LOS ANGELES — WorkTaps , a mobile employee referral solution for the hourly and deskless workforces, will offer its hiring software to businesses at no cost in response to the COVID-19 crisis. The Los Angeles-based company will offer its service for free through Aug. 15 to help fill recruiting pipelines and find jobs for workers displaced by the crisis, such as hotel, restaurant and retail employees. “With U.S. unemployment claims currently at a record 16 million and projected to increase dramatically, we’re furthering our mission to quickly connect and create …
This pandemic could change the design and programming of seniors housing forever. By Russ Garber, M+A Architects Our senior citizens are wise and brave and giving, but they are also among our most vulnerable loved ones. For the many in senior living facilities, the COVID-19 pandemic is a time filled with trepidation. For the operators of those facilities and their dedicated staff members, this is a time of long days and addressing many concerns, large and small. As of March 23, at least 150 skilled nursing facilities in more than …
As the COVID-19 pandemic has shut down many businesses around the world, seniors housing is in a tough spot. In charge of caring for seniors — those most vulnerable to the disease — communities must stay open, but while doing everything possible to ensure the safety of residents. The industry already faced a staffing shortage for frontline workers. Now many of those workers either can’t come into work for fear of transmitting COVID-19 to an older family member, or are resigning out of fear of contracting the disease themselves. “Early …
TOLEDO, Ohio — Welltower (NYSE: WELL), the largest seniors housing REIT in the country by market cap, has promoted two of its C-Suite executives. In addition to his existing title of chief investment officer, Shankh Mitra is now chief operating officer of the company. His secondary title, formerly executive vice president, was also upgraded to vice chair. Tim McHugh will maintain his title of chief financial officer, but his secondary title was adjusted from senior vice president to executive vice president. CEO Tom DeRosa’s contract was also extended, though details …
CHICAGO — Blueprint Healthcare Real Estate Advisors, a Chicago-based brokerage firm, has arranged the sale of a skilled nursing portfolio totaling over 400 units. Three of the facilities are located in Central Florida, and the fourth is in Kentucky. The properties were operating at a loss despite occupancy over 80 percent and combined revenues of over $28.5 million. A REIT sold the properties to an undisclosed buyer for an undisclosed price.
“How do you fight the enemy without knowing where it is?” The question posed by Kathryn Sweeney, co-founder and managing partner of Blue Moon Capital Partners LP, underscores the need for senior living communities to have priority access to personal protective equipment (PPE) and adequate testing to battle the COVID-19 virus. “We’re really fighting this battle with very rudimentary and limited tools,” said Sweeney, whose Boston-based firm provides equity exclusively to the seniors housing sector. “We have had inconsistent access to tests in our portfolio. What we’re finding is those …
LTC Properties, a major seniors housing REIT, and Juniper Communities, a seniors housing owner-operator, have launched Virtual Connections, a website to help seniors connect with family while under lockdown for the COVID-19 pandemic. During the outbreak, seniors housing communities across the country have implemented “no visitor” policies, as well as social distancing for those who are in the communities. The goal of the website is to offer free resources to keep residents social and entertained during these unprecedented measures. “The site offers hundreds of digital resources including activities, games, reading …
MARYLAND — Monticello has provided $66.6 million in first lien debt financing for the acquisition of three skilled nursing properties totaling 460 beds in Maryland. The transaction also includes a $5 million working capital loan to the facility operators, which Monticello’s asset-based lending group, Monticello Commercial Capital, provided. The borrower is an owner and operator with a current portfolio of 2,459 licensed beds. The names and locations of the facilities were not disclosed.
ENUMCLAW, Wash. — M&T Realty Capital Corp. has provided a $16.8 million Freddie Mac loan for High Point Village, a seniors housing community in Enumclaw, approximately 35 miles southeast of Seattle. The community features 108 units of independent living, assisted living and memory care. The loan, which will refinance existing debt, features a 60 percent loan-to-value ratio, 10-year term and fixed rate. It also includes five years of interest-only payments followed by a 30-year amortization. The borrower is a multi-generational, family-run business. The property is listed on the website of …
KENNEWICK, Wash. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 36-unit assisted living community in Kennewick, located near the Oregon border in the eastern half of the state. The property was over 90 percent occupied at the time of sale, though it has struggled in recent years due to key leadership turnover, according to Blueprint. For this reason it was still marketed as a value-add opportunity. The buyer was well capitalized and local, and this is the company’s fourth acquisition in Washington. The seller and price …