Although the pandemic tested the systems, many lenders actually provided more capital in 2020 than in previous years. Roundtable Participants: Mike Taylor, Senior Vice President, Head of Healthcare & Capital Markets, First Midwest Bank Sarah Duggan, Senior Director, Seniors Housing & Healthcare Lending, Synovus Lawrence Brin, Managing Director, Head of Healthcare Real Estate, MidCap Financial Services Eric Smith, CEO, Managing Partner, Locust Point Capital Ashish Shah, Managing Director, MONTICELLOAM LLC By Jeff Shaw While COVID-19 has caused a wide variety of struggles for the seniors housing industry, capital has …
What hurdles does the industry still have to clear before we see occupancy and revenue rebound? Show our resiliency By Valerie Whitman Vice President of Senior Living LeadingResponse We are a resilient industry. We need to always be sure we show that to the world. As we saw in the last year, our industry was constantly being portrayed as a place where COVID thrived. This information shook consumer confidence and further created misperceptions of truly how safe our communities are. Our hurdle and opportunity is to be transparent and …
By Matt Valley With mass vaccination efforts in the fight against COVID-19 well underway across the country and the economic clouds beginning to lift, the lending outlook for seniors housing has brightened considerably in recent months, say industry professionals. “If you are comparing today to pre-pandemic [market conditions], we think the lending environment is actually pretty good,” says Chuck Hastings vice president of finance and business development for Juniper Communities, an owner and/or operator of 25 seniors housing communities in New Jersey, Pennsylvania, Colorado and Texas. The portfolio’s total resident …
HOUSTON — The Montrose Center has opened the doors on the Law Harrington Senior Living Center, an independent living community in Houston’s historic Third Ward. The community features 112 units available to residents 62 or older meeting mximum income requirements. The programming is specifically designed to appeal to LGBTQ seniors, making it the largest community of its kind in the United States and the first in Texas, according to Montrose Center. Development costs are estimated at $26.5 million. A ribbon-cutting ceremony will be held in June. Legacy Community Health will …
CLARKSTON, Mich. — KIRCO has started construction of Monark Grove Clarkston, a 175,000-square-foot seniors housing community in Clarkston, approximately 35 miles northwest of Detroit. The community features 77 independent living units, 49 assisted living units and 22 memory care units on a 17-acre site. It’s KIRCO’s first project in Michigan. Completion is slated for second-quarter 2022. Beztak will be the operator.
AKRON, Ohio — Blueprint Healthcare Real Estate Advisors has negotiated the sale of a skilled nursing and assisted living community in Akron. The property was built in 1917 and renovated in the mid-2000s. It is located near the University of Akron campus. A regional owner-operator sold the community to an undisclosed buyer for an undisclosed price.
OMAHA, Neb. — Essex Communities, an Omaha-based seniors housing design, development, construction, acquisitions, financing, marketing and property management specialist, has promoted Frankie Pane to president and chief operating officer and Michael McGillick to chief executive officer. Pane has been with Essex since 2003 and has experience leading the development of new communities, acquisition of existing communities and operations of 30 current and former Essex-managed communities. In his new role, Pane will continue high-level oversight while providing strategic direction to collaboratively secure growth, enhance corporate services and improve efficiencies throughout the …
WESTON, Fla. — The Palace Group has opened the doors on The Palace at Weston, an independent living, assisted living and memory care community in Weston, approximately 35 miles northwest of Miami. This is owner-operator Palace Group’s 10th luxury senior living community in Miami-Dade and Broward counties. It is located next door to The Palms, an active adult condominium community developed by The Palace Group. The four-story property features 130 independent living units ranging from 800 to 1,300 square feet, 144 assisted living units and a separate memory care building …
BIRMINGHAM, Mich. — Lument has arranged a $168 million bridge loan for a skilled nursing portfolio on behalf of Mitchell Family Office (MFO), a Birmingham-based investment firm focused on the healthcare industry. Proceeds of the loan funded the acquisition of the skilled nursing division of American Health Partners and was part of a larger acquisition plan in which MFO acquired all the interests of American Health Partners for an undisclosed price. Leading the transaction for Lument were Conner Girdley, director for seniors housing and healthcare, and Brandon Gill, vice president …
NEW YORK CITY — The New York office of mortgage banking company Merchants Capital has arranged an $18.2 million Housing Development Corporation (HDC) Fannie Mae Risk Share loan for Mannie Wilson Towers, a historic affordable housing development located in the Harlem neighborhood of Manhattan. Located in the former Sydenham Hospital, Mannie Wilson Towers provides 102 one- and two-bedroom units of restricted-income housing for seniors. As part of the U.S. Department of Housing and Urban Development (HUD) Section 202 program, units are restricted to residents 62 years of age and older …