DES MOINES, Iowa — LCS, the nation’s third-largest senior living provider, has promoted Ross Kelderman to controller to oversee and provide leadership to the Des Moines-based organization’s corporate accounting, financial reporting, audits and finance technology. Kelderman joined the company in 2015 as director, accounting and financial reporting, and was promoted to senior director of accounting and reporting in 2020. Kelderman holds both a bachelor’s and master’s degree in accounting from Iowa State University. He is also a certified public accountant with an active license in the state of Iowa. LCS …
After years of moderate fluctuation, seniors housing capitalization rates have curved sharply upward in the last year, investors within the industry say. That’s according to CBRE’s most recent edition of its U.S. Senior Housing & Care Investor Survey. This 13th edition of CBRE’s survey, conducted in October 2023, polled the same group of seniors housing real estate professionals and investors as its last survey in April and had a 98 percent response rate. While the April survey focused largely on changing market conditions caused by inflation and staffing shortages, the October …
DALLAS — Evans Senior Investments (ESI) has arranged the sale of Crystal Creek at Preston Hollow. Built in 2001 with a 2018 renovation, Crystal Creek is located just north of downtown Dallas. The community features 119 beds, offering a range of care levels, including assisted living, memory care and long-term care. At the time of marketing, occupancy in both the senior living and skilled nursing was rapidly declining. Due to the skilled nursing component not being licensed to accept Medicaid, the community experienced negative operating margins. A regional owner-operator sold …
SEATTLE — Veda Living has taken over management of Emerald City Senior Living in Seattle, the company’s 14th community. The community is a 119-unit, multistory, private-pay community nestled near a highly sought-after residential area in west Seattle. It is positioned to serve middle-market seniors.
WEST LINN, Ore. — Anthem Memory Care, a West Linn-based owner-operator, has promoted Michael Zywicki to vice president of programs and engagement. He will oversee Anthem Memory Care’s culture. Previously, Zywicki was operations specialist for Anthem Memory Care. He also served as area director of operations at Cedarhurst Senior Living of Michigan. Zywicki brings over 18 years of operations experience to this position. He holds a bachelor’s degree in healthcare administration from Alma College in Alma, Michigan.
VIRGINIA BEACH, Va. — Ziegler has arranged $423.5 million in bond financing for Westminster-Canterbury on Chesapeake Bay (WCCB), a continuing care retirement community in Virginia Beach. The community is located on a 12-acre property fronting the Chesapeake Bay and currently includes 424 independent living units, 66 assisted living units, 14 memory care units and 108 skilled nursing beds. In addition, WCCB owns and operates a 172-unit rental independent living community called Opus Select, located a half mile away from the community. WCCB is carrying out an expansion to the community, …
SUMTER, CENTRAL and GREENWOOD, S.C. — Senior Living Investment Brokerage (SLIB) has arranged the sale of three assisted living communities in South Carolina. The properties are located in the cities of Sumter, Central and Greenwood. They total a combined 128 units. The seller was a seniors housing and healthcare real estate investment trust (REIT). The buyer was a Florida-based seniors housing operator with a regional presence in South Carolina. The price was not disclosed. Bradley Clousing and Daniel Geraghty of SLIB handled the transaction.
NEW YORK CITY — Queens Development Group, a joint venture between Related Cos. and Sterling Equities, has broken ground on the first phase of a 2,500-unit affordable housing project in the New York City borough of Queens. The project includes some units reserved for seniors. The project, named Willets Point, will be the city’s largest affordable housing development in 40 years, according to the joint venture. Wells Fargo has arranged a total of $360 million in financing for Phase I of the development, with a $236.5 million construction loan and …
HUNTINGTON, W.VA. — Cornerstone Community Development Corp. plans to convert the historic Prichard Hotel in downtown Huntington into an affordable seniors housing property. The $51 million renovation will comprise converting the former hotel rooms into 108 residential living spaces, as well as repositioning the first two floors for healthcare services and additional community resources. Cornerstone Community Development’s partners on the project include Christ Temple Church, Winterwood Development and CVS Health, which is investing more than $17 million in the project. The timeline for construction was not disclosed.
ROANOKE, Va., and MOUNT LAUREL, N.J. — Roanoke-based Retirement Unlimited Inc. (RUI) has acquired Mount Laurel-based Brandywine Living. The combined companies total 59 communities and 6,739 units of independent living, assisted living and memory care. Terms of the transaction were not disclosed. Brandywine’s 31 senior living communities are predominately concentrated in New Jersey, with additional communities located in Connecticut, Delaware, Maryland, New York and Pennsylvania. Following the transaction, the communities will continue to operate under the Brandywine Living brand to ensure continuity for both residents and staff. RUI currently manages …