KNOXVILLE, Tenn. — Shannondale has unveiled plans for The Lodge at Shannondale, a 96-unit independent living expansion at the company’s seniors housing campus in West Knoxville. The Lodge is scheduled to open later this year, with pre-sales currently open to the public. Floor plans include one- and two-bedroom options ranging from 771 to 1,550 square feet. Cooper Architecture designed the project. The Christman Company is already underway on construction. Home Federal Bank provided financing. Shannondale opened in 1967 and has locations in Knoxville and Maryville.
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CHICAGO — Pathway to Living, a Chicago-based developer, owner and operator of seniors housing, has promoted Sue Schaefer to regional director of operations. Schaefer will oversee operations at the company’s Northern Illinois communities, including Azpira Place of Lake Zurich, Oak Hill Supportive Living in Round Lake Beach, Victory Centre of Vernon Hills, Victory Centre of Bartlett and Alexian Village in Elk Grove. Schaefer was executive director of Azpira Place of Lake Zurich since its opening in May 2017. She was previously the executive director of Heritage Woods of Huntley. A …
CHICAGO— Evergreen Real Estate Group and the Chicago Housing Authority (CHA) have started construction of Ravenswood Senior Living, a 193-unit affordable seniors housing community in the Ravenswood neighborhood on Chicago’s North Side. The $81 million project will convert the former 10-story Ravenswood Hospital — which was built in 1974 and has been vacant since 2002 — into affordable rental units. The property will total 74 independent living apartments for low-income residents and 119 units under the Illinois Supportive Living program, which allows government reimbursement for assisted living services. While the …
MURFREESBORO, Tenn. — Brookdale Senior Living (NYSE: BKD) has exercised a purchase option to acquire eight communities from Murfreesboro-based National Health Investors Inc. (NYSE:NHI). The assisted living facilities total 336 units and span three states. Brookdale paid $39.3 million. Further details on the names and locations of the properties were not released.
LOUISIANA — Blueprint Healthcare Real Estate Advisors has arranged sale of a portfolio of five seniors housing communities located throughout Louisiana. The Georgia-based owner-operator, which originally developed the communities in the late 1990s, chose to sell the properties to focus on its home-state portfolio. A joint venture partnership between California-based Griffin-American Healthcare REIT IV and Georgia-based Senior Solutions Management Group (SSMG) acquired the portfolio. The price and specific names of the properties were not disclosed. Brooks Blackmon and Steve Thomes facilitated the transaction for Blueprint.
Harmony Senior Services Appoints Steve Martin as Chief Operations Officer, Margaret Cabell as Chief Marketing Officer
by Jeff Shaw
CHARLESTON, S.C. — Harmony Senior Services, a Charleston-based operator, has hired Steve Martin as chief operations officer and Margaret Cabell as chief sales and marketing officer. Martin has 33 years of experience in seniors housing. He started in skilled nursing and moved into assisted living in 1993, working with major senior living organizations such as Atria, Merrill Gardens and Horizon Bay. Most recently he spent 19 years with Brookdale Senior Living as the senior vice president of regional operations with oversight of 90 communities in Florida and Georgia. Martin earned …
WINDSOR, Calif. — Oakmont Senior Living has promoted Matt Stevenson to chief operating officer. Stevenson served as senior vice president of operations since joining Oakmont Management Group in 2018. Before joining Oakmont, he was vice president of operations for Belmont Village Senior Living. Stevenson has more than 14 years of experience in the senior living space, managing communities across multiple states. His experience includes operations management, financial analysis, strategic planning, project management, oversight of new development and the integration of technology platforms. Windsor-based Oakmont has been in growth mode since …
GREENVILLE, S.C., and NAPLES, ST. PETERSBURG and CLEARWATER, Fla. — Inspirit Senior Living has acquired a portfolio of four seniors housing properties located throughout the west coast of Florida and in South Carolina. Formerly operated by Brookdale Senior Living, the communities have been rebranded as The Collier at Naples in Naples, The Pointe in St. Petersburg, The Landmark in Clearwater and The Parker in Greenville. Inspirit formed a joint venture with Venue Capital LLC, an investment and asset management firm that partners with regional operators, for the acquisition. Inspirit and …
Lancaster Pollard Provides $4.9M HUD Refinancing for Marjorie House Memory Care in Oregon
by Jeff Shaw
MCMINVILLE, Ore. — Lancaster Pollard has arranged a $4.9 million HUD loan to refinance Marjorie House, a 45-bed memory care community in McMinnville, approximately 35 miles southwest of Portland. Senior Development Resources operates the community. The borrower is Giza Development, which used the original bridge loan from OREC Structured Finance Co. to buy out other investors and refinance construction debt. Under HUD rules, the project was immediately available for permanent refinancing, and Giza received long-term rate through the FHA Section 232/223(f). Ross Holland led the transaction for Lancaster Pollard.
CANTON, Ohio — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 74-unit assisted living and skilled nursing facility in Canton. A local owner-operator seeking retirement sold the property to a regional developer, owner and operator for an undisclosed price. The name of the community was not released. The property was constructed in 2016. It was cash-flow neutral at the time of sale, so was marketed as a value-add opportunity. The incoming owner-operator plans to de-license the skilled nursing beds, introduce memory care, bring in new leadership and …