It’s been one hot summer for temperatures across the country. The mercury on the senior housing and senior living market keeps rising as can be seen in this installment of Movers & Shakers and the latest news from SHN. Got scorching hot talent joining your team? Send us those staffing announcements at movers-shakers@seniorhousingnews.com.

If you don’t have the talent you’re looking for, our senior housing jobs board maybe the answer to your needs.  For less than $1 per day, you can advertise your job opportunity to those keeping up with the latest news and trends in the senior housing industry.  Click here to visit the SHN job board. 

Gensler Named Vice President of Business Development

Scott Gensler, Erickson Living’s Vice President of Financial Planning, Analysis and Reporting, has been selected as the company’s new Vice President of Business Development. In this new leadership position, Gensler will work within the company’s Corporate Affairs Division to identify and evaluate new business opportunities. Gensler has been with Erickson for more than 15 years and has an impressive knowledge of key aspects of the business, says the company, including Finance, Sales and Marketing, and Operations. 

OnShift Announces Vice President of Customer Success

OnShift recently announced Paul Chilensky as the company’s Vice President of Customer Success. Chilensky has more than 25 years of experience building and managing global service and support organizations for software companies, and has successfully grown service revenue and customer satisfaction to record levels with each organization. His healthcare background includes the long-term care industry, having led and implemented services strategies for sustainable customer satisfaction in a leading pharmaceutical systems company. Chilensky will lead OnShift’s customer implementation, services and support organization, ensuring that clients maximize their financial, operational and clinical outcomes with the use of OnShift. 

Ventas Names John Hart Senior Vice President and Chief Information Officer

Ventas, Inc. (NYSE:VTR) has appointed John K. Hart to the newly created position of Senior Vice President and Chief Information Officer reporting to the Company’s Chief Financial Officer.

Hart joined Ventas from CME Group Inc. where he worked for 16 years, most recently as Managing Director of Technology. At the CME, where he supervised a team of 200 IT professionals, Hart was responsible for managing the exchange’s enterprise architecture, business systems, security, telecommunications, networking, help desk and operations. Earlier in his career he was an assistant vice president at First Options in Chicago, and prior to that he was a senior network architect with the John D. and Catherine T. MacArthur Foundation. Hart received his Bachelor of Industrial Management from the Milwaukee School of Engineering and his MBA from the Lake Forest Graduate School of Management.

AHEPA Management Company Names Solberg as Assistant Director of Compliance

AHEPA Management Company, a property management firm providing onsite management for affordable senior housing communities nationwide, has announced the promotion of Amy Solberg to the position of Assistant Director of Compliance. In her new role, Solberg ensures that AHEPA senior affordable apartment properties are in compliance with various state and federal funding programs. She also provides compliance oversight for HUD and other regulatory policies as they pertain to programs, AMC property manager training, Yardi software support, and Fair Housing compliance.

Solberg has nine years of experience in property management and subsidized housing. She joined AHEPA Management Company in 2006 as Property Manager for AHEPA 113 Apartments in Beavercreek, Ohio. Previously, she was Property Manager for subsidized housing management firm Gorsuch Management in Lancaster, Ohio.

Clara Parker Named Executive Director of Charlestown

Erickson Living has named Clara Parker as the Executive Director of Charlestown, the continuing care retirement community in Catonsville, Md. Parker has more than 25 years of not-for-profit experience. In 2005, she began her career with Baltimore-based Erickson Living as the Director of Finance at Oak Crest. Most recently, Parker served as the Vice President-Regional Finance Director for Erickson Living communities throughout the country. As Executive Director, Parker will be responsible for the daily operations and major capital projects of the 110-acre campus that is home to more than 2,000 residents served by 1,100 employees. 

Prior to joining Erickson Living, Parker served as the Senior Director of Finance for the American Red Cross at its national headquarters in Washington D.C. A resident of Severna Park, she holds a Bachelor of Science in Finance and Economics from Towson University and attended the Executive MBA Program at Loyola University in Maryland.

