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Cushman & Wakefield Survey: Seniors Housing Performance Continues to Improve, but Valuations Undergo Stress

by Jeff Shaw

CHICAGO — Cushman & Wakefield has released its U.S. Senior Living & Care Investor Survey and Trends Report, indicating continued strong performance of the seniors housing asset class with stabilized occupancy trending upward for the 10th consecutive quarter, reaching 85 percent for primary markets and 87 percent for secondary markets.  Moving forward, the Northeast markets are projected to show the strongest near-term performance while the Southwest and Southeast markets are anticipated to experience downward pressure on occupancy and rent growth as new supply is introduced. Construction starts have receded to …

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CCRCDevelopmentIndependent LivingNewsPennsylvania

Spellman Brady & Completes Interior Design for Friendship Village of Tempe Expansion

by Jeff Shaw

TEMPE, Ariz. — Spellman Brady & Co. (SBC) has completed the interior design for a new five-story, 64-unit independent living building for Friendship Village of Tempe.  SBC was responsible for selecting the interior finishes, as well as the selection and procurement of the furnishings and artwork.  The crowning highlight of the 142,619-square-foot building is the rooftop destination restaurant and brew house called Starfire. SBC collaborated with architecture firm Ryan A+E Inc. and general contractor Ryan Cos. US Inc. LCS Development, An LCS Company is the developer. Friendship Village of Tempe …

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NewsPennsylvaniaPeople

LCB Names Ashley Russo as Executive Director of The Residence at Bala Cynwyd

by Jeff Shaw

BALA CYNWYD, Penn. — LCB Senior Living has named Ashley Russo as executive director of The Residence at Bala Cynwyd, an assisted living and memory care community in the Philadelphia suburb of Bala Cynwyd. Russo holds master’s degrees in gerontology and health administration from the University of Southern California, as well as a bachelor’s degree in communications from Rider University. She is a Certified Assisted Living Administrator, a Certified Dementia Practitioner, and is pursuing a license as a Personal Care Home Administrator. Russo has 15 years’ experience in the senior …

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FeaturesFinanceNews

Lending Community Adjusts to New Reality in Debt Market, Say NIC Panelists

by Jeff Shaw

CHICAGO — For veteran lender Aaron Becker, it feels as if the seniors housing industry is working through the five stages of grief in response to the “incredible change” in interest rates since March 2022. “We haven’t seen this in 40 years,” says Becker, senior managing director and head of seniors housing and healthcare production at Lument. He’s referring, of course, to a string of 11 increases in the federal funds rate beginning in March 2022. To combat inflation, the Federal Reserve has aggressively raised the fed funds rate from …

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AcquisitionsMassachusettsNewsSkilled Nursing

Blueprint Negotiates Sale of 53-Bed Skilled Nursing Facility in Boston for Apartment Conversion

by Jeff Shaw

BOSTON — Blueprint Healthcare Real Estate Advisors has brokered the sale of a 53-bed skilled nursing facility in Boston. The asset was originally constructed in 1960 and located just south of downtown. The building was well maintained, according to Blueprint, and spans over 18,000 square feet and a variety of unit configurations, along with close proximity to several large mixed-used developments and regional hospitals. The buyer was a family office that intends to convert the property into multifamily apartments. Details on the seller and price were not disclosed. Kyle Hallion …

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Memory CareNewsPeople

Anthem Memory Care Promotes Jennifer Boonstra to Management Team

by Jeff Shaw

LAKE OSWEGO, Ore. — Anthem Memory Care, a Lake Oswego-based owner-operator, has promoted Jennifer Boonstra to its management team.  Boonstra has been named senior life engagement director. In this position, she will provide training, education and support for the life engagement teams at 16 communities.  In addition to this position, Boonstra continues as life engagement director for Porter Place in Tinley Park, Illinois. Prior to this, she was the memory care life engagement director at Senior Star at Weber Place, now called Story Point of Romeoville, Illinois. The recreation therapist …

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DevelopmentFloridaNews

Belmont Village Opens 10-Story Community in Coral Gables, Florida

by Jeff Shaw

CORAL GABLES, Fla. — Belmont Village Senior Living, in partnership with Baptist Health South Florida, has opened Belmont Village Senior Living Coral Gables, a 232-unit seniors housing community located in Coral Gables.  Corwil Architects designed the South Florida property, which features independent living, assisted living and memory care residences across 10 stories. Amenities at the community, which also offers ground-floor retail space, include indoor and outdoor socialization spaces, a pool surrounded by a full-service bistro and bar, outdoor lounge with a dining area and barbecue kitchen, fitness room, outdoor movie …

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Distinctive Living Names Angela Clark as Chief Sales, Marketing Officer

by Jeff Shaw

FREEHOLD, N.J. — Distinctive Living, a Freehold-based provider of senior living communities, has appointed industry veteran Angela Clark as chief sales and marketing officer.  Clark brings 25 years of operational management in seniors housing across sales and marketing, sales training and development, operational strategy, multi-site management, strategic planning, and new product development.  Clark’s expertise ranges from small growing brands to established communities to organizations in acquisition mode. She has experience working with seniors in active adult, independent living, assisted living, memory care and skilled nursing.  In her role, Clark will …

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AcquisitionsAssisted LivingFloridaNews

Blueprint Arranges Sale of Assisted Living Community in Lakeland, Florida

by Jeff Shaw

LAKELAND, Fla. — Blueprint Healthcare Real Estate Advisors has arranged the sale of an assisted living facility in Lakeland, approximately midway between Orlando and Tampa. A publicly traded REIT sold the asset to a local owner-operator in an all-cash transaction. The price and name of the community were not disclosed. At the time of marketing, the community’s performance was trending back upward following a decline in 2020 and 2021. Brooks Blackmon and Lauren Nagle led the Blueprint team.

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Pennrose Promotes Two to Executive Positions

by Jeff Shaw

PHILADELPHIA — Pennrose, a Philadelphia-based developer of multifamily properties including seniors housing, has promoted Marsha Blunt to president of Pennrose Management Co. (PMC) and Margot Elton-Ratliff to vice president of operations. Blunt will be responsible for the financial and operational performance of the organization, overseeing the property operations, risk management, compliance and maintenance departments. Elton-Ratliff will be responsible for enhancing company performance by providing overall direction and guidance of Pennrose operating activities. Blunt joined Pennrose in 2006, serving as regional property manager and later regional vice president, where she oversaw …

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