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AcquisitionsAssisted LivingMinnesotaNews

SLIB Arranges Sale of 118-Unit The Pillars of Mankato in Minnesota

by Jeff Shaw

MANKATO, Minn. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of The Pillars of Mankato, a 118-unit seniors housing community in Mankato, approximately 75 miles southwest of Minneapolis. The community consists of 98 independent and assisted living units alongside 20 memory care units. It was built in 2019 and totals 146,138 square feet on approximately 3.9 acres of land. The undisclosed seller sought funding for continued investments in seniors housing. The buyer is an out-of-state private equity group that will be partnering with the in-place operator to run …

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AcquisitionsNewsOhioSkilled Nursing

Blueprint Brokers Sale of 180-Bed Crestview Rehabilitation in Lancaster, Ohio

by Jeff Shaw

LANCASTER, Ohio — Blueprint Healthcare Real Estate Advisors has arranged the sale of Crestview Rehabilitation, a 180-bed skilled nursing facility in Lancaster, approximately 30 miles southeast of Columbus. The facility is a cornerstone in the Lancaster community for nearly five decades, according to Blueprint, but faced operational challenges exacerbated by the staffing and occupancy struggles that emerged during the pandemic. The buyer was an owner-operator seeking to capitalize on the Ohio Medicaid rate increase implemented in 2023. The seller and price were not disclosed. Connor Doherty and Ryan Kelly led …

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Company NewsNewsPeople

Ebenezer, Fairview Senior Services CEO Jon Lundberg Announces Planned Retirement

by Jeff Shaw

ST. PAUL, Minn. — Jon Lundberg, president and CEO of both Fairview Senior Services and its subsidiary Ebenezer Senior Living, has announced his plan to retire in September. Lundberg, who initially joined Ebenezer in 2007 as chief operating officer, assumed the role of president and CEO in 2017. During his tenure, he played a pivotal role in the growth of St. Paul-based Ebenezer, seeing its expansion to more than 120 locations across six states. Lundberg’s career included adapting to regulatory changes, such as the implementation of new assisted living regulations …

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DevelopmentIndependent LivingNewsVirginia

Bonaventure Nears Completion of 133-Unit Alate Old Town in Alexandria, Virginia

by Jeff Shaw

ALEXANDRIA, Va. — Bonaventure has neared completion of Alate Old Town, a 133-unit independent living community in Alexandria. Partners on the project include Senior Lifestyle Corp. and Earthcraft. The development is scheduled to open in March. Located in the Old Town West historic district of the first-ring Washingon, D.C. suburb, future residents will have access to more than 200 restaurants and boutiques alongside historic museums and activities on King Street, less than 0.3 miles away.  Alate’s main restaurant, Old Town Tavern, will be open to the public.

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AcquisitionsAssisted LivingFloridaNews

Chicago Pacific Founders Acquires The Summit of Lakewood Ranch in Florida

by Jeff Shaw

LAKEWOOD RANCH, Fla. — Chicago Pacific Founders (CPF) and its subsidiaries, CPF Living Communities and Grace Management Inc., have acquired The Summit of Lakewood Ranch in Lakewood Ranch, approximately 40 miles south of Tampa. The community offers assisted living and memory care. CPF plans to make improvements to the campus. Grace Management will take over management of the property. The seller, price and number of units were not disclosed. Brett Gardner and the seniors housing team at Walker & Dunlop advised the seller on the transaction.

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Affordable HousingFinanceIllinoisKeyBankNews

KeyBank Provides $34.3M Financing for Six Affordable Communities in Chicago

by Jeff Shaw

CHICAGO — KeyBank Community Development Lending and Investment (CDLI) has provided $34.3 million in construction and permanent financing through the HUD 221(d)(4) Mortgage Insurance program to facilitate the rehabilitation of six low-income apartment buildings in the South Shore of Chicago.  The 6900 Crandon Apartments provides 151 units for elderly and disabled residents subsidized under a project -based Section 8 contract. The remaining five apartment building provide 126 units for families. The sponsor is Evergreen Real Estate Group. The properties are owned by an LIHTC partnership created by the Housing and …

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NewsPeople

Health Dimensions Group Names Tom Stitt as Senior Vice President of Consulting Services

by Jeff Shaw

MINNEAPOLIS — Health Dimensions Group (HDG) has promoted Tom Stitt to senior vice president of consulting services. Throughout his 33 years of experience, Stitt has become a nationally known expert in Programs of All-Inclusive Care for the Elderly (PACE) and healthcare finance.  For more than 17 years, Stitt served in various roles at HDG including vice president of finance and reimbursement. In 2015, he joined Ascension Living where he held the position of national director of finance. In 2019, he rejoined the HDG team as the vice president of consulting …

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AcquisitionsAffordable HousingAssisted LivingDevelopmentNewsWashington

Great Expectations Acquires Sagebrook Seniors Housing Property in Bellevue, Plans Affordable Housing Conversion

by Jeff Shaw

BELLEVUE, Wash. — Great Expectations LLC has purchased Sagebrook, a seniors assisted living and memory care community on 2.3 acres in the Seattle suburb of Bellevue, for $16.5 million. The buyer plans to convert the property into a 108-unit apartment community for residents of all ages. The new property, which will be rebranded, will offer housing for residents earning 60 percent to 80 percent of area median income. The community is located at 15750 NE 15th St. Dan Chhan, Tim McKay, Sam Wayne and Matt Kemper of Cushman & Wakefield …

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Company NewsNewsOperations

Discovery Launches Arvum Senior Living Operator Brand

by Jeff Shaw

BONITA SPRINGS, Fla. — Discovery Senior Living, a Bonita Springs-based operator with the fifth-largest portfolio in the country, has launched its latest operating company, Arvum Senior Living.  The new brand manages the company’s Midwest portfolio, including properties in Illinois, Iowa, Kansas, Missouri and Wisconsin, with plans to strategically manage communities throughout the Great Plains region. The launch is part of Discovery’s evolving regional operating company structure. As an operating company of Discovery, Arvum will function as a local management company with a dedicated leadership team, leveraging the comprehensive support services …

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