PROVIDENCE, R.I. — Evans Senior Investments (ESI) has arranged the sale of Elderwood at Riverside, a 57-bed skilled nursing facility in Providence. An East Coast-based owner-operator sold the property to a Southeast-based owner-operator for $4.3 million, or $75,000 per bed. This is the buyer’s first property in Rhode Island. The seller initially acquired the community, which was built in 1962, with the intent to move the licensed beds to a different county in Rhode Island. When regulatory obstacles prevented moving the licensed beds across county lines the owner decided to …
News
SARASOTA, Fla. — More than two-thirds of seniors housing companies are reporting having at least one acquisition deal fall through as a result of the chaos caused by the COVID-19 pandemic. The information comes from a survey conducted by HealthTrust, a Sarasota-based valuations and advisory firm serving the seniors housing and healthcare industries. Although the number of respondents was not disclosed, the types of companies represented were largely brokers, lenders, operators and REITs. Of those respondents, 69 percent reported experiencing at least one deal fall through. Transactions are undergoing major …
Cushman & Wakefield Arranges Construction Financing for HarborChase of South Portland in Maine
by Jeff Shaw
SOUTH PORTLAND, Maine — Cushman & Wakefield Senior Housing Capital Markets has arranged the equity and financing for construction of HarborChase of South Portland. Confluent Senior Living, a subsidiary of Denver-based real estate investment firm Confluent Development, will develop and own the property. Harbor Retirement Associates is the co-developer for the project and will operate the community upon completion. The property will feature 123 units of assisted living and memory care. Construction is slated for completion in summer 2021. M&T Bank provided an undisclosed amount of construction financing. A private …
OSPREY, Fla. — Gates Construction has been contracted to build Aravilla Osprey, a seniors housing community in Osprey, approximately 60 miles south of Tampa. The community will offer independent living and assisted living. DSDG is providing design services for the project. Aravilla currently operates three seniors housing communities, all located along the Gulf Coast of Florida.
WASHINGTON, D.C. — Argentum, a D.C.-based organization representing seniors housing operators, has weighed in on the $484 billion aid package passed on Friday. The bill provides further relief for Americans and businesses suffering from the economic impact of the COVID-19 pandemic. “We are pleased to see the additional funding in the interim aid package, which included an additional $75 billion for the Public Health and Social Services Emergency Fund (PHSSEF) and an additional $25 billion to the Department of Health and Human Services (HHS) for COVID-related expenses,” says James Balda, …
LEMONT, Ill. — Englewood Construction, a builder based in the Chicago suburb of Lemont, has donated 100 gallons of hand sanitizer and 100 gallons of surface sanitizer to a senior living client that was experiencing shortages of the critical items across its network of facilities due to the COVID-19 pandemic. “Our ongoing renovation and remodeling projects at senior living communities have paused as operators limit facility access to essential staff, but we have remained in close communication with those clients to make sure we are continuing to be of assistance …
PEKIN, Ill. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Hallmark House, a 71-bed skilled nursing facility in the Peoria suburb of Pekin. A private, California-based owner sold the community. The buyer continued with the acquisition despite the complications of the COVID-19 pandemic. Although the price and buyer were not disclosed, Craig Casagrande and Andrew Jones of Capital Funding Group provided a $16.8 million bridge-to-HUD loan for the acquisition. Ryan Saul of SLIB facilitated the sale.
WASHINGTON, D.C. — The American Health Care Association and National Center for Assisted Living (AHCA/NCAL), D.C.-based organizations representing more than 14,000 nursing homes, assisted living communities and other long-term care facilities, are pushing for widespread COVID-19 testing across the seniors housing industry. Dr. Deborah Birx, White House coronavirus task force coordinator, recently laid out steps to prioritize long-term care facilities when it comes to virus testing. Mark Parkinson, president and CEO of AHCA and NCAL, issued a statement in response. “We’re hearing from our nursing homes and assisted living communities …
NAPLES, Fla. — Gates Construction has completed The Pineapple House at Sapphire Lakes, a seniors housing community in Naples. Senior Care Residence Sapphire Lakes at Naples LLC and its partners own and operate the property. The two-story, 115,381-square-foot asset features 127 units of assisted living and memory care. Partners on the project include Michael Kerner, Development Consulting LLC, Phoenix Associates of South Florida Inc., IAK Florida Design LLC, Ulrike Kerner and Lotus Architecture.
The number of U.S. nursing home deaths from the COVID-19 pandemic has eclipsed 10,700, accounting for nearly a quarter of the country’s total death toll, according to a survey by the Wall Street Journal. The survey gathered information from 35 states that either publicly share that data or responded to the newspaper’s requests for information. Key states such as Ohio and Washington did not provide data, suggesting that the number is actually considerably higher. The total U.S. death toll from COVID-19 passed 46,000 on Wednesday, according to data from Johns …