Senior Living News Wire

HHS announced this week that it is distributing $68 million in grants to help seniors, individuals with disabilities, and caregivers better understand and navigate their health and long-term care options.   The grants, part of the Affordable Care Act, will be used to help seniors and individuals with disabilities and their caregivers make more informed decisions about their health and long-term care. Specifically, the funds will be used to help families: understand their Medicare and Medicaid benefits, including coverage for preventive services; navigate options for long term care including community-based services that can help individuals remain in their homes; and assist those transitioning from nursing or rehabilitation facilities back home to put the supports in place to make that transition successful.

“We know how difficult it can be for individuals and caregivers to deal with a sudden illness or chronic disease while at the same time trying to navigate through a complex health care system to figure out where to go to get appropriate help.  The Affordable Care Act seeks to give people more control over their own care, while lowering health care costs and improving quality,” said HHS Secretary Kathleen Sebelius.

HHS announced this week that it is distributing $68 million in grants to help seniors, individuals with disabilities, and caregivers better understand and navigate their health and long-term care options.   The grants, part of the Affordable Care Act, will be used to help seniors and individuals with disabilities and their caregivers make more informed decisions about their health and long-term care. Specifically, the funds will be used to help families: understand their Medicare and Medicaid benefits, including coverage for preventive services; navigate options for long term care including community-based services that can help individuals remain in their homes; and assist those transitioning from nursing or rehabilitation facilities back home to put the supports in place to make that transition successful.

“We know how difficult it can be for individuals and caregivers to deal with a sudden illness or chronic disease while at the same time trying to navigate through a complex health care system to figure out where to go to get appropriate help.  The Affordable Care Act seeks to give people more control over their own care, while lowering health care costs and improving quality,” said HHS Secretary Kathleen Sebelius.

Did you feel the earth trembling the last few weeks?  Lots of moving and shaking last few weeks…don’t worry, we’ll get to you soon enough.  Patience is a virtue…for those with patience and wishing to share announcements on staffing announcements, email us at movers-shakers@seniorhousingnews.com.

Sunrise Senior Living Announces Executive Promotions for Neeb and Haddock

Sunrise Senior Living (NYSE: SRZ) announced the promotion of Greg Neeb, Sunrise’s chief investment officer, to the position of chief investment and administrative officer, and the appointment of David Haddock to the position of general counsel and secretary. Both appointments will be effective October 1, 2010.  Mr. Neeb has served as Sunrise’s chief investment officer since December 2008. He joined the Company as senior vice president of capital markets and investments in April 2008. Previously, Mr. Neeb served as chief investment officer of The Mills Corporation until the Company was acquired by Simon Property Group and Farallon Capital in 2007. Prior to The Mills, he worked as a manager for real estate consulting firm Kenneth Leventhal & Company. Mr. Neeb is a graduate of the University of Michigan.  Mr. Haddock joined Sunrise as associate general counsel in July 2005 and was later named deputy general counsel. Mr. Haddock came to Sunrise from the law firm Baker Botts L.L.P., having previously served as in-house counsel to publicly traded companies and practicingat the law firm Hogan Lovells. Mr. Haddock is a graduate of Princeton University and the University of Virginia School of Law.

Emeritus Announces New Board Member

Emeritus Corporation (NYSE: ESC) announced the appointment of Mr. James R. Ladd to its Board of Directors.  Mr. Ladd has served as the Senior Vice President for Finance & Operations for the Institute for Systems Biology since October 2009 and as a Partner in the consulting firm of Tatum, LLC since 2004. He is chairman of the boards of directors of both Seattle Children’s Hospital and the Washington Society of CPAs and also serves on the board of directors of Sparling, Inc. Mr. Ladd is a certified public accountant, was a managing partner of the Seattle and Tokyo offices of Deloitte & Touche, LLP, and has served in other executive finance and operations management positions during his career.

Mr. Ladd’s appointment was effective September 17, 2010. He will fill one of the Board positions vacated by Mr. Charles P. Durkin and Mr. David W. Niemiec, each of whom has resigned from the Board in order to devote more time to other business and investment activities.

