PEOPLE AND PLACES News, Sales & Developments
Commonwealth Senior Living, based in Charlottesville, Va., has completed the acquisition of Hermitage on the Eastern Shore from Pinnacle Senior Living in De- cember of 2018. The community, located in Onancock, Va., has been re-branded as Commonwealth Senior Living at the Eastern Shore. Under construction are $2.5 million in renovations, including the addition of a new memory care neighborhood, the first dedicated memory care program on Virgin- ia’s Eastern Shore.
Avanti Senior Living, headquartered in The Woodlands, Texas, announced a $14.6 trans- action to refinance a construction loan on its Towne Lake community, in Cypress, Texas, through the Fannie Mae Seniors Housing Program, assisted by Lancaster Pollard Mort- gage Company. The community, developed by Avanti in 2015, has 50 assisted living and 40 memory care residences.
Atria Senior Living, based in Louisville, Ky., has a new community scheduled to open in August in Englewood, Colo. Designed by OZ Architecture, the six-story Atria Engle- wood will include 24 memory care residences and 106 assisted living residences. Features include a demonstration kitchen, cafe, the- atre room, club room, two separate rooftop terraces, underground parking garage two private courtyards.
Des Moines, Idaho,-based Life Care Services, manager of the Godfrey, Ill., community for- merly named United Methodist Village, has given it a new name: Asbury Village. New amenities include more gathering spaces, a coffee bar, and a wellness clinic.
Phoenix Senior Living, based in Roswell, Ga., has added the The Pearl at Fort Mill, former- ly known as Autumn Leaves of Fort Mill, to its communities. Located in Fort Mill, S.C., the community offers 50 memory care res- idences. This is Phoenix’s sixth specialized memory care community in the Southeast and its fourth South Carolina property; the company now operates 23 senior living com- munities in the Southeast.
54 SENIOR LIVING EXECUTIVE JULY/AUGUST 2019
Austin, Texas-based StudioSIX5 interior design firm created a distinct contemporary-meets-tra- ditional look for the newly opened Allegro Dadeland independent living community in Mi- ami. The 23-story high-rise from Allegro Senior Living, based in St. Louis, Mo., includes multiple dining venues, two outdoor terraces, and a community wine locker.
HCP, in Irvine, Calif., closed an amended and restated credit agreement providing for a $2.5 billion unsecured revolving credit facility and a new $250 million unsecured term loan facility. In addition, the unsecured revolving credit facility incorporates a sus- tainability-linked pricing grid that reduces the borrowing spread if certain benchmarks are achieved each year. The move enhanc- es liquidity, extends maturities, and reduces borrowing costs.
Welltower, the Toledo, Ohio-based real es- tate investment trust, formed a relationship with Balfour Senior Living, based in Denver, Colo., acquiring six communities in Denver and Boulder, Colo. In another move, Well- tower acquired five communities in Wash- ington, D.C., San Francisco, and San Diego recently developed and managed by Sunrise Senior Living. In a joint venture with Discov- ery Senior Living, Welltower purchased three communities in the Dallas-Fort Worth and San Antonio areas. Discovery will manage the communities as well as its existing port-
folio with Welltower. In addition, Welltower has recapitalized the Benchmark portfolio, with 4,137 residences in 48 assisted living communities for $1.8 billion, exiting and en- titled to an additional $50 million. The com- munities are located in Connecticut, Maine, Massachusetts, New Hampshire, Rhode Is- land, and Vermont.
Guardian Pharmacy Services, based in At- lanta, Ga., has formed a partnership with TruCare LTC Pharmacy, an independent long- term care pharmacy based in Grand Rap- ids, Michigan. The pharmacy will operate under the new name Guardian Pharmacy of Michigan and will serve assisted living communities across Michigan’s Lower and Upper Peninsulas.
Appointments, Promotions & Recognition
Benchmark founder, chairman, and CEOTom Grape received the Massachusetts Assisted
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