BLUE SPRINGS, Mo. — Arrow Senior Living has hired Katie Burrage as executive director at The Parkway Senior Living in Blue Springs, a suburb of Kansas City. Burrage joined The Parkway in May, at the height of the COVID-19 pandemic. Under her leadership, Parkway has implemented the use of mask detecting technology and thermographic cameras to prevent the spread of the virus. The community has been COVID-free since June 2020. A graduate of Lindenwood University, Burrage earned a double master’s degree in gerontology and healthcare management. She is also licensed …
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Cushman & Wakefield Arranges $37.1M Financing for Wellmore of Daniel Island in Charleston, South Carolina
by Jeff Shaw
CHARLESTON, S.C. — Cushman & Wakefield Senior Housing Capital Markets has arranged $37.1 million in financing of Wellmore of Daniel Island, an assisted living, memory care and skilled nursing community in Charleston. Wellmore of Daniel Island is a 186-unit, 198-bed community that opened in 2018. It is located within the Daniel Island area, near downtown Charleston and overlooking the Daniel Island Club Beresford Creek golf course. The borrower is an affiliate of Maxwell Group. The lender is Truist Financial. The Cushman & Wakefield team involved in the transaction included Richard …
PORT CHAROLOTTE, Fla. — Capital Square, a national investment sponsor specializing in tax-advantaged real estate offerings, has invested an undisclosed amount in Harbor View, an age-restricted manufactured housing community on the Peace River waterfront in Port Charlotte. “There is a scarcity of manufactured housing communities in Florida, creating an imbalance of supply and demand,” says Louis Rogers, founder and chief executive officer of Capital Square. “The community presents a value-add opportunity, with 38 vacant home sites out of 147 total home sites, and average home site rent of only $448, …
WINDSOR, Calif. — Oakmont Senior Living, an operator based in Windsor, has created two positions centered around culinary and resident programming, promoting two existing team members to fill the roles. Longtime Oakmont Senior Living executive Rina Younan has been named vice president of program development and will oversee culinary, memory care and activities. Oakmont also promoted Chef Andrew Moret to director of culinary. Younan joined Oakmont in 2013. She has more than 16 years of experience in the culinary arts and more than half of that in an executive leadership …
FORT WORTH, Texas — Greystar Real Estate Partners has unveiled plans for Album Keller Ranch, an active adult apartment community in Forth Worth. Developed in partnership with The Carlyle Group, the 180-unit community will be the first under the Album brand. “Album was created in response to a growing demand for the freedom and convenience of modern active adult rental living at a moderate monthly cost,” says Jackie Rhone, executive director of Greystar Active Adult Apartment Homes. Album Keller Ranch is scheduled to open in spring 2021. The community is …
WOODSTOCK, Ga. — Senior Living Investment Brokerage has arranged the sale of Insignia of Towne Lake, a 33-unit assisted living community in the Atlanta suburb of Woodstock. A Florida-based owner-operator acquired the asset for $2.9 million. The new owner plans to add memory care to the community. The transaction also included the assumption of a $2.6 million HUD loan. Built in 1996, the property was 94 percent occupied at the time of sale. The undisclosed seller was looking to remove operational outliers from its portfolio. Bradley Clousing and Patrick Byrne …
ALEXANDRIA, Va. — Argentum has hired Maggie Elehwany for the newly created role of senior vice president of public affairs. In this role, she will be responsible for leading Argentum’s public policy team and working with Argentum’s Public Policy Committee to build upon the Alexandria-based association’s government relations efforts and strengthening its public affairs strategy. “We believe her leadership and expertise will be vital in elevating awareness of the public policy priorities most critical to the senior living industry’s long-term health,” says James Balda, Argentum president and CEO. Elehwany joins …
OLNEY, Md. — Cadence Living and Flournoy Development Group have broken ground on Cadence Olney, a 107-unit seniors housing community in the Washington, D.C. suburb of Olney. The community is situated on 37 acres that includes 31 acres of forest preserve that will serve as a natural amenity for residents. The property will include a three-story building for independent living and assisted living and a two-story building for memory care.
ATLANTA — Timshel Development Group, in collaboration with The Gateway Cos. and the Atlanta Housing Authority, has purchased 4.3 acres of vacant land in Atlanta for Harmony at Bakers Ferry, an affordable seniors housing development. Located on the west side of Atlanta, the property will feature 108 units. Atlanta Housing Authority will own the plot and lease it to the developers. Douglas Calderwood with New South Realty Associates represented the housing authority in the acquisition. Perry Hayes with Bull Realty Inc. represented the seller, Executive Real Estate. The price and …
HELENA and CLANCY, Mont. — CareTrust REIT Inc. (NASDAQ: CTRE) has acquired two skilled nursing facilities in an off-market transaction. The first property is Apple Rehab Cooney, an 80-bed facility located on the campus of the St. Peter’s Health Regional Medical Center in Helena. The second is Elkhorn Healthcare & Rehabilitation, a 70-bed facility located in neighboring Clancy. National skilled nursing operator Eduro Healthcare will manage the communities. The transaction was CareTrust’s first to be initiated and closed in the midst of the COVID-19 pandemic. “Underwriting assets involves some added …