Beech Street Capital Hires Sherman as EVP of Seniors Housing

Beech Street Capital, LLC has hired James Sherman as Executive Vice President of Seniors Housing to continue building the company’s seniors housing practice. Sherman comes to Beech Street from RED Capital Group, where he was a senior managing director leading the senior housing and long-term care group.  He is a recognized leader in the industry, having served on the boards of many professional organizations, including a term as president of the National Association of Seniors Living Industries. Sherman was also president and CEO of Churchill Estates, an assisted living provider.  

SeniorHomes.com Announces Expansion of Executive Management Team

SeniorHomes.com recently added three new executives to its management team. Rob Frerichs was hired as Vice President of Business Development and Deborah King as Director of Care Advising. In addition, the company promoted Ron White, Vice President of Sales, to direct the Account Management team. The new management team was put into place to oversee SeniorHomes.com’s rapid business expansion and growing staff.

The site’s Vice President of Sales, Ron White, took over leadership of the Account Management team in April 2012. White will oversee the maintenance and expansion of SeniorHomes.com current business relationships. For more than 10 years, White has been a leader in the internet marketing and advertising industry. Rob Frerichs was brought on as the Vice President of Business Development in May 2012. Prior to joining SeniorHomes.com, Frerichs was directly responsible for creating winning sales strategies that have built recurring revenue streams for Market Leader and numerous startups. Deb King was promoted to Director of Care Advising in June 2012. 

Walker & Dunlop Hires SVP of FHA Finance Division

Walker & Dunlop, Inc. (NYSE:WD) announced that Michael B. Vaughn has joined the Company as senior vice president & head of the Company’s FHA Finance Healthcare department. Mr. Vaughn will manage origination, underwriting, and quality control of all Healthcare loans.

Prior to joining Walker & Dunlop, Vaughn held several positions at the U.S. Department of Housing and Urban Development (HUD). Most recently he was Director of the Office of Residential Care Facilities, part of the Office of Healthcare Programs. While there, Vaughn was directly responsible for origination and asset management activities related to the $17.5 billion portfolio of Section 232 Insured Mortgages on Skilled Nursing and Assisted Living Facilities. Under his leadership, the LEAN (Section 232) program reached a level of production of over 800 loans a year, $6 billion in commitments and issued approvals on the largest nursing home portfolio ever processed by HUD. Earlier at HUD, Vaughn was personally responsible for a large number of Mark-to-Market, Mixed-Finance public housing and tax credit transactions.

Previously, in the private sector, Vaughn was a senior vice president of the Bank of New York’s Fannie Mae/Freddie Mac Multifamily lender, ARCS Mortgage. He received his bachelor’s degree from Georgetown University and his MBA from Yale University’s School of Public and Private Management.

Integral Senior Living Announces a New Regional Director of Operations

Integral Senior Living has appointed Roxanne Gooding as a Regional Director of Operations. In this newly created position, Gooding will oversee operations for a number of ISL communities. Gooding brings over 18 years of senior living executive management and healthcare experience to the position. In her new role, she will be responsible for providing operational guidance and support to many of ISL’s communities.
 


Most recently, Gooding was a RCFE consultant. Prior to consulting, she was with Westmont Living in a variety of positions including Regional Director of Operations, Executive Director and Resident Services Director. Before her time at Westmont, she was with Seniorcare Communities, Atria Senior Living, Addus Healthcare and Koerick Sterling Communities. Gooding is a licensed Vocational Nurse, and has a RCFE Administrator Certificate and an A.A. in Business Management.