Watermere at Southlake Names Andrew Gabriele Director of Food and Beverage

Watermere at Southlake recently named Andrew Gabriele director of food and beverage. Gabriele joins the Watermere at Southlake team with an extensive background in the food and beverage industry. Before moving to Texas, Gabriele served as food and beverage director for seven years for two sister communities, both managed by Life Care Services in Cincinnati, Ohio. Additionally, Gabriele served 16 years as corporate executive chef for a Cincinnati-based restaurant. He later became national food and beverage director for a chain of tennis country clubs. After studying culinary arts at the Midwest Culinary Institute in Cincinnati, Gabriele became a Certified Executive Chef with the American Culinary Federation and later received the “1999 Chef of the Year” award from the Greater Cincinnati chapter. Before exploring the culinary world, Gabriele earned his bachelor’s degree at the University of Louisville in Kentucky.

“I am so privileged to be given the opportunity to work with a community with the quality of standards as Watermere at Southlake,” said Gabriele. “I want to cater to the residents’ needs and preferences to further enhance their experience at Watermere. The happier the residents are, the happier I am.”

SeniorNet Adds Two New Members to Its Board of Directors

SeniorNet, a nonprofit technology educator of older adults, announced the appointment of two new members to its Board of Directors. Daniel Wilson and Slava Vero will join the SeniorNet board effective September 17, 2010.

Daniel Wilson is the Director of Policy and Program Development for the National Caucus and Center on Black Aged (NCBA), an organization that works to improve living conditions for elderly Americans. As the Policy Director, Wilson advocates for aging issues on Capitol Hill. The NCBA develops programming in conjunction with corporations and foundations to aide the senior population, including: the Senior Community Service Employment Program; the Healing Zone; and providing housing to seniors in the Washington D.C. area and around the country.

Slava Vero joins the SeniorNet board after volunteering with the organization and receiving the Chairman’s Award for Excellence in 2008 and 2009. Vero is the Co-Coordinator of the Huntington, New York SeniorNet Center in Long Island, New York. She was one of the founding members of the center after joining in 1999. Through her dedicated work, the Long Island Center has become one of SeniorNet’s flagship centers.

Vero’s biggest and most successful efforts have been the opening of the East Yaphank Annex, another SeniorNet center in Long Island, New York, and the “Homebound Remote Learning Project.” The East Yaphank Annex center focuses on providing computer education to the underserved in the community. The "Homebound Remote Learning Project" provides computer training to homebound seniors and veterans with disabilities.

Marsh’s Edge Takes Important Step towards Revamping Healthcare with New Executive Director

Marsh’s Edge, a continuing care retirement community on St. Simons Island, Ga., announced the appointment of Barbara Foster as the community’s new executive director.  Foster will oversee operations and also introduce new programs in healthcare as the community’s acting administrator.

Foster has more than 22 years of experience in senior care.  Prior to her position at Marsh’s Edge, she served as regional operations manager for Spectrum Retirement Community in Denver, Colo., and vice president of senior services for the Christian City Convalescent Center located in Atlanta.  She has a Bachelor’s in Social Work and Psychology, finished her Masters in Counseling and is a licensed Nursing Home Administrator (NHA) and Licensed Professional Counselor in Georgia and Ohio.  

The Stayton at Museum Way Names Justin Spooner Executive Director

Justin Spooner has been named executive director of The Stayton at Museum Way.  Spooner brings his expertise in senior living management from The Stayton’s sister community, Querencia at Barton Creek in Austin, where he has served as associate executive director since 2007.  His career in senior living began in 2002 when he was an operations associate at SQLC’s strategic partner, Greystone Communities, Inc. From 2004 to 2006, Spooner’s role was director of resident services at the Dallas sister community, Edgemere.  He holds a Bachelor of Science degree in Business Administration from Trinity University in San Antonio.  Spooner is currently pursuing his M.B.A. from Texas Christian University’s Neely School of Business and will graduate in December.

Did you feel the earth trembling the last few weeks?  Lots of moving and shaking last few weeks…don’t worry, we’ll get to you soon enough.  Patience is a virtue…for those with patience and wishing to share announcements on staffing announcements, email us at movers-shakers@seniorhousingnews.com.

