WASHINGTON, D.C. — Half of assisted living communities are currently operating at a loss, with 73 percent of them operating at a profit margin below 3 percent. The “frightening” revenue numbers reflect the even more dire results in skilled nursing, where more than half of communities are operating at a loss. That’s according to a recent survey by Washington, D.C.-based National Center for Assisted Living (NCAL). Respondents included 193 assisted living providers who took the survey between Aug. 8 and Aug. 10. Among other results, 64 percent of assisted living …
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WASHINGTON, D.C. — The American Seniors Housing Association (ASHA) has confirmed that assisted living operators are due to receive funds from the United States Department of Health and Human Services (HHS) Provider Relief Fund. The D.C.-based organization, along with other advocates for the seniors housing industry, have been lobbying and petitioning for months to make sure private-pay seniors housing would receive federal stimulus dollars in response to the COVID-19 pandemic. “This morning we received the most definitive news to date about an allocation of funds from the HHS Provider Relief …
Hunt Capital Partners, Chinese Consolidated Benevolent Association Receive $4.4M Acquisition Financing for Affordable Community in San Diego
by Jeff Shaw
SAN DIEGO — Hunt Capital Partners and the Chinese Consolidated Benevolent Association (CCBA) have received $4.4 million in federal Low-Income Housing Tax Credit (LIHTC) and federal solar tax credit equity financing. The funds will be used for the acquisition and rehabilitation of CCBA Senior Gardens. Located in the Gaslamp district of San Diego, CCBA Senior Gardens is a four-story affordable apartment complex that will feature 45 newly renovated units for seniors age 55 and older. CCBA is the managing general partner, developer and guarantor for the project. Built in 1999 …
FLAGSTAFF, Ariz. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 50-bed skilled nursing facility in Flagstaff. Embree Asset Group developed the property in 2018 and entered a triple-net lease with Welbrook Senior Living. It is located less than one mile from downtown Flagstaff and the Flagstaff Medical Center. A nonprofit owner acquired the asset from Embree for an undisclosed price. The buyer also installed The Goodman Group as the operator.
SPARKS, Nev. — Operator Integral Senior Living (ISL) and owner Investcor Development plan to break ground this month on an assisted living and memory care community in Sparks, a suburb of Reno. Spanning 74,000 square feet, the property will feature 66 assisted living units and 24 memory care units. While the development has not yet been named, it will be located within Kiley Ranch, 675 acre master-planned development that includes a business park, retail/commercial district and residential neighborhoods surrounding a village center. The seniors housing development is scheduled for completion …
MassHousing Provides $32.7M Refinancing to Preserve Affordability at Mountain View Terrace Near Boston
by Jeff Shaw
STONEHAM, Mass. — MassHousing has provided a $32.7 million refinancing for Mountain View Terrace, a 194-unit affordable seniors housing community in Stoneham, approximately 10 miles north of downtown Boston. The borrower is an affiliate of Atlantic Tambone Management, which will use the funds to preserve the community and expand the affordability for at least 31 more years. Atlantic Tambone Management refinanced Mountain ViewTerrace through MassHousing’s Multifamily Accelerated Processing (MAP)/Ginnie Mae Joint Venture Initiative with lender partner Rockport Mortgage Corp. MassHousing offers the MAP/Ginnie Mae loan program to the owners of rental housing …
SOUTH SETAUKET, N.Y. — Jefferson’s Ferry, an independently owned continuing care retirement community (CCRC) in the Long Island neighborhood of South Setauket, has unveiled plans expand the property. The construction project is part of a larger strategic initiative launched by Jefferson’s Ferry in 2018. The expansion will add 60 independent living units and a new memory care building, while renovating the assisted living and skilled nursing areas. In addition to the new units, the project includes a health and wellness center, fitness center, bistro, marketplace café and additional dining options. …
Health Dimensions Group Promotes Sharon Thole to Executive Vice President of Operations
by Jeff Shaw
MINNEAPOLIS — Health Dimensions Group (HDG), a senior living consulting and management firm based in Minneapolie, has promoted Sharon Thole to executive vice president of operations. Thole joined HDG in 2019 and has almost 20 years of experience leading and positioning post-acute and senior living. She is now a member of the organization’s executive leadership team. As the executive vice president of operations for HDG’s managed communities, she will provide guidance to the regional directors and operations teams; interface with boards and owners; ensure regulatory compliance; promote quality care and …
AURORA and LAKEWOOD, Colo. — CBRE has arranged $14.4 million in financing for the acquisition of a seniors housing portfolio in Colorado. The borrower is a joint venture between Cadence Living and a private equity firm. The two communities, located in the Denver suburbs of Aurora and Lakewood, total 152 assisted living units and 35 memory care units. The joint venture plans to deploy $4 million for improvements to the two communities, the names of which were not disclosed. Aron Will, Austin Sacco and Matthew Kuronen of CBRE National Senior …
Realty Capital Acquires 77 Acres for Mixed-Use Project in Texas to Include Active Adult
by Jeff Shaw
MANSFIELD, Texas — Realty Capital Management has acquired 77 acres in the Fort Worth suburb of Mansfield for the development of Watson Branch, a mixed-use project. Preliminary plans call for 10,000 square feet of retail and restaurant space, 250 single-family homes, a 190-unit active adult community by Greystar, a 350-unit apartment complex by Trinsic Residential and a 10-acre public park. Louisiana-based First Guaranty Bank partnered with Dallas-based Realty Capital Partners to finance the acquisition of the land.