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 …
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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 …
Monticello Provides $97.2M Acquisition Financing for 856-Bed Skilled Nursing Portfolio in Virginia
by Jeff Shaw
VIRGINIA — Monticello has provided $97.2 million in first lien debt financing for the acquisition of five skilled nursing properties totaling 856 beds in Virginia. The transaction also includes a $8 million working capital loan to the operating companies of the properties. Monticello’s asset-based lending group, Monticello Commercial Capital, provided that capital. The borrower is an owner-operator with a current portfolio of 1,155 licensed beds. The seller, facility names and facility locations were not disclosed.
TAMPA, Fla. — Argentum, an Alexandria, Virginia-based association serving seniors housing owners and operators, has postponed its Senior Living Executive Conference that was scheduled to occur May 18 to May 20 in Tampa. The event will now be held completely virtually and from Sep. 22 to Sep. 24. “In our discussions, we are noting the tremendously challenging work being done by senior living employees at all levels to protect our residents from COVID-19 — work we believe will continue for some time,” wrote James Balda, president and CEO, in an …
ARLINGTON, Texas — Heartis Arlington, an assisted living and memory care community in Arlington, will test all of its 80 residents and 75 staff to detect if anyone in the community has contracted COVID-19. Two positive COVID-19 cases have been identified from Heartis residents who were transferred on March 18 and 22, respectively, to Medical City Arlington after exhibiting symptoms and where they are now being treated and improving. Heartis Arlington enacted advanced staff training to detect symptoms and established protocols in February, and visitor restrictions were put in place …
Senior Living Receives Healthcare Exemptions from Department of Labor for Coronavirus Response
by Jeff Shaw
WASHINGTON, D.C. — The Department of Labor (DOL) issued guidance on Saturday March 28, on key provisions of the Families First Coronavirus Response Act (FFCRA). Of critical importance members is the definition of “healthcare provider” as it related to an employer’s ability to be exempt from the requirements of the act, according to the American Seniors Housing Association (ASHA). Under FFCRA, an employer with fewer than 500 employees must offer 10 days of paid sick leave and up to 12 days of paid emergency family and medical leave under certain …
GREENVILLE, S.C. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a seniors housing community in Greenville. Built in 2001, the property features 74 assisted living units and 17 memory care units. The name of the property, price and seller were not disclosed. A private investor acquired the community with plans to replace operations.
Great uncertainties cloud the immediate outlook for the U.S. economy and the seniors housing and care industry in the wake of the COVID-19 pandemic. But one thing is certain: Unlike other industries that have been forced to shut down, senior living communities are open and continue to serve residents. With that framework in mind, a March 26 webinar sponsored by the National Investment Center for Seniors Housing & Care (NIC) addressed the ongoing financial implications of the COVID-19 pandemic for operators, developers and capital providers. The webinar is the first …
Survey: Residents Have High Opinion of Seniors Housing Care, but COVID-19 Has Hurt Reputation
by Jeff Shaw
CLACKAMAS, Ore. — The good news, according to a recent survey, is that residents in seniors housing communities largely believe that senior living provides good care. The bad news is that those who don’t live there believe the care is poor. SeniorList, a Clackamas-based company that connects seniors with products, services and resources including seniors housing referrals, conducted the survey. Those over 65 and their families were questioned, with a total of 715 respondents. Of the respondents who currently live in seniors housing, 71 percent said that senior living provides …
EUGENE, Ore. — Carnegie Capital has arranged a $7.4 million refinancing for a 60-unit memory care community in Eugene. The cash-out refinancing represents a 75 percent loan-to-value ratio, and bears an interest rate of 5.55 percent for three years. Residents at the community are approximately half private pay and half Medicaid. The borrower is a regional owner-operator. The lenders are a national bank and a private lender.