ARLINGTON, Texas — Heartis Arlington, an assisted living and memory care community in Arlington, will test all of its 80 residents and 75 staff to detect if anyone in the community has contracted COVID-19. Two positive COVID-19 cases have been identified from Heartis residents who were transferred on March 18 and 22, respectively, to Medical City Arlington after exhibiting symptoms and where they are now being treated and improving. Heartis Arlington enacted advanced staff training to detect symptoms and established protocols in February, and visitor restrictions were put in place …
WASHINGTON, D.C. — The Department of Labor (DOL) issued guidance on Saturday March 28, on key provisions of the Families First Coronavirus Response Act (FFCRA). Of critical importance members is the definition of “healthcare provider” as it related to an employer’s ability to be exempt from the requirements of the act, according to the American Seniors Housing Association (ASHA). Under FFCRA, an employer with fewer than 500 employees must offer 10 days of paid sick leave and up to 12 days of paid emergency family and medical leave under certain …
GREENVILLE, S.C. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a seniors housing community in Greenville. Built in 2001, the property features 74 assisted living units and 17 memory care units. The name of the property, price and seller were not disclosed. A private investor acquired the community with plans to replace operations.
Great uncertainties cloud the immediate outlook for the U.S. economy and the seniors housing and care industry in the wake of the COVID-19 pandemic. But one thing is certain: Unlike other industries that have been forced to shut down, senior living communities are open and continue to serve residents. With that framework in mind, a March 26 webinar sponsored by the National Investment Center for Seniors Housing & Care (NIC) addressed the ongoing financial implications of the COVID-19 pandemic for operators, developers and capital providers. The webinar is the first …
CLACKAMAS, Ore. — The good news, according to a recent survey, is that residents in seniors housing communities largely believe that senior living provides good care. The bad news is that those who don’t live there believe the care is poor. SeniorList, a Clackamas-based company that connects seniors with products, services and resources including seniors housing referrals, conducted the survey. Those over 65 and their families were questioned, with a total of 715 respondents. Of the respondents who currently live in seniors housing, 71 percent said that senior living provides …
EUGENE, Ore. — Carnegie Capital has arranged a $7.4 million refinancing for a 60-unit memory care community in Eugene. The cash-out refinancing represents a 75 percent loan-to-value ratio, and bears an interest rate of 5.55 percent for three years. Residents at the community are approximately half private pay and half Medicaid. The borrower is a regional owner-operator. The lenders are a national bank and a private lender.
IRVINE and WESTLAKE VILLAGE, Calif. — As publicly traded REITs in the seniors housing space continue to brace for the impact of the COVID-19 pandemic, Irvine-based Sabra Health Care REIT (NASDAQ: SBRA) and Westlake Village-based LTC Properties (NYSE: LTC) have announced cash-saving methods. Sabra plans to cut its quarterly dividend from 45 cents per share to 30 cents per share, starting in May. The company expects to generate an extra $30 million per quarter, with plans to use those funds to manage debt and fund operations. “Preservation of capital is …
MINNEAPOLIS — Dougherty Mortgage has provided a $15.9 million HUD 221(d)(4) loan for the rehabilitation of Trinity Apartments, a 120-unit affordable senior housing property in Minneapolis. All units at the eight-story building are restricted to heads of household over age 62 and are covered by a Project-Based Section 8 HAP contract. The borrower is Trinity Limited Partnership. The property will receive $6.7 million ($56,000 per unit) in renovation work, including dwelling unit and community space upgrades. In addition to the HUD-insured first mortgage, the project utilized Low Income Housing Tax …
NORTHPORT, Ala. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Brookdale Northport, a seniors housing community in Northport, a suburb of Tuscaloosa. Built in 1999, the community features 68 assisted living units and 10 memory care units on a four-acre plot. A Mid-Atlantic-based owner-operator acquired the community, its second in the state, with plans to implement renovations. The seller and price were not disclosed. Bradley Clousing, Jeff Binder and Patrick Burke of SLIB handled the transaction.
WASHINGTON, D.C. — As the COVID-19 pandemic puts a strain on seniors housing operators, especially with the bad press brought on by 35 deaths from the virus at a single skilled nursing facility in Kirkland, Wash., the associations serving seniors housing have kicked lobbying efforts into high gear. The three main groups are the American Seniors Housing Association (ASHA), a Washington, D.C.-based organization supporting the seniors housing industry; Argentum, an Alexandria, Virginia-based trade association dedicated to supporting companies operating professionally managed senior living communities; and Washington, D.C.-based LeadingAge, which advocates …