Sunrise Senior Living Announces Executive Promotions for Neeb and Haddock

Sunrise Senior Living (NYSE: SRZ) announced the promotion of Greg Neeb, Sunrise’s chief investment officer, to the position of chief investment and administrative officer, and the appointment of David Haddock to the position of general counsel and secretary. Both appointments will be effective October 1, 2010.  Mr. Neeb has served as Sunrise’s chief investment officer since December 2008. He joined the Company as senior vice president of capital markets and investments in April 2008. Previously, Mr. Neeb served as chief investment officer of The Mills Corporation until the Company was acquired by Simon Property Group and Farallon Capital in 2007. Prior to The Mills, he worked as a manager for real estate consulting firm Kenneth Leventhal & Company. Mr. Neeb is a graduate of the University of Michigan.  Mr. Haddock joined Sunrise as associate general counsel in July 2005 and was later named deputy general counsel. Mr. Haddock came to Sunrise from the law firm Baker Botts L.L.P., having previously served as in-house counsel to publicly traded companies and practicingat the law firm Hogan Lovells. Mr. Haddock is a graduate of Princeton University and the University of Virginia School of Law.

Emeritus Announces New Board Member

Emeritus Corporation (NYSE: ESC) announced the appointment of Mr. James R. Ladd to its Board of Directors.  Mr. Ladd has served as the Senior Vice President for Finance & Operations for the Institute for Systems Biology since October 2009 and as a Partner in the consulting firm of Tatum, LLC since 2004. He is chairman of the boards of directors of both Seattle Children’s Hospital and the Washington Society of CPAs and also serves on the board of directors of Sparling, Inc. Mr. Ladd is a certified public accountant, was a managing partner of the Seattle and Tokyo offices of Deloitte & Touche, LLP, and has served in other executive finance and operations management positions during his career.

Mr. Ladd’s appointment was effective September 17, 2010. He will fill one of the Board positions vacated by Mr. Charles P. Durkin and Mr. David W. Niemiec, each of whom has resigned from the Board in order to devote more time to other business and investment activities.

Watermere at Southlake Names Andrew Gabriele Director of Food and Beverage

Watermere at Southlake recently named Andrew Gabriele director of food and beverage. Gabriele joins the Watermere at Southlake team with an extensive background in the food and beverage industry. Before moving to Texas, Gabriele served as food and beverage director for seven years for two sister communities, both managed by Life Care Services in Cincinnati, Ohio. Additionally, Gabriele served 16 years as corporate executive chef for a Cincinnati-based restaurant. He later became national food and beverage director for a chain of tennis country clubs. After studying culinary arts at the Midwest Culinary Institute in Cincinnati, Gabriele became a Certified Executive Chef with the American Culinary Federation and later received the “1999 Chef of the Year” award from the Greater Cincinnati chapter. Before exploring the culinary world, Gabriele earned his bachelor’s degree at the University of Louisville in Kentucky.

“I am so privileged to be given the opportunity to work with a community with the quality of standards as Watermere at Southlake,” said Gabriele. “I want to cater to the residents’ needs and preferences to further enhance their experience at Watermere. The happier the residents are, the happier I am.”

SeniorNet Adds Two New Members to Its Board of Directors

SeniorNet, a nonprofit technology educator of older adults, announced the appointment of two new members to its Board of Directors. Daniel Wilson and Slava Vero will join the SeniorNet board effective September 17, 2010.

Daniel Wilson is the Director of Policy and Program Development for the National Caucus and Center on Black Aged (NCBA), an organization that works to improve living conditions for elderly Americans. As the Policy Director, Wilson advocates for aging issues on Capitol Hill. The NCBA develops programming in conjunction with corporations and foundations to aide the senior population, including: the Senior Community Service Employment Program; the Healing Zone; and providing housing to seniors in the Washington D.C. area and around the country.

Slava Vero joins the SeniorNet board after volunteering with the organization and receiving the Chairman’s Award for Excellence in 2008 and 2009. Vero is the Co-Coordinator of the Huntington, New York SeniorNet Center in Long Island, New York. She was one of the founding members of the center after joining in 1999. Through her dedicated work, the Long Island Center has become one of SeniorNet’s flagship centers.

Vero’s biggest and most successful efforts have been the opening of the East Yaphank Annex, another SeniorNet center in Long Island, New York, and the “Homebound Remote Learning Project.” The East Yaphank Annex center focuses on providing computer education to the underserved in the community. The "Homebound Remote Learning Project" provides computer training to homebound seniors and veterans with disabilities.

Marsh’s Edge Takes Important Step towards Revamping Healthcare with New Executive Director

Marsh’s Edge, a continuing care retirement community on St. Simons Island, Ga., announced the appointment of Barbara Foster as the community’s new executive director.  Foster will oversee operations and also introduce new programs in healthcare as the community’s acting administrator.