Remedi SeniorCare Names Michael Freedman Regional Sales Manager

Remedi SeniorCare has named seasoned industry executive Michael Freedman as its new Regional Sales Manager. Freedman is responsible for Remedi’s long-term care customers throughout Pennsylvania, New Jersey and Northern Delaware and will drive growth via Remedi’s innovative offerings, including the Paxit 24-hour unit-dose medication administration system, Connexit electronic data interchange, the My Remedi customer portal and Remedi’s RapidResponse(SM) service delivery model. Among his initial focus is to support and deepen Remedi’s preferred provider relationship with Kairos Health Systems, a leading Group Purchasing Organization to the non-profit senior housing industry.

Most recently, Freedman was an account executive with AmerisourceBergen Technology Group, one of the world’s largest pharmaceutical services companies. There he was responsible for the sales of automated pharmacy packaging devices to the long-term care and retail pharmacy market. Freedman holds a Bachelors of Science degree from Penn State University in Health Planning Administration.

Flores Named Executive Director at Carlton Plaza Elk Grove

Mrs. Lindsey Flores has been promoted to executive director of Carlton Plaza Elk Grove in Elk Grove, Calif. Flores has gained extensive experience overseeing community operations since joining the company in 2005 at Carlton Plaza of Sacramento where she headed the resident activities program for several years and most recently was director of resident care first for Carlton Plaza Sacramento and then for Carlton Crown Plaza Sacramento, which specializes in enhanced assisted living.

Flores was participating in Carlton’s Senior Executive Training program when she was selected to open Carlton Plaza Elk Grove as executive director. She earned a Bachelor of Arts degree in psychology from California State University of Sacramento and is certified by the State of California as an administrator of Residential Care Facilities for the Elderly (RCFEs).

National Housing Conference Announces Hire of N.C. Housing Coalition’s Chris Estes

The National Housing Conference (NHC), the nonprofit affordable housing advocacy group known as the United Voice for Housing, today announced that Chris Estes will join the 81-year-old housing organization as its new president and CEO. Estes is currently the executive director of the N.C. Housing Coalition, a post he has held since 2003. In his new position, Estes will lead NHC’s policy and advocacy work both in Washington and throughout the country. He will also work closely with NHC’s research affiliate, the Center for Housing Policy, to make the case for affordable housing and develop effective housing policy solutions. In making the announcement, NHC Chair John L. Kelly cited Estes’ record of successful leadership and organization-building expertise.

Estes already had extensive experience in economic development, smart growth advocacy, welfare reform, workforce development, affordable housing development and asset-building research before joining the N.C. coalition as its executive director in September 2003. He holds masters degrees in Social Work and in City and Regional Planning, both from UNC-Chapel Hill. 

RED CAPITAL GROUP, LLC Hires Kathryn Burton Gray

RED CAPITAL GROUP, LLC is expanding its health care and seniors housing platforms with the hiring of Kathryn Burton Gray to lead the effort nationwide. Burton Gray will play a key role in RED’s continued expansion in the industry. With over 25 years of experience, Burton Gray brings a proven history of strategic business development, lending expertise, and market share growth. She previously served as a managing director with CIT’s health care unit.

Highland Springs Hires Cecilia Saucedo as Director of Continuing Care

Highland Springs announced the hiring of Cecilia Saucedo as its first Director of Continuing Care. Saucedo has more than 22 years of professional experience in the senior living industry, mainly with skilled nursing facilities. In 2003, she earned her licensure as a Nursing Facility Administrator. Saucedo received her Bachelor of Business Administration from Texas Wesleyan University. The Texas native is a member of the Texas Health Care Association. 

United Methodist Retirement Communities Hires New Health Services Administrator at Chelsea Retirement Community

United Methodist Retirement Communities, Inc. (UMRC) has hired Lee Karson as the new Health Services Administrator at Chelsea Retirement Community. In his new position, Karson will be responsible for the day-to-day functions of Kresge Rehabilitation Center on the Chelsea Retirement Community campus. Karson’s previous experience involves more than 35 years of administration in the healthcare sector. Most recently, Karson was the Grand Blanc Rehabilitation & Nursing Center Administrator in Grand Blanc, Mich. where he worked in all aspects of clinical and operational outcomes and assisted in the development of annual budgets. 

