VIRGINIA BEACH — M&T Realty Capital Corp. has closed a $38.4 million Fannie Mae loan to refinance a 179-unit seniors housing property in Virginia Beach. The 10-year, 3.63 percent, fixed-rate loan is structured with three years of interest-only payments, followed by a 30-year amortization. Matthew Pipitone of M&T Realty Capital’s Baltimore office led the transaction in collaboration with Nick Gent of M&T Bank’s Washington, D.C. office. The name of the community and borrower were not disclosed.
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ANNAPOLIS, Md. — Skilled nursing occupancy in the United States remained stable in the fourth quarter of 2019 at 83.8 percent, unchanged from the previous quarter and up from 83.6 percent in the fourth quarter of 2018, according to the latest National Investment Center for Seniors Housing & Care (NIC) Skilled Nursing Data Report. NIC experts say these data points offer a baseline for the first quarter of 2020, when effects of the flu season and COVID-19 outbreak will begin to become visible. “Skilled nursing occupancy before the COVID-19 outbreak …
InterFace Active Adult Conference to be Rescheduled — New Event Date to be Announced Soon
by Jeff Shaw
DALLAS — Due to the coronavirus outbreak and because Seniors Housing Business and the InterFace Conference Group value the health and safety of our attendees and the industry, the inaugural InterFace Active Adult conference, which had been set for May 12 in Dallas, will be rescheduled. The full day conference, the industry’s first event devoted entirely to the red-hot active adult/55+ market niche, will still take place in Dallas at the Omni Las Colinas, the original location. InterFace is actively working to secure a new date to make sure the event …
MURFREESBORO, Tenn., and IRVINE, Calif. — Publicly traded REITs Sabra Health Care REIT, based in Irvine, and National Health Investors (NHI), based in Murfreesboro, have released updated information on the effects of the COVID-19 pandemic. Sabra has confirmed cases of the virus at two of its facilities. Both facilities have stopped new admissions. The company expects to find more cases of the virus as the government ramps up testing. NHI currently has no confirmed cases among its 238 communities. “Operators are following the guidelines set by local health departments and …
The fallout from the coronavirus pandemic sweeping across the globe has been swift and severe with Corporate America taking extraordinary steps to protect its workers. Detroit’s Big Three automakers — Ford, General Motors and Fiat Chrysler — are suspending production this week in North America as a precaution against the coronavirus. Meanwhile, major airlines have cut capacity by 50 percent or more systemwide due to sharply reduced consumer demand. Millions of public school students will be off for at least the next few weeks in an effort to keep the …
YUMA, Ariz. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Kissito Healthcare Palm View, a skilled nursing facility in Yuma. Originally built in 1964, with renovations in 2011 and 2018, Palm View consists of 77 units and is licensed for 143 beds. The community totals 44,000 square feet on 2.9 acres. Occupancy at the time of the sale was 59 percent. The seller is a national REIT looking to divest this asset due to it being a geographic outlier for its portfolio. The buyer is a regional …
TOLEDO, Ohio — Welltower (NYSE: WELL), the largest owner of seniors housing in the United States, has confirmed that two residents in its portfolio have tested positive for COVID-19. “There is no perfect playbook to manage through a pandemic. However, flu and infection mitigation are integral parts of the day-to-day operating model in seniors housing, post-acute care and our medical office buildings,” says Tom DeRosa, the company’s CEO. “We maintain that the population of frail and/or memory impaired seniors are best served in safe, controlled environments that have time tested …
DALLAS — Capital Senior Living Corp. (NYSE:CSU), one of the nation’s largest operators of senior living communities, has reached agreements with Ventas Inc. and Welltower Inc. for immediate rent reductions and the early terminations of its master leases. This announcement follows the previously announced early termination of its Healthpeak master lease. Together, the early terminations and rent reductions are expected to improve the company’s cash flow by approximately $22 million and reduce lease liabilities by approximately $253 million. “We remain laser focused on our operational turnaround plan,” says Kim Lody, …
ANNAPOLIS, Md. — M&T Realty Capital Corp. has closed a $63 million Freddie Mac loan to refinance a 165-unit seniors housing property in Annapolis. The loan features a 70 percent loan-to-value ratio, 10-year term, fixed rate, five years of interest-only payments, and 30-year amortization. The borrower and name of property were not disclosed. Matthew Pipitone and Robert Kaplan of M&T Realty Capital’s Baltimore office, in collaboration Gretchen Wintringer, handled the transaction.
POWAY, Calif. — Cadence Living has hired Jay Johnson as executive director at Cadence at Poway Gardens in the San Diego suburb of Poway. Johnson has almost 30 years of experience in senior living including multiple positions as executive director. He spent 17 years with ActiveCare both in assisted living and memory care settings. Johnson has managed communities for Catholic Health Initiatives and Anthem Memory Care.