CHICAGO — Ventas Inc. (NYSE: VTR) released its quarterly report last week, combining an update on its handling of the COVID-19 pandemic with an announcement about restructuring its agreements with one of its main seniors housing tenants. The Chicago-based REIT has terminated its master lease with independent living giant Holiday Retirement, moving the 26 Ventas-owned, Holiday-operated communities to individual management contracts. Holiday paid $100 million to Ventas as part of the master lease cancelation. Under the new management agreement for the 26 Holiday communities, Ventas will pay Holiday a management …
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DENVER — OZ Architecture, a Denver-based architecture firm, has released Designing for Emergency Preparedness Insight Report, which outlines design considerations that can help reduce the spread of disease and infection in seniors housing communities. “In recent years, many older adult communities have shifted away from the healthcare-oriented design of skilled nursing and hospitals in favor of spaces that provide a greater sense of community and emotional well-being,” the company notes. “However, new design challenges have arrived as highlighted by the COVID-19 pandemic, showing that older adult populations can be highly …
YOUNGSTOWN, Ohio — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 150-bed skilled nursing facility in the Youngstown metro area. An owner-operator expanding in the Midwest acquired the property for an undisclosed price. The seller cited recent changes in leadership for declining occupancy, and de-licensed some beds to allow for more private rooms. The sale was positioned as a value-add opportunity.
Aaron Becker to Lead ORIX Seniors Housing Division Following Merger of Lancaster Pollard, RED, Hunt
by Jeff Shaw
PHILADELPHIA — ORIX Real Estate Capital (OREC) has appointed Aaron Becker as head of production for seniors housing and healthcare. Based in the firm’s Philadelphia office, Becker will lead seniors housing and healthcare originations for OREC, which is based in Columbus, Ohio. The new entity will combine the forces of Lancaster Pollard, RED Capital Group and Hunt Real Estate Capital. ORIX Corp. USA acquired the three entities over recent years. Prior to being named head of production, Becker was regional manager in the Northeast for Lancaster Pollard, and served as …
DENVER — As expected, seniors housing inquiries, tours and move-ins fell significantly in April as the industry felt the effects of the COVID-19 pandemic, according to marketing software provider Enquire. The Denver-based company compiled sales and marketing data from over 2,200 seniors housing communities throughout the country. Compared with April 2019, inquiries fell 33 percent for independent living, 41 percent for assisted living/memory care and 43 percent for continuing care retirement communities (CCRCs). “We have seen several surveys and opinions about the impact COVID-19 is having on senior living sales …
BIRMINGHAM, Ala. — Harbert Management Corp. (HMC), a Birmingham-based investment company, has closed Harbert Seniors Housing Fund II with total equity commitments of $510 million. HMC plans to invest the money into seniors housing throughout the United States. Investors are largely institutional and private, and include both domestic and international sources. The fund has been used toward eight transactions already representing nine seniors housing communities, including three joint-venture development opportunities. HMC is seeking diversity in geography, operators and acuity level of the residents.
KANSAS — Monticello has provided $15.5 million in first lien debt financing for a portfolio of skilled nursing facilities in Kansas. The properties total 282 beds, and the transaction includes two acquisitions and two refinancings. The borrower is an owner-operator with a total portfolio of 945 licensed beds.
ATLANTA — WelcomeHome Software, an Atlanta-based tech company, has launched a new customer relationship management (CRM) product targeting the seniors housing industry. Development of the product took two years, and senior living experts were brought in to drive the process. Vitality Senior Living in Brentwood, Tennessee, was one of the first companies to pilot the software. “When we set out to build WelcomeHome, our mission was to make the lives of sales and marketing teams easier while improving the economics and operation of their communities,” says John Lariccia, WelcomeHome’s co-founder …
HJ Sims Hires Two Seniors Housing Experts, Expanding Investment Banking Team to West Coast, Midwest
by Jeff Shaw
FAIRFIELD, Conn. — HJ Sims has added two senior bankers as the firm opens new offices in the Midwest and on the West Coast. Lynn Daly joins Sims as executive vice president in its new Chicago location. She has over 30 years of experience working with nonprofit organizations in financing. Daly was acting head of senior living investment banking at BB&T Capital Markets, where she managed BB&T’s senior living relationships in the Midwest, facilitating financings of $1.3+ billion. Prior to BB&T Capital Markets, Daly spearheaded the Catholic Initiative within senior …
Cushman & Wakefield Arranges $22.2M Sale of The Pointe at Ocean Boulevard in Stuart, Florida
by Jeff Shaw
STUART, Fla. — Cushman & Wakefield Senior Housing Capital Markets has arranged the sale of The Pointe at Ocean Boulevard, a seniors housing community in Stuart, approximately 100 miles north of Miami. Sentio Investments sold the asset to an affiliate of Waypoint Real Estate Investments for $22.2 million. Arrow Senior Living will continue to operate the community The Pointe at Ocean Boulevard features 150 units of independent living near the city’s waterfront and downtown areas. The property was built in 1986 and recently renovated. The Cushman & Wakefield team involved …