KENNEWICK, Wash. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 36-unit assisted living community in Kennewick, located near the Oregon border in the eastern half of the state. The property was over 90 percent occupied at the time of sale, though it has struggled in recent years due to key leadership turnover, according to Blueprint. For this reason it was still marketed as a value-add opportunity. The buyer was well capitalized and local, and this is the company’s fourth acquisition in Washington. The seller and price …
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ANNAPOLIS, Md. — Seniors housing occupancy decreased from 88 percent in fourth-quarter 2019 to 87.7 percent in first-quarter 2020, according to new data from the National Investment Center for Seniors Housing & Care (NIC). Though occupancy was relatively stable leading up to the coronavirus outbreak in March, the impact of COVID-19 is not yet evident in the data, according to NIC. Additional data from the first quarter show San Jose (95 percent) and San Francisco (91.5 percent) with the highest occupancy rates of the 31 metropolitan areas that comprise NIC’s …
BRENTWOOD, Tenn. — Brookdale Senior Living Inc. (NYSE: BKD), the nation’s largest senior living operator, is actively recruiting to fill more than 4,500 positions. Brookdale operates 743 senior living communities in 45 states. The company could be a sign of relief for the jobless, as nearly 17 million people have filed initial unemployment claims in the last three weeks due to businesses shuttering during the COVID-19 pandemic. Brookdale is seeking registered nurses (RNs), licensed practical nurses (LPNs), certified nursing assistants (CNAs), caregivers, housekeeping, dining, maintenance and many other roles. The …
DENVER — Solera Senior Living, a Denver-based owner-operator, has hired Jamie Ranzan as its new president. Ranzan comes from MorningStar Senior Living, another Denver-based owner-operator, where she served as chief financial officer since 2016. Ranzan began her career as an auditor in the real estate group of Ernst & Young, according to Argentum. She also worked at KBS Realty Advisors, where she helped manage $1.8 billion in assets across the United States. Before MorningStar, Ranzan was CFO and vice president of corporate finance for a senior living company in Southern …
O’FALLON, Ill. — Holland Construction Services has started construction of Keystone Place at Richland Creek, a seniors housing community in O’Fallon, a small city just east of St. Louis, Missouri. The total project cost of the development is $39 million. Once completed, the new facility will offer independent living, assisted living and memory care services. The development is being constructed next to Parkway Lakeside Apartments, which Holland also built several years ago. Keystone Senior Management Services Inc. will be the operator. The four-story building will consist of 149 apartments including …
Monticello Provides $50M Acquisition Financing for 868-Bed Skilled Nursing Portfolio in Arkansas
by Jeff Shaw
ARKANSAS — Monticello has provided $50 million in first lien debt financing for the acquisition of six skilled nursing facilities totaling 868 beds in Arkansas. The transaction also includes a $2 million working capital loan to the operating companies of the properties provided by Monticello’s asset-based lending group, Monticello Commercial Capital LLC. The borrower is an owner-operator with previous experience in Arkansas. The names and locations of the properties were not disclosed.
ST. LOUIS — Blueprint Healthcare Real Estate Advisors has brokered the sale of a 167-bed skilled nursing facility in St. Louis. A REIT owner sold the property, with the operating partner planning to exit Missouri altogether. Despite a $1.2 million renovation in 2015, occupancy and cash flow were both in decline. An East Coast-based owner-operator with an existing presence in the state was the buyer. Housing & Healthcare Finance sourced the acquisition loan. The price was not disclosed.
COLUMBUS, Ohio — VIUM Capital has hired Ashley Wilkens as chief underwriter. Wilkens brings over 10 years of experience in the capital markets, senior living and healthcare industries. She previously worked at B.C. Ziegler & Co. where she specialized in strategic advisory, capital formation and financing engagements for senior living and long-term care providers. In addition, she served as the chief operating officer of Ziegler Financing Corp. Industry veterans Kass Matt and Steve Kennedy, both of whom worked most recently at Lancaster Pollard, recently launched VIUM Capital. The Columbus-based company …
CHICAGO — CRG, the real estate development and investment arm of Chicago-based Clayco, has hired J.J. Smith as managing partner of its residential business. Smith has over a decade of leadership experience at Chicago-based CA Ventures, where he launched real estate development and investment platforms that included more than 40,000 units of housing and over $6 billion in executed projects. In his role as managing partner, Smith will deliver properties for all residential asset classes across North America, including multifamily, student housing, co-living, senior living and workforce housing. Smith holds …
WICHITA, Kan. — KeyBank Community Development Lending and Investment (CDLI) has secured $10 million of construction and permanent financing for an affordable seniors housing property in Wichita. The borrower is Denver-based Steele Properties, which will use the funds to acquire and renovate Shadyway Plaza. The community was built in 1979 and features 100 one-bedroom apartments in a seven-story building. All units are reserved for seniors and disabled resident earning up to 60 percent of area median income. Monroe Group Ltd., Steele Properties’ sister company, will manage the property, which is …