Thanks to the Great Recession’s impact on seniors’ net worth, some expect rental continuing care retirement communities (CCRCs) to gain market share in the next few years while others contend the diversity of the baby boomer generation will support the near-term viability of the entry fee model as well. 

“Both will continue to have their places in each individual market,” says Chris Bird, senior vice president of sales at Brookdale Senior Living (NYSE:BKD). While about 80% of the nation’s 1,900 CCRCs are operated by not-for-profit organizations, the remainder are on the for-profit side. Brookdale has around 20 communities that have a Life Care entrance fee model and upwards of 80 campuses that offer a full continuum of care on a rental basis.   

How future demand for entrance fee or rental CCRCs among consumers will be split is “always the big question” investors ask, he says. Currently around 60% of CCRCs charge entrance fees, according to the National Real Estate Investor, while the remaining 40% are rental. 

“As the housing market continues to rebound, entrance fee communities will continue to build occupancy,” Bird predicts. “We’ve noticed younger clientele in their mid-to-late-70s coming onto a couple campuses after recognizing they’d never bought long-term care insurance, and that moving into a [Life Care] entry-fee campus was a much better financial opportunity, based on price, rather than buying a policy at this point.” 

While Life Care contracts can function as an alternative to long-term care insurance, high entrance fees can make it difficult for people to adequately plan their future, says Aaron Conley, president of healthcare real estate development at Greer, S.C.-based Third Act Solutions.

Financial security is a factor, as early boomer households saw their wealth decline 2.8% between 2006 and 2010, according to the National Bureau of Economic Research. 

“The entrance fee model is increasingly harder to make work. Probably a large percentage of the population are going to want to have more control over their assets, and they’re not going to want to just hand over a large sum of cash they may never seen again in their lifetime,” Conley says. “The rental model is a more affordable model to swallow, and going forward I think you’re going to see a proliferation of those types of deals, and very few of the entrance fee model.” 

“In the 30-some years I’ve been in the business, the entrance fee model has been proclaimed ‘dead’ several times,” Ferguson says. “I liken it to that quote from Mark Twain, ‘The rumors of my demise have been greatly exaggerated.'” 

Despite a somewhat rocky road for a few entry fee CCRCs that opened around the time of the Great Recession, the model is here to stay, according to him. “To me, it’s kind of a Chevy versus Ford conversation. There’s always going to be a certain group drawn to a certain product.” 

Still, post-recession, many CCRCs have had to adjust their business models to keep up with market trends and ensure their own financial security. In 2010-2011, ABHOW introduced a variety of pricing alternatives and incentives in a sixth-month period that produced about 165 sales, while Erickson Living recently announced a change to its refundable entrance fee structure.

Erickson is switching to a 90% refund option for new residents, although existing residents with 100% refundable contracts will not be impacted. Despite a smaller refund, entrance fees are not expected to decrease. 

“We think the 90% plan, with the extra finances going to the community, will really help build the strength of the communities,” says Adam Kane, senior vice president of of corporate affairs at Erickson. 

Portfolio-wide, Erickson communities are averaging an approximately 95% occupancy rate—above the national average occupancy of 89.1%, according to data from the National Investment Center (NIC) for the Seniors Housing & Care Industry—and it’s a sign that the entry fee model is alive and well, according to Kane.

“Given the circumstances we live in, with volatility in the real estate market, CCRCs have performed relatively better than condos—particularly for people looking for stability,” Kane says. 

Similar to ABHOW, Erickson CCRCs have a fee-for-service entrance fee model. Still, CCRCs where residents essentially ‘buy in’ with an entrance fee typically experience longer lengths of stay and lower resident turnover rates, according to the American Seniors Housing Association’s State of Seniors Housing report.

Independent living residents in an entrance fee model CCRC stay a median 91.9 months—nearly double the median 52.3 month stay for rental CCRC independent living residents. Turnover rates are also better among entry fee CCRC assisted living beds, at 43.6%, compared to 56% for rental CCRC assisted living beds, according to the 2012 report. 

“Clearly, [entrance fee CCRCs] are getting a different customer who’s staying longer,” Kane says. “From a business perspective, I don’t have to fill as many units as frequently as a comparable business model does for rental.” 

However, rental CCRCs are an easier sell these days, according to Susannah Myerson, vice president of research and applied strategies at market research firm ProMatura Group, LLC. She’s also the former director of strategic initiatives at Watermark Retirement Communities, which manages a portfolio of more than 30 mostly rental CCRCs. 

“Rental may become more prevalent. You’re not asking people to give up a lump sum,” she says. “Entrance fees aren’t going away—I just don’t think there’s going to be a huge explosion [of new development or interest].”

A la carte models have an added benefit for the “have it my way” generation: choice. 

“Being able to pick and choose is attractive to people, probably especially to boomers,” says Myerson. “I know people entering independent living now, even in their early 80s, who are saying, ‘We don’t want all the services included. We don’t want 30 meals a a week, we don’t want to eat every single day in the dining room.’ They’re wanting to pick and choose what services they want to use, and that will extend to healthcare as well. In the entrance fee model, you’re locked in.” 

Having multiple options available to consumers is what’s important, providers agree. 

“We’ve never felt that seniors are a homogenous group,” says Mike Lanahan, founder and president of Greystone, which develops and manages entry fee model CCRCs in the not-for-profit sector. 

A strength of the CCRC business, Lanahan says, is that residents can find the option that best fits them and their needs.

“The CCRC is not trying to be the end-all, be-all for any senior out there; it responds to a certain senior demographic, the way rental communities respond to a certain demographic,” Lanahan says. “There’s going to be room for rental models and entry fee models. The important thing is to offer choices to the senior population.” 

The post CCRC Entry Fee Model Here to Stay—For Now appeared first on Senior Housing News.

Best Retirement Destinations, an online resource that helps people search for senior living communities, ranked its top assisted living destinations for March 2014.

The top-30 rankings are evaluated by criteria that spans five critical areas, including personalized care, quality of medical care, social networking capabilities, safety/security and proximity of medical care. 

“We have done our research on what criteria is important to those living in an assisted living community,” Best Retirement Destinations writes, regarding its evaluation criteria. “The destinations that appear on our rankings system have proven themselves to be above the standard in five critical areas.”

Topping the rankings is The Stratford, a continuing care retirement community (CCRC) located in Carmel, Indiana. The community is managed by Charlotte, North Carolina-based developer Maxwell Group, Inc.

Managed by Charlotte, North Carolina-based Maxwell Group, Inc. the CCRC contains 38 cottages, 132 apartments, 23 assisted living suites, 10 Alzheimer’s rooms and 18 skilled nursing and rehab units. 

Ranking second on the list is The Watermark at Logan Square, a community located in Philadelphia, Pennsylvania that offers independent living, assisted living, memory care and skilled nursing services. 

The community, which earned an overall score of 97%, is a product of Tucson, Arizona-based provider Watermark Retirement communities. 

TidePointe, a Vi Community, rounded out the top three rankings of the best assisted living destinations. The luxury senior living community located in Hilton Head, South Carolina, is a Type C fee-for-service CCRC.

The top-30 list also includes what each community scored in regards to Best Retirement Destinations’ evaluation criteria, with communities ranked “excellent,” “very good” or “good” across each of the five categories. 

Senior living providers are also invited to apply for rankings on the Best Retirement Destinations website by including the community’s name, URL along with an email address and telephone number.

“Everyone is unique and special,” Best Retirement Destinations writes. “We all require assistance at some point in our lives and when that point comes, we want that one assisted living retirement community that will provide the individual attention that is needed.”

See the top-30 rankings

Written by Jason Oliva

The post Best Retirement Destinations Ranks Top Assisted Living Picks appeared first on Senior Housing News.

Three continuing care retirement communities have returned to the top spots in Best Retirement Destinations’ latest rankings of assisted living providers.

Best Retirement Destinations, an online resource that helps people search for senior living communities, analyzes contenders across five key categories: personalized care, medical care, social networking, safety/security and proximity of medical care.

Returning to the No. 1 spot is Carmel, Indiana-based The Stratford, a CCRC managed by Senior Living Communities.

The CCRC contains 38 cottages, 132 apartments, 23 assisted living suites, 10 Alzheimer’s rooms and 18 skilled nursing and rehab units. The Retreat is the community’s wing of one-bedroom apartments and suites in assisted living and Alzheimer’s care, along with private suites for skilled nursing and rehabilitation.

It received a 97% overall score from Best Retirement Destinations, receiving “excellent” ratings in all but one category. The personalized care category received “very good” marks.

Joining The Stratford, in the No. 2 spot, is Philadelphia, Pennsylvania-based The Watermark at Logan Square, a product of Tucson, Arizona-based Watermark Retirement Communities. This CCRC, which offers independent living, assisted living, memory care and skilled nursing services, also returns to the same spot from earlier March rankings.

The Watermark earned a 97% overall score, with “excellent” reviews in all categories, except social networking, for which the community received a “very good” score.

Rounding out the top-three is TidePointe, a Vi community, which offers the full continuum of care as a CCRC. Located on Hilton Head Island, S.C., the community received a 96% overall score, with “excellent” marks in four categories and a “very good” rating in the personalized care category.

The rankings are determined through a “detailed investigation” of assisted living communities, according to Best Retirement Destinations. Its research team analyzes industry trends and market research, contacts a minimum of three client referrals of competing destinations and revisits the recommendations monthly to account for the latest accomplishments of top competing senior living communities.

Providers can apply for rankings by including the community’s name and website URL, along with an email address and phone number.

View the latest rankings here.

Written by Emily Study

The post CCRCs Top Latest Rankings of Best Assisted Living Communities appeared first on Senior Housing News.

NorthStar Healthcare Income Inc., a public, non-traded real estate investment trust, has agreed to purchase 15 continuing care retirement communities (CCRCs) from subsidiaries of Fountains Senior Living Holdings, LLC, in a deal totaling approximately $640 million.

National senior living operator Watermark Retirement Communities Inc. will continue as the day-to-day operator of the CCRCs after the sale. With more than 35 communities in 20 states, Watermark is the operating partner of Tucson, Ariz.-based acquisition, finance, design and development firm The Freshwater Group.

The portfolio consists of six entrance-fee CCRCs and nine rental CCRCs, totaling 3,637 units, according to a Form 8-K recently filed with the Securities and Exchange Commission. Of the total units, about 65% are rental properties and 35% are entrance fee properties, with 23 being contracted life estate units. The CCRCs are located in 11 states.

The deal is expected to close around June 1, at which time NorthStar will lease the entrance fee properties to affiliates of The Freshwater Group Inc., pursuant to a master net lease. The rental properties will be held under a RIDEA structure, with NorthStar owning 97% and Freshwater owning 3% of the joint venture. Under the joint venture agreement, NorthStar will manage and control the joint venture’s business and affairs, with Freshwater’s consent on certain major decisions.

NorthStar expects to finance the deal with seven-year debt at a fixed interest rate of 3.92%, which is equal to approximately 64% of the portfolio’s purchase price. On April 10, NorthStar delivered a rate-lock deposit to the lender of approximately $8 million.

The parties entered into the purchase agreement in late February, and NorthStar’s $20 million deposit toward the purchase become non-refundable as of April 9, according to the Form 8-K.

