NEWTON, Mass. — Diversified Healthcare Trust (NASDAQ: DHC) has completed the sale of three seniors housing communities in California. The portfolio totals 599 units. An undisclosed buyer purchased the properties for $47 million. These sales were part of Newton-based DHC’s previously announced disposition plan to sell up to $900 million of assets in connection with the restructuring of its business arrangements with Five Star Senior Living Inc. DHC expects to use the proceeds from these sales to repay debt and for general business purposes.
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IRVINE, Calif. — Sabra Health Care REIT Inc. (NASDAQ: SBRA) has completed the sale of two skilled nursing facilities located in Montana. Genesis Healthcare operates both communities. An undisclosed buyer paid $14.4 million for the properties, and also took on $14.2 million in HUD-insured mortgage debt associated with the properties. As a result of this disposition, the total annual rental obligation from Genesis to Irvine-based Sabra will decrease by approximately $1.1 million.
PEKIN, Ill. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Hallmark House Nursing Center. Located in Pekin, a suburb of Peoria, Hallmark House was built in 1964 and features 71 beds. The property totals 22,588 square feet on a six-acre plot. The seller was a private owner based in California struggling to oversee this single asset in Illinois. Occupancy was 62 percent at the time of sale. The buyer was a regional owner-operator with other facilities in Illinois. The price was not disclosed. Ryan Saul of SLIB …
LONDON — Welltower (NYSE: WELL) has dropped it’s bid to buy London-based skilled nursing group Barchester Healthcare, according to British news outlet The Times. The Toldeo, Ohio-based REIT had bid 2.5 billion pounds, approximately $3.1 billion based on this morning’s exchange rate. Barchester operates over 200 skilled nursing facilities and seven hospitals totaling more than 12,000 beds. Welltower pulled its bid due to the chaos surrounding the COVID-19 pandemic, according to the Times report. Neither Welltower nor Barchester have publicly commented on the development. Other American investors reportedly interested in purchasing …
SEATTLE — Evans Senior Investments (ESI) has arranged the sale of Washington Care Services, a 165-bed skilled nursing community in Seattle, for $10.5 million, or $64,000 per bed. Built in 1974, the community was placed into receivership in June 2019 after the previous owner, a local nonprofit organization, defaulted on its existing HUD loan. At the time of the sale, the property was 77 percent occupied and losing over $500,000 a year in net operating income. The new owner plans to correct course by replacing contracted staffers with full-time workers, …
WESTLAKE VILLAGE, Calif. — LTC Properties Inc. (NYSE: LTC), a Westlake Village-based REIT that invests in seniors housing and healthcare properties, has completed the sale of its entire portfolio of Preferred Care-operated properties. Preferred Care declared bankruptcy in 2017 amid a slew of personal injury lawsuits against the operator. The combined net proceeds for the portfolio, including one property sold in 2019 and 21 properties sold in the first quarter of 2020, were $77.9 million, resulting in a total estimated gain on sale of $44 million. The 21 properties sold …
ANDOVER, Kan. — Dwight Capital has provided a $14 million HUD refinancing for Victoria Falls, a 164-bed assisted living and skilled nursing facility in Andover. The assisted living building and skilled nursing building — built in 2004 and 2010, respectively — are situated on 7.2 acres. Together, the Victoria Falls buildings total 106,660 square feet. Clint Miller of Dwight Capital originated the transaction.
As the impact of the COVID-19 pandemic continue to shutter businesses around the country, a record 6.6 million Americans filed for unemployment benefits during the week ending in March 28. However, this could prove to be a benefit to industries like seniors housing that were struggling to find quality workers when unemployment was at historic lows just a few weeks ago. Sunshine Retirement, Integral Senior Living and Solstice Senior Living all sent out press releases noting that they are hiring for hundreds of open positions, including care, service and management …
Watercrest Hires Blake Patterson as Executive Director of Newly Built Community in South Carolina
by Jeff Shaw
COLUMBIA, S.C. — Watercrest Senior Living Group has hired Blake Patterson as executive director of Watercrest Columbia Assisted Living and Memory Care in Columbia. Watercrest Columbia is a 107-unit, resort-style senior living community, which opened to residents in the fall of 2019. Patterson began his career in hospice services. With a transition to marketing director for assisted living and memory care, he witnessed first-hand the impact of the front-line staff as a critical factor in the success of a community. Patterson later became executive director of an assisted living, memory …
CAPE CANAVERAL, Fla. — LV Lending, a local private lender, has provided a $4.2 million refinancing for a 7.7-acre vacant site in Cape Canaveral, along Florida’s Atlantic coast east of Orlando. The borrower, Danny Ringdahl of La Casa Canaveral LLC, plans to build a four-stor, 248-bed assisted living and memory care community on the site. Camilo Niño, Ricardo Uribe and Alen Hernandez of LV Lending arranged the financing. Hart Advisors Group was the broker.