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Affordable HousingDevelopmentFinanceMassachusettsNews

MassDevelopment Issues $39.9M Bond Financing for Affordable Project in Brookline, Massachusetts

by Jeff Shaw

BROOKLINE, Mass. — MassDevelopment has issued a $39.9 million tax-exempt bond on behalf of 32 Marion Apartments LLC, an affiliate of Brookline Housing Authority, which will use proceeds to build 115 units of affordable housing for seniors and individuals with disabilities in Brookline’s Coolidge Corner neighborhood.  The new one-bedroom units in the Boston suburbs will be rented to households earning no more than 60 percent of area median income ($62,340 for a one-person household) and will replace 60 outdated existing public housing units on the property. Bond proceeds will also …

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FeaturesNews

BBG Survey: Investors Expect Rising Rents, Flat Cap Rates in 2024

by Jeff Shaw

DALLAS — Looking forward to the rest of 2024, seniors housing investors expect capitalization rates to stay flat or compress, rents to rise faster and operating expenses to continue to increase. That’s according to a seniors housing investor survey by BBG, a Dallas-based commercial real estate services firm. Conducted in January 2024, the survey garnered insights from key players across the U.S. seniors housing market, including investors, developers, lenders and brokers. The methodology and number of respondents were not disclosed. Seniors housing property types analyzed in the survey include active …

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ConnecticutNewsOperations

Benchmark Senior Living to Operate 83-Unit Sunrise of Stamford in Connecticut

by Jeff Shaw

STAMFORD, Conn. — Benchmark Senior Living has taken over operations of the former Sunrise of Stamford, an assisted living and memory care community in Stamford, approximately 25 miles northeast of New York City. The 83-unit community will now be called Benchmark at Stamford.Including the new addition, Benchmark currently operates 65 senior living communities throughout the Northeast, including 20 in Connecticut and eight in Fairfield County. The company offers independent living, assisted living, memory care and respite care.

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NewsPeople

HDG Names Jon Dittman as Manager of Consulting Services

by Jeff Shaw

MINNEAPOLIS — Health Dimensions Group (HDG), a Minneapolis-based management and consulting organization, has promoted Jon Dittman to manager of consulting services. In his role, Dittman supports the strategy and operational aspects of several service lines delivered through HDG’s consulting practice. He serves as a consultant on client engagements and assists with market demand studies, subject-area research, demographics and other market studies and analyses. In addition, he conducts life-safety code surveys and emergency preparedness plan reviews. Prior to joining HDG, Dittman worked for more than 15 years in healthcare purchasing, capital …

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FeaturesNews

Groundbreaking Study Shows Seniors Housing Residents Live Longer Than Counterparts in Greater Community

by Jeff Shaw

DALLAS — Older adults who live in seniors housing communities live longer, receive more home health services and benefit from greater rehabilitative and preventive care in the two years following move-in than those who do not, according to new research conducted by NORC at the University of Chicago. The National Investment Center for Seniors Housing & Care (NIC), which commissioned the study, unveiled the findings Tuesday during a press briefing at the Omni Dallas Hotel, site of the 2024 NIC Spring Conference. The three-day event has attracted approximately 1,825 industry …

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DevelopmentFinanceMichiganNews

Colliers Arranges $21.6M Construction Loan for Development in Muskegon, Michigan

by Jeff Shaw

MUSKEGON, Mich. — Colliers has arranged $21.6 million in construction financing for a seniors housing project in Muskegon, located west of Grand Rapids and directly across Lake Michigan from Milwaukee. The property will feature 105 units of independent living, assisted living and skilled nursing in a combination of studio, one-bedroom and two-bedroom units.   The term of the loan is 48 months with one twelve-month extension option. Christopher Fenton and Catherine Eby of the seniors housing team of Colliers Mortgage, in conjunction with Nick Skarich and Kevin McMahon of Colliers Funding …

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AcquisitionsKansasNewsSkilled Nursing

Ensign Group Acquires 45-Bed Skilled Nursing Facility in Atchison, Kansas

by Jeff Shaw

ATCHISON, Kan. — The Ensign Group Inc. (Nasdaq: ENSG) has acquired the real estate and operations of Atchison Senior Village Rehabilitation and Nursing Center, a 45-bed skilled nursing facility located in Atchison, located along the Missouri river approximately 45 miles northwest of Kansas City. The real estate was acquired by a subsidiary of Standard Bearer Healthcare REIT Inc., Ensign’s captive real estate company. Gateway Healthcare, Ensign’s Kansas-based subsidiary, will handle operations. In a separate transaction on the same day, Ensign announced that its affiliates acquired the operations of Park Post …

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AcquisitionsAssisted LivingFloridaNews

Blueprint Negotiates Sale of 110-Unit Community in Lake Worth, Florida

by Jeff Shaw

LAKE WORTH, Fla. — Blueprint Healthcare Real Estate Advisors has brokered the sale of a 110-unit assisted living and memory care community in the Palm Beach-area city of Lake Worth. The property, which was not named, was sold as a value-add opportunity despite being Class A and opened in 2019. While the community never stabilized, it did experience positive momentum in 2022 and early 2023 and was around breakeven at launch despite supply pressure in the submarket, according to Blueprint. A national developer/investor sold the asset to Capital Senior Ventures …

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AcquisitionsDelawareNewsSkilled Nursing

ESI Brokers $10M Sale of Courtland Manor in Dover, Delaware

by Jeff Shaw

DOVER, Del. — Evans Senior Investments (ESI) has arranged the sale of Courtland Manor, a skilled nursing community in Dover.  An independent owner-operator sold the asset for $10 million, or $142,857 per bed. The buyer was a New York-based owner-operator. Since its inception in 1986, Courtland Manor has been under the ownership and operation of the seller. It features 70 licensed beds and a five-star CMS rating. Courtland Manor has historically maintained high occupancy rates, boasting figures in the high 80 percent range prior to COVID-19. Despite the challenges posed …

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NewsPeople

Commonwealth Names Kristy Ruppe Craddock as Chief Sales, Marketing Officer

by Jeff Shaw

CHARLOTTESVILLE, Va. — Commonwealth Senior Living, a Charlottesville-based operator, has named Kristy Ruppe Craddock as chief sales and marketing officer, as well as April Theus as vice president of sales. Craddock joined Commonwealth in April 2016 as regional vice president of sales and marketing. In December 2017, she was promoted to senior vice president, where she supported all of Commonwealth’s communities. During her tenure, she has increased sales performance and revenue for the organization, developed and implemented CSL-branded sales training, led the effort to enhance sales through greater search engine …

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