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LCS Promotes David Mercugliano to Vice President of Business Development

by Jeff Shaw

DES MOINES, Iowa — LCS, the nation’s third-largest senior living provider, has promoted David Mercugliano to vice president of business development. In his new role, he will lead business development initiatives to expand management and development opportunities that grow top-line revenue for the Des Moines-based LCS Family of Companies. Mercugliano joined LCS in June 2023 as the director of business development for Care Purchasing Services (CPS), where he led strategic efforts to increase membership and work alongside senior living community boards and owners.

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Company NewsNewsPeople

Glenmeadow Announces New Board Leadership, Staff Promotions

by Jeff Shaw

LONGMEADOW, Mass. — Glenmeadow Inc., a Longmeadow-based provider of senior retirement options, has elected new leadership and new members to its board of directors.  Michael Tremble, CEO of Valley Communications, will serve as chair. Kelly Koch, probate and family law attorney with Raipher, will serve as vice chair. Erin Koebler, executive director of the East Longmeadow Council on Aging, will serve as clerk. Retired banking executive Mary Meehan serves as treasurer. The board of directors also welcomed three new members: Barbara Buddington, Glenmeadow resident; Rory O’Brien, vice president, chief compliance …

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Affordable HousingDevelopmentIllinoisNews

Evergreen Completes $31.5M Bellwood Senior Apartments Affordable Community in Metro Chicago

by Jeff Shaw

BELLWOOD, Ill. — Evergreen Real Estate Group has completed Bellwood Senior Apartments, an 80-unit affordable seniors housing community in Bellwood, a western suburb of Chicago. The $31.5 million project replaces a former Walgreens that had been vacant for nearly five years. The four-story development offers 76 one-bedroom and four two-bedroom apartments for seniors age 62 or older with incomes at or below 60 percent of the area median income (AMI).  Evergreen says the building is 40 percent leased and will reach full occupancy in the next few months. “The robust …

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AcquisitionsAssisted LivingMississippiNews

SLIB Arranges Sale of 68-Unit Avonlea Assisted Living in Tupelo, Mississippi

by Jeff Shaw

TUPELO, Miss. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Avonlea Assisted Living, a 68-unit property in Tupelo. The community was built in 1999 and renovated in 2005. The seller is a publicly traded REIT. The buyer is a regional owner-operator based in Mississippi, that intends to renovate the asset and make significant upgrades to improve occupancy, revenue and overall bottom-line performance. The price was not disclosed. Bradley Clousing and Daniel Geraghty of SLIB handled the transaction.

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AcquisitionsAssisted LivingKentuckyNews

Blueprint Negotiates Sale of 95-Unit Community in Fort Mitchell, Kentucky

by Jeff Shaw

FORT MITCHELL, Ky. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 95-unit assisted living and memory care community in Fort Mitchell, a suburb of Cincinnati in northern Kentucky. The property was built in the late 1990s. A regional owner acquired the property for an undisclosed price. The seller was a national developer/investor seeking an exit strategy in order to maximize value for more than a dozen geographically disparate, older-vintage communities. The communities were purchased in a sizable portfolio transaction pre-COVID, under a value-add thesis contemplating operator …

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Affordable HousingDevelopmentNew JerseyNews

Alpert Group Breaks Ground on 65-Unit Affordable Community in West Orange, New Jersey

by Jeff Shaw

WEST ORANGE, N.J. — The Alpert Group LLC has broken ground on a 65-unit affordable seniors housing community in West Orange, approximately 20 miles west of Manhattan. Located at 46 Mount Pleasant Ave., the project will be situated in the town’s central business district, adjacent to the town hall, police facility, and Renna House senior apartments. The five-story building will include one-bedroom and two-bedroom units, on-site parking, modern amenities and age-friendly features. Five units are reserved for formerly homeless residents. The income-restricted community is helping to satisfy West Orange’s affordable …

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AcquisitionsFloridaNews

Walker & Dunlop Negotiates Sale of 172-Unit Grand Living at Lakewood Ranch in Sarasota, Florida

by Jeff Shaw

SARASOTA, Fla. — Walker & Dunlop’s investment sales team has arranged the sale of Grand Living at Lakewood Ranch in Sarasota, a Gulf Coast city south of Tampa. The 172-unit community offers independent living, assisted living and memory care. The Class A facility was built in 2019.  The sellers, led by Ryan Cos. US Inc., ultimately chose an institutional core fund as the buyer. The price was not disclosed.  Despite the challenges posed by the COVID-19 pandemic, the asset demonstrated remarkable resilience, achieving a 99 percent occupancy rate, a robust …

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AcquisitionsAssisted LivingFinanceNewsWisconsin

Ziegler Arranges Acquisition Financing for St. Elizabeth Manor 

by Jeff Shaw

WISCONSIN — Ziegler has acted as exclusive financial advisor to Opal Senior Living on obtaining financing for the acquisition of a 72-unit assisted living and memory care community located in Wisconsin named St. Elizabeth Manor. Ziegler provided structuring advice and loan placement services.

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IllinoisMissouriNewsOperationsSkilled Nursing

ESI Arranges Lease Transaction for a Midwest Skilled Nursing Portfolio

by Jeff Shaw

ILLINOIS and MISSOURI — Evans Senior Investments (ESI) has secured a tenant and executed a 10-year lease agreement for a large skilled nursing and supportive living portfolio spanning across Illinois and Missouri.  The portfolio comprises 13 communities located totaling over 1,600 licensed beds. The lease consisted of a ten-year term with a purchase option.  Evans Senior Investments selected a regional Midwest group as the tenant. Neither the tenant nor landlord were disclosed.

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AcquisitionsAssisted LivingCaliforniaNews

SLIB Negotiates Sale of 140-Unit San Clemente Villas by the Sea in California

by Jeff Shaw

SAN CLEMENTE, Calif. — Senior Living Investment Brokerage (SLIB) has arranged the sale of San Clemente Villas by the Sea, a 140-unit assisted living and memory care community in the Orange County city of San Clemente. The facility was built in 2002 and totals 131,765 square feet on approximately 3.3 acres of land. The seller’s family developed and managed the property, but now plan to exit the seniors housing space. The buyer was private equity group based in Southern California, which selected an experienced West Coast operator. The price was …

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