Presbyterian Retirement Communities NW Welcomes New Corporate Director of Human Resources

Presbyterian Retirement Communities Northwest (PRCN) has announced that Larry Dart has joined the organization as Corporate Director of Human Resources. Dart brings years of experience in the areas of finance, human resources and operations. He will oversee the Human Resource department of PRCN and its three senior living communities: Exeter House, Park Shore and Skyline at First Hill.

Most recently, Dart worked for the Youth Hostel Association of New Zealand, where he managed the day-to-day operations in the largest business for the #1 budget accommodation provider in New Zealand. He led a team of 25 people across two properties with 330 beds and $2 million in sales. Previously, Dart was a Human Resources consultant where he provided strategic and operational direction to clients in the food service industry. Dart has a Bachelor of Science from Millikin University from Decatur, Ill. 

AHEPA Names Cavanaugh as Regional Manager

AHEPA Management Company has announced the promotion of Judy Cavanaugh to the position of Regional Manager for Region 7. In her new role, Ms. Cavanaugh oversees the property managers and operations for 10 affordable senior apartment properties managed by AHEPA Management Company, including financials, daily operations, maintenance upkeep, yearly budgets, inspections and property visits. Region 7 properties include AHEPA 35 Apartments in Nashua, NH; Penelope 35 and 35-II Apartments in Bloomington, MN; AHEPA 39 Apartments in Haverhill, MA; AHEPA 53, 53-II, and 53-III Apartments in St. Louis, MO; Penelope 120 Apartments in Peabody, MA, and AHEPA 343 Apartments in LaVergne, TN.  She joined AHEPA Management Company in 1998 and holds the Certified Occupancy Specialist (COS) designation, the Certified Manager of Maintenance (CMM) designation and the Assisted Manager of Housing (AMH) through Quadel designation from NCHM, the National Center for Housing Management.

Jeffrey R. Leeds Appointed Non-Executive Chairman of the Board of Brookdale

Brookdale Senior Living Inc. (NYSE:BKD) recently announced that Brookdale’s Board of Directors has appointed Jeffrey R. Leeds to serve as Non-Executive Chairman of the Board.  Leeds has served as a member of the Board of Directors and as Chairman of the Company’s Audit Committee since November 2005. He retired as Executive Vice President and Chief Financial Officer of GreenPoint Financial Corporation and GreenPoint Bank in October 2004, in which capacities he served since January 1999. Prior to that, Leeds was Executive Vice President, Finance and Senior Vice President and Treasurer of GreenPoint.

HouseWorks Announces New Executive Director in Greater Washington

HouseWorks has announced the hire of its new Executive Director of GreaterWashington, Joan Hyman. Hyman spent four years as Senior Vice President of Development and MemberServices at the Beacon Institute—Lifespan’s education arm—focusing on the establishment ofcutting-edge programs and enhancing value-based services for health care providers. Prior toLifeSpan, Hyman worked in a variety of settings including the Charlestown Continuing Care Retirement Community in Catonsville, Md., HCR Manorcare in Silver Spring, Md., and the Gladys Spellman Specialty Hospital and Nursing Center in Cheverly, Md.

Capitol Lakes Promotes Feldbruegge to Sales Director and Hires Czekalski as Marketing Coordinator

Capitol Lakes has promoted Debra (Deb) Feldbruegge to the position of Sales Director. She has been with Capitol Lakes since 2008, previously serving as Marketing Representative.In addition to her four years’ experience at Capitol Lakes, Feldbruegge contributes 10 years’ experience in real estate sales and extensive experience in accounting and retail management. She holds a Bachelor of Science degree in Business and Marketing, has an active state of Wisconsin real estate license, and maintains an avid interest in current market conditions and real estate trends in Dane County.

