PHILADELPHIA — ORIX Real Estate Capital (OREC) has appointed Aaron Becker as head of production for seniors housing and healthcare. Based in the firm’s Philadelphia office, Becker will lead seniors housing and healthcare originations for OREC, which is based in Columbus, Ohio. The new entity will combine the forces of Lancaster Pollard, RED Capital Group and Hunt Real Estate Capital. ORIX Corp. USA acquired the three entities over recent years. Prior to being named head of production, Becker was regional manager in the Northeast for Lancaster Pollard, and served as …
Company News
ATLANTA — WelcomeHome Software, an Atlanta-based tech company, has launched a new customer relationship management (CRM) product targeting the seniors housing industry. Development of the product took two years, and senior living experts were brought in to drive the process. Vitality Senior Living in Brentwood, Tennessee, was one of the first companies to pilot the software. “When we set out to build WelcomeHome, our mission was to make the lives of sales and marketing teams easier while improving the economics and operation of their communities,” says John Lariccia, WelcomeHome’s co-founder …
NASHVILLE, Tenn. — Brookdale Senior Living Inc. (NYSE: BKD) completed the first quarter of 2020 with $369.5 million in profits, largely due to a series of asset sales, according to the company’s quarterly report. Brookdale now has $500.7 million cash on hand that it may need to ride out the negative effects of the COVID-19 pandemic. The Nashville-based company, which is the largest operator of seniors housing in the United States reported it incurred $10 million in coronavirus-related expenses in the first quarter. Given that the full effect of the …
ANNAPOLIS, Md. — Bob Kramer, the founder of the National Investment Center for Seniors Housing & Care, has announced he is launching a consulting firm for the aging-services industries named Nexus Insights. Based in Annapolis, NIC is a nonprofit data and reporting service that works exclusively with seniors housing. Kramer served as the organization’s CEO for 27 years before retiring from the role, but still serves as a strategic advisor. His new company is also based in Annapolis. In addition to seniors housing companies, Nexus will work with technology, healthcare, …
TOLEDO, Ohio — Welltower (NYSE: WELL), the largest seniors housing REIT in the country by market cap, has promoted two of its C-Suite executives. In addition to his existing title of chief investment officer, Shankh Mitra is now chief operating officer of the company. His secondary title, formerly executive vice president, was also upgraded to vice chair. Tim McHugh will maintain his title of chief financial officer, but his secondary title was adjusted from senior vice president to executive vice president. CEO Tom DeRosa’s contract was also extended, though details …
LONDON — Welltower (NYSE: WELL) has dropped it’s bid to buy London-based skilled nursing group Barchester Healthcare, according to British news outlet The Times. The Toldeo, Ohio-based REIT had bid 2.5 billion pounds, approximately $3.1 billion based on this morning’s exchange rate. Barchester operates over 200 skilled nursing facilities and seven hospitals totaling more than 12,000 beds. Welltower pulled its bid due to the chaos surrounding the COVID-19 pandemic, according to the Times report. Neither Welltower nor Barchester have publicly commented on the development. Other American investors reportedly interested in purchasing …
COLUMBUS, Ohio — Seniors housing and healthcare industry veterans Steve Kennedy and Kass Matt have launched a new finance venture, VIUM Capital. Based in Columbus, the company is an independent financial services firm focused on providing capital to the seniors housing and healthcare sectors. The firm will offer FHA/GNMA financing, bridge loans, and advisory services, as well as Fannie Mae and Freddie Mac agency financing. Prior to founding VIUM Capital, Matt spent 14 years at Lancaster Pollard, including the last five years as the firm’s president. Kennedy spent 18 years …
DALLAS — Three: Living Architecture, a Dallas-based architecture firm with a specialty in seniors housing, has rebranded as simply “three” while expanding and promoting its team. Longtime team member Christine Cook was promoted to the role of principal, while Steven Knox was added as designer and senior job captain, and Catherine Wilson was hired as project manager. Cook first joined three in 1998. In her role as principal, she will guide the design and development process. Cook also continues to spearhead the firm’s internal education committee, called 3.edu, and partner …
IRVINE and WESTLAKE VILLAGE, Calif. — As publicly traded REITs in the seniors housing space continue to brace for the impact of the COVID-19 pandemic, Irvine-based Sabra Health Care REIT (NASDAQ: SBRA) and Westlake Village-based LTC Properties (NYSE: LTC) have announced cash-saving methods. Sabra plans to cut its quarterly dividend from 45 cents per share to 30 cents per share, starting in May. The company expects to generate an extra $30 million per quarter, with plans to use those funds to manage debt and fund operations. “Preservation of capital is …
IRVINE, Calif. — Healthpeak Properties (NYSE: PEAK), the Irvine-based healthcare REIT formerly known as HCP, released a presentation to its investors this morning updating them on the company’s approach to the COVID-19 pandemic. Healthpeak confirmed that there are confirmed cases in seven of its seniors housing communities, of which six are managed by either Sunrise Senior Living or Atria Senior Living. “In each of the affected communities, rigorous quarantine and isolation procedures have been implemented in close cooperation with local and state health authorities,” stated the presentation. “Regrettably, five residents who …