DENVER — Endeavor Senior Living has officially launched, with plans to invest $500 million into North American seniors housing assets with a focus on value-add opportunities. The principals of Endeavor encompass over 50 years of experience in seniors housing, behavioral health, real estate development and investments, capital markets, hospitality, branding, marketing and sales. “Building upon our deep perspective into investments, capital markets and operations, Endeavor is poised to capitalize on opportunities to better serve seniors today and for decades to come,” says Kyle Beard, co-founder and managing partner. “Rooted in …
Company News
EAGLE, Idaho and SAN DIEGO — The Pennant Group Inc. (NASDAQ: PNTG), the parent company of the Pennant group of affiliated home health, hospice, home care and senior living companies, has acquired the assets of Ardent Hospice and Palliative Care. The San Diego-based company provides hospice and home health services in the Central Valley, Palm Springs, and San Diego. “This off-market acquisition opens the door to new service areas in Palm Springs and the Central Valley, and further strengthens our presence in San Diego,” says Brent Guerisoli, CEO of Pennant. …
CHICAGO — Blueprint Healthcare Real Estate Advisors, a Chicago-based brokerage firm focused on seniors housing and other healthcare real estate, has launched a behavioral health advisory group. Industry veteran Andrew Sfreddo will serve as head of behavioral healthcare, and fellow behavioral healthcare real estate veteran Shane Harmon will serve as senior director. In 2020, behavioral healthcare accounted for $90.5 billion of U.S. market value and is on track to reach $132.4 billion by 2027, a 5.3 percent compound annual growth rate, according to Blueprint. Blueprint attributes the rapid growth to …
CHARLESTON, W.V. — Lument Securities has advised Stonerise Healthcare, a skilled nursing and transitional care provider based in Charleston, on the company’s sale. The buyer was a group consisting of a New York-based real estate investment firm and its operating partner, CommuniCare Health Services. Stonerise was founded in 2009. Its integrated network of care includes transitional and skilled nursing care, therapy, home health and hospice services, which it provides throughout West Virginia and in Southeast Ohio. The skilled nursing portfolio features 18 owned and operated facilities across West Virginia totaling …
COSTA MESA, Calif. — Ziegler has advised CareConnectMD (CCMD), a Costa Mesa-based provider of primary care coordination services tailored to meet the needs of complex Medicare participants, on its $25 million financing round led by Minneapolis-based TT Capital Partners (TTCP). CareConnectMD will leverage the investment to deepen its presence in California, Ohio and Texas and expand into other markets while enhancing its technology platform to scale and streamline care delivery. CCMD’s California-based medical group contracts with managed care and insurance plans to provide comprehensive primary and palliative care to high-risk …
Unitranche loan programs blend senior and junior debt pricing and terms into a single, first lien debt facility — a single financing that replaces the multitranche debt approach. The unitranche arrangement provides the benefits of a fully levered mezzanine debt structure, while the single financing structure streamlines the agreement and costs for borrowers. KeyBank Real Estate Capital, the commercial real estate business unit of KeyCorp, recently partnered with Welltower to establish a unitranche loan program with $750 million in lending capacity for seniors housing and skilled nursing facilities. Industry expertise …
SAN CLEMENTE, Calif. — Greg Stapley has resigned as the executive chair of the CareTrust REIT (NYSE: CTRE) board of directors. Diana Laing was promoted from lead independent director to replace Stapley’s position with the San Clemente-based seniors housing REIT. CEO David Sedgwick was appointed as a director. Stapley’s resignation from the board follows his relinquishment of the chief executive role in January. As previously announced, Stapley and his wife have accepted a full-time international volunteer assignment for The Church of Jesus Christ of Latter-Day Saints.
CINCINNATTI — Omnicare, a CVS Health company based in Cincinnati that provides pharmacy services for seniors housing communities, has appointed Ahmed Hassan as its president. Previously, Hassan served as the vice president and general manager of PBM Care Management, overseeing operations, clinical excellence, product development, sales and account management for Caremark’s Care Management portfolio, including Accordant, Transform Diabetes Care and Health Advisor. Before joining CVS Health in 2015, Hassan held various leadership positions across a range of healthcare and technology organizations in strategy, operations and product management. This experience includes …
NEW YORK CITY — Greystone, a New York-based national real estate finance company that serves the seniors housing industry, has appointed Hafize Gaye Erkan as its chief executive officer (CEO). Erkan’s executive responsibilities will commence in September 2022. She will report to Steve Rosenberg, the former CEO who will continue to serve as the Executive Chairman of the Board. Erkan most recently served as co-CEO, president and board member at publicly traded First Republic Bank, where she helped deliver growth in wealth management, deposits and total assets. Prior to joining …
NEWTON, Mass. — AlerisLife Inc. (NASDAQ: ALR), a Newton-based operator, has appointed Jeff Leer as president and chief executive officer. Leer was already serving in both roles on an interim basis. He will also continue to serve as chief financial officer of ALR until a replacement is appointed. ALR also announced that the healthcare consulting arm of Alvarez & Marsal (A&M) concluded a comprehensive operational review and made recommendations to the board of directors. The recommendations made by A&M include cost reductions and a corporate reorganization that is designed to …