ORANGE, Calif. — MBK Senior Living has acquired Kirkwood Orange, seniors housing community in Orange, approximately 30 miles southeast of downtown Los Angeles. Kirkwood Orange comprises 48 assisted living and memory care units. Originally built in 1999, the community underwent $1.1 million in capital improvements in 2019, including renovations to all common areas. The seller was a joint venture between Cadence Living and an institutional equity partner. This acquisition expands MBK’s portfolio to 33 owned and managed communities located throughout the Western United States. The purchase price was not disclosed. …
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NEW YORK CITY — Home Street Partners has completed construction of Home Street Residences, an affordable housing community in the Bronx The 75,000-square-foot building rises eight stories in the Foxhurst neighborhood. Of the 63 apartments, 30 percent are reserved for homeless seniors. Units average 550 square feet. Body Lawson Associates designed the property. Bronx Pro Group is the operator, and DreamYard designed the programming. Approximately 50,000 people have already applied for an apartment, according to Body Lawson Associates.
WASHINGTON, D.C. — Testing all residents and staff and skilled nursing facilities nationwide just once would cost $440 million, according to data compiled by the American Health Care Association (AHCA), based in Washington, D.C. The organization notes that at that rate, the CDC’s recommendation of weekly testing would cost skilled nursing operators over $1 billion per month. The AHCA describes the costs as “unsustainable” without additional funding from federal and state governments, especially since it doesn’t account for other types of senior care. “For months now, we have been advocating …
PHOENIX — Grandbridge’s Seniors Housing and Healthcare Finance Group has provided $11.3 million in financing for Avista North Mountain, a 132-unit assisted living and memory care community in Phoenix. The borrower is Avista Senior Living. The funds, arranged through the FHA 232/223(f) program, will refinance existing debt on the property. Richard Thomas, Meredith Davis and Kim Huffstutler of Grandbridge arranged the financing.
SHREWSBURY, Mass. — Massachusetts-based Casa Builders and Developers has started construction of Wyman Farms, a 26-unit senior living community in Shrewsbury, an eastern suburb of Worcester. The property will feature 13 duplex-style residences with two bedrooms each that will be restricted to residents age 55 and older. The property is located near UMass Memorial Medical Center University Campus, multiple golf courses and retailers such as Wegmans, Walmart and Whole Foods Market. The project is slated for completion in 2022.
NEWTON, Mass. — Diversified Healthcare Trust (NASDAQ: DHC), a Newton-based REIT, has elected Daniel LePage to the company’s board as an independent trustee. The election is part of DHC’s previously announced, multi-year review of its governance policies. It is working with executive search firm Korn Ferry to expand and refresh the board. With the addition of LePage, DHC’s board now has six trustees, four of them independent. In 2019, LePage founded DFL Capital LLC, a company specializing in real estate investing, real estate securities and advisory services. From 2006 to …
Communities Should Combine Digital, Print, Event Advertising to Keep Leads Coming During Pandemic, Say Marketing Specialists
by Jeff Shaw
As the COVID-19 outbreak continues to take a bite out of seniors housing occupancy, communities should put the pedal down on lead generation in order to survive, according to seniors housing marketing firm The Roche Associates. “There could be an occupancy time bomb waiting. You don’t feel the effect right now, but you might soon,” said Joseph Roche, president and CEO of the Wilbraham, Massachusetts-based company. “During the Great Recession, the communities that kept marketing even though they were getting clocked were the ones that came out and did the …
LOS ANGELES — Panorama Senior Housing has released plans for an assisted living and memory care community on Holt Avenue, 200 feet south of Los Angeles’ Beverly Hills neighborhood. KTGY Architecture + Planning designed the 61,000-square-foot project. Construction is slated to start in early 2021, with delivery planned for late 2022. The community will have a total of 80 resident rooms, 62 for assisted living and 18 for memory care. The memory care units will be on the second floor of the five-story building, with a dedicated common area, dining …
TEXAS — CBRE has arranges an undisclosed amount of financing for the acquisition of a 60-unit assisted living and memory care community in North Texas. The borrower is a joint venture between HJ Sims and Voralto Living. The financing is a four-year, floating-rate loan with 24 months of interest-only payments. A national bank provided the funds. CBRE’s Aron Will, Austin Sacco and Adam Mincberg arranged the financing. The name and specific location of the property were not disclosed.
DENVER — Blueprint Healthcare Real Estate Advisors has arranged the sale of two skilled nursing facilities in the Denver metro area and a third in Eastern Colorado. The portfolio totals 250 skilled nursing beds, as well as 25 assisted living units. LTC Properties sold the assets as part of its plan to divest all its Preferred Care-branded communities. The buyer is a private private company looking to expand its presence in Colorado, as well as its relationships with its third-party operators in the state. The price was not disclosed.