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 …
Company News
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 …
DALLAS — Capital Senior Living Corp. (NYSE:CSU), one of the nation’s largest operators of senior living communities, has reached agreements with Ventas Inc. and Welltower Inc. for immediate rent reductions and the early terminations of its master leases. This announcement follows the previously announced early termination of its Healthpeak master lease. Together, the early terminations and rent reductions are expected to improve the company’s cash flow by approximately $22 million and reduce lease liabilities by approximately $253 million. “We remain laser focused on our operational turnaround plan,” says Kim Lody, …
CHARLOTTE, N.C. — Caring.com, a senior care referral service and review site based in Charlotte, has acquired SeniorAdvice.com. The SeniorAdvice website includes a directory of senior living communities and senior care options with consumer reviews and a SeniorScore index — a tool using local data to grade the senior-friendliness of U.S. cities and areas. Caring.com claims to be home to one of the largest senior living and senior care directories in the United States — with tens of thousands of business profiles, about 250,000 consumer reviews and a referral phone …
WEST DES MOINES, Iowa — Lifespace Communities has hired industry veteran Jesse Jantzen to the position of president and chief executive officer, effective April 1. Over a nearly 30-year career, Jantzen has held similar positions with Ascension Living and Elder Care Alliance, various leadership positions with Life Care Services and, most recently, was chief executive officer of Lutheran Life Communities. As Jantzen transitions into his new role, Larry Smith, the company’s interim president and CEO will transition back to his role as the company’s chief financial officer. Lifespace Communities, based …
CEO of Hunt Real Estate Capital is tasked with consolidating Lancaster Pollard, RED Capital Group and Hunt into a lending powerhouse. By Matt Valley It may not be a household name just yet, but ORIX USA is certainly making its mark in the world of commercial real estate finance. In January, the U.S. and Latin America business hub for Tokyo-based ORIX Corp. completed its acquisition of New York City-based Hunt Real Estate Capital LLC. Simultaneously, ORIX USA announced that it would combine Hunt with its two ORIX Real Estate Capital …
BALTIMORE — Capital Funding Group (CFG), a Baltimore-based lender, is expanding its off-balance-sheet, bridge-to-HUD lending program. The company focuses on healthcare and multifamily real estate loans. The program will expand CFG’ss capacity on a per-client and per-deal basis. In 2019, CFG provided more than $1 billion in bridge-to-HUD loans, HUD loans and accounts receivable lines of credit for healthcare clients.