The National Association of Real Estate Editors (NAREE) has awarded Seniors Housing Business with an award for its writing on the affordable seniors housing sector. The association’s 70th annual journalism awards were held last week, the first of the event to be held virtually. During the event, the Seniors Housing Business article “Overwhelmed” won a bronze award for Best Commercial Real Estate Trade Magazine Story. The article dives into the level of affordable housing for seniors currently available, and how the issue is likely to get worse before it gets …
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Now approved for use in the United States, the first round of COVID-19 vaccines has officially landed. Employees and residents in assisted living and skilled nursing communities are in the first group slated to receive the immunization. While this is a strong sign that an end is on the horizon for a pandemic that has disproportionately affected seniors housing, it comes with a new challenge. Operators must now find a way to handle the complicated logistics of implementing the vaccine to millions of caregivers and residents. “It’s the first sign …
FORT MYERS, Fla. — Chicago Pacific Founders (CPF) and its subsidiaries, CPF Living Communities and Grace Management Inc., have acquired The Summit of Fort Myers, a 136-unit independent living community in Fort Myers. The property was previously known as Grand Villa of Fort Myers. The name change reflects the change in ownership, as well as the new operator, Grace Management. CPF also plans to implement improvements at the property. The Summit of Fort Myers is located in the Cypress Lake community, close to shopping areas, restaurants, medical facilities, and indoor …
Gardner Capital to Open Jubilee at Texas Parkway Affordable Community in Missouri City, Texas
by Jeff Shaw
MISSOURI CITY, Texas — Gardner Capital plans to complete construction on an affordable senior community, Jubilee at Texas Parkway, in Missouri City this month. The development was made possible through affordable housing financing programs from the Texas Department of Housing and Community Affairs. The community will feature 82 garden-style apartments and is currently leasing. Citibank served as the equity investment partner as well as the construction and permanent lender, while GCRE Construction was the general contractor for the project. “Missouri City represents a vibrant and growing suburb for the Houston …
SAN ANTONIO — Cushman & Wakefield has arranged an undisclosed amount of financing for Franklin Park Alamo Heights, a seniors housing community in the upscale Alamo Heights neighborhood of San Antonio. The borrowers were Harrison Street and Franklin Park Senior Living, which completed the 221-unit property in 2017. The community offers independent living, assisted living and memory care. The Cushman & Wakefield team involved in the financing included Richard Swartz, Jay Wagner, Jim Dooley and Jack Griffin. A regional bank provided the funds, which refinance existing debt.
Delaware County Housing Authority to Add 96 Affordable Units at Kinder Park Community Near Philadelphia
by Jeff Shaw
RIDLEY TOWNSHIP, Pa. — Pennrose, the Delaware County Housing Authority (DCHA), The County of Delaware and the Pennsylvania Housing Finance Agency (PHFA) have closed on financing for the final phase of the Kinder Park redevelopment in Ridley Township, near the Philadelphia International Airport. Phase IV will add 96 units of affordable seniors housing to the Kinder Park site, which already features 160 existing affordable apartments for seniors and individuals with disabilities, 154 townhomes, a community building and several community parks. The final phase is slated for completion in the spring …
FREDERICK, Md. — Love & Company, a Frederick-based marketing and consulting firm serving senior living providers, has hired Lauren Houlik as a senior research analyst. Houlik comes to Love & Company with recent leadership and consulting roles in market research. She has provided various senior living providers with data and insights to make well-informed decisions for their unique market areas. She also has a background in healthcare administration and population health management. Houlik will work alongside Karen Adams, Love & Company’s vice president of market intelligence.
BROOKHAVEN, N.Y. — HJ Sims has arranged $89 million in financing for an expansion project at Jefferson’s Ferry, a continuing care retirement community (CCRC) in the Long Island town of Brookhaven. Sims underwrote the initial construction bond financing in 1999 for Jefferson’s Ferry, followed by a refunding of this financing in 2006. The new funds will be used toward Jefferson’s Ferry’s Journey Toward Renewal project, an improvement and expansion of the residential and healthcare space. The project includes construction of a 20-unit building dedicated to assisted living residents with dementia, …
CEDARHURST, N.Y. — Oxford Finance LLC has provided a $7.4 million senior credit facility and revolving line of credit to Reach LTC, a Cedarhurst-based skilled nursing provider. The proceeds are being used for general working capital and the acquisition of a skilled nursing facility in Town and Country, Missouri, totaling 282 licensed beds. The name, seller and acquisition price were not disclosed. “REACH brings a regional focus to the Town and Country facility along with significant investment in the property expected to enhance resident experiences and staff capabilities,” says Tracy …
NEW JERSEY — Blueprint Healthcare Real Estate Advisors has arranged the sale of two assisted living communities in New Jersey. The properties each feature 39 units and are located 45 miles away from each other. A New Jersey-based owner-operator looking to expand acquired the properties as a value-add opportunity. The seller, price, names and specific locations were not disclosed.