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The Springs Names Joel Allen as Executive Director of The Springs at Whitefish in Montana

by Jeff Shaw

WHITEFISH, Mont. — The Springs Living has named Joel Allen as the new executive director of The Springs at Whitefish in Whitefish, a resort town in the northwest quadrant of the state.  Allen joins The Springs Living after seven years with Logan Health Medical Center in Kalispell, where he most recently served as a practice manager, overseeing clinic staffing, compliance and patient satisfaction. He also has significant experience as a financial advisor and operations manager.  Allen has a master’s degree in international finance and business from the University of the …

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AcquisitionsMichiganNews

Blueprint Brokers Sale of 102-Unit Community in Western Michigan

by Jeff Shaw

WYOMING, Mich. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a seniors housing community in the Grand Rapids suburb of Wyoming. A privately held REIT focused primarily on private-pay seniors housing communities throughout the U.S. sold the asset to Commonwealth Senior Living. The price was not disclosed. The community was constructed in 2015 on a two-acre parcel adjacent to the University of Michigan-West Hospital campus. Michael Segal, Brooks Blackmon, Lauren Nagle and Daniel Waldhorn led the Blueprint team.

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AcquisitionsNewsSkilled NursingTexas

LTC Provides $12.7M Acquisition Loan for Seniors Housing Campus in Katy, Texas

by Jeff Shaw

KATY, Texas — LTC Properties Inc. (NYSE: LTC) has provided a $12.7 million senior loan to Ignite Medical Resorts for the acquisition of a skilled nursing and assisted living campus in Katy, a suburb west of Houston. The investment will be an unconsolidated joint venture between LTC and Ignite. The five-year loan features full-term interest-only payments at a current rate of 9.15 percent. It includes a capital expenditures investment of approximately $800,000 for campus improvements. LTC expects this investment to generate approximately $884,000 of revenue in 2024. The campus was …

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AcquisitionsAssisted LivingConnecticutNews

Berkadia Arranges Sale of 85-Unit Community in Stamford, Connecticut

by Jeff Shaw

STAMFORD, Conn. — Berkadia has arranged the sale of an 85-unit assisted living and memory care community in Stamford, approximately 30 miles northeast of Manhattan.  Mike Garbers, Cody Tremper, Dave Fasano and Ross Sanders of Berkadia represented the seller, a publicly traded REIT. The undisclosed buyer is based in New England. No price was released.

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NewsPeople

Acts Retirement-Life Communities Announces New Appointments to Leadership Team

by Jeff Shaw

FORT WASHINGTON, Pa. — Acts Retirement-Life Communities, a nonprofit owner-operator based in Fort Washington, has made a host of updates to its corporate staff roles. Within the C-Suite, Jim Petty was promoted to chief strategy officer and Sean Fletcher was promoted to senior vice president of real estate services. Additionally, the following individuals were also promoted within the organization:

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FeaturesNews

Seniors Housing Occupancy Rises to 85.6 Percent in 11th Consecutive Quarterly Increase, Says NIC

by Jeff Shaw

ANNAPOLIS, Md. — The occupancy rate for private-pay seniors housing rose 50 basis points to 85.6 percent in the first quarter of 2024, according to data from NIC MAP Vision. It’s the 11th consecutive quarterly increase in occupancy as the industry continues to recover from impacts of the COVID-19 pandemic. The occupancy figure marks an increase of 780 basis points from the pandemic low of 77.8 percent in second-quarter 2021, but still just shy of the pre-pandemic mark of 87.1 percent in first-quarter 2020. NIC MAP Vision is a product …

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Affordable HousingCaliforniaDevelopmentFinanceNews

Wells Fargo Provides $57.9M Financing for La Sabila Affordable Development in San Diego

by Jeff Shaw

SAN DIEGO — Wells Fargo’s Community Lending and Investment (CLI) group has provided a total of $57.9 million in financing for construction of La Sabila, an affordable housing community for seniors in San Diego. The borrower is Wakeland. CLI provided a $30.5 million construction loan and $27.4 million equity investment. The project will consist of 85 residential units reserved for low-income residents over age 55. Further details were not disclosed. Timothy McCann, Terence Cordero and Jessica Gonzalez of CLI arranged the financing.

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AcquisitionsAssisted LivingFloridaNews

SLIB Negotiates Sale of 86-Unit The Palms of Ponte Vedra in Florida

by Jeff Shaw

PONTE VEDRA, Fla. — Senior Living Investment Brokerage (SLIB) has arranged the sale of The Palms of Ponte Vedra, an 86-unit assisted living and memory care community in the Jacksonville suburb of Ponte Vedra. Constructed in 2015, the two-story building sits on 14.5 acres.  The seller was a regional owner-operator in Florida. The buyer was a locally based regional owner-operator looking to expand its presence in Florida. The price was not disclosed Brad Clousing and Daniel Geraghty led the transaction for SLIB.

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NewsPeopleTexas

Buckner Retirement Services Hires John Falldine as Senior Executive Director in Dallas

by Jeff Shaw

DALLAS — Buckner Retirement Services has hired John Falldine as senior executive director for Ventana by Buckner, a high-rise seniors housing community in Dallas. Falldine will oversee community operations, regulatory compliance, and resident and associate relations. He most recently served as executive director of Edgemere, another senior living community in Dallas. Falldine previously held leadership roles with Greystone Communities LLC and served as a senior living operations and marketing consultant for several senior living communities across the country. He has a bachelor’s degree from Oklahoma State University and an MBA …

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Affordable HousingDevelopmentNew YorkNews

Lendlease Completes 149-Unit Garden Towers Affordable Community in the Bronx

by Jeff Shaw

NEW YORK CITY — Lendlease has completed construction of Garden Towers, an affordable seniors housing community in the Bronx.  Developed by Foxy Management, in partnership with HANAC Inc. and JLD Advisory LLC, the building features 149 rental homes for low-income adults age 62 or older. Lendlease served as general contractor on the development, located in the Morrisania neighborhood. Garden Towers features two mid-rise residential buildings, with an eight-story building facing Boston Road and a seven-story building facing Clinton Avenue. In addition to meeting Enterprise Green Communities criteria, Garden Towers was …

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