IRVINE, Calif. — Sabra Health Care REIT Inc. (NASDAQ: SBRA) has entered into a definitive agreement to amend the company’s master lease with a tenant, Avamere Group. Avamere’s annual base rent on the current portfolio has been reduced roughly 30 percent to $30.7 million from $44.1 million. No changes have been made to the lease maturity date (May 31, 2031) or the annual base rent escalator (2.75 percent). Sabra plans to recapture this rent reduction as the portfolio’s performance improves. Starting with the second lease year, Sabra will participate in …
NEW HOLLAND, Pa. — Three of Pennsylvania’s leading nonprofit, faith-based senior living organizations — Allegheny Lutheran Social Ministries of Altoona (ALSM), Liberty Lutheran Services of Ambler and Garden Spot Communities of New Holland — have announced plans to affiliate under the new parent company name Ilumin. The affiliation is subject to the receipt of certain regulatory approvals and consents, which the three organizations hope to receive by spring of 2022. The goal of Ilumin is to introduce innovative new services and programs to residents, offer employees more career opportunities, and …
NEWTON, Mass. — Five Star Senior Living Inc. (NASDAQ: FVE), a Newton-based operator, has rebranded as AlerisLife Inc. The company’s common shares now trade on the Nasdaq stock market under the new ticker symbol ALR. Aleris is a Latin word meaning “to foster, nourish and develop,” signifying the company’s intent to continue fostering, developing and expanding its lifestyle services. The name change reflects the company’s organizational restructuring over the past two years and its strategic decision to continue delivering a resident experience to senior living and active adults, while also …
ST. LOUIS — EmpowerMe Wellness, a St. Louis-based integrated healthcare provider to senior living communities, announced that Jim McKelvey, serial entrepreneur and co-founder of Square (NYSE: SQ), has made an investment in the company. McKelvey joins lead investor Hermann Cos., a St. Louis-based holding company owned by the Hermann family and led by CEO Bob Hermann and COO Rick Holton. “EmpowerMe’s mission of improving the lives of seniors by using technology and integration is what led me to invest,” says McKelvey. “Having founded a technology company to serve the underserved …
ST. LOUIS, Mo. — David Smith will no longer be involved with day-to-day operations at Sherpa CRM, a St. Louis-based sales enablement platform that he co-founded eight years ago. Prior to co-founding Sherpa, Smith founded One on One: Inspired Senior Sales to offer evidence-based sales training, consulting and coaching to senior living communities across the U.S. and Canada. Smith spent decades studying and refining the senior sales process. He recently shared his approach in the book “It’s About Time: How to Grow Revenue with Prospect-Centered Selling.” In addition to consulting, …
HOUSTON — Hicks Ventures, a Houston-based development company, has signed a $100 million joint venture agreement with Washington, D.C.-based Artemis Real Estate Partners to develop inpatient rehabilitation facilities and behavioral health hospitals. “This joint venture will give our operator partners surety of close and execution,” says Patrick Hicks, founder and CEO of Hicks Ventures. “More importantly, it will allow us to perform multiple unit facility transactions with our operator partners that will generate great efficiencies and cost savings.” Hicks Ventures and its principals — Patrick Hicks, David Steidley and Larry …
TALLAHASSEE, Fla. — LeadingAge Florida has promoted Dawn Jiménez to the position of chief operating officer. Jiménez most recently served as the association’s vice president of operations, where she was responsible for overseeing its continuing professional education, events, group purchasing, event exhibits and sponsorships. “Last year, her leadership and vision helped secure nearly $3 million in grant funding to bring quality improvement programs to our nursing home members, all while simultaneously overseeing our day-to-day operations,” says Steve Bahmer, LeadingAge Florida president and CEO. In her new role, Jiménez will continue …
WASHINGTON, D.C. — The American Seniors Housing Association (ASHA), a D.C.-based association serving operators, has promoted Meghan “Megs” Bertoni to director of member services and Sheffield “Sheff” Richey to director of government affairs. Bertoni joined ASHA in 2015 and has served as manager of member services, focusing on meetings-related support, managing ASHA’s website and numerous publications, and special projects such as the annual ASHA 50, Seniors Housing State Regulatory Handbook and State of Seniors Housing. She will continue to be involved in these activities and will also lead efforts to …
WEST LINN, Ore. — After Insight Senior Living and Link Development partnered to create the newly formed brand Ativo Senior Living, the two companies decided to further deepen their relationship by having Link Development’s CEO, Ron Ziebart, join Insight Senior Living as an ownership partner. Before beginning Link Senior Development in 2012, Ziebart developed numerous seniors housing projects and brings experience as a developer, owner and operator within the full spectrum of seniors housing property types. Ziebart has more than 40 years of experience in various development capacities including more …
PLANO, Texas, and NORTH BETHESDA, Md. — NewPoint Real Estate Capital LLC, a Plano-based finance company, has acquired North Bethesda-based Housing & Healthcare Finance (HHC Finance), including its FHA multifamily and healthcare origination business and its loan servicing portfolio. With a specialized focus on healthcare and seniors housing lending, HHC Finance will augment NewPoint’s existing suite of agency lending solutions. HHC Finance founders Erik Lindenauer and Rich Lerner will join NewPoint as co-presidents of the FHA housing business unit and lead the integration of HHC Finance’s team of approximately 50 …