FORT WAYNE, Ind. — Lument has provided a $12.7 million FHA Sec. 232 note modification to refinance the existing debt on Park Place Senior Living, a 172-unit seniors housing community in Fort Wayne. David Boitano, managing director for Lument based in Seattle, led the transaction. The borrower is Sabra Health Care REIT. Park Place Senior Living consists of 158 assisted living beds in 132 units and 40 memory care beds/units. Traditions Management operates the community. “The FHA seniors housing note modification program proved to be an ideal solution that allowed …
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 …
SCOTTSDALE, Ariz. — Cadence Living has hired Doug Bandola as vice president of talent aggregation. Bandola will have principal responsibility for designing and executing Cadence’s nationwide recruitment strategy. He brings over 15 years of leadership and talent recruitment experience to Cadence. Bandola was most recently a manager of talent acquisition for Enlivant Senior Living. His career also includes stints at Tave Risk Management, Katapult Network and Fortis Resource Partners. His recruiting experience spans across various industries including senior living, technology, insurance, sales and finance. Bandola graduated from Northern Illinois University …
The seniors housing industry is slowly and steadily regaining occupancy after hitting record lows during the height of the COVID-19 pandemic. New development, meanwhile, was itself stymied by supply-chain issues, labor shortages and worksite shutdowns as a result of the pandemic. However, the latter issues have had a silver lining: Occupancy will have a chance to recover as fewer units will come online over the next few years. “The slow growth of inventory has been helpful on the occupancy front,” said James Balda, CEO and president of industry association Argentum. …
CHARLOTTESVILLE, Va. — Ziegler has arranged $53 million in bond financing for Westminster-Canterbury of the Blue Ridge (WCBR), a continuing care retirement community in Charlottesville. WCBR is located 4.6 miles from the main campus of the University of Virginia and 5.4 miles from Thomas Jefferson’s Monticello. Since opening in 1990, WCBR has seen continual growth and expansion, currently offering 281 independent living units (221 apartments and 60 cottages), 45 assisted living units, 12 memory care beds and 52 nursing beds. The financing included two series of bonds, which will refund …
IRVINE, Calif., and MARKHAM, Ontario — Irvine-based Sabra Health Care REIT Inc. (NASDAQ: SBRA) has partnered with Markham-based Sienna Senior Living (TSX: SIA) to acquire a Canadian seniors housing portfolio for $243 million (CA$307.5 million). The portfolio includes 11 communities totaling 1,048 units across the provinces of Ontario and Saskatchewan. Sabra and Sienna will co-own the properties through a newly formed 50/50 joint venture. The predominantly independent living portfolio consists of mostly newer construction with an average age of six years, which positions it well to capture demand growth across …
ROCHESTER, Minn. — Lloyd Jones has acquired River Bend Assisted Living and Memory Care, an 89-unit senior living community in Rochester. The property will operate under Lloyd Jones’ proprietary AVIVA brand as AVIVA River Bend. The sales price was not disclosed. Constructed in 2014, the property is 1.5 miles from the original and largest Mayo Clinic. The community stretches over 2.8 acres and includes landscaped walking paths with direct access to the scenic Zumbro River trails. Blueprint Healthcare Real Estate Advisors arranged the $26.5 million sale. Lloyd Jones plans to …
INDIO and SAN BERNARDINO, Calif. — The Ensign Group, Inc. (NASDAQ: ENSG) has acquired the operations of two skilled nursing facilities in Southern California. The assets include Arrowhead Springs Healthcare, a 119-bed skilled nursing facility located in San Bernardino, and Desert Mountain Care Center, a 99-bed skilled nursing facility located in Indio. The acquisition of Arrowhead Springs Healthcare includes the real estate and operations at the facility. Desert Mountain Care Center will be subject to a long-term, triple-net lease. “We are very excited to add these facilities to our California …
WALTHAM, Mass. — EPOCH Senior Living, an owner-operator based in Waltham, has named Julie Lombardo as vice president of wellness services. Lombardo is responsible for managing and coordinating EPOCH’s clinical outcomes, policies and procedures. In addition, she’ll develop and implement education and training of the senior living providers’ team members while conducting peer reviews that ensure quality of care and regulatory compliance. Prior to joining the EPOCH team, Lombardo held many leadership roles. Most recently, she oversaw the care delivery and operations of 10 standalone memory care communities. Her experience …
SIMI VALLEY, Calif. — Griffin Living has opened the doors on Varenita of Simi Valley, an assisted living and memory care community in Simi Valley, approximately 40 miles northwest of Los Angeles. The 97,000-square-foot building, located in the Griffin Plaza shopping center at the corner of Tapo Canyon Road and Cochran Street, includes 75 assisted living units and 27 memory care units. The location of Varenita of Simi Valley represents a pioneering design in senior living development, since residents are within walking distance of amenities like Aldi supermarket, CVS pharmacy …