The fallout from the coronavirus pandemic sweeping across the globe has been swift and severe with Corporate America taking extraordinary steps to protect its workers. Detroit’s Big Three automakers — Ford, General Motors and Fiat Chrysler — are suspending production this week in North America as a precaution against the coronavirus. Meanwhile, major airlines have cut capacity by 50 percent or more systemwide due to sharply reduced consumer demand. Millions of public school students will be off for at least the next few weeks in an effort to keep the …
YUMA, Ariz. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Kissito Healthcare Palm View, a skilled nursing facility in Yuma. Originally built in 1964, with renovations in 2011 and 2018, Palm View consists of 77 units and is licensed for 143 beds. The community totals 44,000 square feet on 2.9 acres. Occupancy at the time of the sale was 59 percent. The seller is a national REIT looking to divest this asset due to it being a geographic outlier for its portfolio. The buyer is a regional …
TOLEDO, Ohio — Welltower (NYSE: WELL), the largest owner of seniors housing in the United States, has confirmed that two residents in its portfolio have tested positive for COVID-19. “There is no perfect playbook to manage through a pandemic. However, flu and infection mitigation are integral parts of the day-to-day operating model in seniors housing, post-acute care and our medical office buildings,” says Tom DeRosa, the company’s CEO. “We maintain that the population of frail and/or memory impaired seniors are best served in safe, controlled environments that have time tested …
DALLAS — Capital Senior Living Corp. (NYSE:CSU), one of the nation’s largest operators of senior living communities, has reached agreements with Ventas Inc. and Welltower Inc. for immediate rent reductions and the early terminations of its master leases. This announcement follows the previously announced early termination of its Healthpeak master lease. Together, the early terminations and rent reductions are expected to improve the company’s cash flow by approximately $22 million and reduce lease liabilities by approximately $253 million. “We remain laser focused on our operational turnaround plan,” says Kim Lody, …
ANNAPOLIS, Md. — M&T Realty Capital Corp. has closed a $63 million Freddie Mac loan to refinance a 165-unit seniors housing property in Annapolis. The loan features a 70 percent loan-to-value ratio, 10-year term, fixed rate, five years of interest-only payments, and 30-year amortization. The borrower and name of property were not disclosed. Matthew Pipitone and Robert Kaplan of M&T Realty Capital’s Baltimore office, in collaboration Gretchen Wintringer, handled the transaction.
POWAY, Calif. — Cadence Living has hired Jay Johnson as executive director at Cadence at Poway Gardens in the San Diego suburb of Poway. Johnson has almost 30 years of experience in senior living including multiple positions as executive director. He spent 17 years with ActiveCare both in assisted living and memory care settings. Johnson has managed communities for Catholic Health Initiatives and Anthem Memory Care.
HOUSTON — JLL Capital Markets has arranged both the sale of and financing for The Gardens at Spring Shadows, a 384-unit independent living community in Houston’s Spring Branch submarket. JLL served as the seller’s listing agent. Additionally, JLL’s debt placement team worked on the new owner’s behalf to arrange a three-year, floating-rate loan with two one-year extension options through Ready Capital. In addition to funding the acquisition, the balance of the loan will be used for the rehabilitation of the property. The Gardens at Spring Shadows sits on 11.4 acres. …
INDIANAPOLIS — M&T Realty Capital Corp. has provided a $26.4 million bridge loan for the acquisition of an 811-unit independent living property in Indianapolis. The financing features 80 percent loan-to-value ratio, a two-year term, a fixed rate of 4.7 percent and full-term interest-only payments. John Taylor of M&T Realty Capital’s Florham Park, New Jersey, office led the transaction. The buyer, seller and name of the community were not disclosed.
Tomorrow’s seniors will want flexibility, privacy and intergenerational living. By Marissa Kasdan, KTGY Architecture + Planning Seniors housing, as a market segment, has had a relatively limited history in the United States. Early examples of seniors housing were for those that experienced extreme poverty due to the loss of personal wealth during the Great Depression. Following the implementation of the Social Security Act, the private nursing home industry experienced tremendous growth during the second half of the 20th century. With the addition of Medicare and Medicaid in 1965, national nursing home …
RICHMOND, Va. — Cushman & Wakefield | Thalhimer has arranged the sale of 5.3 acres in Richmond for a seniors housing development. Temple Beth El sold the land to CA Ventures for $3.8 million. The development will feature independent living, assisted living and memory care services. David Smith of Cushman & Wakefield | Thalhimer handled the sale negotiations on behalf of the buyer.