PLEASANT HILL and DAVIS, Calif. — CBRE has provided refinancing loans for three Carlton Senior Living properties totaling $58 million. The portfolio includes Carlton Senior Living Poet’s Corner and Carlton Senior Living Pleasant Hill – Martinez, both located northeast of the Bay Area in Pleasant Hill, as well as Carlton Senior Living Davis in the Sacramento suburb of Davis. The properties feature a combined 251 assisted living units and 64 memory care units and average 93 percent occupancy. Andrew Behrens, Aron Will, Austin Sacco, and Adam Mincberg arranged the Freddie …
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Diakonos Group Starts Construction of 349,892 SF Skilled Nursing Facility in Oklahoma City
by Jeff Shaw
OKLAHOMA CITY — Diakonos Group LLC has started construction of Parc Place Medical Resort, a post-acute rehabilitation facility in Oklahoma City. Located on an 8.3-acre site, the 349,892-square-foot asset will offer 75 private rooms. The facility will focus on short-stay rehabilitation. Partners on the project include Pi Architects, SCI Construction and SMC Consulting Engineers. The building is divided into three houses, each with its own themed dining rooms, outdoor cafés and shaded garden courts. “We want to create an environment where people see others getting better and are inspired to …
Lancaster Pollard Funds $25M HUD Construction Loan for Transitional Care & Skilled Nursing of Oceanside
by Jeff Shaw
OCEANSIDE, Calif. — Lancaster Pollard Mortgage Co., a division of ORIX Real Estate Capital, has provided a $25 million FHA construction loan for Transitional Care & Skilled Nursing of Oceanside. The 120-bed skilled nursing facility will be located in Oceanside, approximately 40 miles north of San Diego. RangeComm Development, in partnership with Providence Group, is developing the property, which will focus on short-stay rehabilitation. The non-recourse loan features a fixed interest rate and 40-year term. Brett Murphy led the transaction for Lancaster Pollard.
WASHINGTON, D.C. — The American Seniors Housing Association (ASHA) has announced plans to make advertising buys in several high-profile newspapers as part of the organization’s plan to protect the seniors housing industry’s reputation during the COVID-19 outbreak. Outlets to receive ads include The Wall Street Journal, New York Times, Washington Post, Los Angeles Times, Dallas Morning News, Atlanta Journal Constitution, Boston Globe and AARP magazine. The PR campaign is known as “Senior Living Today & Every Day.” Concurrent with the ad buy, ASHA also produced a video showing the measures that seniors …
BALTIMORE — Capital Funding Group (CFG) and CFG Bank are reinvesting some of the funds earned from facilitating Paycheck Protection Program (PPP) loans to provide meals to frontline healthcare workers at skilled nursing and assisted living facilities in Maryland. Rise Biscuits will provide lunch meals and dinner will be provided by both Maryland Blackwall Hitch locations and some of the Maryland Greene Turtle locations. Driven Private Transportation will deliver the meals to 53 skilled nursing and assisted living facilities in Baltimore and surrounding areas. “Nursing homes/assisted living facilities and their …
Highridge Costa, SVA Architects Plan Twin Oaks Affordable Community in Oakley, California
by Jeff Shaw
OAKLEY, Calif. — Highridge Costa Development Co. and SVA Architects Inc. have released plans for Twin Oaks Senior Residence, a mixed-use project in Oakley, located between Sacramento and the Bay Area. The three-story community will feature 98 one-bedroom and 32 two-bedroom units for people age 62 and older. Units are reserved for those earning between 50 percent and 80 percent of the area median income. The project will also include 5,667 square feet of street-fronting commercial space, 188 parking spaces and over 63,000 square feet of open space on the …
NEW YORK CITY and MURFREESBORO, Tenn. — Two of the larger REITs in seniors housing, New York-based New Senior Investment Group and Murfreesboro-based National Health Investors, released first-quarter reports showing continued profitability despite the ongoing struggles due to the COVID-19 pandemic. New Senior reported 141 positive coronavirus cases in its communities — 101 residents and 40 workers — across 16 communities. With 10,800 residents and 3,300 workers, that accounts for 1 percent of the company’s population. One particularly large outbreak at a continuing care retirement community in Philadelphia accounts for …
ALEXANDRIA, Va. — Oxford Finance LLC has closed a $19.8 million add-on term loan and revolving line of credit to an owner-operator of skilled nursing facilities based in New Jersey. The upsized credit facility now exceeds $75 million. The additional proceeds were used to finance the opportunistic acquisition of a facility located in the eastern U.S. This transaction represents Alexandria-based Oxford’s third deal with the undisclosed borrower.
TAMPA, Fla. —MedBest Recruiting, a Tampa-based executive search firm serving the seniors housing industry, has hired Erica Hutsenpiller as an executive senior living recruiter. Hutsenpiller brings over 15 years experience in the senior living industry. She served as a regional director of business development in skilled nursing and as an executive director for assisted living and memory care communities. Hutsenpiller’s regional director role consisted of overseeing clinical liaisons, admissions, and developing long-term relationships with area hospital C-Suites and physicians in each marketplace.
Despite the economic turmoil and operational stress in the wake of the COVID-19 pandemic, all parts of the seniors housing — including the lenders, investors, owners and operators — appear to be taking a measured approach, according to Brian Sunday, director with AEW Capital Management. “We keep preaching patience,” said Sunday. “Occupancies are dipping, expenses are rising, but nobody’s pressing the panic button. It’s a long-term play.” The comments came on a webinar hosted by France Media Inc. and Seniors Housing Business on Wednesday, May 13. Other panelists included Rich …