Foster has more than 22 years of experience in senior care.  Prior to her position at Marsh’s Edge, she served as regional operations manager for Spectrum Retirement Community in Denver, Colo., and vice president of senior services for the Christian City Convalescent Center located in Atlanta.  She has a Bachelor’s in Social Work and Psychology, finished her Masters in Counseling and is a licensed Nursing Home Administrator (NHA) and Licensed Professional Counselor in Georgia and Ohio.  

The Stayton at Museum Way Names Justin Spooner Executive Director

Justin Spooner has been named executive director of The Stayton at Museum Way.  Spooner brings his expertise in senior living management from The Stayton’s sister community, Querencia at Barton Creek in Austin, where he has served as associate executive director since 2007.  His career in senior living began in 2002 when he was an operations associate at SQLC’s strategic partner, Greystone Communities, Inc. From 2004 to 2006, Spooner’s role was director of resident services at the Dallas sister community, Edgemere.  He holds a Bachelor of Science degree in Business Administration from Trinity University in San Antonio.  Spooner is currently pursuing his M.B.A. from Texas Christian University’s Neely School of Business and will graduate in December.

The Federal Housing Administration (FHA) officially announced a new modified version of its Home Equity Conversion Mortgage (HECM) product last week.  The HECM Saver is an a second reverse mortgage option for the purpose of lowering upfront loan closing costs, for homeowners who want to borrow a smaller amount than what would be available with a HECM Standard loan.  Borrowers will receive approximately 10 to 18 percent less under the HECM Saver option, than they would receive under HECM Standard but have the same general terms and conditions as the original product.

“Despite the popularity of our HECM loan product, we have noted concerns that some senior citizens find that our fees are too high for them,” said FHA Commissioner David Stevens. “In response, we createdHECM  Saver which  will provide seniors with a reverse mortgage option that significantly lowers costs by almost eliminating the upfront Mortgage Insurance Premium (MIP)  that is required under the standard HECM option.”

The new product will have an upfront premium of only .01 percent of the property’s value versus the the upfront premium for the HECM Standard at 2 percent.  The MIP for both HECM Saver and HECM Standard will be charged monthly at an annual rate of 1.25 percent of the outstanding loan balance. Lower upfront fees will be available because the principal limit or amount of money available to a borrower will be lower with the HECM Savef program.

The senior living industry may have a supply problem in the coming years unless the credit markets thaw and new construction starts in earnest.  According to the "Seniors Housing Construction Trends Report 2010" produced by the National Investment Center for the Seniors Housing & Care Industry (NIC) and the American Seniors Housing Association (ASHA), construction activity has slowed significantly for seniors housing and care over the past two years in the nation’s top 100 metro markets.

"Our findings mirror the general lack of available construction financing still prevalent in the marketplace," said Robert Kramer, president of NIC. "Many regional banks, traditionally the source of construction financing for our sector, simply aren’t lending to the level that they were prior to the recession/credit crisis. Starts were down 32% from the prior year for all combined seniors housing and care properties, including senior apartments, and down 57% from two years ago. We also saw a drop-off in entrance-fee CCRC construction, which accounted for 13% of all units under construction, compared to 22% in 2009."

The report provides An overview of construction activity is provided for properties classified as senior apartments, majority independent living, CCRCs, majority assisted living and majority nursing care.  Properties containing more than 25 beds or units are tracked for purposes of the report. 

"We like to say it provides a macro-perspective of the units and properties in our sector under construction or which started construction within the top 100 metropolitan markets," said David Schless, president of ASHA. "These markets account for nearly two-thirds of the U.S. population, including seniors who are 75 years or older."

"One of the most popular features of the report is a section on rankings of metropolitan markets by percent growth in inventory over the previous five-year period," pointed out Kramer. "For example, Chicago has seen a rise in assisted living construction of 36.3% in the last five years. That’s an astonishing figure. Looking at independent living inventory, Houston has seen 29.6% growth. Investors and developers can use these insights on construction trends when planning their development strategies."

PCCP, LLC announced last week that it has closed a $20.2 million loan for the acquisition and recapitalization of two recently constructed independent living communities for the United Group of Companies.  The two properties include The Lodge at Bridgemill, a 150-unit property built in 2007 situated in Canton, GA just 35 miles north of Atlanta, and Colonial Square, a 144-unit property built in 2008 and located in Utica, New York

“This investment offered PCCP the opportunity to provide attractively priced first mortgage financing on two newly built independent living facilities at a significant discount to replacement cost,” said Don Kuemmeler, founding partner of PCCP. “The owner of the properties has a proven track record with similar senior living properties, and has achieved enough leasing on these two communities to provide a measure of debt yield to our financing.”

