NASHVILLE, Tenn. — Brookdale Senior Living Inc. (NYSE: BKD) completed the first quarter of 2020 with $369.5 million in profits, largely due to a series of asset sales, according to the company’s quarterly report. Brookdale now has $500.7 million cash on hand that it may need to ride out the negative effects of the COVID-19 pandemic. The Nashville-based company, which is the largest operator of seniors housing in the United States reported it incurred $10 million in coronavirus-related expenses in the first quarter. Given that the full effect of the …
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CHICAGO — Evans Senior Investments (ESI), a Chicago-based brokerage firm, has arranged the sale of six skilled nursing facilities in Michigan totaling 496 licensed beds. A publicly traded REIT sold the portfolio to an undisclosed buyer for $36 million, or $73,000 per bed. The portfolio’s occupancy was 86 percent with $43 million in annual revenues. However, the seller chose to divest the properties upon finding out the tenant would no longer be able to meet its lease obligations due to having to pay back millions in improper Medicaid payments.
PALM COAST, Fla. — Atlantic Housing Partners has opened Central Landings Senior Living, a $14.8 million affordable seniors housing community in Palm Coast. The 83-unit facility is reserved for those 62 years of age and older earning between 40 and 80 percent of the area median income. The community is situated within the Palm Coast Town Center, a master-planned development that will include up to 2,500 multifamily units, 1.4 million square feet of office space and 3.4 million square feet of commercial space, including a movie theater and a hotel. …
SOUTHBRIDGE, MEDFORD and AUBURN, Mass. — Let’s Pave, a pavement management company, has completed its Road to Recovery initiative by delivering supplies and gift cards to nursing homes and other frontline workers throughout Massachusetts. CEO C.B. Kuzlik personally made the 35-hour round trip from the company’s Chicago-area headquarters to deliver the supplies. Recipients were Harrington Hospital in Southbridge, Glen Ridge Nursing Care in Medford, Courtyard Nursing Care Center in Medford, and Auburn Youth and Family Services in Auburn. The company raised more than $40,000 for healthcare and senior living workers, …
ANNAPOLIS, Md. — The National Investment Center for Seniors Housing & Care (NIC), an Annapolis-based nonprofit data firm serving the seniors housing industry, has unveiled a new set of data and analytics offerings dealing with the COVID-19 pandemic. The information is available to the public, at no cost, at the COVID-19 Resource Center on NIC’s website. The new offerings include Executive Survey Insights, a weekly “pulse” of the industry from hundreds of operators; faster turnaround on NIC MAP information; a Leadership Huddle webinar series; free access to NIC’s braindate video …
HUNT VALLEY, Md., IRVINE, Calif., and WESTLAKE VILLAGE, Calif. — The first results have started to come in for publicly traded companies during first-quarter 2020, with REITs Omega Healthcare Investors (NYSE: OHI), Healthpeak (NYSE: PEAK) and LTC Properties Inc. (NYSE: LTC) leading the way. The COVID-19 pandemic was in its early stages at the end of the quarter, with most quarantines starting properly in mid-March. Irvine-based Healthpeak posted a profit of 54 cents per share and same-store net operating income grew 2 percent over the previous quarter. The company was …
BONITA SPRINGS, Fla. — Discovery Senior Living, an operator based in Bonita Springs with 62 communities in 14 states, has started a national program of targeted COVID-19 testing in its communities. The company is using a combination of rapid and swab testing. Encompassing current and incoming residents, as well as team members, the program represents the latest expansion of Discovery’s COVID-19 early identification and containment protocols. The company began its testing in its Florida-based communities and has continually expanded throughout the remaining states in which it operates. The testing will …
NEW YORK CITY — Harborview Capital Partners, a commercial real estate finance, equity and advisory firm, has arranged loans totaling $12.9 million for two seniors housing communities in Queens. In the first transaction, Harborview arranged a $6.9 million loan to refinance a 200-bed facility. A regional bank provided the financing, which features a 25-year amortization and 10-year term. Matt Hedvat and David Nussbaum originated the transaction. Harborview also arranged a $6 million loan to refinance a 262-bed assisted living facility. A regional bank provided the non-recourse loan. Eli Kutner originated …
CHICAGO — Waterton, a national real estate investor and operator based in Chicago, has hired Christopher Kersten as vice president of reporting and business intelligence. Kersten brings 15 years of data management and business intelligence experience to Waterton and will be the company’s expert on Waterton’s business intelligence, data analytics and reporting platform. He will also be responsible for the integration and consolidation of data metrics across the firm’s multifamily, senior living and hotel portfolio. Previously, Kersten was vice president of data management at Performance Trust Capital Partners and director …
CHICAGO — Despite the economic devastation caused by the COVID-19 outbreak in the United States, 86 percent of investors are still seeking opportunities to acquire seniors housing properties, according to a survey conducted by Heavenrich & Co. The Chicago-based seniors housing investment brokerage conducted the survey from April 15 to April 20, contacting 448 owners, operators and investors throughout the United States. Not only are investors still interested in buying, many are looking to pick up their acquisition pace. More than half of respondents expect to spend the same or …