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Assisted LivingFinanceNew YorkNews

JLL Arranges $29M Financing for Whisper Woods of Smithtown in Long Island

by Jeff Shaw

SMITHTOWN, N.Y. — JLL Capital Markets has arranged $29 million in financing for Whisper Woods of Smithtown, a 101-unit, 136-bed assisted living and memory care community in Smithtown. JLL represented the borrowers, Sculptor Real Estate and Benchmark Senior Living. A regional bank, a new lending partner for both groups, provided the three-year loan. Built in 2018, Whisper Woods of Smithtown is a Class A community located in Long Island’s Suffolk County, approximately 50 miles from Manhattan, which is accessible by a 90-minute train ride from Smithtown. The JLL Capital Markets …

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NewsPeople

Priority Life Care Promotes Dave Kloster, Matt Lanzi, Johanna Ruble to Leadership Positions

by Jeff Shaw

FORT WAYNE, Ind. — Priority Life Care, a Fort Wayne-based senior living operator has promoted three of its employees to leadership positions. Dave Kloster was appointed as the executive vice president of operations, while Matt Lanzi and Johanna Ruble were both promoted to regional vice president of operations. Priority Life Care operates 58 communities.

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AcquisitionsCompany NewsNewsOperations

AgeWell Solvere to Manage 14-Property Sonata Portfolio, Merge Leadership Teams

by Jeff Shaw

NORTH PALM BEACH, Fla. — AgeWell Solvere Living, a North Palm Beach-based operator, has assumed management of the entire, 14-property portfolio of Sonata Senior Living. The move will function as a merger, integrating both organizations’ leadership teams. The merger of management and leadership teams is aimed at enhancing the quality and depth of support and offerings that the combined company will provide to investors, residents and team members. The company will continue to operate out of its offices in North Palm Beach and will retain the Sonata Senior Living office …

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FeaturesNews

Partner Valuation Advisors Survey Shows Investor Expectations for Leverage, Cap Rates

by Jeff Shaw

CHICAGO — Seniors housing investors expect that capitalization rates will increase over the next 12 months, according to the inaugural edition of the Seniors Housing Investor Survey. Partner Valuation Advisors, a Chicago-based valuation firm, completed the survey in September with over 100 respondents. The purpose of the survey is to identify current trends in the seniors housing sector, which has seen numerous changes due to the impacts of increased interest rates/cost of debt and inflation, according to Partner Valuation Advisors. These factors led to declining transactional and lending volume in …

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FinanceFloridaNews

Cambridge Provides $29.2M Refinancing for Aravilla Sarasota in Florida

by Jeff Shaw

SARASOTA, Fla. — Cambridge Realty Capital has provided a $29.2 million first mortgage loan to refinance Aravilla Sarasota in Sarasota. The loan is fully amortizing with a 35-year term. Tony Marino of Cambridge arranged the financing for a Florida-based limited liability company. Cambridge’s early rate lock program was utilized, which allowed the owner to avoid the recent run-up in interest rates.

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AcquisitionsAssisted LivingCaliforniaNews

SLIB Arranges Sale of 55-Unit Sunny Rose Glen in Menifee, California

by Jeff Shaw

MENIFEE, Calif. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Sunny Rose Glen, a 55-unit assisted living and memory care community in the Inland Empire city of Menifee. The community was built in 2010 and totals 30,000 square feet on a 1.8-acre plot. The seller was a single-asset owner looking to retire. The buyer was a California-based group looking to expand its portfolio in Southern California.  The new owner plans to operate the community itself following cosmetic improvements to the property. The price was not disclosed. Brad …

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Memory CareNewsPeople

Anthem Memory Care Promotes Trisha Thomas, Nick Katinos to Management Team

by Jeff Shaw

LAKE OSWEGO, Ore. — Anthem Memory Care, a Lake Oswego-based operator, has promoted Trisha Thomas and Nick Katinos to the position of regional director of operations. They will provide leadership and oversight for 16 communities. Thomas was executive director for Chelsea Place in Aurora, Colorado. She previously was executive director with Brookdale Westland Meridian in Lakewood, Colorado. She brings over 20 years of senior living experience to this position. Katinos most recently served as executive director for Grace Point Place in Oak Lawn, Illinois. Prior to this position, he was …

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Active AdultDevelopmentMassachusettsNews

NEI General Contracting Completes 72-Unit Maple on Franklin in Holbrook, Massachusetts

by Jeff Shaw

HOLBROOK, Mass. — NEI General Contracting has completed construction of Maple on Franklin in Holbrook, approximately 15 miles south of Boston. NeighborWorks Housing Solutions is developer of the $18.5 million project. The 67,000-square-foot, four-story apartment building features 72 one-bedroom units for residents 62 and older. The four-acre site is within the town center and walking distance to a number of town services and a block away from the town’s senior center. NEI demolished two aging buildings on the site before beginning construction. Designed by The Narrow Gate, more than 500 …

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AcquisitionsAssisted LivingNewsPennsylvania

Blueprint Arranges Sales of Two Communities in Metro Philadelphia

by Jeff Shaw

PHILADELPHIA — Blueprint Healthcare Real Estate Advisors has negotiated the sale of two Class A assisted living and memory care communities in the Philadelphia metro area. The seller was a national developer and investor. A joint venture between Persimmon Ventures and Capital Senior Ventures acquired the assets for an undisclosed price. Opened in 2016 and February 2020, the two communities are approximately 10 miles apart, comprise 200 units, and offer complementary asset profiles. While the smaller, 2016-vintage community had never fully stabilized, it had maintained modest in-place cashflow and showed …

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