LOS ANGELES — There is a deficit in seniors housing and it has nothing to do with occupancy rates, investment dollars or development opportunities. It’s the labor shortage, according to Charles Turner, a longtime industry veteran and current CEO of Kare, an application that pairs understaffed seniors housing communities with temporary workers. Turner made the comments as keynote speaker at France Media’s InterFace Seniors Housing West conference, held Feb. 20 at the Omni Los Angeles. “We all know what’s coming in the next decade — an onslaught of baby boomers aging into …
CHICAGO — Ventas Inc. (NYSE: VTR) has appointed J. Justin Hutchens as executive vice president, senior housing, North America, effective April 1. The appointment is part of a series of actions, including a realignment of current executive team responsibilities, to improve the company’s performance in seniors housing. In this newly created role, Hutchens will oversee the Chicago-based REIT’s seniors housing business in North America, which includes over 700 properties that provide high-quality environments for approximately 60,000 seniors. The company is the second largest owner of seniors housing in the United …
DALLAS and NEW BRAUNFELS, Texas — New Braunfels-based SilverPoint Senior Living, a newly formed management company led by CEO Shawn Corzine, has signed an expansion partnership with Journey Capital, a Dallas-based real estate development company led by hospitality entrepreneurs Anand Patel and Narayan Patel. With its investment in SilverPoint, Journey Capital’s co-founders will also assume roles as partners in the management company Journey Capital will work with SilverPoint to grow its development and acquisition pipeline and lean on the company for third-party management and consulting services. While SilverPoint is currently …
MILWAUKEE — Senior Living Investment Brokerage (SLIB) has arranged the sale of St. Clare Terrace, a 59-unit assisted living community in Milwaukee. The community was built in 1964 and operates under the Residential Care Apartment Complex (RCAC) designation. The 67,000-square-foot property sits on 2.4 acres, and was 64 percent occupied at the time of sale. St. Clare was placed into receivership when the previous nonprofit owner-operator was unable to service outstanding bonds. Shortly after the building was placed in receivership, an experienced operator was hired to manage the community until …
MACEDONIA, Ohio — CBRE has arranged a refinancing for American House Macedonia, a 100-unit assisted living and memory care community in Macedonia, approximately midway between Cleveland and Akron. The borrower is a joint venture between Harrison Street and REDICO, which have partnered on over 25 seniors housing communities together. The operator, American House Senior Living Communities, is an affiliate of REDICO. Originally built in 2015, the community consists of 70 assisted living units and 30 memory care units. It is situated on a four-acre site less than a mile west …
TACOMA, Wash. — PMB has opened the doors on GenCare Lifestyle at Point Ruston, a 159-unit independent living, assisted living and memory care community in Tacoma. The 144,000-square-foot, six-story senior community is located on the southern edge of Puget Sound in Point Ruston, a master-planned, mixed-use urban village. The location puts residents within walking distance of retail establishments, restaurants, a luxury hotel, residential developments, a movie theater, local and organic food, walking paths, meeting spaces and seasonal public events. The site was formerly home to a copper mill for decades …
TOLEDO, Ohio — Welltower Inc. (NYSE: WELL), the largest REIT in the seniors housing space both by units and market cap, has launched welltowerLIVING, a wellness-focused housing concept for residents aged 55 and over. The brand was developed with the specific aim to fulfill the unmet need private-pay housing that is affordable for moderate-income seniors, many of whom will be Medicare eligible. The brand intends to offer a lower cost, technologically delivered wellness solution to residents, according to the Toledo-based REIT. This offering is limited in service relative to traditional …
NORTH CAROLINA and KENTUCKY — Monticello has provided $117 million in first lien debt financing for the acquisition of 12 skilled nursing properties and the refinance of one other in North Carolina and Kentucky. The skilled nursing portfolio totals 1,357 beds. The names and specific locations of the properties were not disclosed. The transaction also includes a $10 million working capital loan to the operating companies of the properties provided by Monticello’s asset-based lending group, Monticello Commercial Capital LLC. The borrower is an experienced owner and operator with a current …
ALEXANDRIA, Va. — Argentum, an Alexandria-based association serving seniors housing operators, has received a grant to develop and expand nationwide apprenticeships in senior living and related allied health occupations. The U.S. Department of Labor awarded nearly $6 million for Argentum’s Healthcare Apprenticeship Expansion Program (HAEP), following a national competitive process. The four-year grant will expand workforce development in the senior living industry. The project will bring together senior living operators, universities, nonprofit organizations, workforce agencies and other partners including select hospital systems and allied health providers. The partnership projects attaining …
PORTLAND, Ore. — Norris & Stevens has brokered the sale of Laurelhurst House, a 38-unit assisted living community in Portland. LHH Property acquired the 22,612-square-foot property from Laurelhurst House LLC for $4.6 million. The property was 100 percent occupied. The seller was the original developer, which built the three-story community in 2000. Todd VanDomelen and David Chatfield of Norris & Stevens represented the seller in the transaction.