MULVANE, Kan. — Boston Capital has invested in the development of Homestead Senior Residences Mulvane II, a 24-unit affordable seniors housing community in Mulvane, approximately 16 miles southwest of Wichita. The general partner is Homestead Affordable Housing. The property will be located adjacent to Homestead Senior Living Mulvane Phase I, a 40-unit development built in 2012. The amount of Boston Capital’s investment was not disclosed. LK Architecture LLC designed the community, which will be restricted to residents 62 or older earing up to 80 percent of the area median income …
News
Monticello Provides $41M in Financing for 336-Bed Skilled Nursing Portfolio in Tennessee
by Jeff Shaw
TENNESSEE — Monticello has provided $41 million to refinance two skilled nursing properties totaling 336 beds in Tennessee. The names and specific locations of the properties were not disclosed The borrower is an experienced owner and operator with a current portfolio of 8,752 licensed beds. Prior to this deal, Monticello financed the sponsor’s acquisition of a number of facilities over the last several years in multiple transactions.
KENNETT SQUARE, Pa. — David Jones, Kendal Corp.’s vice president for development, will retire June 26 after 27 years with the organization. Since joining Kendal in 1992, Jones has collaborated with executive directors, affiliate boards of directors and staff throughout the Kendal system. The nonprofit owner-operator is based in Kennett Square. During Jones’s tenure, Kendal added 11 new affiliates in seven states. He has served as project leader for the design and construction of several Kendal communities and has overseen renovations and expansions on many Kendal campuses. Over the past …
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 …
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 …