RIVERSIDE, Calif. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 207-unit independent living, assisted living and memory care community in Riverside, approximately 50 miles east of Los Angeles. The seller, a joint venture between Capitol Seniors Housing and Welbrook Senior Living, completed an $8 million renovation at the property in 2014. The buyer and price were not disclosed.
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LAKEWOOD, Colo. — Evans Senior Investments (ESI) has arranged the sale of Lakewood Memory Care, a 46-unit memory care facility, for $8.5 million, or $185,000 per unit. Located 10 miles south of downtown Denver in Lakewood, the facility totals 52 beds. The property was built in 2016 and is 100 percent private pay. It was 75 percent occupied at the time of sale. ESI represented the seller in the transaction, an independent investor group that had partnered with a national operator. This was the investor group’s only seniors housing asset. …
Brookdale Receives $208.5M in Refinancing Loans to Extend Maturities, Complete Acquisitions
by Jeff Shaw
NASHVILLE, Tenn. — Brookdale Senior Living Inc. (NYSE: BKD) has completed three financing transactions totaling $208.5 million to refinance the majority of the company’s near-term maturities and to partially fund recent acquisitions. On March 31, Brookdale obtained $149.3 million of mortgage financing from Capital One, pursuant to a Freddie Mac capital markets execution. The refinancing took the form of 10-year, non-recourse, fixed-rate loans in the aggregate amount of $76.2 million and 10-year, non-recourse, variable-rate loans in the aggregate amount of $73.1 million, resulting in proceeds of $13 million. “As a …
Survey: Seniors Are Concerned About Retirement Funds Amid Economic Turmoil from COVID-19
by Jeff Shaw
FORT LAUDERDALE, Fla. — With financial markets sinking dramatically and the U.S. economy in turmoil as a result of the COVID-19 pandemic, seniors are becoming increasingly concerned about their savings, which could impact decision-making when it comes to seniors housing. The discoveries come from a survey conducted by SeniorLiving.org, a Fort Lauderdale-based website that provides services and advice for seniors, including questions related to seniors housing. The survey included more than 1,300 seniors and 1,300 financially independent adult children, and was completed the week of March 22. “Stock market turbulence …
COLUMBUS, Ohio — Seniors housing and healthcare industry veterans Steve Kennedy and Kass Matt have launched a new finance venture, VIUM Capital. Based in Columbus, the company is an independent financial services firm focused on providing capital to the seniors housing and healthcare sectors. The firm will offer FHA/GNMA financing, bridge loans, and advisory services, as well as Fannie Mae and Freddie Mac agency financing. Prior to founding VIUM Capital, Matt spent 14 years at Lancaster Pollard, including the last five years as the firm’s president. Kennedy spent 18 years …
As the COVID-19 pandemic upends just about every aspect of life, senior living communities are retooling their marketing strategies. Instead of letting up on sales efforts, communities are finding new ways to communicate supportive messages to prospects while reinforcing their brands with a positive twist. “We recognize the sensitivity around sales and marketing at this time,” said Valerie Whitman, vice president of senior living for LeadingResponse, a Tampa-based customer acquisition service. “We can show the world what we can do for seniors and their families. This is an opportunity for …
Bellwether Enterprise Provides $36.3M Refinancing for Legacy Reserve at Fritz Farm in Kentucky
by Jeff Shaw
LEXINGTON, Ky. — Bellwether Enterprise Real Estate Capital LLC has provided a $36.3 million permanent loan through Fannie Mae’s seniors housing program for the refinance of Legacy Reserve at Fritz Farm. The community opened in Lexington in summer 2017, featuring 144 independent living, 33 assisted living and 15 memory care units. The borrower is owner-operator Atlas Senior Living. John Powell of Bellwether’s Chicago office arranged the 12-year, fixed-rate loan on behalf of Atlas.
DALLAS — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 60-unit assisted living and memory care community in Dallas. An institutional owner-operator sold the property to a Dallas-based developer, owner and operator looking to expand. The price and name of the facility were not disclosed. The property was “trending toward 75 percent” occupancy with neutral cash flow at the time of sale, according to Blueprint. The median home price within three miles of the community is 72 percent higher than the state average and 44 percent higher …
DALLAS — Three: Living Architecture, a Dallas-based architecture firm with a specialty in seniors housing, has rebranded as simply “three” while expanding and promoting its team. Longtime team member Christine Cook was promoted to the role of principal, while Steven Knox was added as designer and senior job captain, and Catherine Wilson was hired as project manager. Cook first joined three in 1998. In her role as principal, she will guide the design and development process. Cook also continues to spearhead the firm’s internal education committee, called 3.edu, and partner …
IRVINE, Calif. — Sabra Health Care REIT Inc. (NASDAQ: SBRA) has hired Darrin Smith as executive vice president of investments. Smith will oversee the investment team and assist the Sabra leadership team on business development opportunities. The company is an Irvine-based publicly traded REIT that invests in healthcare assets, including seniors housing. With over 25 years of real estate experience including 14 years in healthcare real estate, Smith most recently served as senior vice president of seniors housing investments at HCP, another California-based REIT now known as Healthpeak Properties. He …