, expanding into new markets across …