NorthStar Healthcare Income Inc. owned a portfolio of 20 investments, including 16 equity investments with a total cost of $942.7 million and four debt investments with a principal amount of $145.9 million, as of Feb. 6, 2015. On that date, NorthStar issued a prospectus and announced an offering of up to $500 million in shares of common stock to the public at $10.20 per share in a primary offering. An additional $200 million in shares were offered at $9.69 per share.

With a focus on originating, acquiring and managing the assets of equity and debt investments in health care real estate, NorthStar Healthcare Income is a wholly-owned broker-dealer subsidiary of NorthStar Asset Management Group Inc. (NYSE: NSAM).

Another arm of NSAM, NorthStar Realty Finance Corp. (NYSE: NRF), recently acquired an $875 million portfolio of 32 independent living communities from an affiliate of Holiday Retirement.

And in one of the biggest seniors housing deals of 2014, NorthStar Realty Finance Corp. announced a $1.05 billion acquisition involving more than 8,500 beds in 43 mostly private-pay senior housing communities and 37 skilled nursing facilities.

That deal was a joint venture with private investment firm Formation Capital LLC and global investment house Safanad.

Written by Tim Mullaney

The post NorthStar to Acquire $640 Million CCRC Portfolio appeared first on Senior Housing News.

Financially, the senior housing market is in good shape, with return on investment eclipsing other major real estate property types.

Over a seven-year period, senior housing returns have outperformed the National Property Index (NPI) and multi-family housing in total returns, income returns and appreciation.

These and other findings were reported in the CBRE National Senior Housing 2015 Mid-Year Market Insight Report, released Monday. The report delved into several topics related to the senior housing industry, including capitalization rates and investment returns.

Specifically, the seven-year total return for senior housing — 10.5% — is 83.22% and 94.32% higher than the seven-year multifamily and NPI total returns, respectively.

In terms of ROI, the senior housing total return for the second quarter of 2015 added up to 2.47%, composed of a 1.06% capital appreciation return and a 1.42% income return.

Over the last four quarters, senior housing returned 15.18%, up from a five-year total return of 15.11%. This led to a total return for senior housing that is 232 basis points higher than the National Property Index (NPI) return of 12.79% and 181 basis points higher than the multi-family total return of 13.31%.

“Our demand is stable and increasing because no matter what, people are getting older,” Lisa Widmier, and executive vice president at CBRE, told Senior Housing News.

Widmier told SHN that investors “can do so much more” to increase their returns in senior housing than in industrial buildings, for example. Senior housing investors have meals, staff, equipment and other expenses to take into account; there are more opportunities to turn a profit. As such, investors have begun to see an opportunity in senior housing.

Carl Mittendorf, chief investment officer at The Freshwater Group, echoed Widmier’s point, telling SHN that there is more operational risk in senior housing, and with that risk comes reward. The Freshwater Group is the finance, acquisition, design and development arm of Tucson, Arizona-based Watermark Retirement Communities, which currently manages 40 properties in 21 states.

According to CBRE’s report, the strong performance seen in the senior housing sector may reflect the fact that senior housing has experienced continuous rent growth, despite significant fluctuations in the general economy.

Seniors are rather accepting of the fact that the rent at senior communities has to go up every year, and they have budgeted for these increases, Widmier told SHN. “It’s not that people are trying to raise rates to gouge residents, they’re trying to raise rates to keep the quality of care in line year after year,” she said.

The CBRE report also showed that assisted living and independent living capitalization rates have declined in recent years, and occupancy rates in stabilized senior living communities have declined in the last few quarters—reflecting concerns about oversupply that are casting a least a partial shadow on senior housing prospects.

CBRE National Senior Housing provides services within the senior housing industry such as capital raising, investment property sales, structured debt, valuation, general consulting and investment banking. The group is the industry leader in the national senior housing marketplace, having completed more than $21 billion in sales and debt sourcing transactions.

Written by Mary Kate Nelson

The post Senior Housing Investors Net Healthy Returns appeared first on Senior Housing News.

Lancaster Pollard Arranges $1.8 million Bridge Loan for Nevada Assisted Living Community

Lancaster Pollard, a financial advice and financing solutions company, has arranged a $1.8 million bridge loan for Reno Valley Assisted Living & Retirement Center, a 118-unit assisted living community in Reno, Nevada.

Acquired in 2013, the community has undergone a turnaround process, and the loan will fund further capital improvements, debt repayment and recapitalization. The financing also enables the community to implement upgrades that allow it to accept Medicaid residents.

The loan, provided by a local lender, has a five-year term. The community plans to refinance the loan via the conduit market within three years once improvements are made.

Grandbridge Facilitates $42 Million Refinancing for San Francisco-Area Seniors Housing Community

The Grandbridge Seniors Housing Group recently closed a $42.25 million first mortgage loan for Aegis of Corte Madera, a 118-unit seniors housing community in the San Francisco area. Funding for the refinance was provided by a life insurance company.

Senior Vice President Richard Thomas and Vice President Meredith Davis originated the transaction. The Grandbridge Seniors Housing Group offers construction, non-recourse acquisition/bridge and permanent financing options to seniors housing owners across the United States.

The community, located in Corte Madera, California, offers assisted living and memory care.

Hamlin Capital Advisors Closes on $17.3 Million Financing for New Jersey Community

Hamlin Capital Advisors, LLC has closed on $17.3 million in financing for Paragon Village, a 143-unit independent and assisted living community located in Mount Olive, New Jersey, that had foreclosed.

The former operator was unable to achieve occupancy to generate sufficient revenues needed to pay debt service on an approximately $23 million loan. The facility then defaulted, and the property was sold as a foreclosure.

Hamlin provided advisory services to the current owner, a local government issuer, resulting in the closing on the $17.3 million needed to finance the costs of acquiring, renovating, improving and equipping the community. The financing consisted of a first, second and third lien debt.

CBRE Arranges $25 Million in Construction Financing for Arizona Senior Housing Community

CBRE National Seniors Housing has secured a $25 million, three-year floating rate construction loan for Hacienda at The River, a planned 129-unit community that will include assisted living, memory care and skilled nursing in Tucson, Arizona.

CBRE arranged a 70% LTC loan that will convert to a three-year mini-perm loan. It was placed through a regional bank.

The community is the result of a joint venture between developer The Freshwater Group, operator Watermark Retirement Communities and Kayne Anderson Real Estate Advisors, a private equity real estate firm investing in niche seniors housing properties. It will be managed by Watermark, and will consist of three neighborhood communities on 5.75 acres with a total of five buildings.

As of June, CBRE had originated $940 million in senior housing debt across 46 assets.

Written by Kourtney Liepelt

The post Senior Housing Finance Activity: Lancaster Pollard, Grandbridge appeared first on Senior Housing News.

Construction: Planned

Primrose Retirement Communities to Break Ground in Ind.

On December 1, South Dakota-based Primrose Retirement Communities will begin construction on a new 110-unit senior living community in Newburgh, Ind.

The multi-million project will include independent living, assisted living and memory care apartments as well as 10 townhome villas. An opening is expected in the spring of 2017.

Empire Contractors will build the new community, which will be located at 9800 Lincoln Avenue in Newburgh. German American Bank is providing financing for the project.

When open, the new community expects to employ approximately 30 people.

Headquartered in Aberdeen, S.D., Primrose Retirement Communities, LLC, provides senior housing in 33 locations across 15 states.

Construction: In process

Anthem Memory Care Building Third Chicago-Area Community

Lake Oswego, Ore.-based Anthem Memory Care is currently in the process of building its third community in the Chicagoland area.

Located at 1879 Chestnut Ave in Glenview, Ill., the new community, dubbed Emerald Place, is expected to open in late 2016. Developed and operated by Anthem, the new $15 million project will create 50 new jobs.

At 43,000 square feet, Emerald Place will be able to accommodate up to 80 residents in a variety of floor plans, including private with private bath; private with shared bath; and shared with shared with shared bath suite choices. Each unit will be outfitted with smart technology that helps community star monitor, understand and respond to individual resident needs.

Anthem’s first two-story community, Emerald Place will incorporate features that include two large satellite kitchens with bar-style counters; vaulted ceilings with clerestory winders placed over main gathering areas to bring in natural light; a secure outdoor courtyard with circular walking path, a putting green, bocce ball court and raised garden beds.

The first phase of construction involves demolishing a vacant warehouse-style structure on the site.

Teaming with Anthem on Emerald Place are CBTwo Architects, general contractor Adair Group and LTC Properties, Inc. (NYSE: LTC), which is providing financing.

Aside from Emerald Place, Anthem is also building two other communities in the greater Chicago area, both of which are scheduled to open next year as well. The company is also building a new memory care community in Murrieta, Calif.

Anthem currently operates a dementia care community in Chico, Calif., and four properties in Denver.

Five Star Completes Two Renovation Projects in South Carolina

Newton, Mass.-based Five Star Senior Living (NYSE: FVE) this past week announced the completion of two refurbishment projects at two South Carolina communities: Morningside at Georgetown and Morningside of Rock Hill.

The vision of the renovations was to update each environment, while also creating a more comfortable setting that still feels like home, said Five Star’s Chief Operating Officer Scott Herzig in a written statement.

Refurbishments updated all common areas at the communities, including changes to the dining areas that now allow for better access and comfort.

Beyond the cosmetic aspect of the renovation projects, the changes made to the common areas build upon the Five Star LifeStyle360 program, which is a holistic approach to senior wellness and active community living that both Morningside of Georgetown and Rock Hill implemented earlier this year.

Arizona Assisted Living Community Under Construction

Construction began early October on The Hacienda at The River, a senior living community in Tucson, Ariz., that will offer assisted living, memory care, skilled nursing, rehabilitative and hospice care.

Situated on an eight-acre, multi-use parcel on the south side of River Road at Hacienda del Sol Road, east of Campbell Ave, the development is expected to provide approximately 230 temporary construction jobs and 200 long-term hospitality and medical-related jobs as well as housing for up to 192 people when it opens in late 2016.

The Hacienda at The River is the product of Tucson-based company, Watermark Retirement Communities, a senior housing developer and operator with more than 25 years of experience. The project is designed by RTKL of Los Angeles and Tucson-based Indevco Architects.

Part of the development and construction involves building four “Hacienda Homes” accommodating 15-18 residents each. Within these residences, universal caregivers called “Nayas,” which is Sanskrit for leader or guide, will attend to residents’ needs.

Complementing the Hacienda Homes for assisted living and memory care, there will also be short- and long-term skilled nursing and rehabilitative care at “The Springs,” which will be akin to a European spa, where residents will be able to recover from surgery, injury or illness.

The Hacienda at The River will share its multi-use site with adjacent garden medical office space to be developed by Michael R. Wattis, Inc., which intends to build a 15,000 square foot office building to suit the needs of a single tenant under a long-term lease agreement.

Additional features at the community will include courtyards; patios of the Hacienda Homes that will support three raised vegetable beds; a potting table and water-harvesting arroyo where residents can raise flowers, vegetables and herbs, as well as harvest fruit from the many citrus trees on campus. Gardens and orchards will yield seasonal produce for the tables of The Hacienda.

Integral Senior Living to Manage Texas Community Under Construction

Carlsbad, Calif.-based Integral Senior Living will soon manage a new assisted living and memory care community currently under construction in Denton, Texas.

The community, dubbed The Village Assisted Living & Memory Care, is owned by SRP Medical, and is anticipated to open in mid-2016.