“The multifamily sector has offered promising returns for assets in hotspots across the United States as recovery begins to occur,” added Adam Zoger, a principal with PCCP. “Senior living in particular is a sub-sector we like as demand for well-maintained, well-managed facilities is strong and the target demographic continues to grow in number.”

The 50+ Housing Council, a special interest council of the Building Industry Association of Southern California, recently announced its winners for the annual SAGE Awards.  The awards, celebrating its 16th year, recognize individuals, projects and programs that have made outstanding contributions to enhance the quality of life of Southern California residents aged 50+.  The awards have four categories of submissions: Person of the Year, Program of the Year, Project of the Year, and an “On the Boards” category.  The winners are:

Person of the Year, Annie Gerard. CRE, CAASH, Principal with Apt Market Research 

Annie Gerard was honored in recognition of her commitment, compassion and professional contributions to the senior housing industry, including her 20 years of service on the 50+ Housing Council Board of Directors.  Ms. Gerard has specialized in market research on seniors housing since 1985, conducting more than 400 market studies for leading developers, lenders and municipal agencies in California and the southwest.  She has written and lectured on senior housing trends for 25 years; helped formulate the demand methodology set forth in the California “Market Study Guidelines” for affordable senior projects; and conducted extensive quantitative and consumer research and post-occupancy analyses. The company she co-founded in 2004 has built the largest senior apartment database in the country.

The 50+ Housing Council has named the Council on Aging-Orange County as Program of the Year

The Council on Aging-Orange County advocates for the health, well-being, and legal rights of adults needing or receiving services. Their mission is mission is to promote adult empowerment, prevent abuse and advocate for the rights and dignity of those experiencing health and aging challenges. Whether ensuring quality of life in licensed care facilities, providing support for independent living, counseling impartially on health plan benefits, protecting against financial elder abuse, or providing a friendly visitor to isolated and lonely individuals, the Council is dedicated to helping individuals maintain their safety, dignity, health and independence.

The award for SAGE Award for Project of the Year recognizes one or more innovative residential developments targeted to the 50+ market that can serve as a model for other housing developments and has four winners which are:

• The Plaza at Sierra (Related California – affordable community)
• San Sebastian (Behringer Harvard and Standard Pacific – mixed income community)
• Valencia Terrace (Kisco Senior Living – CCRC)
• Vintage Burbank (Vintage Senior Living – assisted living community)

The “On the Boards” SAGE award showcases 50+ residential communities still in the design stage.  SAGE judges selected Long Beach Senior Artists Colony by Meta Housing Corporation.

Huntington Bank (Nasdaq:HBAN) recently announced in its participation in the construction of a $7.7 million, 42-unit expansion of Toledo’s The Lakewoods senior housing complex.  The Lakewoods project, the third phase of the development, is anticipated to be completed in Spring 2011 and leverages Huntington’s community development investment in partnership with the Ohio Capital Corporation for Housing.  Huntington is supporting project financing by providing more than $5 million in tax credit equity issued by the Ohio Housing Finance Agency.

"Huntington understands the critical need for expanded access to affordable rental housing among all Ohio, particularly right here in Toledo," said Sharon Speyer, Huntington Bank Northwest Ohio regional president. "We are glad to be a part of the expansion of The Lakewoods which provides seniors with a high-quality, affordable housing alternative."

"Huntington’s investment in this project provides an example of the type of public-private partnership that is supporting the city’s renewal," said Toledo Mayor Michael P. Bell.  "It is through the shared vision of our community partners that Toledo continues to make strides in improving the quality of life for all of our citizens.  I applaud Huntington and the Ohio Capital Corporation for Housing for taking action to ensure worthwhile projects like The Lakewoods move forward to benefit lower-income Ohioans throughout our state."

Detroit-based American Community Developers Inc. is using a $2 million federal Recovery Act Tax Credit Assistance Program loan as a bridge loan for the project.  Fenton, Michigan based Independent Management Services will serve as property manager and the Area Office on Aging of Northwestern Ohio Inc. will serve as supportive services coordinator.

