WASHINGTON, D.C. — President Donald Trump held a one-hour conference on Thursday, April 30, at the White House entitled “Protecting America’s Seniors” in which he touted the government’s response to the COVID-19 outbreak, specifically as it applies to residents of skilled nursing facilities. “As we honor the incredible contributions of our nation’s seniors, we are here today to discuss the unprecedented steps we that we’re taking to protect them from the virus,” said Trump. “I’ll also announce vital new actions to safeguard our nursing homes and most vulnerable citizens as …
Organic social media content is more important than ever during COVID-19 pandemic for residents and prospects. By Greg Eves, United Group of Companies Independent living is a lifestyle choice for seniors. Whether prospective residents are looking to downsize their home, escape the burdens of homeownership, broaden their social life or move closer to their adult children and grandchildren, it’s crucial for property management companies to understand that they’re selling more than just a place to live. They’re selling a unique lifestyle. For years, property management companies have turned to social …
ONTARIO, Calif. — The Mogharebi Group (TMG) has arranged the sale of Cinnamon Ridge, a 101-unit affordable seniors housing community in Ontario, a city east of Los Angeles. Built in 1989, Cinnamon Ridge Apartments totals 48,520 rentable square feet on a 2.3-acre site. Residents must be over age 55 and meet income requirements. Alex Mogharebi and Otto Ozen of TMG represented the seller, a Southern California-based investor. Another private investor based in Southern California bought the asset for $15.5 million in a 1031 exchange. “Cinnamon Ridge Apartments is an affordable, …
The U.S. Department of Housing and Urban Development (HUD) is offering borrowers in the seniors housing space some assistance in response to the financial challenges caused by the COVID-19 virus that has claimed the lives of over 58,000 Americans so far. More specifically, borrowers in the HUD/FHA Section 232 mortgage insurance program can take advantage of a series of four benefits designed to address their obligations to HUD and to take care of their residents. The provisions allow eligible borrowers to: suspend monthly deposits to be placed for replacement reserve …
NEW YORK CITY — Harborview Capital Partners and Meridian Capital Group’s Senior Housing and Healthcare team have arranged $93.7 million in financing to a West Coast-based operator. The financing funded the acquisition of the real estate and operations of six nursing facilities and the leasehold rights of 13 additional facilities in California, Washington and Nevada. The $93.7 million loan consists of $65.7 million of senior financing and an additional $28 million revolver provided by a commercial bank. The portfolio consists of 14 nursing facilities in California, four in Washington, and …
BEND, Ore. — Sunshine Retirement Living, a Bend-based operator with 32 communities in 16 states, now offers FDA-approved “Respira-ID” testing for COVID-19 at all its properties. Residents and employees that are exhibiting symptoms will now all be tested, as well as any new residents moving in regardless of symptoms. Produced by Vikor Scientific, Respira-ID tests for over 40 pathogens known to cause respiratory illness including COVID-19. The manufacturer will provide in-depth virtual training to the community nursing staff, which will administer the tests and oversee the shipment of samples for …
PROVIDENCE, R.I. — Evans Senior Investments (ESI) has arranged the sale of Elderwood at Riverside, a 57-bed skilled nursing facility in Providence. An East Coast-based owner-operator sold the property to a Southeast-based owner-operator for $4.3 million, or $75,000 per bed. This is the buyer’s first property in Rhode Island. The seller initially acquired the community, which was built in 1962, with the intent to move the licensed beds to a different county in Rhode Island. When regulatory obstacles prevented moving the licensed beds across county lines the owner decided to …
SARASOTA, Fla. — More than two-thirds of seniors housing companies are reporting having at least one acquisition deal fall through as a result of the chaos caused by the COVID-19 pandemic. The information comes from a survey conducted by HealthTrust, a Sarasota-based valuations and advisory firm serving the seniors housing and healthcare industries. Although the number of respondents was not disclosed, the types of companies represented were largely brokers, lenders, operators and REITs. Of those respondents, 69 percent reported experiencing at least one deal fall through. Transactions are undergoing major …
SOUTH PORTLAND, Maine — Cushman & Wakefield Senior Housing Capital Markets has arranged the equity and financing for construction of HarborChase of South Portland. Confluent Senior Living, a subsidiary of Denver-based real estate investment firm Confluent Development, will develop and own the property. Harbor Retirement Associates is the co-developer for the project and will operate the community upon completion. The property will feature 123 units of assisted living and memory care. Construction is slated for completion in summer 2021. M&T Bank provided an undisclosed amount of construction financing. A private …
COVID-19 outbreak slows transactions, forces companies to take defensive posture. By Matt Valley The stabilization of the U.S. economy and its pace of recovery is inextricably linked to the speed at which the spread of the COVID-19 pandemic can be contained, say seniors housing experts. Until the health crisis is under control, they expect transaction activity to slow considerably or possibly even grind to a halt. As of April 8, the respiratory illness had claimed the lives of 13,000 Americans, a clear majority of whom were senior citizens. Sadly, that running …