MADISON, Wis. — ERDMAN has hired Isaac Wallace to join the Madison-based architectural studio as a design project manager. In his new role, Wallace will work with the firm’s senior living team. Wallace most recently worked with Iconica, where he was involved in leading senior living projects that followed a design-build delivery method. Before his time at Iconica, he worked for Dimension IV Madison Design Group and AG Architecture. Wallace received both his bachelor’s and master’s degrees in architecture from the University of Wisconsin-Milwaukee.
News
CHICAGO and NASHVILLE, Tenn. — Ventas (NYSE: VTR), a Chicago-based REIT and one of the largest owners of seniors housing in the country, has restructured its master lease with Brookdale (NYSE: BKD), the largest seniors housing operator in the country, in response to the challenges presented by the COVID-19 pandemic. Ventas owns 120 Brookdale-managed communities totaling 10,174 units. As part of the restructuring, Brookdale sold five communities that it both owned and operated to Ventas, but will continue to operate those properties. “These agreements represent a significant step forward toward …
TOLEDO, Ohio — Welltower Inc. (NYSE: WELL), a Toledo-based REIT and the largest owner of seniors housing in the United States, has appointed Diana Reid to its Board of Directors. With over 38 years of experience within the financial services industry, Reid joins Welltower’s board following 12 years at PNC Financial Services, most recently serving as executive vice president and executive of the bank’s commercial real estate business. Reid began her career in the mortgage products group at Citicorp before joining First Boston (now Credit Suisse), where she spent 19 …
ROCHESTER, N.Y. — Blueprint Healthcare Real Estate Advisors has arranged the sale of The Shire Senior Living in Rochester. The community features 200 beds of assisted living, as well as 42 standard apartment units. Ardent Senior Living sold the property to a New York-based owner-operator for an undisclosed price.
SUGAR LAND, Texas — Gardner Capital has completed construction of Gala at Four Corners, a 93-unit active adult community in the Houston suburb of Sugar Land. Gardner Capital developed Provision at Gala at Four Corners with the city of Sugar Land, partnering with RBC Capital Markets and the Fort Bend Housing Finance Corp. The general contractor was GCRE Construction and the property manager is Allied Orion Group.
Survey Shows Bipartisan Support for Increased COVID-19 Funding for Senior Living Industry
by Jeff Shaw
ALEXANDRIA, Va. — A new national survey, conducted by McLaughlin & Associates, shows 80 percent of voters support COVID-19 relief funding for senior living communities. The strong support is consistent across party lines and shows that three-quarters of the electorate are more likely to vote for a candidate who supports increased COVID-19 relief funding for senior living providers in the 2020 elections, according to Alexandria-based seniors housing association Argentum. “These past few months, COVID-19 has significantly impacted the residents and staff of our nation’s senior living communities, with many communities …
COLLEGE STATION, Texas — Oldham Goodwin Group has opened The Huntington at College Station, a 120-unit affordable seniors housing community in Central Texas. The property spans five acres and offers proximity to Baylor Scott & White Medical Center and the newly developed Midtown City Center mixed-use destination, as well as Texas A&M University. Units are reserved for persons over age 62, with income restrictions for 92 of the apartments. Construction began in June 2019. Alpha-Barnes Real Estate Services manages the community.
WICHITA, Kan. — KeyBank Community Development Lending and Investment (CDLI) has provided an $11.3 million tax-exempt construction and permanent bond loan for the acquisition of Somerset Tower Plaza in Wichita. Steele Properties plans to renovate the 100-unit affordable seniors housing community. The city of Wichita issued the bonds, and the National Development Council provided $4.2 million of Low-Income Housing Tax Credit equity. Originally constructed in 1979, the seven-story Somerset Tower Plaza is located two miles from the Wichita Central Business District. The renovation will include exterior upgrades and life-safety improvements. …
SALEM, Ore. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 190-unit seniors housing campus in Salem. The community features 94 independent living apartments, 22 cottages and 72 assisted living units. At the time it was put on the market, the property generated a 30 percent profit margin and was still 94 percent occupied despite the pandemic, according to Blueprint. The seller was an ownership group finalizing its exit from seniors housing. The buyer was a local owner-operator with two other communities within a mile of the …
CARY, N.C. — HJ Sims has arranged $6.6 million in financing for Samaritan Housing’s continued expansion plans at SearStone, a continuing care retirement community in Cary. Following the original Phase I development, SearStone consists of 131 independent living apartments, 38 independent living estate homes, 14 assisted living units and 25 skilled nursing beds. Sims financed the first phase of SearStone with a $117.5 million non-rated, fixed-rate bond issue in June 2012 and an expansion of the healthcare center in 2016 with an $8 million issue. Sims provided the original seed …