AUSTIN, Texas — Ziegler, acting as bank placement agent, has arranged $110.9 million in financing for Westminster, a nonprofit continuing care retirement community (CCRC) in West Central Austin. LCS has managed the property since 1981. Located on approximately 9.3 acres, the community comprises 327 independent living units, 22 assisted living units, 30 memory care units and 55 skilled nursing beds. The financing is a combination of $63.9 million in bank bonds and a $47 million short-term loan. The borrower expects to retire the short-term loans using entrance fees from an …
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MONTGOMERY, Ala. — Legendary Living and Integral Senior Living have unveiled a new strategic partnership to develop multiple best-in-class senior living projects, with the first being Legendary Living Montgomery in East Montgomery. Legendary Living Montgomery will be the second senior housing project for the Destin, Florida-based developer. The campus will comprise 50 age-restricted cottages, 64 units for independent living and 73 units for assisted living, 24 of which will be dedicated to those with memory impairment. Construction of Legendary Living Montgomery is scheduled to begin this year, with a planned …
SPRINGFIELD, Pa. — Tryko Partners has purchased the Harlee Manor and Springfield Commons skilled nursing campus in Springfield, approximately 12 miles west of downtown Philadelphia. Located on more than six acres, the property totals 173 skilled nursing beds and personal care units. It will be rebranded as Springfield Rehabilitation & Healthcare Center and Springfield Crossings. The acquisition price was not disclosed. Tryko is planning to immediately start a $2.5 million improvement plan for both the physical plant and programming. Tryko Partners’ regional portfolio includes three additional skilled nursing facilities in …
FRANKLIN, Wis. — New Perspective has opened New Perspective|Franklin, a seniors housing community in the southwestern Milwaukee suburb of Franklin. The property totals 149 units of independent living, assisted living and memory care. “Despite opening during the pandemic, our senior living community has received a fantastic response from the Franklin area with initial move-ins even exceeding our initial expectations,” says Chris Hyatt, partner and president with New Perspective.
SCOTTSDALE, Ariz. — Cadence Living has hired David Haack as chief marketing officer. Haack has over 27 years of experience in sales and marketing in the senior living and healthcare industries. Most recently, he was executive vice president and chief marketing officer for Living Care Lifestyles. Previous employers include Mercury Pharmacy Services, Emeritus and Sun Healthcare Group. Based in Scottsdale, Cadence Living is currently developing, owns and/or operates communities throughout the South and West.
MADISON, Ga. — Vitality Living has formed a development partnership with Hillpointe LLC to build Vitality Living Madison, which is currently under construction. Upon full build-out, the project will feature 332 units of seniors housing in Madison, a small city approximately 60 miles east of Atlanta. Located on 73 acres, Vitality Living Madison will be built in phases. Phase I features a mix of two-bedroom independent living villas and one-bedroom apartments, as well as amenities such as a fitness center. Phase II will add assisted living and memory care units …
WASHINGTON, D.C. — Even more than three months into the COVID-19 pandemic, more than half of assisted living operators have less than a two-week supply of personal protective equipment (PPE) for staff. This is according to a recent survey by the National Center for Assisted Living (NCAL). Based in Washington, D.C., the organization is the assisted living arm of the American Health Care Association. The survey polled 375 NCAL members between June 10 and June 17. While more than 70 percent of operators have asked for help from state and …
EVANSTON, Ill., and CHAUTAUQUA, N.Y. — Mather and Chautauqua Institution have entered into a partnership to jointly implement research and programming to engage and enrich the lives of seniors, while also providing a forum to discuss critical issues. Through the partnership, residents of senior living communities across the U.S. are invited to engage in CHQ Assembly, a new video platform where subscribers can access lectures, worship, performances, visual arts and recreation programs on their desktop or laptop computers or on mobile devices and televisions. Chautauqua Institution, based in the Western …
NORTH PROVIDENCE, R.I. — Private equity investment firm Tryko Partners has been selected to acquire Hopkins Manor, a 200-bed skilled nursing facility in North Providence. Tryko will purchase the property out of receivership for $14.5 million. Tryko and its healthcare affiliate, Marquis Health Services, will assist Jonathan Savage of Shechtman Halperin Savage, the Rhode Island Superior Court-appointed special master for Hopkins Manor. Savage, with the facility’s team of caregivers and staff, has stabilized and successfully marketed the facility, culminating the court approval just seven weeks after the start of the …
ANNAPOLIS, Md. — Assisted living properties experienced a 90-basis-point decline to 85.2 percent stabilized occupancy in May 2020. This compares with 86.1 percent in April and 87.8 percent in March, the first full month of the COVID-19 pandemic. The data comes from the National Investment Center for Seniors Housing & Care (NIC), based on the Annapolis-based organization’s top 31 U.S. markets. In response to the coronavirus outbreak, NIC has started reporting data monthly rather than quarterly. The impact was less severe for independent living properties, which experienced a 60-basis-point decrease …