HUNT VALLEY, Md., IRVINE, Calif., and WESTLAKE VILLAGE, Calif. — The first results have started to come in for publicly traded companies during first-quarter 2020, with REITs Omega Healthcare Investors (NYSE: OHI), Healthpeak (NYSE: PEAK) and LTC Properties Inc. (NYSE: LTC) leading the way. The COVID-19 pandemic was in its early stages at the end of the quarter, with most quarantines starting properly in mid-March. Irvine-based Healthpeak posted a profit of 54 cents per share and same-store net operating income grew 2 percent over the previous quarter. The company was …
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BONITA SPRINGS, Fla. — Discovery Senior Living, an operator based in Bonita Springs with 62 communities in 14 states, has started a national program of targeted COVID-19 testing in its communities. The company is using a combination of rapid and swab testing. Encompassing current and incoming residents, as well as team members, the program represents the latest expansion of Discovery’s COVID-19 early identification and containment protocols. The company began its testing in its Florida-based communities and has continually expanded throughout the remaining states in which it operates. The testing will …
NEW YORK CITY — Harborview Capital Partners, a commercial real estate finance, equity and advisory firm, has arranged loans totaling $12.9 million for two seniors housing communities in Queens. In the first transaction, Harborview arranged a $6.9 million loan to refinance a 200-bed facility. A regional bank provided the financing, which features a 25-year amortization and 10-year term. Matt Hedvat and David Nussbaum originated the transaction. Harborview also arranged a $6 million loan to refinance a 262-bed assisted living facility. A regional bank provided the non-recourse loan. Eli Kutner originated …
CHICAGO — Waterton, a national real estate investor and operator based in Chicago, has hired Christopher Kersten as vice president of reporting and business intelligence. Kersten brings 15 years of data management and business intelligence experience to Waterton and will be the company’s expert on Waterton’s business intelligence, data analytics and reporting platform. He will also be responsible for the integration and consolidation of data metrics across the firm’s multifamily, senior living and hotel portfolio. Previously, Kersten was vice president of data management at Performance Trust Capital Partners and director …
CHICAGO — Despite the economic devastation caused by the COVID-19 outbreak in the United States, 86 percent of investors are still seeking opportunities to acquire seniors housing properties, according to a survey conducted by Heavenrich & Co. The Chicago-based seniors housing investment brokerage conducted the survey from April 15 to April 20, contacting 448 owners, operators and investors throughout the United States. Not only are investors still interested in buying, many are looking to pick up their acquisition pace. More than half of respondents expect to spend the same or …
MARYLAND — Harborview Capital Partners, a commercial real estate finance, equity and advisory firm, has arranged an $81 million loan for a New Jersey-based seniors housing owner. A national lending partner provided the funds, which will refinance a portfolio of four skilled nursing facilities and one assisted-living facility in the state of Maryland. The borrower recently acquired the assets. The financing features a LIBOR-based fixed rate, four-year term, and a credit facility that allowed for a limited-recourse cash out over $20 million. Ephraim Kutner, Jonathan Kutner and Eli Kutner originated …
DANVILLE, Calif. — Eskaton has completed its affiliation with The Reutlinger Community, a nonprofit residential care and skilled nursing facility in Danville, approximately 30 miles east of San Francisco. The Reutlinger Community will maintain its existing name and branding as it is brought into the Eskaton network. The affiliation will allow the two organizations to combine resources and expand services. The affiliation, finalized on April 21, follows two years of negotiation and government approvals. “The mission and values of Eskaton and The Reutlinger Community are very compatible, and we are …
DALLAS — Walker & Dunlop has hired Steve Mentesana as senior managing director on its FHA finance team. Based out of the company’s Dallas office, Mentesana is responsible for originating multifamily loans — including seniors housing — with a focus on the lending programs of the U.S. Department of Housing and Urban Development (HUD). With over three decades of experience in the commercial real estate industry, Mentesana has a deep knowledge of HUD’s refinance, healthcare and construction lending products. Prior to joining Walker & Dunlop, he served as senior managing …
Argentum, LeadingAge Say Seniors Housing is Underserved Following White House ‘Protecting America’s Seniors’ COVID-19 Presentation
by Jeff Shaw
WASHINGTON, D.C. — President Donald Trump held a one-hour conference on Thursday, April 30, at the White House entitled “Protecting America’s Seniors” in which he touted the government’s response to the COVID-19 outbreak, specifically as it applies to residents of skilled nursing facilities. “As we honor the incredible contributions of our nation’s seniors, we are here today to discuss the unprecedented steps we that we’re taking to protect them from the virus,” said Trump. “I’ll also announce vital new actions to safeguard our nursing homes and most vulnerable citizens as …
Mogharebi Group Arranges $15.5M Sale of Cinnamon Ridge Affordable Community in Ontario, California
by Jeff Shaw
ONTARIO, Calif. — The Mogharebi Group (TMG) has arranged the sale of Cinnamon Ridge, a 101-unit affordable seniors housing community in Ontario, a city east of Los Angeles. Built in 1989, Cinnamon Ridge Apartments totals 48,520 rentable square feet on a 2.3-acre site. Residents must be over age 55 and meet income requirements. Alex Mogharebi and Otto Ozen of TMG represented the seller, a Southern California-based investor. Another private investor based in Southern California bought the asset for $15.5 million in a 1031 exchange. “Cinnamon Ridge Apartments is an affordable, …