ENNIS, Texas — CareTrust REIT Inc. (NASDAQ: CTRE) has acquired Ennis Care Center in the Dallas-Fort Worth Metroplex city of Ennis. The price was not disclosed. The 155-bed skilled nursing facility will be added to CareTrust’s existing master lease with affiliates of Eduro Healthcare, which took over operations on Feb. 1. The acquisition of the Ennis Facility increases CareTrust’s relationship with Eduro to nine facilities and increases annual rent under the Eduro master lease by $815,000. The initial term of Eduro’s master lease with CareTrust was also extended by four …
OHIO — Evans Senior Investments (ESI) has arranged the sale of a 180-bed skilled nursing community in Ohio for $10.8 million, or $60,000 price per bed. Built in 1965 with a $220,000 renovation in 2019, the community has nine private units with the rest being semi-private occupancy. In fiscal 2019, the community posted $10.3 million in total revenue and 72 percent occupancy. Despite the large revenue generation, the community did not reach industry standard net operating income margins of 12 to 15 percent due to the below-average Medicaid rate and …
DES MOINES, Iowa — LCS, a Des Moines-based senior living operator, has promoted Dan Lahey to the role of executive vice president and chief investment officer. In his new role, Lahey will join the executive leadership team and oversee the LCS real estate strategy including acquisitions, development capital and debt placement. “Dan’s leadership has been instrumental to the growth of the LCS Real Estate team and accelerated our key capital relationships and ownership interests in both Life Plan and Rental Communities,” says Joel Nelson, LCS president and CEO. “Dan has …
LUBBOCK, Texas — LifeCare Properties and New Orleans-based investment group ERG Enterprises have unveiled plans for The Blake at Lubbock, a seniors housing community in Lubbock. The 100,000-square-foot community is scheduled to open in 2023. Blake Management Group will operate the property upon completion. The development cost and number of units were not disclosed. LifeCare Properties is the developer of the assisted living and memory care community. Known as “Hub City,” the city of Lubbock is recognized as being the economic, educational and healthcare hub of a multi-county region, according …
LINCOLN, Neb. — Real estate investment firm Lloyd Jones has acquired Woodlands at Hillcrest, an 89-unit, 107-bed seniors housing community in Lincoln. The seller and price were not disclosed. Built in 2018, the community is located within 10 miles of four hospitals, six shopping centers, two malls and the Lincoln Airport. Lloyd Jones Senior Living, the firm’s senior housing management division, will operate the community under its new name, AVIVA Woodlands. AVIVA is Lloyd Jones’ collection of senior living assets consisting of new, ground-up developments and recently constructed communities. While …
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 …