KENTUCKY and NORTH CAROLINA — Monticello has provided $30 million in first lien debt financing for the acquisition of one skilled nursing facility and refinancing of two others. The portfolio totals 312 beds in Kentucky and North Carolina. The borrower is an experienced owner and operator with a current portfolio of 8,752 licensed beds. Prior to this deal, Monticello financed the acquisition of a number of facilities in 2018 and 2019 for the sponsor.
KANSAS — Blueprint Healthcare Real Estate Advisors has brokered the sale of three skilled nursing facilities in Kansas totaling 250 beds. The properties were located in suburban and rural locations. The price and buyer were not disclosed. The transaction is the last of five that Blueprint arranged for LTC Properties as part of the REIT’s divestment of its 2,500-bed Preferred Care skilled nursing portfolio. The company sold the properties to five different buyers, with each buying all properties within a single state.
WESTLAKE VILLAGE, Calif. — LTC Properties Inc. (NYSE: LTC), a Westlake Village-based seniors housing and healthcare REIT, has promoted Pam Kessler and Clint Malin to the newly created positions of co‑president. Kessler will retain her role as chief financial officer, and Malin will continue as chief investment officer. Wendy Simpson will remain LTC’s chairman and Chief Executive Officer. “The promotions of Pam and Clint reflect the many years of significant contributions they have made to LTC, both individually and as a cohesive team, along with their shared strategic vision and …
LEBANON, Ohio — Leo Brown Group, a developer, owner and operator of senior living properties in the Midwest, has started construction of Traditions of Lebanon, located in the northeastern suburbs of Cincinnati. The community will feature 146 units in a mix of independent living, assisted living and memory care options. Development costs are estimated at $35 million. Traditions Management, an affiliate of the developer, will operate the community upon completion. “We are excited to get started on this project, which we feel is a much-needed senior living option for the …
WASHINGTON, D.C. — Walker & Dunlop has structured $10.1 million in construction and permanent financing for Spring Flats. The project calls for the redevelopment of a historic property known as The Hebrew Home, located in the Petworth neighborhood of Northwest Washington, D.C. The development caters primarily to seniors and low-income residents. Development costs are estimated at $59 million. Originally constructed in 1925, The Hebrew Home served as a nursing home until 1968, when the city purchased the property and converted it into a community health center. The asset has been vacant …
COLUMBUS, Ohio — Ohio Gov. Mike DeWine has formed several Congregate Care Unified Response Teams, with the goal of testing residents and staff members at skilled nursing facilities in the state. “Nursing facilities have been aggressive regarding testing and managing COVID-19 outbreaks on their own, but this effort will provide them with additional resources,” says DeWine. “As we continue to ramp up our testing in Ohio, we must deploy our resources in a way that will save the most lives.” The response team will include medically trained members of the …
ORANGE, Calif. — MBK Senior Living has acquired Kirkwood Orange, seniors housing community in Orange, approximately 30 miles southeast of downtown Los Angeles. Kirkwood Orange comprises 48 assisted living and memory care units. Originally built in 1999, the community underwent $1.1 million in capital improvements in 2019, including renovations to all common areas. The seller was a joint venture between Cadence Living and an institutional equity partner. This acquisition expands MBK’s portfolio to 33 owned and managed communities located throughout the Western United States. The purchase price was not disclosed. …
NEW YORK CITY — Home Street Partners has completed construction of Home Street Residences, an affordable housing community in the Bronx The 75,000-square-foot building rises eight stories in the Foxhurst neighborhood. Of the 63 apartments, 30 percent are reserved for homeless seniors. Units average 550 square feet. Body Lawson Associates designed the property. Bronx Pro Group is the operator, and DreamYard designed the programming. Approximately 50,000 people have already applied for an apartment, according to Body Lawson Associates.
WASHINGTON, D.C. — Testing all residents and staff and skilled nursing facilities nationwide just once would cost $440 million, according to data compiled by the American Health Care Association (AHCA), based in Washington, D.C. The organization notes that at that rate, the CDC’s recommendation of weekly testing would cost skilled nursing operators over $1 billion per month. The AHCA describes the costs as “unsustainable” without additional funding from federal and state governments, especially since it doesn’t account for other types of senior care. “For months now, we have been advocating …
PHOENIX — Grandbridge’s Seniors Housing and Healthcare Finance Group has provided $11.3 million in financing for Avista North Mountain, a 132-unit assisted living and memory care community in Phoenix. The borrower is Avista Senior Living. The funds, arranged through the FHA 232/223(f) program, will refinance existing debt on the property. Richard Thomas, Meredith Davis and Kim Huffstutler of Grandbridge arranged the financing.