VANCOUVER, Wash. — JEA Senior Living has hired Christopher Belford as CEO, effective Nov. 1. Belford has nearly 30 years of executive operations experience in the seniors housing industry, working for multiple leading operators across the continuum of care. He most recently served as executive vice president at American Healthcare Investors (AHI) where he managed 140 communities within the company’s portfolio of seniors housing, skilled nursing and hospital assets throughout the United States and the United Kingdom. Before joining AHI, Belford was president of Brookdale Senior Living’s Western division, managing …
News
Diversified Healthcare Trust Completes $46M Sale of Three Communities in Washington, Montana
by Jeff Shaw
NEWTON, Mass. — Diversified Healthcare Trust (NASDAQ: DHC) has completed the previously announced sale of four assets for a combined sales price of approximately $53.3 million. These sales include a portfolio of three senior living communities with a combined 239 units in Washington and Montana for $46 million. The remaining asset, a 78,747-square-foot medical office property in Hattiesburg, Mississippi, sold for approximately $7.3 million. Details on the buyers and names of the properties were not disclosed. These sales were part of Newton-based DHC’s previously announced disposition plan to sell up …
SUGAR HILL, Ga. — Holbrook Life has unveiled plans for a new seniors housing community in Sugar Hill, approximately 35 miles northeast of downtown Atlanta. Plans call for 102 assisted living units and 28 memory care units at the community. Partners on the project include Holbrook Life Management, Choate Construction, Harrison Design Architect and Abbey Hall Interiors. The City of Sugar Hill Downtown Development Authority has offered an eight year, $5 million dollar tax abatement incentive for the project.
PENNSYLVANIA — Monticello has provided a $1.3 million working capital loan to the operator of a 181-bed skilled nursing facility in Pennsylvania. Monticello’s asset-based lending group, Monticello Commercial Capital, provided the financing. Further details on the name and location of the property were not disclosed. The borrower is an experienced owner and operator with a current portfolio of 3,566 licensed beds. Prior to this deal, Monticello financed the acquisition of several facilities between 2017 and 2019 for the company.
GEORGETOWN, Texas — MedCore Partners and The National Realty Group (TNRG) have started construction of The Hacienda at Georgetown, a 230-unit senior living community in Georgetown, a suburb of Austin. The community sits on a 13.2-acre tract situated at the south entrance to Sun City Texas, an extensive master-planned active adult community. The resort-style senior living campus will offer 125 independent living residences, 81 assisted living apartments and 24 memory care units. The $85 million project is the first part of a two-phase, $115 million campus. The second phase will …
KENT, Wash. — Cadence Living and Flournoy Development Group have broken ground on Cadence at Kent-Meridian in the Seattle suburb of Kent. The five-acre property is an infill location located adjacent to restaurants and other amenities, with views of Mount Rainier and contains a forest. The three-story building will feature 128 units for both independent and assisted living. Santé Development Group aided in the site selection process. “It is very rare to find a site that combines urban walkability with a natural preserve,” says Rob Leinbach, Cadence principal. “Combine that …
URBANDALE, Iowa — Essex Communities has acquired The Reserve on Walnut Creek in Urbandale, a suburb of Des Moines. The 121-unit independent living community is being converted by Essex from an entrance-fee model community to a rental model community and is Essex’s sixth acquisition and conversion like this over the past three years. The community will be rebranded as The Arbordale and will undergo a multimillion-dollar renovation that will update apartments and community spaces as well as expand services and amenities.
CONNECTICUT — Blueprint Healthcare Real Estate Advisors has arranged the sale of two skilled nursing facilities in Connecticut, one in the Hartford and one near New York City. The portfolio totals 197 beds and produced a combined annual revenue of $16 million. Blueprint previously represented the seller when it acquired a 10-property portfolio of which these two assets were part. A private investment group based in New York City sold the properties to a Connecticut-based company with existing operations in the state. The price was not disclosed.
NAPLES, Fla. — Moorings Park Communities, an operator based in Naples, has hired Dr. David Linz as site lead physician at the company’s Center for Healthy Living. Linz graduated Summa Cum Laude from Tufts University with a bachelor’s degree in biology. After earning his M.D. from Tufts University School of Medicine in Boston, he served his internship and residency at the University of Pittsburgh Medical Center in Pittsburgh. Linz currently serves as chief medical informatics officer for NCH Healthcare Systems. He is also a core faculty member of NCH Healthcare …
Allied Group Holdings Plans to Redevelop Mall Near Tampa as 154-Unit Assisted Living Facility
by Jeff Shaw
ST. PETERSBURG, Fla. — Allied Group Holdings has completed the acquisition of two retail buildings in St. Petersburg, with plans to redevelop the site into a seniors housing-anchored mixed-use project. The buyer acquired Maximo Mall, a 2.8-acre, 39,000-square-foot retail center, and the adjacent Maximo Plaza, a 2.5-acre, 10,600-square-foot, single-tenant retail building occupied by Ace Hardware. Local private lender LV Lending provided $3.6 million in financing for the transactions. Camilo Niño, Ricardo Uribe and Alen Hernandez of LV Lending led the financing. Allied Group Holdings plans to redevelop the site into …