Upon completion, The Village will offer 107 units—75 of which will be for assisted living and 32 memory care private units. For the assisted living units, residents will have the choice of studio, one- and two-bedroom floor plans.

In terms of amenities, residents at The Village will be able to enjoy a bistro/bar, library, computer lounge, hair and nail salon, chef-prepared meals, a chapel, fireplace, theater room, arts and crafts room and fitness area.

The Village is located at 1919 Brinker Road in Denton, Texas.

Chartwell to Develop $65 Million Retirement Residences in Canada

Mississauga, Ontario-based Canadian senior living provider Chartwell is building a new independent living residence in the Montreal suburb of Vaudreuil-Dorion in Quebec.

The new project, which is being built in partnership with developer EMD-Batimo Inc., represents an investment of $65 million with constructed expected to employe 150 people. Once fully operational, the new community ail lacerate 45 permanent jobs.

Phase one of the project calls for 275 rental units. Additionally, 42 condos will be undertaken by EMD. At full capacity, Chartwell says total units may extend to as many as 850.

The project location on Émile-Bouchard Street is within walking distance to a variety of retail shops and is also in close proximity to the centre La Caravane Multisports and a new Local Community Service Centre. Additionally, the Vaudreuil AMT commuter train station sits less than one kilometer away.

The new location joins Chartwell’s existing network of 42 residences across the province of Quebec and more than 180 locations across Canada.

With an anticipated opening slated for mid-2017, the Sales Centre at the new community is expected to be open in January 2016.

Construction: Completed

Titan Senior Living Opens Flagship Community in Texas

Last week, Titan Senior Living welcomed the first residents to its flagship senior living community, Élan Westpointe, a new Class-A 113-unit development in New Braunfels, Texas.

The new resort-style community provides an executive chef-operated restaurant, bistro, beer garden, salon, wellness center, media room and art studio.

Élan Westpointe offers assisted living and memory care services at its location of 2140 Independence Drive.

The “Élan A Senior Lifestyle” brand will be operated by LCS of Des Moines, Iowa.

Stoneridge Creek CCRC Opens $50 Million Health Center

Stoneridge Creek, a CCRC in Pleasanton, Calif., recently announced that its latest addition, CreekView, welcomed its first residents.

The $50 million health center provides multiple levels of care ranging from long-term to short term, respite care, skilled nursing, assisted living and memory care.

Located at 2900 Stoneridge Drive in Plesanton, CreekView is adjacent to the independent living residences at StoneridgeCreek. On site, there are 48 assisted living apartments, 20 memory care apartments and 73 skilled nursing beds for varying levels of health care.

Amenities include restaurant-style dining, a fitness room, courtyard, multimedia room and full-service beauty spa, among other features.

Project partners included VTBS Architects on Santa Monica; San Ramon-based landscape architects Gates and Associates; and Pleasanton-based civil engineer RJA.

Stoneridge Creek is advised by Continuing Life LLC, which also oversees CCRCs in California’s Carlsbad, Fullerton and Thousand Oaks.

Primrose Retirement Communities to Celebrate Grand Opening in Ind.

In addition to the project Primrose Retirement Communities has planned for Newburgh, Ind. (mentioned above), the South Dakota-based company is getting ready to celebrate the completion of a new senior living community in the state, this time in Mishawaka, Ind.

On December 10, Primrose will host a grand opening celebration to introduce its newest community, Primrose Retirement Community of Mishawaka, located at 820 Fulmer Road.

The new community consists of 36 independent living and 40 assisted living apartment homes, along with eight townhome villas. Floor plans are available in a mix of one- and two-bedroom options.

Amenities at the new community include a wellness center, pub and billiards/game room, chapel, business center, movie theater, bistro and outdoor gazebo.

The multi-million project was financed by MutualBank in Mishawaka and is owned and operated by Primrose Retirement Communities, LLC.

Braemoor Health Center Completes Renovations

Braemoor Health Center, a Synergy Health Centers facility in Brockton, Mass., recently completed major renovations amounting to over $1 million in upgrades.

Renovations included work done to the facility’s south wing and lobby, and also included new beds, bedding, bedroom furniture, nurse station, bathrooms reception, flooring, common space, office furniture, windows and more.

Braemoor Health Center is located at 34 N. Pearl St. in Brockton, Mass.

Written by Jason Oliva

The post In the Pipeline: Senior Housing Construction Projects (11/29/15) appeared first on Senior Housing News.

Intergenerational programs among senior housing communities are a popular hit with residents and surrounding communities, providing benefits in many ways and taking shape in several forms. One senior housing provider is opening up about the way it funds and runs its efforts to support local kids, and what the company and its residents gain from it.

Watermark Retirement Communities, one of the largest senior housing providers in the country, has forged a new path to connect with other generations and give back to its wider communities.

The program, Watermark for Kids, is a 501(c)(3) non-profit organization registered and chartered in Arizona, Watermark’s headquarters.

Each Watermark community has the opportunity to partake in the program, sponsoring kids who seek an award or by helping with fundraising events to raise resources for more children to participate in the program. So far, 2,250 “Watemark Kids” have participated in the program.

Every year, the program grows, according to Jill Hofer, who oversees the Watermark for Kids program. As of October 2015, there were 75 kids in the current program receiving awards, which range from funding for sports, art classes, musical instruments, support for a prom night, voice lessons, a school trip to Washington, D.C., laptops and even circus camp.

Communities hold their own fundraisers to fund awards for kids selected into the program. Watermark at Rosewood Gardens in California even puts on its own “yappy hour,” with a dog contest and other activities, for a fee.

“We have communities doing it in their own way, doing it however the spirit moves them,” Jill Hofer, who oversees Watermark for Kids and is the director of communications for Watermark, told Senior Housing News. “They have their own fundraisers. They are the ones that come forward with their recommendations for kids in their area.”

“Although the communities do local fundraisers and efforts, wherever there are Watermark communities, there are Watermark kids,” says Hofer.

The program is also supported by a general fund that is raised in the Tucson office, Hofer explains. With a general fund that all communities can draw from if they are in need to cover the expense of an award, the program is able to thrive.

“That fund is also available for use by our communities because they may or may not have the funds for each award as they come,” Hofer said. “We’ll always make sure that we have the support here for them. It’s about awarding kinds and keeping this program vibrant in the communities much more so than the fundraising.”

The general fund is bolstered by corporate fundraisers, including an annual golf tournament in Arizona and silent auction. Watermark associates also have the opportunity to contribute to awards directly through payroll deductions, according to Hofer.

Unlike most non-profits, all proceeds from fundraising go directly toward awards for kids. Overhead costs for the non-profit are limited to director’s and officer’s insurance expenses, which are absorbed by Watermark Retirement Communities, according to Hofer.

The program is also housed within the senior living provider’s Tucson corporate office. While Hofer heads the non-profit and the Watermark for Kids program, she is also the director of communications and public relations for the parent company and is based in the Tuscon office. As a result, Watermark is able to absorb any overhead costs by keeping its non-profit in-house.

By keeping costs minimal and utilizing only a digital brochure, the program has been able to grow alongside CEO David Barnes’ original vision of giving 100% of a donation to a Watermark award.

For the company, involving the residents is a crucial part of the program and brings in some of the core values of all Watermark communities.

“The residents love to be a part of the program,” says Hofer. “They want to support and inspire kids and help uplift the next generation. They’re always generous with their time and talents, working on fundraisers, baking, hosting the kids at their presentations. It really injects more fun and color and life and vibrance to the communities for residents.”

The post Why Watermark Communities Are Bankrolling Local Kids appeared first on Senior Housing News.

(Dining room at Kalākaua Gardens in Honolulu)

Construction: Planned

Pinkard Construction to Build Colo. Assisted Living, Memory Care Expansion

Construction manager and general contractor Pinkard Construction Company was recently awarded the construction of Sunny Vista Living Center’s new assisted living and memory care expansion in Colorado Springs, Colo.

The new, $10.5 million building, designed by Lantz-Boggio Architects, will be two stories containing 66 units and over 55,000-square-feet. It will feature a therapy gym, gull kitchen and dining room, as well as a secure courtyard.

Construction is slated to begin in spring 2016, following demolition of the project site, which previously housed the site of the community’s original building that operated from 1911 until 2012.

Christian Living Services will provide management and operation services at the new addition.

Construction: In process

Oppidan Investment Company Begins Construction on Minn. Community

National developer Oppidan Investment Company and not-for-profit senior care provider Ebenezer are well underway on construction for White Bear Heights Senior Living in White Bear Lake, Minn.

At 138,000-square-feet, the White Bear Heights community will consist of 113 units, including 36 independent living apartments, 41 assisted living apartments, 30 memory care apartments, six care suites, and a 39-stall underground parking garage, plus surface parking.

Amenities include a coffee and snack bistro, a fitness center offering classes and wellness programs, a hair salon and spa, an outdoor dining deck and more.

White Bear Heights Senior Living is located at 4650 Centerville Road, on the northeast corner of Centerville Road and Highway 96.

The facility will be managed by Ebenezer in partnership with Fairview Health Services. It is expected to open in April 2017.

In other news, Oppidan recently partnered with Red Rock Senior Living, a 77-unit senior living community in Woodbury, Minn., which opened in June 2015.

Additionally, Oppidan is also partnering with Ebenezer on a 150-unit senior living community that will be located in South Minneapolis, at 55th Street and Lyndale Avenue. Construction on this project is expected to begin this spring.

Honolulu CCRC Slated for Early 2016 Opening

Kalākaua Gardens, a new continuing care retirement community in Honolulu, is slated to open in early 2016.

The community, which is located at the gateway of Waikiki in the Ala Moana precinct, will offer monthly rental suites throughout its 17 floors, including views of the ocean and urban Honolulu.

Managed by Avalon Health Care Group, a national provider of short- and long-term rehabilitation and medical care, Kalākaua Gardens will be Hawaii’s only monthly rental CCRC providing independent living, assisted living, skilled nursing, memory care and short-term respite care under one roof.

Residents at the community will be able to enjoy services and amenities, including farm-to-table cuisine, a movie theater, a fitness center, wellness programs, a salon and spa, complimentary Wi-Fi, cable TV, housekeeping, linen services, a chauffeur, social outings, special events and more.

Currently, Kalākaua Gardens is in the final stages of construction, with an anticipated opening set for April 2016.

The Weitz Company Celebrates Groundbreaking on $21 Million Ariz. Community

This week, national design and construction firm The Weitz Company announced the groundbreaking of Hacienda at the River, a $21 million senior living community in Tucson, Ariz. for Watermark Retirement Communities, Inc. and The Freshwater Group.

Upon completion, the new community will feature a 74,000-square-foot, two-story health center offering short-term, long-term and hospice care.

The community will include a 50-bed rehab unit, 12 long-term nursing care beds and 12 hospice beds, along with 69 residences offering assisted living and memory care spread across a village of 43,000-square-feet of single-story homes.

The property will also house a 1,600-squad-foot stable building for equine therapy available to residents. Other on-campus amenities will include a commons space for events and classes and an equestrian building.

Full site development of the 6.5-acre site, which is located on East River Road in Tucson, began in October 2015.

Sonata Senior Living Begins Construction on Fla. Community

Orlando-based owner and operator Sonata Senior Living this week announced the construction of a new, $30 million senior housing community in Winter Garden, Fla.

Dubbed “Sonata West,” the new resort-style community will provide independent living, assisted living and memory care throughout its 139,000-square-feet.

