CHICAGO — Despite the struggles of the seniors housing industry during the COVID-19 outbreak, investors in the sector expect capitalization rates on transactions to increase. The expected increase applies to all types of seniors housing, as well as all from Class A to Class C. In all cases, investors predicted cap rates higher than their recent averages, but still lower than the most recent high. The results came from an update to the JLL Spring 2020 Investor Survey, meant to reflect changes in approach following the onset of the pandemic. …
MURFREESBORO, Tenn. — National Health Investors Inc. (NYSE: NHI) reported that to date in June the company has collected 99.4 percent of contractual rents. This percentage is slightly down from May, in which 100 percent of rents were collected, and April, in which 99.7 percent of rents were collected. The news comes despite depressed occupancy portfolio-wide due to the COVID-19 pandemic. Among the publicly traded REIT’s stable of operators, all have seen occupancy fall since March. Most operators have seen a decline in that period of approximately 200 basis points. …
CHARLOTTESVILLE, Va. — Commonwealth Senior Living has hired Michelle Hamilton as senior vice president of operations. Hamilton previously served as senior vice president of asset management healthcare for Colony Capital-sponsored NorthStar HealthCare Income. She began her career at Country Meadows Retirement Communities as an executive director and assumed additional roles and responsibilities throughout her tenure, which led her to the positions of senior vice president of operations and chief of senior living operations of the company, serving in that capacity until 2018. Since that time, she worked for The Arbor …
NASHVILLE, Tenn. — DHG Healthcare, the national healthcare practice of Dixon Hughes Goodman LLP, has hired Kevin Locke as managing principal. Locke succeeds Brad Benton, who is retiring. Locke was admitted to the DHG partnership in 2010 with the merger of the boutique strategy firm Charis Healthcare, which he co-founded. He is a healthcare strategist with executive experience in both strategic business planning and execution of implementation frameworks for academic medical centers, complex health systems and large physician enterprises. Most recently, Locke served as DHG Healthcare’s transformational solutions leader and …
GERMANTOWN, Tenn. — Ziegler has arranged $45.2 million in financing for The Village at Germantown, a continuing care retirement community in the Memphis suburb of Germantown. The community is located on a 27.5-acre site and features 230 independent living units, 32 assisted living units, 16 memory care units and 50 skilled nursing beds. The financing is a “Cinderella refunding,” meaning that taxable bank debt will convert to non-bank-qualified, tax-exempt debt in September 2022. The transaction refinances a previous bond issue from 2012. First Horizon provided the taxable loan with a …
CANANDAIGUA, BATH and CORNING, N.Y. — Greystone has provided $43.9 million in HUD-insured financing for a trio of affiliated skilled nursing facilities in Upstate New York. The borrower is Centers for Care. The three facilities, totaling 323 beds, include Ontario Center for Nursing and Rehabilitation in Canandaigua, Steuben Center for Nursing and Rehabilitation in Bath and Corning Center for Nursing and Rehabilitation in Corning. Fred Levine of Greystone originated the financing package.
WEST LINN, Ore. — Owner-operator Cadence Living has partnered with boutique investment firm Dylan Investments to acquire Tanner Spring, an assisted living and memory care community in the affluent Portland suburb of West Linn. The community comprises 62 assisted living units and 26 memory care units. The partnership also acquired the adjacent vacant land and has plans to add 100 residential units in the future. Orix Securities advised the seller on the transaction and Blueprint Healthcare Real Estate advised the buyer. “We have been focused on the northwest for our …
BEND, Ore. — Sunshine Retirement Living has announced plans to move into a new headquarters within its current home of Bend. While the square footage was not released, the new headquarters will triple the company’s current footprint. Sunshine operates 32 communities across 16 states, with plans for “significant expansion.”
ATLANTA — Hunt Development Group has started construction of Phase I of Herndon Square, a 12-acre, mixed-use project in downtown Atlanta. Upon full build-out, the project will feature 700 residential units, 40,000 square feet of retail space and 20,000 square feet of community space open to the general public. The site is located on Northside Drive, approximately one mile north of Mercedes-Benz Arena, Philips Arena, Centennial Olympic Park and the other attractions in the heart of the city. The project, a redevelopment of the former Herndon Homes affordable community, will …
ROCK HILL, S.C. — Cushman & Wakefield Senior Housing Capital Markets has arranged $19.8 million in financing for HarborChase of Riverwalk, a recently opened assisted living and memory care community in Rock Hill, approximately 25 miles southwest of Charlotte, North Carolina. The borrower, private equity firm BridgeForth Capital, will use the funds to refinance the construction loan. Saperean Capital provided the new financing. HarborChase of Riverwalk is an 88-unit property located within the Riverwalk master planned development. The community opened February 2020. The operator is Harbor Retirement Associates. The Cushman …