As the seniors housing industry prepares for the incoming wave of future residents — the oldest baby boomers are now 74 years old — operators are adapting their strategies. “Being able to pivot your business is really key,” says Kelly Keefe of seniors housing software company MatrixCare. “There’s been an increasing shift, more of a light put on wellness initiatives.” Keefe’s comments came during a webinar panel she moderated on Sept. 17 titled “How the Pandemic, Baby Boomers and Technology are Changing the Senior Living Business.” Presented by Seniors Housing …
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PLANO, Texas — Forefront Living, a faith-based, nonprofit organization providing senior living and hospice services in the Dallas area, is seeking approval from Plano city officials to develop a senior living community in West Plano. The proposed community, The Outlook at Windhaven, would provide up to 190 independent living residences: a 160-unit apartment building with underground parking and 30 cottage homes. The campus would also include a 64-unit building for assisted living and memory care services and a clubhouse building. The community would be developed on an 18.2-acre creekside site. …
Cambridge Provides $3.2M HUD Refinancing for Kadie Glen Assisted Living in Wenatchee, Washington
by Jeff Shaw
WENATCHEE, Wash. — Cambridge Realty Capital Cos. has provided a $3.2 million HUD Lean loan to refinance Kadie Glen Assisted Living. Located in Wenatchee, in the central part of Washington between Seattle and Spokane, the property features 62 beds. The borrower is a limited liability company based in Washington state. Cambridge Realty Capital Ltd. of Illinois, the Cambridge business that specializes in underwriting FHA-insured loans, underwrote the transaction. The 32-year loan is fully amortizing.
CC Residential Selects United Plus Property Management to Operate The Residences at Monterra Commons in Cooper City, Florida
by Jeff Shaw
COOPER CITY, Fla. — CC Residential, a multifamily development firm led by Jim Carr and Armando Codina, has selected United Plus Property Management (UPPM) to operate The Residences at Monterra Commons, an active adult community in the Miami suburb of Cooper City. Construction began on The Residences at Monterra Commons this summer. Upon completion, the development will include 175 one- and two-bedroom apartments for adults aged 55 and older. Units at The Residence at Monterra Commons will range from 760 square to 1,465 square feet for two-bedroom. Amenities at the …
COOS BAY, Ore. — Blueprint Healthcare Real Estate Advisors has brokered the sale of Baycrest Memory Care, a 55-unit community in the coastal city of Coos Bay. A joint venture between an Oregon-based operator and its capital partner acquired the property with plans for renovations to the property. Details on the seller and price were not disclosed.
ATLANTA — Regional Health Properties Inc. (NYSE: RHE), a self-managed healthcare real estate investment company based in Atlanta that invests primarily in senior living and long-term care, has hired Ben Waites as chief financial officer and vice president. Most recently, Waites spent 10 years as vice president of finance and assistant treasurer for Cajun Operating Company Inc., the franchisor and operator of over 1,600 restaurant locations. In this role, he refinanced the organization’s debt, realizing more than $8 million in annual interest savings and restructured all bank relationships. Waites previously …
Inspired Living Launches Independent Living Brand with Inspirations at the Town Center in Jacksonville
by Jeff Shaw
JACKSONVILLE, Fla. — Inspired Living has started construction of Inspirations at the Town Center, the company’s first independent living community, in Jacksonville. Situated on 12.1 acres, the 227,000-square-foot building will feature a total of 169 apartments. Units will feature one- and two-bedroom options up to 1,200 square feet. The Inspired Living brand is the new independent living branch of Validus Senior Living Communities. Baxter Development is a partner on the project, which is scheduled for delivery in fall 2021.
NAPERVILLE, Ill. — Avenida Partners has completed construction of Avenida Naperville, an active adult community for residents over age 62 in the Chicago suburb of Naperville. The community totals 146 units. The community postponed its grand opening due to the COVID-19 pandemic. “We opened Avenida Naperville to meet the needs of the many adults that, as they get older, desire a smaller, maintenance-free home without having to sacrifice their independence,” says Michele Clemen, the community’s executive director. “The location offers easy access to the incredible cultural amenities of downtown Naperville …
MADISON, Minn. — Kraus-Anderson has started the construction of a $15 million expansion at Madison Healthcare Services in western Minnesota. The healthcare facility was originally constructed in 1952. The 52,639-square-foot renovation and expansion will include 37 new skilled nursing units, 12 assisted living units and 12 underground car parking spaces. Designed by HGA Architects, the project is slated for completion in summer 2022. Madison Healthcare Services provides skilled nursing, outreach specialty services, home care services, independent living, therapy services and a critical access hospital.
Colliers Mortgage Originates $5.6M Refinancing for Realife Cooperative of Bloomington in Minnesota
by Jeff Shaw
BLOOMINGTON, Minn. — Colliers Mortgage has originated a $5.6 million HUD 223(a)(7) loan for the refinancing of Realife Cooperative of Bloomington, a 78-unit seniors housing community in Bloomington. The three-story building includes an underground parking garage. Constructed in 1999, the property is restricted to households whose head of household is 62 years or older. The 30.7-year refinancing loan enabled the borrower to reduce the interest rate.