Unit mix for the two-story building includes 78 independent living apartments and 35 assisted living apartments for residents in need of personal care services. The community will also offer select “club level” apartments that feature enhanced services, apartment upgrades and controlled access.

Amenities will include a full-service restaurant with locally grown fare, a pool, bistro bar, library, auditorium, theatre, general store, art studio, fitness center, bocce ball court, picnic pavilion and a dog park.

Sonata West is scheduled for completion in early 2017. In total, the community will house over 130 residents and will bring more than 100 new jobs to the local community once opened.

Construction: Completed

Trilogy Health Services, Mainstreet Open New Post-Acute Facility in Indiana

Louisville, Ky.-based operator Trilogy Health Services announced this week the opening of its newest health campus, The Springs of Richmond, developed in collaboration with Carmel, Ind.-based Mainstreet.

Specializing in short-term rehabilitation and transitional care, The Springs houses 70 beds within its 48,034-square-foot structure. The facility offers a home-like setting featuring chef-prepared meals, private suites with private baths, and services specially tailored to meet residents’ individual preferences.

The Springs also features amenities such as a large therapy gym, an outdoor rehabilitation courtyard, a movie theatre, a game room, a spa, along with a variety of dining options, including a pub and restaurant-style dining.

At the facility, residents will be able to benefit from Trilogy’s Home Again Personal Wellness Plan, which is provided to residents prior to their return home. This personalized plan educates residents on their diagnoses, as well as the lifestyle changes needed to manage their health conditions. A key component of the program is education on wellness for over 20 common diagnoses, such as congestive heart failure, pneumonia, hip and knee replacement.

The Springs is Trilogy’s 98th health campus, and its second location in Richmond, Ind., joining Forest Park Health Campus, which opened in 2007.

The Springs of Richmond is located at 400 Industries Road in Richmond, close to nearby Reid Health. The community is hosting an open house on Sunday, January 17 from 1pm – 3pm.

Written by Jason Oliva

The post In the Pipeline: Senior Housing Construction Projects (1/14/16) appeared first on Senior Housing News.

Welltower Foundation Launches to Promote Wellness

Welltower Inc. (NYSE: HCN) launched the Welltower Foundation, an organization aimed at promoting wellness, encouraging a high quality of life for aging populations and supporting other groups and innovations that do the same. Erin Ibele has been named president of the foundation.

The foundation’s first course of action is a $250,000 grant to the Alzheimer’s Association to support the organization’s Brain Ball, a national event meant to bring awareness to Alzheimer’s disease and its impact on families. The Brain Ball also raises funds for research and critical support services.

“The launch of the Welltower Foundation is a natural extension of our focus on helping people live well as they age,” Ibele said in a statement. “We are honored that our first action will be to partner with the Alzheimer’s Association to help raise the awareness and funds vital to tackling Alzheimer’s disease and its impact on society.”

New Senior Appoints New Member to Board of Directors

New Senior Investment Group Inc. (NYSE: SNR) announced the appointment of Robert Savage to its board of directors.

Savage will serve as a Class II director with a term expiring in 2017. With Savage’s appointment, New Senior’s board now includes seven directors.

Savage was the president and co-founder of KTR Capital Partners from 2005 until the company was sold in 2015. Prior to that, he served as executive vice president, COO and trustee of Keystone Property Trust (NYSE: KTR), an industrial real estate investment trust (REIT), and as a partner at private equity firm Hudson Bay Partners, L.P.. He also worked in the investment banking division at Merrill Lynch & Co.

The appointment was contingent upon an agreement with a stockholder group of the company, including Levin Capital Strategies, L.P. The Levin Group agreed to customary standstill restrictions through 30 days prior to the deadline for the submission of stockholder nominations for directors for the 2017 annual meeting, and has agreed to vote all of its shares at the 2016 meeting in favor of the director nominees.

“I am excited to join the New Senior board and look forward to working collaboratively with the board and management team to drive value for our shareholders over the long term,” Savage said in a statement.

Lancaster Pollard Appoints New Managing Director

Lancaster Pollard, a financial services firm that helps health care, senior living and housing providers with financial advice and financing solutions, promoted Jason Dopoulos to managing director.

Dopoulos has worked for Lancaster Pollard since 2007 and now manages the firm’s office in Newport Beach, California. During that time, he has structured several bond transactions and mortgage loans for more than 100 expansion, new construction and refinance projects totaling over $1 billion. Currently, Dopoulos is the chair of the National Investment Center for Seniors Housing & Care (NIC) Future Leaders Council.

“Jason was instrumental in strengthening our presence in the Southwest and quickly turned it into one of our strongest markets,” Lancaster Pollard President Kass Matt said in a statement. “He is a clear leader, client advocate and an excellent mentor. Further, he has consistently been one of our top bankers, most recently setting a firm record in 2015 for annual revenue generation.”

ASHA Elects New Executive Committee Members

The executive board of the American Seniors Housing Association (ASHA) elected six people to serve two-year terms as members of its executive committee.

Those elected include Capital Senior Living Corp. Chairman Lawrence Cohen; Senior Resource Group Vice Chairman Michael Grust; Watermark Retirement Communities Treasurer David Freshwater; Bloom Senior Living and Kandu Capital Secretary Bradley Dubin; ASHA President David Schless; and Mercedes Kerr of Welltower, Inc., who is the chair of the Seniors Housing Political Action Committee.

ASHA represents more than 400 companies involved in the finance, development and operation of senior housing, including independent living, assisted living, memory care and continuing care retirement communities (CCRCs), also known as life plan communities.

Mainstreet Hires Nine in February

Mainstreet, the nation’s largest developer of transitional care properties, hired for nine positions in the month of February.

Andrew Bernethy joins Mainstreet as an IT support specialist. He previously worked at Bell Techlogix as a senior service desk analyst and at Fry’s Electronics as an audio visual sales associate.

Daphne Clark has been named Mainstreet’s new vice president of strategy and product development at Mainstreet Health. She has more than 25 years of experience in consulting, most recently serving as founder and president of Uncommon Connections, where she worked with corporate, government, nonprofit and startup leaders to provide strategic leadership and operational guidance. She has also served in various roles at Wellpoint.

The company welcomes Kimberly Eaton as a paralegal. She previously worked for Advantage Health Solutions as a corporate legal assistant.

Mainstreet’s new vice president of operations in Texas for Mainstreet Health is Joyce Fritz. She most recently served as administrator for Remington Medical Resort San Antonio, and previously worked on the development of TRISUN Healthcare.

Mark Fritz is Mainstreet’s new president of operations in Texas and Arizona for Mainstreet Health. He comes to Mainstreet with over 25 years of transitional care experience and has served on the boards of several nonprofits.

Julie Hutchison has been named an accounting manager for Mainstreet. Prior to her new role, she worked at Milhaus as a senior staff accountant and served as staff, senior staff and manager at Crowe Horwath.

Drew McCuiston is Mainstreet’s new senior associate of investments. His previous experience includes director of business development and manager of financial planning and analysis at IU Health and several roles at the Indiana Office of Management & Budget.

Mainstream’s newest administrative assistant is Linda Slipher. Prior to Mainstreet, she had served as executive assistant to the CEO, COO and CFO at St. Vincent Seton Specialty Hospital in Indianapolis.

Darryl Wellinghoff joined Mainstreet as the new senior vice president of business development. He previously worked as the senior vice president of The Medicine Company.

Covenant Village of Cromwell Names New Director of Sales

Covenant Village of Cromwell, a not-for-profit CCRC in Cromwell, Connecticut, has named Erin Hall as the community’s new director of sales.

In her new position, Hall will be tasked with developing and executing the marketing and sales program for Covenant Village of Cromwell’s 219 residences, including one-story patio, cottage and apartment homes. Services also include assisted living, memory care, short- and long-term rehabilitation and skilled nursing.

Hall previously served as a sales representative at VITAS Healthcare in Glastonbury, Connecticut, and director of community relations at Benchmark Senior Living in Rocky Hill, Connecticut. She was also director of Marketing at Arden Courts in Hamden, Connecticut.

KTGY Architecture & Planning Appoints New Board Chairman

KTGY Architecture & Planning named Jill D. Williams, AIA, as chairman of its board. She replaces Stan Braden, who steps down as chairman but continues his responsibilities to the firm’s studios and client relationships.

Williams will continue to serve as managing principal of the firm’s Oakland office in addition to her new role as chairman. As managing principal, Williams builds architectural teams, provides project direction from planning and design conception through construction observation and fosters client relationships.

As chairman, Williams will be responsible for working closely with KTGY’s CEO Tricia Esser, the board of directors and managing principals. She brings more than 30 years of experience in innovative residential and mixed-use architecture to the leadership position.

“We welcome Jill Williams to her new role,” Esser said in a statement. “She is a passionate, experienced architect, and we are looking forward to having her influence throughout the firm.”

Additionally, Principal Manny Gonzalez has been elevated to the College of Fellows of the American Institute of Architects for his contributions to the 55+ housing industry. Fellowship is one of the highest honors the AIA can bestow upon a member.

Gonzalez is well-versed in universal design, senior living amenities, location-based design and peacemaking. He has also led several national and regional educational panels to accelerate the profession toward research-influenced design.

Provision Living at Columbia Hires New Executive Director

Provision Living at Columbia, an assisted living and memory care community located in Columbia, Missouri, announced the hire of Kim Fanning as its new executive director.

Fanning joins Provision Living with 35 years of experience in health and senior care as a registered nurse and a licensed nursing home administrator. Previously, she served as senior vice president of education for 17 years and as director of clinical services for a long-term care retirement community in Kansas. She also worked for several hospitals and health centers throughout the Midwest.

In her new role, Fanning is responsible for oversight of all daily operations at Provision Living at Columbia, which consists of 63 assisted living units and 32 memory care apartments.

“I am very excited to be part of the Provision Living at Columbia team and to help make this community the best place our senior residents have ever lived,” Fanning said in a statement. “We’ve been open just a few months and, already, the people of Columbia are recognizing what a truly remarkable experience we offer to those who want assisted living and memory care support.”

Written by Kourtney Liepelt

The post Movers & Shakers: Welltower Foundation Launches to Promote Wellness appeared first on Senior Housing News.

HFF Closes Sale of Seniors Housing Community in Florida

Dallas-based Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of a seniors housing community in Melbourne, Florida, called Sonata at Melbourne.

HFF marketed the community on behalf of the seller. Kayne Anderson Real Estate Advisors, a real estate private equity investor in off-campus student housing, seniors housing and medical office buildings, bought the asset free and clear of existing debt.

Sonata at Melbourne is 97% leased and has a total of 135 beds across 47 independent living, 54 assisted living and 34 memory care units. 

The HFF team representing the seller was led by senior managing directors Chad Lavender and Ryan Maconachy.

NHI Announces Acquisition and Lease of 2 CCRCs

National Health Investors (NHI) announced the purchase of two entrance-fee continuing care retirement communities (CCRCs) from funds managed by affiliates of East Lake Capital Management for $56.3 million, along with its entrance into a lease transaction with other affiliates of East Lake.

NHI funded the acquisition with available cash and borrowings on the company’s revolving credit facility.

The CCRCs, located in Southbury, Connecticut and Bridgeport, Connecticut, have a total of 460 units. The facilities are sub-leased to affiliates of Watermark Retirement Communities, the current manager.

