CHICAGO — Blueprint Healthcare Real Estate Advisors, a Chicago-based brokerage firm, has arranged the sale of a skilled nursing portfolio totaling over 400 units. Three of the facilities are located in Central Florida, and the fourth is in Kentucky. The properties were operating at a loss despite occupancy over 80 percent and combined revenues of over $28.5 million. A REIT sold the properties to an undisclosed buyer for an undisclosed price.
News
Adequate COVID-19 Testing in Short Supply in Senior Living Industry, Concludes NIC Webinar Panel
by Jeff Shaw
“How do you fight the enemy without knowing where it is?” The question posed by Kathryn Sweeney, co-founder and managing partner of Blue Moon Capital Partners LP, underscores the need for senior living communities to have priority access to personal protective equipment (PPE) and adequate testing to battle the COVID-19 virus. “We’re really fighting this battle with very rudimentary and limited tools,” said Sweeney, whose Boston-based firm provides equity exclusively to the seniors housing sector. “We have had inconsistent access to tests in our portfolio. What we’re finding is those …
LTC, Juniper Launch Free Digital Resources for Seniors Separated from Families During Pandemic
by Jeff Shaw
LTC Properties, a major seniors housing REIT, and Juniper Communities, a seniors housing owner-operator, have launched Virtual Connections, a website to help seniors connect with family while under lockdown for the COVID-19 pandemic. During the outbreak, seniors housing communities across the country have implemented “no visitor” policies, as well as social distancing for those who are in the communities. The goal of the website is to offer free resources to keep residents social and entertained during these unprecedented measures. “The site offers hundreds of digital resources including activities, games, reading …
MARYLAND — Monticello has provided $66.6 million in first lien debt financing for the acquisition of three skilled nursing properties totaling 460 beds in Maryland. The transaction also includes a $5 million working capital loan to the facility operators, which Monticello’s asset-based lending group, Monticello Commercial Capital, provided. The borrower is an owner and operator with a current portfolio of 2,459 licensed beds. The names and locations of the facilities were not disclosed.
ENUMCLAW, Wash. — M&T Realty Capital Corp. has provided a $16.8 million Freddie Mac loan for High Point Village, a seniors housing community in Enumclaw, approximately 35 miles southeast of Seattle. The community features 108 units of independent living, assisted living and memory care. The loan, which will refinance existing debt, features a 60 percent loan-to-value ratio, 10-year term and fixed rate. It also includes five years of interest-only payments followed by a 30-year amortization. The borrower is a multi-generational, family-run business. The property is listed on the website of …
KENNEWICK, Wash. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 36-unit assisted living community in Kennewick, located near the Oregon border in the eastern half of the state. The property was over 90 percent occupied at the time of sale, though it has struggled in recent years due to key leadership turnover, according to Blueprint. For this reason it was still marketed as a value-add opportunity. The buyer was well capitalized and local, and this is the company’s fourth acquisition in Washington. The seller and price …
ANNAPOLIS, Md. — Seniors housing occupancy decreased from 88 percent in fourth-quarter 2019 to 87.7 percent in first-quarter 2020, according to new data from the National Investment Center for Seniors Housing & Care (NIC). Though occupancy was relatively stable leading up to the coronavirus outbreak in March, the impact of COVID-19 is not yet evident in the data, according to NIC. Additional data from the first quarter show San Jose (95 percent) and San Francisco (91.5 percent) with the highest occupancy rates of the 31 metropolitan areas that comprise NIC’s …
BRENTWOOD, Tenn. — Brookdale Senior Living Inc. (NYSE: BKD), the nation’s largest senior living operator, is actively recruiting to fill more than 4,500 positions. Brookdale operates 743 senior living communities in 45 states. The company could be a sign of relief for the jobless, as nearly 17 million people have filed initial unemployment claims in the last three weeks due to businesses shuttering during the COVID-19 pandemic. Brookdale is seeking registered nurses (RNs), licensed practical nurses (LPNs), certified nursing assistants (CNAs), caregivers, housekeeping, dining, maintenance and many other roles. The …
DENVER — Solera Senior Living, a Denver-based owner-operator, has hired Jamie Ranzan as its new president. Ranzan comes from MorningStar Senior Living, another Denver-based owner-operator, where she served as chief financial officer since 2016. Ranzan began her career as an auditor in the real estate group of Ernst & Young, according to Argentum. She also worked at KBS Realty Advisors, where she helped manage $1.8 billion in assets across the United States. Before MorningStar, Ranzan was CFO and vice president of corporate finance for a senior living company in Southern …
O’FALLON, Ill. — Holland Construction Services has started construction of Keystone Place at Richland Creek, a seniors housing community in O’Fallon, a small city just east of St. Louis, Missouri. The total project cost of the development is $39 million. Once completed, the new facility will offer independent living, assisted living and memory care services. The development is being constructed next to Parkway Lakeside Apartments, which Holland also built several years ago. Keystone Senior Management Services Inc. will be the operator. The four-story building will consist of 149 apartments including …