TOLEDO, Ohio — Welltower (NYSE: WELL), the largest owner of seniors housing in the United States, has confirmed that two residents in its portfolio have tested positive for COVID-19. “There is no perfect playbook to manage through a pandemic. However, flu and infection mitigation are integral parts of the day-to-day operating model in seniors housing, post-acute care and our medical office buildings,” says Tom DeRosa, the company’s CEO. “We maintain that the population of frail and/or memory impaired seniors are best served in safe, controlled environments that have time tested …
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DALLAS — Capital Senior Living Corp. (NYSE:CSU), one of the nation’s largest operators of senior living communities, has reached agreements with Ventas Inc. and Welltower Inc. for immediate rent reductions and the early terminations of its master leases. This announcement follows the previously announced early termination of its Healthpeak master lease. Together, the early terminations and rent reductions are expected to improve the company’s cash flow by approximately $22 million and reduce lease liabilities by approximately $253 million. “We remain laser focused on our operational turnaround plan,” says Kim Lody, …
ANNAPOLIS, Md. — M&T Realty Capital Corp. has closed a $63 million Freddie Mac loan to refinance a 165-unit seniors housing property in Annapolis. The loan features a 70 percent loan-to-value ratio, 10-year term, fixed rate, five years of interest-only payments, and 30-year amortization. The borrower and name of property were not disclosed. Matthew Pipitone and Robert Kaplan of M&T Realty Capital’s Baltimore office, in collaboration Gretchen Wintringer, handled the transaction.
POWAY, Calif. — Cadence Living has hired Jay Johnson as executive director at Cadence at Poway Gardens in the San Diego suburb of Poway. Johnson has almost 30 years of experience in senior living including multiple positions as executive director. He spent 17 years with ActiveCare both in assisted living and memory care settings. Johnson has managed communities for Catholic Health Initiatives and Anthem Memory Care.
HOUSTON — JLL Capital Markets has arranged both the sale of and financing for The Gardens at Spring Shadows, a 384-unit independent living community in Houston’s Spring Branch submarket. JLL served as the seller’s listing agent. Additionally, JLL’s debt placement team worked on the new owner’s behalf to arrange a three-year, floating-rate loan with two one-year extension options through Ready Capital. In addition to funding the acquisition, the balance of the loan will be used for the rehabilitation of the property. The Gardens at Spring Shadows sits on 11.4 acres. …
M&T Provides $26.4M Acquisition Financing for Independent Living Community in Indianapolis
by Jeff Shaw
INDIANAPOLIS — M&T Realty Capital Corp. has provided a $26.4 million bridge loan for the acquisition of an 811-unit independent living property in Indianapolis. The financing features 80 percent loan-to-value ratio, a two-year term, a fixed rate of 4.7 percent and full-term interest-only payments. John Taylor of M&T Realty Capital’s Florham Park, New Jersey, office led the transaction. The buyer, seller and name of the community were not disclosed.
RICHMOND, Va. — Cushman & Wakefield | Thalhimer has arranged the sale of 5.3 acres in Richmond for a seniors housing development. Temple Beth El sold the land to CA Ventures for $3.8 million. The development will feature independent living, assisted living and memory care services. David Smith of Cushman & Wakefield | Thalhimer handled the sale negotiations on behalf of the buyer.
Berkadia Provides $20.3M in Financing for Seniors Housing Properties in Midwest, Louisiana
by Jeff Shaw
PHOENIX — Berkadia’s Seniors Housing & Healthcare group has provided $20.3 million in financing for two separate deals. The first was a series of loan closings totaling $15.3 million for a seven-property nursing home portfolio. The second was a $5 million loan for an assisted living facility in Louisiana. Ed Williams and Bianca Andujo closed the $15.3 million, 24-month bridge loan for the acquisition of seven nursing homes, comprising 426 operating beds. The properties are located throughout the Midwest. The 87 percent loan-to-cost financing included $2.5 million for capital improvements …
LOS ANGELES — If you look hard enough, it’s easy to see seniors housing opportunities throughout the U.S. Leftover land, raw sites, office buildings and obsolete malls can all serve as promising locations, according to participants in the “Experts Analyze the Smartest Plays for Developers in 2020” panel. The discussion took place during France Media’s InterFace Seniors Housing West conference, held Feb. 20 at the Omni Los Angeles. Though there was no one-size-fits-all approach to identifying development opportunities, panelist David Waite, partner at Cox, Castle & Nicholson, believes there are …
EVANSTON, Ill. — JLL has arranged construction financing and joint venture equity for Trulee Evanston, a 163-unit luxury seniors housing community in Evanston, just north of Chicago. Although the amount of the financing was not disclosed, the total development cost was estimated at $75 million. Construction is scheduled to start immediately. The borrower is a joint venture between Chicago-based developer Condor Partners and Denver-based seniors housing operator Solera Senior Living. A national bank provided the debt, while an institutional private equity fund manager provided the equity. Trulee Evanston will be …