PHOENIX — Berkadia’s Seniors Housing & Healthcare group has provided $50.3 million in financing for four separate deals encompassing ten seniors housing properties. In the first transaction, Ed Williams secured a $5.5 million refinancing for a 51-unit assisted living and memory care community in Georgia for a repeat Southeast-based client. The property was constructed in two phases, with the last phase completed in 2008. The community’s historical occupancy has averaged over 90 percent. The Fannie Mae loan, which refinances existing HUD debt, has a 10-year term and two years of …
News
NAPLES, Fla. — Moorings Park Institute Inc. and London Bay Development Group have opened the first phase of Moorings Park Grande Lake, a continuing care retirement community (CCRC) in Naples. Located on 55 acres along the Naples Grande Golf Course, the first phase of development included three buildings totaling 47 units, all but three of which were pre-sold. Entrance fees start at $1.5 million and are 70 percent refundable, and golf club membership is included. “This has been a very unusual time to open a new community. Truthfully, we thought …
ARKANSAS — Newmark Knight Frank has brokered the sale of six skilled nursing facilities in Arkansas. The portfolio totals 868 beds. The average occupancy at the time of sale was 82 percent, and the average vintage was 1985. The buyer, seller, price and names of the facilities were not disclosed.
KERRVILLE, Texas — Blueprint Healthcare Real Estate Advisors has brokered the sale of a 150-bed skilled nursing facility in Kerrville, approximately 65 miles northwest of San Antonio. The property was built in 2006. Cash flow was trending upward, despite occupancy near 50 percent, according the Blueprint. A private investor bought the asset and contracted with a Texas-based operator as the tenant. The seller and price were not disclosed.
WASHINGTON, D.C. — Argentum and the American Seniors Housing Association (ASHA), both organizations serving seniors housing owners and operators, issued separate statements regarding federal actions around the COVID-19 pandemic. Both organizations weighed in on a bi-partisan effort, led by Sen. James Lankford (R-Okla.), to ensure that seniors housing receives “a meaningful level of support” from the Public Health and Social Service Emergency Fund (PHSSEF). In all, 27 U.S. senators contacted the Department of Health and Human Services to encourage appropriate distribution levels from the $100 billion fund to seniors housing …
LOS ANGELES — WorkTaps , a mobile employee referral solution for the hourly and deskless workforces, will offer its hiring software to businesses at no cost in response to the COVID-19 crisis. The Los Angeles-based company will offer its service for free through Aug. 15 to help fill recruiting pipelines and find jobs for workers displaced by the crisis, such as hotel, restaurant and retail employees. “With U.S. unemployment claims currently at a record 16 million and projected to increase dramatically, we’re furthering our mission to quickly connect and create …
Operators Must Show Appreciation, Increase Safety to Retain Staff During Pandemic, Says SHB Webinar Panel
by Jeff Shaw
As the COVID-19 pandemic has shut down many businesses around the world, seniors housing is in a tough spot. In charge of caring for seniors — those most vulnerable to the disease — communities must stay open, but while doing everything possible to ensure the safety of residents. The industry already faced a staffing shortage for frontline workers. Now many of those workers either can’t come into work for fear of transmitting COVID-19 to an older family member, or are resigning out of fear of contracting the disease themselves. “Early …
TOLEDO, Ohio — Welltower (NYSE: WELL), the largest seniors housing REIT in the country by market cap, has promoted two of its C-Suite executives. In addition to his existing title of chief investment officer, Shankh Mitra is now chief operating officer of the company. His secondary title, formerly executive vice president, was also upgraded to vice chair. Tim McHugh will maintain his title of chief financial officer, but his secondary title was adjusted from senior vice president to executive vice president. CEO Tom DeRosa’s contract was also extended, though details …
CHICAGO — Blueprint Healthcare Real Estate Advisors, a Chicago-based brokerage firm, has arranged the sale of a skilled nursing portfolio totaling over 400 units. Three of the facilities are located in Central Florida, and the fourth is in Kentucky. The properties were operating at a loss despite occupancy over 80 percent and combined revenues of over $28.5 million. A REIT sold the properties to an undisclosed buyer for an undisclosed price.
Adequate COVID-19 Testing in Short Supply in Senior Living Industry, Concludes NIC Webinar Panel
by Jeff Shaw
“How do you fight the enemy without knowing where it is?” The question posed by Kathryn Sweeney, co-founder and managing partner of Blue Moon Capital Partners LP, underscores the need for senior living communities to have priority access to personal protective equipment (PPE) and adequate testing to battle the COVID-19 virus. “We’re really fighting this battle with very rudimentary and limited tools,” said Sweeney, whose Boston-based firm provides equity exclusively to the seniors housing sector. “We have had inconsistent access to tests in our portfolio. What we’re finding is those …