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Grace Management Promotes Jenna Johnston to Regional Director of Operations

by Jeff Shaw

MAPLE GROVE, Minn. — Grace Management Inc., a Maple Grove-based operator, has promoted Jenna Johnston to regional director of operations. Johnston joined Grace Management in April 2020 as the executive director of The Residence at Bethel Park, located in Bethel Park, Pennsylvania. It is at Bethel Park where she began to make her mark, leading this community and team up to 100 percent occupied with strong financial results.  Within 16 months, Johnston was promoted to senior executive director and began to support The Residence at Whitehall, located in Pittsburgh. She …

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DevelopmentNewsPennsylvania

Marquis Starts $25M Renovation Project at Fountain View at Logan Square in Philadelphia

by Jeff Shaw

PHILADELPHIA — Marquis Health Consulting Services has started work on the first phase of a $25 million renovation at Fountain View at Logan Square. The high-rise community is located in Philadelphia’s Center City district. The 24-story Fountain View tower is a familiar fixture in the city’s skyline.  The three-year repositioning follows an ownership change and rebranding at Fountain View, formerly The Watermark. The building at 2 Franklin Town Boulevard spans 420,000 square feet and includes subterranean parking. Designer Michael Lebovics of ML Group is spearheading the transformation of the physical …

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AcquisitionsFinanceNewsPennsylvaniaSkilled Nursing

Capital Funding Group Funds $34.7M Acquisition Financing for Three Skilled Nursing Facilities in Pennsylvania

by Jeff Shaw

PENNSYLVANIA — Capital Funding Group (CFG) has provided $34.7 million in bridge-to-HUD financing for the acquisition of three skilled nursing facilities. The facilities, which are located in Pennsylvania, total 299 beds. The buyer, seller, price and locations were not disclosed. Craig Casagrande and Andrew Jones originated the transaction for CFG.

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Affordable HousingDevelopmentNewsPennsylvania

Tryko Partners Breaks Ground on Cedarwood Homes Affordable Development in Pittsburgh

by Jeff Shaw

PITTSBURGH — Tryko Partners has broken ground on Cedarwood Homes, an affordable seniors housing community in Pittsburgh’s West End neighborhood. In 2020, the Pittsburgh Urban Redevelopment Authority (URA) named Tryko to lead a redevelopment at the former Fairywood School site. Key financing agencies have contributed to the project’s viability. This includes 9 percent Low-Income Housing Tax Credits (LIHTC) awarded by the Pennsylvania Housing Finance Agency; and approximately $2.1 million in gap financing funding, along with 24 project-based Section 8 vouchers from Housing Authority City of Pittsburgh (HACP). The community will …

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AcquisitionsNewsPennsylvaniaSkilled Nursing

Blueprint Negotiates Sale of 1,000-Bed Skilled Nursing Portfolio in Pennsylvania

by Jeff Shaw

PENNSYLVANIA — Blueprint Healthcare Real Estate Advisors has arranged the sale of a skilled nursing portfolio totaling more than 1,000 beds in Pennsylvania. A public REIT and its operating partner sold the two campus locations, which alsofeature independent living, personal care and memory care beds. Although specific names and locations were not disclosed, the properties are concentrated in northeast and central Pennsylvania. The portfolio was marketd as a value-add opportunity for an incoming buyer to capitalize on strong pre-pandemic financial performance along with substantial Medicaid reimbursement rate enhancements recently passed …

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DevelopmentNewsPennsylvania

LCB Completes Residence at Bala Cynwyd Adaptive Reuse Project in Pennsylvania

by Jeff Shaw

BALA CYNWYD, Penn. — LCB Senior Living has opened The Residence at Bala Cynwyd, a seniors housing community built on the former site of Lee’s Shoddy Mill in Bala Cynwyd, a suburb of Philadelphia. Built in the 1850s as Benjamin Schofield’s West Manayunk Woolen Mills, the site eventually became known as Lee’s Shoddy Mill, named after the heavy fabric created from recycled wool and cotton. Just steps away from the Cynwyd Heritage Trail, this new community is reflective of Bala Cynwyd’s history and pays homage to that history through its …

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Affordable HousingDevelopmentNewsPennsylvania

Pennrose Breaks Ground on 51-Unit Affordable Community in Philadelphia’s Chinatown Neighborhood

by Jeff Shaw

PHILADELPHIA — Pennrose has broken ground on 800 Vine Senior, which will convert an underutilized surface parking lot in Philadelphia into a 51-unit affordable seniors housing development. Located in the Chinatown neighborhood of Philadelphia, the community is scheduled to open in summer 2024. The five-story building will feature 51 units with a mix of studio, one- and two-bedroom apartments. Six units will be available for residents earning up to 20 percent of area median income (AMI), 20 units will be available for seniors earning at or below 50 percent of …

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DevelopmentNewsPennsylvania

IntegraCare Opens 130-Unit Residence at Fritz Farm in York, Pennsylvania

by Jeff Shaw

YORK, Pa. — Seniors housing owner-operator IntegraCare has opened The Residence at Fitz Farm, a 130-unit community in York. The 124,000-square-foot facility sits on a 16.5-acre site that was previously part of a family farm. The property houses 68 independent living units, 42 assisted living residences and 20 memory care units. IntegraCare developed The Residence at Fitz Farm in partnership with Indianapolis-based Avenue Development.

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AcquisitionsCCRCNewsPennsylvania

Presbyterian Senior Living to Acquire 532-Unit Pine Run CCRC in Doylestown, Pennsylvania

by Jeff Shaw

DOYLESTOWN, Pa. — Presbyterian Senior Living (PSL) has entered into a non-binding letter of intent to acquire Pine Run Retirement Community, a 532-unit continuing care retirement community (CCRC) in Doylestown, approximately 25 miles north of Philadelphia. If the deal closes, PSL will assume ownership of Pine Run, including Pine Run Lakeview Personal Care, from Doylestown Hospital. PSL intends to continue operating Pine Run as a CCRC. Pine Run features 272 independent living cottages and 24 apartments on a 43-acre private campus. The campus is home to Pine Run Health Center, …

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AcquisitionsNewsPennsylvaniaSkilled Nursing

ESI Arranges Sale of Three-Property Portfolio in Pennsylvania for $39M

by Jeff Shaw

PENNSYLVANIA — Evans Senior Investments (ESI) has arranged the exit from the long-term care industry for a Pennsylvania owner-operator. The portfolio consisted of three properties comprising of 395 beds of skilled nursing and 32 units of private-pay seniors housing. The purchase price was $39 million, or $91,000 per functional bed/unit. At the time of marketing, the average census was 64 percent with total portfolio revenue of $27.2 million and net operating income loss of -$1.5 million, or a -5 percent net operating income margin. While under contract, census reached a …

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