The 15-year lease has an initial lease rate to East Lake of 7% with yearly escalators of 3.5% in years two through four, and 3% per year thereafter.

The CCRCs have a 2.3 average lease coverage ratio based on the initial NHI lease payment for the last two years. NHI has committed up to an extra $10 million for capital improvements and possible expansion of the communities over the next two years.

IPA Arranges Sale of 158-Bed Seniors Housing Facility in Dallas

Institutional Property Advisors (IPA), a division of Marcus & Millichap serving institutional and private real estate investors, arranged the sale of The Legacy at Preston Hollow, a nonprofit seniors housing community in Dallas.

The Legacy at Preston Hollow, built in 2000, has 45 assisted living beds and 113 skilled nursing beds.

The seller was represented by Mark Myers, Charles Hilding, Joshua Jandris and Ryan Fleming of IPA, along with Marcus & Millichap’s Kelsie Vogds.

Jandris, Myers, Hilding and Fleming procured the buyer, as well.

Arkansas Skilled Nursing Facility Sells for $3.53 Million

FC Encore Properties B Holdco LLC, an affiliate of Formation Capital, bought a 70-unit skilled nursing facility in Little Rock, Arkansas, for $3.53 million.

Diamond Senior Living LLC, an affiliate of GE Capital, sold Chenal Rehabilitation & Healthcare Center. The property is helping secure a $479 million funding agreement with a lending consortium headed by KeyBank of Cleveland, according to Arkansas Business.

RCLAL Buys Two Senior Living Communities in South Dakota

Regional Health, a large operator of hospitals and medical centers in South Dakota, announced it sold two of its senior care facilities to RCLAL, a limited liability corporation.

RCLAL purchased Golden Ridge Regional Senior Care in Lead, South Dakota, and Fairmont Grand Regional Senior Care in Rapid City, South Dakota, for an undisclosed amount.

Northstar Senior Living of Redding, California, will manage the communities, Rapid City Journal reported. 

Fairmont Grand has 48 assisted living beds as well as two apartments for residents who do not require daily assistance. Golden Ridge has 16 assisted living units and 10 independent living apartments.

SLIB Sells 110-Unit Independent Living Community in Idaho

Matthew Alley, a senior living managing director at Glen Ellyn, Illinois-based Senior Living Investment Brokerage, Inc., sold a 110-unit independent living community in Boise, Idaho, for $3.9 million.

The buyer was a real estate owner based in Canada. The property will be managed by a national operator.

“This transaction showed the depth of marketing that senior living performs on each of its listings,” Alley said. “The purchaser is a group that was relatively unknown, being headquartered in Canada. Combining the local knowledge for each specific market and the international reach that senior living has affords each individual seller the best opportunity to sell his or her property at the top of the market.”

Texas Health Resources Buys Forest Park Fort Worth for $116.5 Million

Arlington, Texas-based Texas Health Resources, which owns 24 hospitals in North Texas, bought Forest Park Medical Center in Fort Worth, Texas, for $116.5 million in a bankruptcy auction.

Texas Health’s bid was $1 million higher than the second-best offer, according to Deirdre Ruckman, the attorney representing Sabra Health Care REIT, the Star-Telegram reported. Sabra Healthcare REIT acted as the secured lender for the 150,000-square-foot hospital, as well as the adjacent 80,000-square-foot office building and parking garage.

The owner of the 54-bed Forest Park Medical Center Fort Worth filed for Chapter 11 bankruptcy in late 2015. Sabra Texas Holdings then posted the property for foreclosure after the hospital failed to make an interest payment on a $66.8 million construction loan.

Written by Mary Kate Nelson

The post Senior Housing Investments & Transactions: HFF, NHI appeared first on Senior Housing News.

(Rendering of Windsor Run, located in Matthews, N.C. — Photo courtesy of Erickson Living)

Construction: Planned

Senior Housing Community Planned, Minn.

A new senior housing community is planned on 5.8 acres of land in North Napa, Minn. The Napa Senior Housing development will be 195,000 square feet and stand three stories tall.

There will be 174 units that will provide a combination of independent living apartments, assisted living apartments, memory care apartments and care suites.

Residents will also be able to enjoy a coffee and snack bistro, a fitness center, which will offer classes and wellness programs, a hair salon and spa, a deli and an outdoor dining deck.

Napa Senior Housing is being developed by Oppidan Investment Company and will be operated by Watermark.

$29.5 Million Senior Living Community Ground Breaking Planned

A new upscale senior living community in Johnston, Iowa will break ground this fall. The WesleyLife Community, Brio, will offer independent living, assisted living, a skilled residential environment designed for those with memory loss and short-term skilled care/rehab.

Brio is being designed around the organization’s Communities for Health Living model. This will be the fourth WesleyLife community in the the Des Moines metro area and eighth in the state.

Construction: In process

Koelsch Communities Breaks Ground in Arlington Heights, Ill.

Late last week, Koelsch Communities broke ground on the Waverly Inn Campus in Arlington Heights, Ill.

The $17.6 million community will feature Waverly Inn Memory Care Community for 72 residents who require services related to memory loss, as well as Waverly Cottages, which will include four resident homes in a neighborhood setting.

The community will also offer its Personal Touch Care program, which is a holistic approach aimed at maintaining resident’s wellbeing and self-worth.

Waverly Inn Campus is anticipated to open summer 2017.

Timber Ridge Community $154.5 Million Expansion Nears Completion

A resort-style Life Plan Community, Timber Ridge at Talus, has reached 80% competition for Phase II of its expansion.

Located at the base of Cougar Mountain in Issaquah, Wash., the $154.5 million expansion will add 145 independent living apartments, an expanded Briarwood Health Center with 14 private assisted living apartments, a new 12-bed memory care neighborhood and nine private nursing suites.

The expansion also includes a new larger dining venue, indoor swimming pool and 190-seat auditorium. The memory care suites and auditorium will open this month.

Timber Ridge at Talus will have 15 different apartment home floor plans that range in size from one- to four-bedroom plus den homes.

The developer and manager of the community is Life Care Services (LCS).

New Senior Living Community Underway, Wheatfield, N.Y.

Construction has begun for a new senior living community, Wheatfield Commons, in Wheatfield, N.Y. The $9.4 million project will have 114 beds for assisted living and memory care residents in the 55,000 square-foot community.

Residents will have the choice between a fully-furnished private or semi-private unit with kitchenettes. Suites will feature a large bedroom and a living and dining area. The building also includes lounges, activity space, a bathing spa and access to a doctor and staff support.

Wheatfield Commons is being developed by DePaul Developmental Services.

Erickson Living Celebrates Groundbreaking for Windsor Run

The first phase of the construction at Windsor Run in Matthews, N.C. was celebrated last week. Phase I of this continuing care retirement community will include 216 independent living apartments with over 30 floorpans for residents to choose from.

In this phase, a 50,000 square-foot clubhouse will be built and is anticipated to be complete in early 2018. When Windsor Run is fully complete there will be 900 residences.

The general contractor for the project is Whiting-Turner Contracting Company and Lantz-Boggio is serving as the architect.

Construction Started on $95.5 Million Senior Housing Community, Laguna Nigel, Calif.

A new senior living community by Steadfast Senior Living LLC, Crestavilla, is underway in Laguna Nigel, Calif.

The high-end community is being constructed by commercial builder, Bernards, developed by Flintridge Partners LLC, and will deliver a range of services.

Crestavilla will be 211,387 square feet and will be set on 11.5 acres of land. The community will feature 112 independent living units, 72 assisted living units and 36 memory care beds.

The community was designed by William Hezmalhalch Architects based in Santa Ana, Calif.

The project is slated for competition in November 2017.

Five Surpass Senior Living Communities Underway, Phoenix

Surpass Senior Living LLC has five Mariposa Point senior living communities under construction. The Dallas-based firm, McFarlin Group, LLC invested $80 million into the projects.

The communities will include: Mariposa Point of Gilbert, which will have 83 units for over 120 residents; Mariposa Point of Surprise, which will consist of 76 assisted living units; Mariposa Point of Mesa, which will have 83 units of assisted living as well as memory care and Mariposa Point of Algodon, which will consist of 80 units of assisted living and memory care.

The fifth community has yet to be announced.

Construction: Completed

$12.5 Million Memory Care Community Opens in Tinley Park, Ill.

Anthem Memory Care has opened its ninth community is Tinley Park, Ill.

Porter Place will be home to people with Alzheimer’s and other dementias. The community will offer 82 resident suites with a selection of private with private bath, private with shared bath or shared with shared bath.

Each unit includes smart technology to help respond to individual residents’ needs while respecting dignity and privacy. The community features two large satellite kitchens with bar-style counters to encourage residents to get involved with food prep as well as serve as a social gathering area.

Porter Place also features a secure outdoor courtyard with a walking path, a putting green and raised garden beds, which are accessible for those in wheelchairs.

Development and construction of Porter Place was by LTC Properties. CB Two Architects designed the community and Adair Group and Pickus Construction were general contractors.

Written by Alana Stramowski

The post In the Pipeline: Senior Housing Construction Projects (7/21/16) appeared first on Senior Housing News.

RED Closes $20 Million Balance Sheet Construction Loan for Creekside Senior Living

RED Capital Partners, LLC recently completed a $20 million Balance Sheet construction loan for the development of Creekside Senior Living, a Class A assisted living and memory care community with 129 units in Bountiful, Utah.

Specifically, the loan was completed for Creekside Senior Living at Bountiful LLC, a joint venture between Stellar Senior Living, Creekside Senior Living Development Group, LLC, US Development, Inc. and the John S. Smith Family of Bountiful, Utah. The community will be operated by Stellar Senior Living, a family-owned company based in Salt Lake City, Utah, which operates senior living communities throughout Utah, Colorado, Idaho, Arizona and Washington.

“We are proud to have played a part in the realization of a unique community legacy and the coming together of a very remarkable project,” Brady Johnson, the director of senior housing and health care at RED, said in a press release. “The Mountain West is a unique focus for us and we are excited to strengthen our ties here in Utah. We also look forward to building on our relationship with Stellar Senior Living and are sincerely pleased they chose RED.”’

RED Capital Partners, LLC is the proprietary debt and equity banking arm of comprehensive capital provider RED Capital Group, LLC, itself a subsidiary of Dallas-based capital and asset management firm ORIX USA Corp.

CBRE Arranges Refinancing for Senior Living Community in Ohio

CBRE National Senior Housing Vice Chairman Aron Will arranged a refinancing on behalf of a joint venture between The Freshwater Group/Watermark Retirement Communities and NorthStar Healthcare Income, Inc. for Pinebrook Retirement Living, a 124-unit, Class A independent and assisted living community in Milford, Ohio.

Specifically, CBRE secured a 10-year floating rate CME loan from Freddie Mac which features 60 months of interest only. Watermark will continue to manage the community.

Watermark is a TFG portfolio company that manages and operates its senior housing assets, which currently consist of 38 communities across 20 states with approximately 7,000 beds.

NorthStar is a non-traded public real estate investment trust (REIT) that was created to originate, acquire and asset manage debt and equity investments in health care real estate. 

KeyBank Provides $249 Million in Financing to Formation Capital for SNF Portfolio

KeyBank Real Estate Capital, a subsidiary of Cleveland-based KeyCorp, has provided $249 million in FHA financing to Formation Capital, a private investment management company with a seniors housing concentration.  

