CHARLOTTESVILLE, Va. — Commonwealth Senior Living has hired Kim Hurt as regional vice president. She will oversee the operations, sales and marketing functions of Commonwealth’s Hampton Roads communities. Hurt previously served as executive director at The Retreat at Fishersville in Fishersville. “Kim brings nearly three decades of experience to Commonwealth and has an extensive resume of senior living operations, compliance, sales and marketing,” says Earl Parker, president and COO of Commonwealth Senior Living. “She is also a Virginia Assisted Living Administrator, Licensed Practical Nurse and licensed preceptor among a lengthy …
News
Many Skilled Nursing Facilities Struggle to Survive Amid Continued Low Occupancy, Says NIC
by Jeff Shaw
ANNAPOLIS, Md. — Occupancy at U.S. skilled nursing facilities was up marginally between the second and third quarter of 2020 to 74 percent, but remained significantly below levels reported in February (84.9 percent) and March (83.5 percent) when COVID-19 began impacting the country, according to data from the National Investment Center for Seniors Housing & Care (NIC). The decline has been more severe in urban areas, as occupancy fell 11.8 percentage points since February versus the 8 percentage point decline in rural areas in that same period. The data comes …
Resort Lifestyle Communities Opens 128-Unit Independent Living Community in Hudson, Ohio
by Jeff Shaw
HUDSON, Ohio — Resort Lifestyle Communities has opened Hudson Meadows, an independent living community in Hudson, approximately 25 miles southeast of Cleveland and 12 miles north of Akron. “Our research indicated there was a significant need for independent senior living communities in the area,” says Steve Mueller, COO of Resort Lifestyle Communities. Hudson Meadows offers 128 apartments for rent in studio, one-, two- and three-bedroom options for one monthly price that includes utilities and no buy-in fee or long-term leases. Included in the monthly rent are on-site professional staff, live-in …
CareTrust REIT Provides $15M Mezzanine Loan for Skilled Nursing Portfolio Acquisition in Virginia
by Jeff Shaw
VIRGINIA — CareTrust REIT (NASDAQ: CTRE) has provided a $15 million secured mezzanine loan to Next Healthcare Inc. The loan is part of a larger financing package that is funding Next’s acquisition of nine skilled nursing facilities in Virginia totaling approximately 1,000 beds. The loan caries a five-year maturity and an annual interest rate of 12 percent. The loan was funded with proceeds from CareTrust’s $600 million unsecured revolving credit facility.
Capital Square 1031 Acquires Whispering Pines Manufactured Housing Community in Kissimmee, Florida
by Jeff Shaw
KISSIMMEE, Fla. — Capital Square 1031 has acquired Whispering Pines, a 301-site manufactured housing community for seniors in the Orlando suburb of Kissimmee. “This is Capital Square’s fourth acquisition this year of age-restricted manufactured housing communities in coastal Florida markets,” says Louis Rogers, founder and chief executive officer. “Capital Square is bullish on manufactured housing in Florida due to exceptionally strong demand from retirees and very limited supply for affordable senior housing.” The community is situated on approximately 61 acres of land, is 99 percent occupied and has additional land …
DES MOINES, Iowa — LCS has promoted Chris Bird to executive vice president and chief operating officer. As COO, Bird will provide oversight of Life Care Services, CPS, asset management, procurement and onboarding operations at the Des Moines-based family of seniors housing companies. Bird will continue to lead operations, seeking to build community occupancy, foster capital partner relationships and develop new business. With Bird’s promotion, GeLynna Shaw has been promoted from senior director of rental communities to managing director of rental communities. Shaw will oversee all operational execution across the …
Pandemic Construction Slowdown May Ease Overbuilding Concerns, Say InterFace Development Panelists
by Jeff Shaw
Seniors housing developers have noted that both debt and equity have become difficult to secure as a result of the COVID-19 pandemic. Lenders are providing much lower leverage on loans, and many capital partners are staying on the sidelines until the full effects of the virus have passed. But there may be a silver lining to the halt in new construction. Before the pandemic, an influx of new supply was driving down occupancy. Those oversupply concerns may have come to an end. “We needed to have a pause in new …
Monticello Provides $42.1M Financing for Skilled Nursing Facility Acquisition in Virginia
by Jeff Shaw
VIRGINIA — Monticello has provided $42.1 million in financing for the acquisition of a skilled nursing facility located in Virginia. The transaction also includes a $3.5 million working capital loan to the operating companies of the properties provided by Monticello’s asset-based lending group, Monticello Commercial Capital LLC. The buyer is an experienced owner and operator. Further details on the property, loan and acquisition were not disclosed.
TEXAS — Blueprint Healthcare Real Estate Advisors has negotiated the sale of four skilled nursing facilities in Texas. The properties feature a combined 340 beds. Two were built in the late 1960s and two were built in 2000. A REIT winding down its relationship with the facilities’ operator sold the facilities. Multiple undisclosed buyers acquired the properties for undisclosed prices.
Colliers Mortgage Funds Two HUD Loans Totaling $7.3M for Realife Cooperative Properties in Hibbing, Minnesota
by Jeff Shaw
HIBBING, Minn. — The Minneapolis office of Colliers Mortgage, part of Colliers International | U.S., has provided two HUD 223(a)(7) loans totaling $7.3 million to refinance two age-restricted multifamily properties in Hibbing, located in the northern part of the state approximately 80 miles south of the Canadian border. The properties, totaling 60 units, include Realife Cooperative of Hibbing and Realife Cooperative of Hibbing South. The market-rate cooperative properties are age restricted to heads of household age 62 or older. The refinancing enabled the borrowers to reduce the interest rates for …