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NIC: Occupancy Rose 60 Basis Points in Second Quarter for Eighth Consecutive Increase

by Jeff Shaw

ANNAPOLIS, Md. — The occupancy rate for private-pay seniors housing rose 60 basis points to 83.7 percent in the second quarter of 2023, according to data from NIC MAP Vision. It is the eighth consecutive quarter where occupancy has increased as the industry continues to recover from impacts of the COVID-19 pandemic. The occupancy number is a 590 basis point increase over the pandemic low of 77.8 percent in second-quarter 2021, but still short of the pre-pandemic mark of 87.1 percent in first-quarter 2020. NIC MAP Vision is a product …

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AcquisitionsAssisted LivingIowaNews

SLIB Negotiates Sale of 40-Unit Vintage Park in Lenox, Iowa

by Jeff Shaw

LENOX, Iowa — Senior Living Investment Brokerage (SLIB) has arranged the sale of Vintage Park, a 40-unit assisted living and memory care community in Lenox, 25 miles north of the state border with Missouri. The community totals 3,000 square feet on four acres of land. The seller is a local owner and operator looking to exit the seniors housing sector. The buyer is a joint venture between an East Coast investor and a growing Midwest operator. The price was not disclosed. This property is the second acquisition in the state …

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AcquisitionsFinanceNew YorkNewsSkilled Nursing

CFG Provides $8.8M Mezzanine Acquisition Financing for Skilled Nursing Facility in New York City

by Jeff Shaw

NEW YORK CITY — Capital Funding Group (CFG) has provided $8.8 million in mezzanine financing for the acquisition of a skilled nursing facility in Brooklyn. The mezzanine debt was part of a financing package of $60.8 million. The other funds were secured through a syndication effort with a bank CFG has partnered with in the past. The facility features 240 beds. Further details were not disclosed. Craig Casagrande and Andrew Jones of CFG originated the transaction.

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AcquisitionsConnecticutNews

Commonwealth to Manage 116-Unit Saybrook at Haddam in Connecticut

by Jeff Shaw

HADDAM, Conn. — Commonwealth Senior Living has taken over management at Saybrook at Haddam in Haddam, approximately 25 miles south of Hartford. The community will be rebranded to Commonwealth Senior Living at Haddam. It 82 independent living and assisted living apartments as well as 34 memory care apartments. The owner was not disclosed.

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InvestmentNews

CareTrust REIT Invests $45.2M in West Coast Seniors Housing Properties

by Jeff Shaw

SAN CLEMENTE, Calif. — CareTrust REIT Inc. (NYSE: CTRE), a San Clemente-based REIT, has closed two separate transactions on the West Coast with an aggregate initial investment amount of approximately $45.2 million. The investments include the acquisition of a skilled nursing facility as well as the funding of a mortgage loan secured by a California skilled nursing, assisted living and independent living campus. CareTrust acquired the 99-bed skilled nursing facility on the West Coast with an initial investment amount, inclusive of transaction costs, of approximately $19.2 million. The acquisition completes …

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AcquisitionsAssisted LivingFinanceIdahoNews

Berkadia Arranges $7.8M in Acquisition Financing for Two Communities in Idaho

by Jeff Shaw

IDAHO — Berkadia has arranged $7.8 million in financing for the acquisition of two assisted living and memory care communities in Idaho. Jay Healy and Andrew Lanzaro of Berkadia Seniors Housing & Healthcare arranged the bridge-to-HUD loan to facilitate the acquisition. The buyer, seller, price and locations were not disclosed. The bridge loan is interest-only and carries a term of 18 months with a six-month extension option. The communities were built between 1996 and 1999 and contain an average Medicaid mix of 75 percent. Combined occupancy had declined slightly in …

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NewsPeople

Lifespace Hires Jenelle Bertolino as Vice President, Business Operations

by Jeff Shaw

DALLAS — Lifespace Communities has hired Jenelle Bertolino as vice president, business operations. In this role, she is responsible for leading operations initiatives. Her focus includes team member and resident relations, financial management and procurement, business development, and business strategy. Bertolino has a background in healthcare management and operations. In previous roles in hospitals, integrated health systems and senior living, she has implemented new service lines to meet patient and resident needs and developed new models of care that improved health outcomes and quality of care, while optimizing budgets and …

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DevelopmentFinanceNewsTexas

Ziegler Arranges $25.3M Bond Financing for Forefront Living San Antonio

by Jeff Shaw

SAN ANTONIO — Ziegler has arranged $25.3 million in bond financing for Forefront Living San Antonio (FLSA). The financing comprises $22.3 million in tax-exempt notes and $3 million in taxable notes placed with affiliates of FLSA. FLSA plans to use the funds to acquire a 27-acre tract in San Antonio and pay for pre-construction development costs of a seniors housing community on the land. The development will be named Bella Vida at La Cantera. FLSA will own and operate the community, which is slated to include 153 independent living apartments, …

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FeaturesNewsSkilled Nursing

Michigan Organizations Launch Skilled Nursing Improvement Initiative in the State

by Jeff Shaw

LANSING, Mich.— The national Moving Forward Nursing Home Quality Coalition and the Michigan Health Endowment Fund have launched an initiative to improve nursing home operations and resident quality of life in Michigan. Over the next six months, the initiative plans to convene a team of state government leaders, experts, clinicians, advocates and residents along with national Moving Forward Coalition leaders to address nursing home quality improvement opportunities in Michigan based on action plans from the coalition. The initiatives may include creating stronger career pathways for certified nursing assistants. “The enormous …

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Company NewsNewsPeople

Care Purchasing Services Hires David Mercugliano as Director of Business Development

by Jeff Shaw

DES MOINES, Iowa — Care Purchasing Services (CPS), an LCS Company, has hired David Mercugliano as director of business development. CPS is a group purchasing for the senior living industry. Its national purchasing power allows its members to realize cost savings from more than 250 suppliers in operations, food service, medical supplies, therapy, pharmacy and more. In his new role, Mercugliano will be responsible for increasing CPS membership to ensure our overall purchasing power and solutions grow, remain strong and drive results for members. His role will work alongside senior …

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