KeyBank’s Healthcare Mortgage Group’s Paul Di Vito and John Randolph arranged the financing through FHA’s 232/223(f) mortgage insurance program. 

The financing will be utilized for a 22-property skilled nursing portfolio with 2,682 total beds. Five of the facilities are located in Mississippi, and 17 are located in Florida.

Proceeds of the loan were utilized to pay down an existing bridge loan, which funded the purchase of 66 facilities.

CBRE Secures $28.7 Million Loan for Senior Living Community in Denver

CBRE National Senior Housing Vice Chairman Aron Will arranged construction financing on behalf of a joint venture between MGL Partners, Blue Moon Capital Partners and Leisure Care for Carillon DTC Senior Living, a to-be-built, Class A senior living community in Denver.

The independent living, assisted living and memory care community will have 163 units in total.

CBRE secured a non-recourse, $28.7 million floating rate loan which features a 6-year term with 48 months of interest only. The loan was procured from a regional bank, according to CBRE.

Boston-based Blue Moon is a private equity investment advisor established to match institutional capital with forward-thinking senior housing companies diversified by geography and operating platform. MGL Partners, meanwhile, is a Denver-based senior housing and multifamily development firm. 

Seattle-based Leisure Care currently operates 39 senior living communities with more than 2,500 employees across the United States. The company has about 6,000 units under management and serves more than 7,000 residents.

Ziegler Prices $61.53 Million Financing For Westminster Manor

Chicago-based speciality investment bank Ziegler announced the successful bond pricing of Westminster Manor’s $61,525,000 Series 2016 Bonds.

Austin, Texas-based Westminster Manor is a not-for-profit organization established in 1973 for the purpose of operating and owning a retirement community. Specifically, Westminster is a Type A continuing care retirement community (CCRC) with a total of 328 independent living units and 22 assisted living units. The CCRC also includes The Arbour at Westminster Health Center, which has 85 skilled nursing beds, 30 of which are used for memory support. Life Care Services has managed the CCRC since 1981.

The proceeds of the $61,525,000 Series 2016 Bonds will be utilized to (1) refund a portion of the outstanding Series 2010 Fixed Rate Bonds, (2) finance a debt service reserve fund for the Series 2016 Bonds, and (3) pay certain costs of issuance, according to a Ziegler press release. The Series 2016 Tax-Exempt Fixed Rate Bonds earned a “BBB” rating from Fitch.

Additionally, Westminster will realize about $588,000 in yearly cash flow savings for the next 24 years, representing $11.4 million on a net present value basis. 

Grandbridge Facilitates $43.5 Million Seniors Housing Acquisition/Bridge Loan 

Grandbridge Real Estate Capital’s Seniors Housing and Healthcare Finance team recently facilitated the closing of a $43.5 million acquisition/bridge loan to a joint venture between senior living owner/operator Meridian Senior Living and Chicago-based Blue Vista Capital Management, LLC.

Specifically, the non-recourse loan was secured by two assisted living communities: the 147-unit Chevy Chase House in Washington, D.C. and the 88-unit Country House in Yorktown Heights, New York.

Funding for the purchase was provided through BB&T Real Estate Funding, Grandbridge’s exclusive proprietary lending platform. Senior Vice President Richard Thomas and Vice President Meredith Davis originated the transaction, according to a Grandbridge press release.

Written by Mary Kate Nelson

The post Senior Housing Finance Activity: RED Capital, CBRE appeared first on Senior Housing News.

(Rendering of Pecan Grove at Highland Springs located in Dallas — photo courtesy of Erickson Living)

Construction: Planned

Arizona Developer Plans Senior Living Community

Summerlin Asset Management plans to team up with Desert Land Group to create Havasu Senior Living in Lake Havasu City, Arizona. The community will include independent living, assisted living, memory care, health care and a mixed-use development.

The mixed-use development may include a restaurant, swimming pool and other amenities for the residents of the community.

The first of four phases of the project will consist of 88 units. Though only two of the four phases will involve senior living projects, the first phase will include age-restricted apartments, while phase two will include the assisted living and memory care facilities.

Ground is expected to break in April 2017 and will continue until summer 2018.

Senior Community Approved By City Officials in Minnesota

Located in Elk River, Minnesota, the Guardian Angels Senior Services has been given permission to develop a 139-unit senior living facility. The building is planned to be four stories and include a memory garden, terrace overlook, footbridge, dining area, covered parking and a theater.

The community will be done in phases, but the first phase of the project, which will cost $25 million in total, will be called Riverview Landing.

The project is anticipated to break ground summer 2017.

Construction: In progress

Ground Broken at Indianapolis Community

Stonecrest Senior Living has broken ground on a new senior living community, Stonecrest of Meridian Hills in Indianapolis.

The multi-million dollar campus will be located on 4.8 acres of land and will consist of 55 private apartments for assisted living, which will range in size from studio suites to two bedroom units. There will also be 30 suites within the memory care neighborhood for residents with Alzheimer’s or other dementias.

Amenities at Stonecrest of Meridian Hills will include outdoor living spaces, an active bistro, theater and fitness center.

Integral Senior Living is managing the property and is scheduled to open in fall 2017.

Construction Underway at Assisted Living Community

The Watermark at Vistawilla is under construction. The assisted living and memory care community is located in Winter Springs, Florida.

The community will feature 89 residences with a number of floor plans to choose from as well as high-end amenities. Residents will also be able to enjoy outdoor gardens and nature paths, a library, cafe, game room, movie theater, beauty salon and barbershop.

Watermark Retirement Communities will operate the community, The Freshwater Group, Rookis Investment Partners and Gulf Coast Development Inc., are the developers, and Chancey Design Partnership did the design of the community.

The Watermark at Vistawilla is expected to open in the fourth quarter of 2017.

Senior Housing Community Breaks Ground on $20 Million Project

Located in Fort Myers, Florida, American House is now underway. The luxury $20 million independent living, assisted living and memory care community will consist of 20 memory care units, 39 independent living units and 65 assisted living residences.

Residents of American House will be able to enjoy a health club with an exercise room, a beauty salon with a spa and massage room, and an outdoor swimming pool with lounge areas.

Michigan-based Redico will be developing the project and LandSouth Construction is the contractor on the project. The community will be managed by American House Senior Living.

American House plans to open in February 2018.

Construction: Complete

Senior Community Opens New Independent Living Building

Highland Springs senior living community located in Dallas has opened a new independent living building.

The building, Pecan Grove, features 108 units with open-concept designs and the choice between nine different floors plans that range from one-to two-bedrooms. Other amenities in the apartments includes stainless steel appliances, granite countertops, screened-in pitches and patios.

Residents of the Erickson Living community started their move into the new building on December 6. The residents at Pecan Grove also have access to an exercise studio and a restaurant with patio dining.

JHP Architecture was the architect on the project and The Whiting-Turner Contracting Company served as the general contractor.

Memory Care Community Opens in Pennsylvania 

Signature Senior Living Pennsylvania has just opened two memory and personal care homes in Lancaster County, Pennsylvania.

Signature Senior Living Lititz welcomed its first resident on Nov. 15 and now has 19 residents.

The second community, Signature Senior Living Lancaster, is having its grand opening on Jan. 12, 2017.

Each community will have space for 80 residents and will cost about $11 million each to construct.

Signature Senior Living will operate the communities.

Written by Alana Stramowski

The post In the Pipeline: Senior Housing Construction Projects (12/15/16) appeared first on Senior Housing News.

In C-Suites across the country, senior housing executives are trying to get a read on the year ahead.

The inauguration of President-elect Donald Trump is fast approaching, and while there have been some signals as to what policies will change, major questions remain about his approach to health care. Still, several senior living leaders believe that continued collaboration across the health care spectrum will be an ongoing trend—and a key opportunity for the sector.

Some executives are expecting further occupancy pressure from new supply coming online. As for whether new development will slow or remain robust, there’s some mixed opinion. Other top of mind issues include ongoing labor challenges, and technology, which is affecting everything from marketing to transportation.

“While certain markets are contending with supply pressures, there continue to be opportunities for targeted senior living development in urban areas featuring a mixed-use and/or retail component. In 2017, we anticipate an increased focus on high barrier to entry markets that combine mixed-use retail environments combining with senior living.” —Mark Alexander, Senior Vice President, Head of Development, Atria Senior Living

“Two things come to mind. One is the growing importance of delivering on performance, especially maintaining a culture that attracts and retains the best team members, including the credentialing of our community Executive Directors. The other is that, on the deal side, as I think we have already begun to see, private equity will again become an aggressive player in the senior living space.” —Brenda Bacon, President and CEO, Brandywine Living

“Collaboration between traditional health care providers and senior housing is important and it is going to become even more important. There is an opportunity for senior housing to become even more essential in the evolving ecosystem of health care. You are going to see health care public policy continue to drive less expensive, better quality, value-based outcomes, irrespective of the fate of the Affordable Care Act. Senior living can be a part of the solution, and I think that is an exciting opportunity for the industry.” —Andy Smith, President and CEO, Brookdale Senior Living

“While new competition will impact markets in the short term, I expect experienced operators, who focus on hiring and retaining the best people, will outperform those who have the newest building. Engaging your front line will be the key to delivering the consistent services that are critical in a marketplace where families have numerous choices to consider for their loved ones.” —Richard J. Brewer, President and CEO, Commonwealth Senior Living

“We expect to see a continued focus on digital strategy and how to more effectively use this approach to initiate, communicate and cultivate relationships with prospective residents and their family members. It’s no longer a digital strategy that is required to be successful, but an overall integrated marketing strategy in a ‘Digital World.’” —Terri Cunliffe, CEO, Covenant Retirement Communities, Inc. 

“In 2017 I think there will be a slow down in consolidation yet an abundance of capital will still encourage new development of assisted living and memory care projects. A new Republican federal government will help relieve labor regulations but will encourage certain blue states and cities to get even more aggressive on labor mandates.” —Adam Kane, Senior Vice President, Real Estate Acquisition & Corporate Affairs, Erickson Living

“We will begin to see examples of true ‘Digital Strategies’ in the CCRC industry. While not on the Uber-level of disruption, these capabilities will provide tangible product differentiation in the market. Companies will leverage digital capabilities, such as the Internet of Things (IOT) and Artificial Intelligence (AI), to deliver resident-facing apps and portals, moving beyond social networking and delivering real value to residents. Voice-enabled virtual assistants will allow even technophobic seniors to access relevant information and request services. Providers will build ecosystems of connected digital services, first within the communities, and then extending to external partners to bring a wealth of information, products and services only a mouse-click or voice command away.” —John F. Triscoli, Senior Vice President, Chief Information Officer, Erickson Living

“Labor challenges continue to plague the senior living industry. It’s in the best interest of the industry for providers to collaborate and share best practices for improving employee retention at all levels. We see the utilization of technology being essential to continuous quality improvement as well as a key resource in recruiting and retaining teammates in 2017 and beyond.” —Richard Williams, Senior Vice President, HHHunt Senior Living

“The big issues for 2017 will fall into two primary buckets: Adapting to value-based care and strengthening human capital. A third issue which has plagued us and long gone unaddressed is our industry branding. On value based care: Because the IMPACT Act and MACRA enjoyed bipartisan support, we are betting that the movement toward value-based care will continue under the Trump administration. As a result, it will be critical to continue to build an electronic infrastructure that permits integrated care—that is, the provision of ancillary services that address higher acuity via coordinated communication and real time access to patient data.

