As the impact of the COVID-19 pandemic continue to shutter businesses around the country, a record 6.6 million Americans filed for unemployment benefits during the week ending in March 28. However, this could prove to be a benefit to industries like seniors housing that were struggling to find quality workers when unemployment was at historic lows just a few weeks ago. Sunshine Retirement, Integral Senior Living and Solstice Senior Living all sent out press releases noting that they are hiring for hundreds of open positions, including care, service and management …
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Watercrest Hires Blake Patterson as Executive Director of Newly Built Community in South Carolina
by Jeff Shaw
COLUMBIA, S.C. — Watercrest Senior Living Group has hired Blake Patterson as executive director of Watercrest Columbia Assisted Living and Memory Care in Columbia. Watercrest Columbia is a 107-unit, resort-style senior living community, which opened to residents in the fall of 2019. Patterson began his career in hospice services. With a transition to marketing director for assisted living and memory care, he witnessed first-hand the impact of the front-line staff as a critical factor in the success of a community. Patterson later became executive director of an assisted living, memory …
CAPE CANAVERAL, Fla. — LV Lending, a local private lender, has provided a $4.2 million refinancing for a 7.7-acre vacant site in Cape Canaveral, along Florida’s Atlantic coast east of Orlando. The borrower, Danny Ringdahl of La Casa Canaveral LLC, plans to build a four-stor, 248-bed assisted living and memory care community on the site. Camilo Niño, Ricardo Uribe and Alen Hernandez of LV Lending arranged the financing. Hart Advisors Group was the broker.
ROSWELL, Ga. — Phoenix Senior Living, a developer and operator based in the Atlanta suburb of Roswell, has launched its Healthcare Partnership Program, using three of its seniors housing facilities to take in seniors who have tested positive for COVID-19 but do not require 24-hour nursing care. The idea of the program is to offer relief to Atlanta-area hospitals, opening beds that allow those healthcare providers to focus on critically ill patients. Currently three Phoenix communities are accepting non-critical, coronavirus-positive seniors. The incoming patients are being placed in designated areas …
Resort Lifestyle Communities Opens 128-Unit Independent Living Community in Little Rock, Arkansas
by Jeff Shaw
LITTLE ROCK, Arkansas — Resort Lifestyle Communities has opened Chenal Pines, a new retirement community in Little Rock. The community offers 128 independent living apartments in a mix of one-, two- and three-bedroom layouts. “Our research indicated there was a significant need for additional independent senior living communities in the Little Rock area,” says Phil Benjamson, COO of Resort Lifestyle Communities.
BEAVERTON, Ore. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Murray Highland Memory Care in Beaverton, a suburb of Portland. The community features 18 memory care units totaling 24 beds. The 12,048-square-foot community was built in 2018 on a 0.7-acre plot. The average rent is $7,350 per month. The seller is a local owner exiting the seniors housing industry. The buyer is a regional operator with an existing portfolio in California, and is looking to expand to Oregon. Jason Punzel, Brad Goodsell and Vince Viverito of SLIB …
RIVERSIDE, Calif. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 207-unit independent living, assisted living and memory care community in Riverside, approximately 50 miles east of Los Angeles. The seller, a joint venture between Capitol Seniors Housing and Welbrook Senior Living, completed an $8 million renovation at the property in 2014. The buyer and price were not disclosed.
LAKEWOOD, Colo. — Evans Senior Investments (ESI) has arranged the sale of Lakewood Memory Care, a 46-unit memory care facility, for $8.5 million, or $185,000 per unit. Located 10 miles south of downtown Denver in Lakewood, the facility totals 52 beds. The property was built in 2016 and is 100 percent private pay. It was 75 percent occupied at the time of sale. ESI represented the seller in the transaction, an independent investor group that had partnered with a national operator. This was the investor group’s only seniors housing asset. …
Brookdale Receives $208.5M in Refinancing Loans to Extend Maturities, Complete Acquisitions
by Jeff Shaw
NASHVILLE, Tenn. — Brookdale Senior Living Inc. (NYSE: BKD) has completed three financing transactions totaling $208.5 million to refinance the majority of the company’s near-term maturities and to partially fund recent acquisitions. On March 31, Brookdale obtained $149.3 million of mortgage financing from Capital One, pursuant to a Freddie Mac capital markets execution. The refinancing took the form of 10-year, non-recourse, fixed-rate loans in the aggregate amount of $76.2 million and 10-year, non-recourse, variable-rate loans in the aggregate amount of $73.1 million, resulting in proceeds of $13 million. “As a …
Survey: Seniors Are Concerned About Retirement Funds Amid Economic Turmoil from COVID-19
by Jeff Shaw
FORT LAUDERDALE, Fla. — With financial markets sinking dramatically and the U.S. economy in turmoil as a result of the COVID-19 pandemic, seniors are becoming increasingly concerned about their savings, which could impact decision-making when it comes to seniors housing. The discoveries come from a survey conducted by SeniorLiving.org, a Fort Lauderdale-based website that provides services and advice for seniors, including questions related to seniors housing. The survey included more than 1,300 seniors and 1,300 financially independent adult children, and was completed the week of March 22. “Stock market turbulence …