NEWTON, Mass. — Diversified Healthcare Trust (NASDAQ: DHC) has made changes to its Board of Trustees and executive leadership team, amonth other actions, to address its near-term capital needs, including DHC’s pending debt maturities. Phyllis Hollis has been appointed as an independent trustee of the DHC board. She previously worked as an executive at an investment bank and has extensive experience in finance and executing capital markets transactions. She will serve on DHC’s audit committee and compensation committee, which she will chair. In addition, DHC has appointed Matthew Brown as …
ATLANTA — The Senior Living Transformation Co. (SLTC) has acquired a 113-unit assisted living and memory care community in partnership with Omega Healthcare Investors (NYSE: OHI). The Senior Living Transformation Center, known as The Rivers at Maryland Farms, is the first acquisition and demonstration pilot for the newly formed partnership. The objective of the partnership is to create both an innovation center for technology and data solutions for the seniors housing industry and to demonstrate a new model of care within seniors housing. SLTC was recently formed by leading senior …
NEW ORLEANS — Liberty Senior Living has announced Sai Raj Kappari as the executive director of The Carrollton, a senior living community in New Orleans. Kappari’s received a doctorate in pharmacy at Jawaharlal Nehru Technological University and completed a residency at Krishna Institute of Medical Sciences in India. Kappari then decided to earn his master’s degree in gerontology at the University of Southern California, Los Angeles. After he earned his master’s, Kappari worked in gerontological research for several years, presenting at various conferences. In 2020, he moved to Louisiana and …
As seniors housing operators look back on the past 18 months, the effects of the COVID-19 pandemic have largely faded. Occupancy has been on an upward trend for many consecutive quarters, labor markets have become more stable and profit margins are getting larger. While the industry isn’t fully back to where it was in 2019, the outlook for operators is much sunnier than it was in mid-2020. But new challenges have arrived in the form of capital markets disruption, which has impacted the ability to buy, sell, borrow, lend or …
By Jason Clouet, Bayview PACE For seniors housing developers and project sponsors, the timing of the growing adoption of commercial property assessed clean energy (C-PACE) financing couldn’t be better. While demographics show demand for housing is rising, many new seniors housing projects are stalled as traditional financing sources are drying up, or rising interest rates have squeezed margins, or worried partners have increased equity/debt demands. C-PACE financing is saving new construction projects across the country that were halted or facing delays. It is also providing a welcome restructuring of the …
HUNTINGDON VALLEY, Pa. — Distinctive Living has opened the doors on Crescent Fields at Huntingdon Valley, located in the northern Philadelphia suburb of Huntingdon Valley. The community offers independent living, assisted living and memory care services. The number of units was not disclosed. Westrum Development Co., a leading residential real estate developer in the Mid-Atlantic region with senior living communities completed or planned across the Philadelphia metro area, partnered on the development. Distinctive Living currently operates 27 communities and has 20 under development via its development services platform, Distinctive Living …
AVENTURA, Fla. — Thrive Senior Living has neared completion of The International at Aventura, a seniors housing community in the Miami suburb of Aventura. Thrive plans to open the community’s welcome center in October, and begin accepting residents in early 2024. The International at Aventura features more than 160 suites built for a mix of independent living, assisted living and memory care. BridgeInvest, a private real estate lender, has joined forces with Rieber Development and Thrive Senior Living to finance the project. The International at Aventura will be a part …
TUSTIN, Calif. — Confluent Senior Living and MorningStar Senior Living have entered into an exclusive negotiating agreement (ENA) with the City of Tustin to lead the development of MorningStar at Tustin Legacy. Located in Orange County, the 283,000-square-foot community will feature 145 independent living, 60 assisted living and 28 memory care units. The main buildings will be between four and five stories high surrounded by 29 single-story independent living cottages. The site, formerly the Marine Corps Air Station (MCAS) Tustin, is located within the 1,600-acre Tustin Legacy community. The location …
IDAHO, NEVADA and OREGON — Berkadia Seniors Housing & Healthcare has arranged a total of $40.8 million in financing for a skilled nursing facility in Idaho, transitional care facility in Nevada, and an independent living, assisted living and memory care community in Oregon. For the Idaho property, Jay Healy closed an $8.3 million 232/223(f) HUD loan to refinance a Berkadia and Live Oak Bank bridge loan for the asset’s acquisition. The five-star, 60-bed facility was built in 2017. The loan features an 80 percent loan-to-value ratio and 35-year term. Occupancy …
KANSAS CITY, Mo. — Serviam Care Network, a Kansas City-based technology company and network of senior care providers, has partnered with WelcomeHome Software to drive its mission of expanding its efforts to bring value-based care services to its members. “In the next decade, senior living will move to a value-based care system,” states a press release from the company. “Serviam is committed to helping senior living operators access the right tools, systems and revenue streams to embrace and succeed under this care delivery model. This strategic shift to fully focus …