Seniors and Baby Boomers are looking for ways to live cheaply but at what cost?  According to a new survey by Coldwell Banker, looks like they’ll be heading to the Midwest.  According to the survey, the top five most affordable markets for single family, 2 bed room homes are:

The most expensive markets:  Palo Alto, California and Newport Beach, California at median prices of $1,479,227 and $1,826,348 respectively. 

It seems the there’s a premium for mild winters and blue skies when it comes to affordable housing.

For the full details, visit Coldwell Banker’s Most Expensive and Affordable Homes Report

On Sept. 22, 2010, Elizabeth Dudek, secretary of the Florida Agency for
Health Care Administration (AHCA) in Tallahassee, announced the
Governor’s Gold Seal Award Recipients, which included River Garden/Wolfson
Health and Aging Center of Jacksonville. River Garden/Wolfson was
one of only two nursing homes in the state to achieve this award for 5
consecutive terms.

On Sept. 11, 2010, the 9th anniversary of the 9/11
terrorist attacks, First Lady Michelle Obama joined approximately 150
volunteers for a day of remembrance and participated in a day of
community service at Vinson Hall Retirement Community. 

Last week, the City of Boston, the State of Illinois and MyWay Village announced that the National Telecommunications and Information Administration (NTIA) awarded an American Recovery and Reinvestment Act (ARRA) grant funding for programs that will use high-speed internet broadband access to provide training in how using the Internet can improve the lives of seniors.  Portions of the grant will go to a project under the direction of MyWay Village’s Connected Living program to work with seniors for training programs for Internet usage to improve communications with friends and families and get access to better access to valuable information, education and health services.

"Low income seniors and affordable housing communities deserve equal access to technologies that can deliver better health and economic opportunity," said Sarah Hoit, CEO and Co-Founder of MyWay Village. "Over the last three years, we have connected thousands of seniors with our "’high-tech and high-touch’ approach which has proven to be a winning combination."

The Boston award will go to an established senior housing based broadband life-relevance program. Connected Living will work for the Boston Housing Authority (BHA) directly in three BHA senior communities to achieve high rates of broadband adoption and will be sustained by person-to-person instruction that is centered on senior’s interests. The program will strengthen each senior’s connections with family, friends and service providers and will enhance their independence, socialization and cognitive abilities and provide computers for seniors to use in their apartments.

"This grant is a big deal for Boston," said U.S. Senator John Kerry. "It will benefit workers hunting for jobs, students, and seniors who might not otherwise have broadband access. I was proud to fight for this funding knowing what a difference it can make."

The Illinois project will will offer Connected Living programs to residents in 23 rural, suburban and inner-city dwellings and their surrounding communities. Trainees who pass a basic computer proficiency test after initial training will earn a voucher for a highly discounted computer and Internet service. The programs will collect adoption data, evaluate best practices and disseminate learning to affordable housing managers through a series of conferences and online tools.

"Senior citizens and people with disabilities need adequate, affordable access to the tools of the 21st century," said Illinois Governor Pat Quinn. "This project represents a powerful way to close the digital divide by increasing computer training and high-speed Internet availability in Illinois."

We all like to think stars are like us too, right?  Last week, reporters spotted Lady Gaga entering a a New Jersey nursing home wearing 5 inch black platform shoes looking half Hillary Clinton, half pop star.  According to reports, Gaga’s grandfather was a resident there battling an illness and that she felt very close to him and spoke recently on their relationship on stage during a recent concert.  Sadly, her grandfather passed away a few days later.  What’s more interesting is that the world continues to be enamored with Lady Gaga, including her visit to the world of senior living.  Who knew a visit to a nursing home could be so interesting? 

Check out Lady Gaga’s Outfit

Marcus & Millichap recently announced the sale of the Highgate LTC Portfolio, a portfolio of skilled nursing facilities with approximately 500 beds located in Central New York State.  The $22.7 million dollar deal consisted of four facilities: Northwoods at Cortland, located in Cortland; Northwoods at Hilltop, located in Niskayuna; Northwoods at Rosewood Gardens, located in East Greenbush; and Northwoods at Troy, located in Troy.

“We are pleased to have finally brought resolution to this complex bankruptcy sale,” said Jacob Gehl of Marcus & Millichap in a statement. “The Highgate portfolio fulfills an important mission in Central New York not only providing care for the elderly but also providing pediatric programs that save the lives of very ill children. We are hopeful that the conclusion of the bankruptcy sale will enable the staff and residents to get back to the important work of caring for the residents both old and young.”