RICHMOND, Va. — Berkadia has arranged the sale of a 77-unit assisted living and memory care community in Richmond. The seller was a publicly traded REIT. A private equity group acquired the property for an undisclosed price and has installed Commonwealth Senior Living as the operator. The new owner plans to implement a renovation plan, scheduled for completion in the first quarter of 2025. Mike Garbers, Cody Tremper, Dave Fasano and Ross Sanders led the Berkadia team.
MAPLE GROVE, Minn. — Grace Management Inc., a Maple Grove-based owner-operator, has hired Madelyn Hill, a recent graduate of Cornell University’s prestigious Nolan School of Hotel Administration, as operations analyst. Hill graduated with a bachelor’s degree in hotel administration and a minor in healthy futures. During her time at Cornell, she distinguished herself through her commitment to seniors housing and her involvement with the Cornell Institute for Healthy Futures (CIHF). Hill’s previous roles include a summer analyst position at RSF Partners in Dallas, where she developed financial models for senior …
STILLWATER, Minn. — JLL Capital Markets has arranged the sale and financing of Rivertown Commons, a 96-unit Section 8 affordable seniors housing community situated along the St. Croix River in Stillwater. The seven-story building totals 55,800 square feet. Josh Talberg and Doug Childers of JLL represented the seller, Dominium Management, and procured the buyer, an investment firm that specializes in affordable and workforce housing. The buyer plans to refresh the units and common areas in addition to extending the existing affordability restrictions. C.W. Early, Ken Dayton and Pat McMullen of …
COLUMBIA and MYRTLE BEACH, S.C. — Berkadia has arranged the sale of two assisted living and memory care communities in South Carolina. Berkadia Seniors Housing & Healthcare, led by Mike Garbers, Cody Tremper, Dave Fasano, and Ross Sanders, closed the 156-unit transaction on behalf of a publicly traded REIT. The properties, located in the Columbia and Myrtle Beach MSAs, were purchased by a regional owner-operator. The price was not disclosed.
HOUSTON, Miss. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Trace Extended Care, a 66-bed skilled nursing facility in Houston. Located in Chickasaw County, the property is 30 miles southwest of Tupelo and five miles north of the Natchez Trace Parkway. The seller is Sunlink Health Systems Inc. (NYSE: American SSY), which was looking to redeploy capital and focus on its core business. The buyer is a Mississippi-based group looking to add to its existing presence in Mississippi. Daniel Geraghty and Bradley Clousing handled the transaction for …
SEATTLE — Merrill Gardens, a Seattle-based owner-operator, has added Melanie Werdel and Madisen Medley to its senior leadership team. Werdel is now the vice president of risk management for Merrill Senior Living and sister company Pillar Properties. She has over 30 years of experience in senior living including her tenure as a member of the senior leadership team at Emeritus. Prior to joining Merrill Gardens, she was a consultant to senior living companies, tapping into her expertise in healthcare, compliance and administration. Werdel is also one of the original senior …
ANOKA, Minn. — Volunteers of America National Services has opened Nolte River Place, an affordable seniors housing development in Anoka, a suburb north of Minneapolis. The 80-unit community provides one- and two-bedroom units, eight units for formerly unhoused veterans and 10 designated units for Project Rental Assistance Contracts (PRAC) vouchers. Nolte River Place is near the Rum River Trail, Northstar Line commuter rail and downtown Anoka.
ALABAMA — Helios has structured the sale and acquisition financing of an assisted living and memory care community in Alabama. A Mississippi-based regional owner-operator, Veritas InCare, sold the asset to a local owner-operator. The price and other details were not disclosed. Despite the community’s strong performance, dislocation in the debt markets and low liquidity impacted the buyer’s ability to use its existing lending relationships to fund the purchase. Helios stepped in to assist the buyer and structured a financing package with a regional lender that recapitalized the buyer’s existing community …
WASHINGTON, D.C. — Kisco Senior Living has named Alphonso Westley II as the general manager of The Fitzgerald of Palisades, a Kisco Signature community set to open in early 2025 in Washington, D.C. Further details were not disclosed.
MERIDIAN, Idaho — Senior Living Investment Brokerage (SLIB) has arranged the sale of Copper Springs Senior Living, an assisted living and memory care community in Meridian, just west of Boise. The community consists of 95 units and 105 beds was built in 1969 with remodeling done in 2013. The property totals 49,664 square feet on approximately five acres of land. The seller is a REIT divesting to exit operations in the state of Idaho. The buyer is an Idaho-based owner-operator expanding their footprint in the state. The price was not …