On strengthening human capital: National pressure for raising minimum wages is likely to abate under the new administration, however on the state level things look different. Eighteen states implemented increases on 1/1/17 and many others have pending legislation.

On rebranding senior living: As an industry we must address ageism, which is a fundamental problem for all of our businesses as it affects the size of the market seeking our products. At Juniper we hope to do our share by exploring alternate approaches to promotion most notably by switching from a description of features and benefits to define our product to thinking in terms of outcomes, what your life can look like. To get a better handle on our thinking, take a look at the Nike website!” —Lynne Katzmann, President and CEO, Juniper Communities

“I see construction of new communities continuing in 2017; however, at a slower pace than what we have seen in the last couple of years. I generally believe that the slower pace is not due to oversupply, but rather a continuing increase in construction costs. As the US economy has strengthened, alternative construction projects in the marketplace have made construction trades and material more expensive. This competition will increase the overall costs of new development projects and will make it more difficult to meet investor return hurdles.

In addition, as noted above, while I generally believe that supply and demand are in relative balance, competition from new developments coming on line in 2017 and offering lease-up incentives will impact the ability of stabilized communities to maintain high occupancies while achieving significant rate growth.” —Jon DeLuca, President and CEO at Senior Lifestyle

“In 2017, there will be a continued emphasis on strengthening collaboration with health systems and working together to coordinate residents’ care to help promote positive outcomes. Our industry prides itself on providing high-quality, personalized care and services for seniors. We’ll need to truly deliver on that experience consistently for our residents, in order to remain competitive and preserve our reputation as the best choice for families seeking senior living.” —Chris Winkle, CEO, Sunrise Senior Living

“With a strong economy and housing values returning to pre-recession levels, seniors will have the resources to enter Life Plan Communities. Nursing home occupancies will continue to be challenged in 2017, however, due to a preference for using home and community services and other venues to care for seniors with low-to-moderate acuities.” —John A. Capasso, Executive Vice President, Continuing Care, Trinity Health

“Development will slow as markets begin to be overdeveloped. Financing will be tougher to secure with rising interest rates. Finally, operators will become more selective regarding which opportunities to pursue.” —David Barnes, President and CEO, Watermark Retirement Communities

Written by Tim Mullaney

Photo Credit: “Crystal Ball/Glaskugel” by Christian Schnettelker, CC BY 2.0

The post Senior Housing Crystal Ball: Top Execs’ 2017 Predictions appeared first on Senior Housing News.

LifeSpire of Virginia Elects Chair to Board of Trustees

LifeSpire of Virginia elected Susan Rucker as chair of its board of trustees. She was elected to a three-year term and assumed her duties Jan. 1, presiding over the board’s first meeting of 2017 in early March at Lakewood, a community in Richmond, Virginia.

Rucker is currently the CFO at the Mason School of Business at The College of William & Mary in Williamsburg, Virginia. She is also president of Prospective Insights, a consulting services that helps businesses define and execute business strategy and leadership development. She was formerly a partner with KPMG, a global professional firm that provides audit, tax and advisory services.

“I have worked with Mrs. Rucker as a LifeSpire board member for the past two years,” LifeSpire President and CEO Jonathan Cook said in a news release. “Her business and financial leadership have helped propel us to the strong financial position we have today. I look forward to working with her in this expanded leadership role.”

LifeSpire of Virginia operates four continuing care retirement communities (CCRCs) in Virginia.

Cadence Senior Living Announces New VP of Operations

Cadence Senior Living, a Scottsdale, Arizona-based owner, operator and developer of senior living communities, announced Tracy Colburn as the newest member of its management team, as vice president of operations.

Colburn has more than 20 years of experience operating senior living communities. She comes to Cadence from Atria Senior Living, where she was executive director at Sierra Pointe Retirement Community in Scottsdale. She also previously worked at Brookdale Senior Living (NYSE: BKD) and Encore Senior Living. In her new role, she will be responsible for community operations of Cadence’s growing portfolio.

Lenbrook Selects VP of Health Services

Lenbrook, a not-for-profit life plan community located in Atlanta, Georgia, selected Darlene Ruffin-Alexander as vice president of health services.

In the new role, Ruffin-Alexander oversees Lenbrook’s full continuum of care, which includes a walk-in health clinic, short-term rehabilitation services, personal care, memory care and a Medicare-certified skilled nursing center. She came to Lenbrook in 2016 as interim nursing home administrator, and she has three decades of experience in long-term care and operations, including staff management, clinical education, program design and more.

“We take a very person-centered approach to health care,” Ruffin-Alexander said in a news release. “My goal is to maintain our staff skills at the highest level and ensure our health care services are always ‘survey ready.’”

Van Dyk Health Care Welcomes Director of Reflections

Van Dyk Health Care welcomed Suzanne Gramuglia as director of reflections, a distinct unit in its Park Place assisted living facility that provides specialized care to residents with Alzheimer’s and dementia.

Gramuglia is a certified assisted living administrator and brings 18 years of experience in managing multi-level therapeutic programs in long-term care, post-acute care and memory care. She will serve as Van Dyk’s expert on Alzheimer’s and dementia care, providing families with educational opportunities, innovative resources and informative events across the company’s continuum of care.

Van Dyk Health Care is a New Jersey-based provider, with two nursing and post-acute care facilities in Ridgewood and Montclair, an assisted living community in Hawthorne, a home care company and a soon-to-open memory care day center.

Oak Crest Appoints Associate Executive Director

Oak Crest, a CCRC located in Parkville, Maryland, appointed Kevin Goedke as associate executive director.

Goedke previously spent seven years as an administrator and executive administrator with Mid-Atlantic Healthcare, LLC, where he supported and operated skilled nursing facilities (SNFs) within its portfolio. In 2016, he founded Lighthouse Care Updates, a software company that provides communication and family experience solutions to senior care providers.

In his new role, Goedke will focus on strategic planning and development of the 87-acre campus, that is home to more than 2,100 residents in independent living, assisted living and skilled nursing neighborhoods. He will also coordinate operations with Erickson Living, the Baltimore-based manager and developer of Oak Crest and 18 other CCRCs.

“It is exciting to welcome Kevin to the Oak Crest family,” Executive Director Mark Roussey said in a news release. “As we are in the midst of fulfilling our long-term strategic plan, Kevin’s wealth of experience and innovation in the senior living industry will help us to better serve current residents with an eye to a bright future.”

Leumi Hires Group Head for Health Care

Leumi hired Daniel Csillag as a new group head for health care on the Northeast middle market team.

In this role, Csillag is responsible for overseeing and growing the bank’s health care commercial banking business in the region. He has more than 20 years of diversified corporate banking experience, joining Leumi from TD Bank, where he was most recently a relationship manager for the bank’s health care group. He also spent time at the Bank of New York and BNY Capital Markets Inc.

“Health care is one of Leumi’s fastest growing areas, and we are thrilled to have Daniel on board as we continue to build our presence in this important area,” Northeast Market President Robert Maichin said in a news release. “Daniel’s expertise in the long-term care industry, coupled with his track record cultivating new business opportunities, will be an asset to our commercial banking team. We look forward to expanding in this competitive industry under Daniel’s leadership while maintaining the high level of service we offer our clients.”

Leumi’s commercial banking division specializes in health care, high tech, real estate and more.

The Watermark at Beverly Hills Names New Executive Director

The Watermark at Beverly Hills, located in Beverly Hills, California, named Jill Ford as executive director.

Ford is a seasoned senior living professional, and was selected for her proven leadership in team building, customer service and resident satisfaction. She assumed her new role March 1.

The Watermark at Beverly Hills is a 58-residence assisted living community managed by Watermark Retirement Communities.

Written by Kourtney Liepelt

The post Movers & Shakers: LifeSpire, Van Dyk appeared first on Senior Housing News.

This coverage of the 2017 National Investment Center for Seniors Housing & Care Spring Investment Forum is brought to you by Mainstreet. As the nation’s largest developer of transitional care properties, Mainstreet specializes in real estate development, value investments and health care. With Mainstreet’s support, SHN is bringing event coverage of the NIC conference, which draws developers, providers and operators within the post-acute and preventative health care services space.

After entering the senior housing space about three years ago, Oppidan Investment Company is going big, with a $400 million development pipeline in the works and partnerships with well-established operators.

Founded in 1991, Oppidan built its reputation largely as a developer of retail properties; it now has completed more than 400 projects valued at more than $2.7 billion. The company seized an opportunity that came its way in 2014 to develop a senior housing community in the community of Woodbury, close to Oppidan’s headquarters in the Twin Cities suburb of Excelsior, Minnesota.

That project—dubbed Red Rock Senior Living—moved quickly, going from groundbreaking in 2014 to being open and fully leased up in 2016, Oppidan Vice President of Development Shannon Rusk told Senior Housing News last week at the National Investment Center for Seniors Housing & Care (NIC) Spring Investment Forum in San Diego.

Though not intending to sell the property, Oppidan again took advantage of an opportunity that came its way, Rusk said. Toledo, Ohio-based real estate investment trust (REIT) Welltower Inc. (NYSE: HCN) bought the property for an undisclosed price, Oppidan announced earlier this month. The 77-unit building includes 39 high-end independent living and assisted living apartments, 32 for memory care, and six suites. It is operated by Ebenezer Management Services, the senior housing arm of Minneapolis-based Fairview Health Services.

However, the sale of Red Rock did not mark the end of Oppidan’s involvement in the senior housing space. Currently, the company has an estimated 1,100 units either open or under construction. There are four active projects in Minnesota and one in Napa, California. The total development pipeline represents a $400 million investment, Rusk estimated.

This week, a new community in the Twin Cities suburb of White Bear Lake is scheduled to open its doors. The other Minnesota developments are located in the city of Mankato, the Twin Cities suburb of Shorewood, and near the University of Minnesota in the Minneapolis neighborhood of Prospect Park. The Prospect Park community is slated to be the largest, at nearly 300 units, with university partnerships in the works for programming. Ebenezer is the operating partner for all of these projects.

Even as it becomes a major presence in the Land of 10,000 Lakes, Oppidan is eyeing coastal markets, according to Rusk. And it already is in the process of obtaining permits for a community in Napa, California, to be operated by Tucson, Arizona-based Watermark Retirement Communities.

The Oppidan Model

With concerns about senior housing oversupply circulating, Oppidan is highly disciplined and empirical in its market selection, Rusk emphasized.

“We spend an inordinate amount of time on the pro forma,” she said. “We’ve selected locations and sites with supply and demand that’s going to make sense, and we’ve passed on many. We listen. We’ve got a few third-party market study companies we work with … and we look to our operator to make sure we’re not suggesting rents that just make a pro forma look good.”

Oppidan’s first foray into senior housing, with the Woodbury project, initially involved an operator relationship that did not work out. The relationship with Ebenezer began through a request for proposals that Oppidan issued, Rusk said. Similarly, the Watermark relationship began through an RFP.

“I’m not sure if we just got lucky. Half of this is luck,” Rusk said of connecting with these operators. “They’re great. I think we’ve got the best of the best, and that’s probably more important than having a good location.”

Oppidan developments are amenity-forward, with the goal of creating an active lifestyle vibe rather than a clinical one, although the health care piece is present in the background. Independent living and assisted living units are fully interchangeable, with the only difference being that the level of services provided is higher in AL.

