APPLETON, Wis. — Berkadia’s Seniors Housing and Healthcare Group has secured a $32.3 million refinancing for a seniors housing facility in Appleton, located near the north bank of Lake Winnebago approximately 30 miles southwest of Green Bay. Chris Cain secured the financing on behalf of the Oregon-based owner and operator, Touchmark. Further details on the property were not disclosed. “We were able to lock in a low interest rate and provide additional equity to the borrower at closing, even with the current COVID-19 restrictions,” says Cain. “We expect to see …
ORLANDO — V 3 Capital Group, through its affiliate Strive Senior Living LLC, has completed the corporate acquisition of Classic Home Health Services Inc. for an undisclosed price. The acquired company is an in-home healthcare provider that offers medical treatment or assistive care for patients who do not require hospitalization or facility care but do need additional support to live safely in their homes. Strive purchased all assets of the company and will continue operations under the Classic Home Health Services brand. Classic is an established company with 25 years …
Kisco Senior Living Hires Mizuki Sato-Berkeland as National Director of Environmental Health, Safety
CARLSBAD, Calif. — Kisco Senior Living has hired Mizuki Sato-Berkeland as its national director of environmental health and safety. Sato-Berkeland previously worked in healthcare process and quality improvement at UCLA Health System and has a background in community outreach and emergency preparedness. She holds a bachelor’s degree from the University of California, Los Angeles and a Master of Public Health from Columbia University. “I’ve always had an interest in senior living because of the relationships I have with my grandparents and parents,” says Sato-Berkeland. “Now, I am able to learn …
SCOTTSDALE, Ariz. — Cadence Living has hired Deborah Osterhaudt as vice president of operations for the Southeast region. Osterhaudt will have principal responsibility for operational success of Cadence’s growing portfolio of senior living communities in the Southeast. She has over 21 years of experience in caring for seniors and seniors housing operations as well as holding regional sales and marketing positions Prior to joining Cadence, Osterhaudt held regional operations and marketing roles with The Arbor Company, Principal Senior Living Group, Thrive Senior Living and Brickmont Assisted Living. She will be …
Eclectic owner-operator tries to bring fresh eyes to senior living. By Jeff Shaw At first, Dwayne Clark wasn’t particularly interested in seniors housing. Of course, this was in the mid-1980s “before assisted living was assisted living,” as he put it. But with some encouragement from his sister, he joined West Coast senior living trailblazer Leisure Care. After a stint with another industry giant, Sunrise Senior Living, Clark decided he wanted to start his own company and launched Áegis Living in 1996. In the years since, Áegis has grown from a …
Sector has proven to be more resilient than others during the pandemic. By Dale Watchowski In 2020, the U.S. economy contracted dramatically due to the COVID-19 pandemic, with many industries negatively impacted, including senior living. However, few real estate sectors have proven more resilient in times of turmoil than seniors housing. Since the 2008 recession, seniors housing has outperformed many other types of real estate and has established itself as a compelling asset class for investors. An underpublicized attraction of seniors housing is its rising utilization. Americans are living longer …
As the vaccine rolls out, what are some of the challenges you have overcome related to the COVID-19 pandemic? Financing, construction hit snags By Andrew Agins Senior Vice President of Revenue and Asset Management Anthology Senior Living Capitalizing a new development deal has been challenging during the pandemic due to tight capital markets. Equity partners tend to work with developers they know and trust. Banks will lend only to projects with experienced operators and strong sponsorships. Maintaining a safe job site is another challenge. At our current projects, an on-site …
Despite increased competition and delays in construction and lease-up due to COVID-19, developers remain bullish on the sector. By Jeff Shaw The relatively new segment of rental active adult housing has many developers interested, but hesitant. The sector targets baby boomers in early retirement who are often looking to downsize from their homes but are still years away from needing independent living or assisted living services. The concept is to offer relaxing, maintenance-free living to empty nesters who still lead active lives. It differs from independent living in that it …
REITs sell off portfolios while other investors pursue distressed assets amid record-low occupancy. By Jeff Shaw When the COVID-19 outbreak hit the U.S. with full force last March, investors in the seniors housing sector had some difficult decisions to make. With the occupancy rate at private-pay seniors housing falling to a record-low 80.7 percent in the fourth quarter of 2020, according to the National Investment Center for Seniors Housing & Care, the question that quickly arose in the marketplace was whether it was better to sell off properties, buy assets …
By Matt Valley Property valuations have decreased 5 to 10 percent overall across the seniors housing industry due to the operational disruptions caused by the COVID-19 pandemic. That’s the expert opinion of Imran Javaid, managing director of BMO Harris Bank, who says the percentage decline can vary depending on the age of the facility, the operator and the specific asset class. The respiratory virus, which as of Jan. 24 had claimed the lives of more than 417,000 people in the U.S. and ravaged a large swath of the economy, initially …