FLORIDA and NORTH CAROLINA — Monticello has provided $35.9 million in first lien debt financing for the acquisition and renovation of four communities in Florida and South Carolina. The properties, totaling 345 units, offer assisted living and memory care services. The names and specific locations were not disclosed. The borrower is an owner-operator with a total portfolio of 1,116 units.
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CALIFORNIA — JCH Senior Housing Investment Brokerage has arranged the sale of two assisted living communities in California. The first community totals 49 beds in Riverside County. A local owner seeking to grow its portfolio paid $5 million for the property. The second property was a 15-unit boutique community in Orange County. A local buyer interested in entering the seniors housing market paid $3.3 million for the asset. Both sellers were family owner-operators looking to retire. Jim Hazzard, and Cindy Hazzard handled the transaction process in both sales. The specific …
Disruption of Current Healthcare Model is Just What the Doctor Ordered, Says NIC Keynote Speaker
by Jeff Shaw
SAN DIEGO — As the long-standing “continental divide” between the healthcare industry and seniors housing begins to close due to economic realities, the disruptors who embrace the opportunity to build a more integrated model of care for the elderly will be the big winners. That’s the message Andy Waldeck, senior partner at Boston-based growth strategy consulting firm Innosight, delivered Thursday afternoon during his keynote address to several hundred attendees at the NIC Spring Conference. “Disruption is actually a process. It explains how industries change, how they become more affordable, more …
MARYLAND — Ziegler has closed $99.3 million in bond financing for Integrace Inc., a group of four continuing care retirement communities (CCRCs) in Maryland. The company officially affiliated with Acts Retirement-Life Communities in April 2019. Founded in 1974, Integrace is a nonprofit system of retirement communities consisting of Bayleigh Chase in Easton; Buckingham’s Choice in Adamstown; Fairhaven in Sykesville; and Copper Ridge in Sykesville. Integrace also operates a research institute, The Integrace Institute. The financing consists of $87.1 million in tax-exempt bonds and $12.2 million in taxable bonds. The tax-exempt …
WEST DES MOINES, Iowa — Lifespace Communities has hired industry veteran Jesse Jantzen to the position of president and chief executive officer, effective April 1. Over a nearly 30-year career, Jantzen has held similar positions with Ascension Living and Elder Care Alliance, various leadership positions with Life Care Services and, most recently, was chief executive officer of Lutheran Life Communities. As Jantzen transitions into his new role, Larry Smith, the company’s interim president and CEO will transition back to his role as the company’s chief financial officer. Lifespace Communities, based …
Greystone Health Completes The Lakes of Clermont Health and Rehabilitation Center in Florida
by Jeff Shaw
CLERMONT, Fla. — Greystone Health has cut the ribbon on The Lakes of Clermont Health and Rehabilitation Center in Clermont, a suburb of Orlando. The skilled nursing facility offers 80 beds in 40 private and 20 semi-private rooms. The property totals 60,000 square feet. Greystone Health manages 43 facilities throughout Florida, Illinois and Missouri. The Clermont location represents Greystone Health’s third center located in Lake County.
SOUTHFIELD, Mich. — American House Senior Living Communities has hired Wolfgang Ebenbichler as vice president of hospitality. In this newly created role, Ebenbichler is responsible for directing and overseeing the culinary and dining experience at American House’s portfolio of more than 60 communities in five states. The company is based in Southfield, a suburb of Detroit. Ebenbichler has worked in leadership roles at many resorts, boutique hotels and casinos, including Caesars Entertainment, Marriott, Starwood Resorts at Disney World, Waldorf Astoria Collection, Conrad, Westin, Sheraton and Ritz Carlton properties. Ebenbichler obtained …
Integrating Healthcare Services into Seniors Housing Reduces ER Visits, Hospital Admissions
by Jeff Shaw
SAN DIEGO — Integrating healthcare services — such as primary care and nurse practitioners — into seniors housing can reduce costly emergency room (ER) visits and inpatient hospital stays, according to new data from ATI Advisory released Wednesday at the 2020 NIC Spring Conference. Comparing an assisted living facility that incorporates healthcare services to facilities that do not provide healthcare, ATI researchers found utilization rates plummeted by more than 50 percent in the integrated care model. “The data reveal a tremendous opportunity to reduce hospital-based healthcare services that put seniors’ …
Love Funding Provides $55.6M in HUD Financing for Multigenerational Development in New Jersey
by Jeff Shaw
PATERSON, N.J. — Love Funding has provided two loans totaling $55.6 million for the construction and permanent financing of Riverside Village Senior Apartments and Riverside Village Family Apartment, both in Paterson. Riverside Village Senior Apartments will feature 81 units in a four-story, elevator-serviced building. The Housing Authority of the City of Paterson and other third-party providers will offer social services at the property. Riverside Village Family Apartments will feature 165 townhouse-style rental units. The construction will be part of an existing public housing development known as Riverside Terrace, currently containing …