One benefit of this arrangement is that residents do not feel like they have to re-locate to a different class of unit as their needs increase, Rusk said. It also allows the property to respond nimbly to market demands.

“We plan per pro forma that there will be this many independent living and this many assisted living units, but if you have 50 IL units and 50 AL and on day one you get 100 IL [customers], we can move them all in,” Rusk said.

So far, Oppidan itself has provided all the equity and financing for its senior housing developments, but it is open to other partners as lead volume in this space grows. And the company expects to keep expanding its senior housing portfolio, given the favorable demographics.

“There hasn’t been day-one for the baby boomers moving into senior housing yet, so it’s going to be here for a long time, but you’ve got to be smart,” Rusk said.

Written by Tim Mullaney

The post Retail Developer Oppidan Pursues $400 Million Senior Housing Pipeline appeared first on Senior Housing News.

Imagine, for a moment, a group of senior living residents riding their own horses daily via an on-site stable and on-staff trainers.

That may soon be a common sight at the Hacienda at the River, a new assisted living, memory care, skilled nursing and rehabilitation community operated by Watermark Retirement Communities in Tucson, Arizona.

Tucson-based Watermark currently owns and manages 40 senior living communities across the country, and it plans to add another nine in the next two months. Throughout the years, Watermark President and CEO David Barnes and Chairman David Freshwater have had plenty of ideas for how to make the senior living sector more innovative—like equine therapy—but they haven’t had the chance to implement all of the concepts into their existing properties.

Happily, The Hacienda at the River, which opened to residents this spring, represents the “maiden voyage” for a variety of the ideas Barnes and Freshwater have been bouncing around for some time, they told Senior Housing News.

“We don’t know how successful [the ideas will] be,” Freshwater admitted.

So far, however, the combination of equine therapy and data-centric research at The Hacienda has managed to intrigue both academics and residents alike.

Horse therapy in ‘Old Tucson’

Due to The Hacienda’s unique “Old Tucson” feel, having residents’ horses actually live on the community’s campus was almost a no-brainer, Freshwater told SHN.

The land on which Hacienda was built “has traditionally been equestrian,” Freshwater added, noting that it has been a dude ranch and home to riding stables in the past.

“My wife trained horses on this site,” he commented.

Barnes and Freshwater had also read a couple of articles on how interaction between humans and animals—specifically, interactions between older humans and horses—had positive effects on the humans. They realized that Tucson was home to many horse therapy programs, but they were mostly for children.

So, Barnes and Freshwater brought Barbara Rector, an equine therapy pioneer who works at the University of Arizona, on board to create the “In the Presence of Horses” program at The Hacienda.

Now, Rector leads therapeutic equine programs at on-site stables where residents touch, brush, groom and ride their own horses, or horses owned by Watermark. The programs are meant to help promote residents’ physical and emotional well-being, and Rector believes The Hacienda at the River is the only senior living community in the country to offer these equine therapy programs on-site, according to a Watermark press release.

To start, the equine therapy program will be available to assisted living and memory care residents, but Barnes and Freshwater hope it will eventually be opened up to patients in rehab.

‘Real results with real data’

The Hacienda’s innovation doesn’t stop at equine therapy.

Among other forward-thinking ideas, the University of Arizona’s McKnight Brain Institute has a designated space at The Hacienda that it will use as a cognitive assessment center, Freshwater explained. There, both Hacienda residents and the public can receive cognitive assessments, which the University of Arizona can incorporate into future longitudinal studies.

“Longitudinal studies are very, very difficult for universities to do,” Freshwater said. “We’ll help them with that.”

Eventually, studies conducted at Watermark will produce “real results with real data” that Watermark would be happy to share with the rest of the senior housing industry, Barnes said.

The hope, ultimately, is that The Hacienda will pioneer concepts that could “become a part of every community in America, not just Watermark’s,” Freshwater added.

Written by Mary Kate Nelson

The post Why Some of Watermark Retirement’s Newest Residents are Horses appeared first on Senior Housing News.

Happy Monday!

Hopefully your weekend was as exciting or as relaxing as you’d intended. Before this week gets too busy, be sure to catch up on last week’s most-read stories on Senior Housing News: 

Gardant Management Solutions CEO Rod Burkett flies Southwest Airlines a lot—and he looks to the company for inspiration in running his senior housing business. 

HCR ManorCare’s financial situation has so deteriorated, with recurring losses and negative working capital, that auditors have “substantial doubt” over whether the company can continue to operate as a going concern.

AdCare Health Systems (NYSE MKT: ADK) fired Chairman and CEO William McBride III for intentionally misrepresenting his educational background. McBride had claimed he received an MBA from the University of California at Los Angeles (UCLA), which is not true. 

Some of the residents at Watermark Retirement Communities’ newest community in Tucson, Arizona, will be horses.

Kindred Healthcare (NYSE: KND) would reportedly be “willing to engage” in a complete buyout “if a buyer is willing to pay a significant premium.”

Also in the News

Remembering the World’s Oldest Person, in the Objects She Left Behind—The world’s oldest person, Emma Morano, passed away on April 15 at 117 years old. In this article, The New York Times takes a look at the “few worldly possessions she left behind,” which included a drugstore brand anti-aging cream that she applied every night before bed and the pot she used to cook until she was 112—usually “pasta to which she added raw ground beef.”

Love & Company Named ‘Premier Google Partner’

Senior living marketing firm Love & Company was recently named a “Premier Google Partner,” according to a press release. 

To qualify, Love & Company’s digital staff were tested on their knowledge of Google search advertising, and they met Google’s standards of campaign performance.

“The digital landscape is constantly changing and you have to make sure that you’re not only aware of the latest trends, but that you also know how to successfully implement these trends within your campaigns,” Love & Company Media Manager Hayley Gurtler said. “We have a responsibility to our clients to be experts at what we do, and by capitalizing on training provided by the leader of the industry, it ultimately allows us to enhance our clients’ results.”  

Written by Mary Kate Nelson

The post Monday Jump-Start: AdCare Fires CEO, Kindred Buyout Rumors appeared first on Senior Housing News.

HCP Names New Senior Vice President and Chief Accounting Officer

California-based real estate investment trust (REIT) HCP (NYSE: HCP) named Shawn Johnston to the role of vice president and chief accounting officer, the company announced. Johnston starts his new job on Aug. 15.

Johnston is replacing HCP’s current Chief Accounting Officer, Scott Anderson, who is leaving the company “to pursue other career opportunities,” the announcement reads.

Before joining HCP, Johnston worked as Chief Accounting Officer of UDR, Inc., a multifamily REIT.

Sabra Health Care REIT Hires Executive Vice President

Senior housing owner Sabra Health Care REIT (Nasdaq: SBRA) has hired Brent Chappell as an executive vice president of portfolio management.

Chappell now oversees Sabra’s portfolio of health care properties in the U.S. and Canada, according to a press release.

Chappell came to Sabra with 30 years of experience in real estate portfolio management, finance and health care. He most recently worked with LTC Properties in the role of senior vice president of investment and portfolio management.

MBK Real Estate Appoints New Chairman of the Board

MBK Real Estate (MRE), the parent company of MBK Senior Living, appointed Katsuo “Katsu” Yamanaka as its next Chairman of the Board, the company announced.

Yamanaka, who joined MRE’s parent company, Mitsui & Co. Ltd., in 1989, is now responsible for the overall management of MRE. In his new role, he will also oversee the development and execution of the company’s fiscal strategies and direct MRE’s subsidiaries.

Newmark Knight Frank Picks Up Senior Housing Investment Experts

Global real estate service firm Newman Knight Frank is bolstering its senior housing investment business with the addition of two new directors.

The firm recently added Rob Black and Sean McNee as senior managing directors. The two hires are “recognized as national investment sales leaders within the senior housing and care industry,” the company said in a press release.

The Goodman Group Names Director of Operational Development

The Goodman Group has promoted employee Bill Howell to the role of director of operational development within its architectural and interior design services company, JBG Design & Development, according to a press release.

Howell will oversee Goodman’s forthcoming $70 million senior living campus in Stillwater, Minnesota. The campus is scheduled to open in late 2018.

COO of LifeSpire of Virginia to Retire

The chief operating officer of LifeSpire of Virginia, a company that manages four continuing care retirement communities (CCRCs) throughout the state, is retiring after 34 years in the senior living industry.

COO Mick Feauto will retire from the company on Dec. 31, a press release reads. Feauto joined LifeSpire in 2015. Before that, he oversaw 28 CCRCs with Life Care Services.

Houston Community Gets New Executive Director

A Senior Quality Lifestyles Corporation community in Houston has a new head honcho.

Darrell Sheaffer has been appointed to the role of executive director of The Buckingham, according to a press release. Sheaffer is tasked with managing the day-to-day activities of the community.

Sheaffer comes to The Buckingham with a background in managing luxury hotels and resorts and over 35 years of experience in the hospitality industry.

Legacy Appoints Executive Director at Texas Community

Legacy Senior Communities has announced the appointment of Laura Levy as the new executive director of The Legacy Willow Bend, a life care retirement community in Plano, Texas.

Levy began working at The Legacy Willow Bend as director of assisted living nearly five years ago, the company said.

New Executive Director Takes the Reins at Watermark Community in New Jersey

Woodbury Mews, a Watermark Retirement Communities property in Woodbury, New Jersey, has promoted Annette Simmons as its new executive director, the company has announced.

Simmons previously served as the community’s resident care director and most recently as interim executive director. She has 28 years of nursing experience.

Erickson Living Community in Pennsylvania Gets New Associate Executive Director

Ann’s Choice, a senior living community developed and managed by Erickson Living in Bucks County, Pennsylvania, has promoted Melinda Dechert to the role of associate executive director.

Dechert, who officially starts her new job on Sept. 1, has served as Director of Continuing Care at Ann’s Choice since last June.

Van Dyk Health Care Bolsters Clinical Care With Two Hires

New Jersey-based provider Van Dyk Health Care has appointed Virginia Conrad to the role of vice president of clinical and quality care and Liliya Serada to post-acute care navigator, according to a press release.

The hirings are meant to enhance the company’s clinical capabilities and help provide more personalized care, the company said.

Conrad, who has more than 30 years of nursing experience, will evaluate clinical practices and patient outcomes at the company’s two skilled nursing and post-acute care facilities in Ridgewood and Montclair, New Jersey. Serada will work at Van Dyk Health Care at the Ridgewood location, following patients closely throughout their stay and developing discharge plans to keep them in their own homes.

Dallas Community Names New Sales Counselor

Highland Springs, the Erickson Living retirement community in Dallas, Texas, announced the hiring of Terese Mugno as sales counselor.

In her new role, Mugno will assist members and prospective residents to select a residence of their choice, review financial considerations and make a seamless move to Highland Springs. She will also lend her expertise on the senior living industry and the local real estate market in Dallas, Erickson said.

Senior Living Design Firm Promotes Interior Designer to Director Role

Thoma-Holec Design, LLC, an interior design firm with a focus on senior living, promoted Keith Stanton to the job of director of design development. Stanton currently serves as senior interior designer, the company said.

In his new role, Stanton will be responsible for design direction of interior spaces, budgeting, and decisions regarding safety and welfare of senior living residents. 

Written by Tim Regan

The post Movers & Shakers: HCP, Sabra Name New Executives appeared first on Senior Housing News.