Morgan Czekalski has been hired to become the new Marketing Coordinator at Capitol Lakes, working closely with Feldbruegge. In 2009, Czekalski earned her Associate of Applied Science degree in Marketing from Chippewa Valley Technical College, and she graduated from the University of Wisconsin at River Falls in May 2012 with a Bachelor of Science degree in Marketing Communications. 

The post Movers & Shakers – People and Positions for August 2012 appeared first on Senior Housing News.

Capital One Closes $19.5 Million Loan for Revera Health Systems

Capital One Bank announced on Monday it had provided a three-year, $19.5 million secured term loan to Revera Health Systems, Inc., a long-term care and rehabilitation provider with multiple skilled nursing centers across the U.S.

Proceeds of the loan were used to refinance existing senior debt on eight of the health system’s skilled nursing facilities in Maryland, New Hampshire, New Jersey, and Vermont. Revera Health Systems also expanded its relationship with Capital One Bank to include despots and treasury management services. 

The post Senior Housing Finance Activity: Capital One, Grandbridge, RED CAPITAL appeared first on Senior Housing News.

Construction: Planned

Prestige Senior Living and Nevada Health System to Develop Memory Care 

Prestige Care, Inc., and Prestige Senior Living, LLC, are teaming with Carson Tahoe Health to develop a memory care community on the health system’s Specialty Medical Center campus in Carson City, Nevada.

As a first step in the relationship between these organizations, the group will develop 40 units for memory care services, utilizing Prestige’s memory care program, Expressions, along with Carson Tahoe’s clinical expertise.

Carson Tahoe Health encompasses three hospitals, two urgent care facilities and several medical support facilities. Its network offers 22 locations in Carson City, Douglas County, Reno, Dayton, South Lake Tahoe, Yerington and beyond.

The health system provides a continuum of care that includes wellness, diagnostics, treatment, surgery, after-care and support to northern Nevada and eastern California.

The partnership will also enable Presitge to expand its memory care program to Nevada residents while also expanding on its growing family of more than 80 senior care communities.

Construction is expected to begin in 2014, though a specific date was not disclosed.

Developers Close Land to Build $35 Million Assisted Living Community

Officials associated with Charlotte, North Carolina-based Wellmore have closed on land in Tega Cay, South Carolina that will be the site of a new $35 million retirement community.

The 152-unit community will offer assisted living, memory care, skilled nursing services and short-term rehab, as well as a community clubhouse, gourmet dining and a wellness center for resident use.

The Tega Cay property will span nearly 150,000-square-feet once it is completed. The clubhouse and wellness center will span 25,000-square-feet.

The project will be constructed by Stonecrest Development and additional partners include CNL Healthcare Properties, Red Capital Group and Maxwell Group.

Construction is slated to begin in February 2014 with a proposed opening of Summer 2015.

HJ Sims and Omega Communities to Build $24.5 Million Assisted Living in Florida

HJ Sims this week announced the closing of a $24.5 million Series 2014 bond issue to assist Omega Communities in constructing a new rental assisted living and memory care community in North Port, Florida.

The Springs of South Biscayne will be located on the campus of the South Biscayne Church, approximately 45 miles south of Sarasota, FL.

Once complete, the community will offer 95 assisted living apartments and 35 memory care unites.

Birmingham, Alabama-based Omega Communities will own the community.

While the South Biscayne Church does not have an equity position or ownership interest in the community, it will receive a percentage of the operating profits from the facility.

The church will also have the ability to serve and minister to the staff and residents of the community.

Partners involved with the development include LCS Family of Companies, Gilbane Building Company and Lawson Group Architects.

Groundbreaking Nears for $41 Million Luxury Senior Apartments

Spokane, Washington-based Rockwood Retirement Communities will break ground next month on a $41 million, 11-story tower addition to one of its existing campuses, reports The Spokesman-Review.

The 165,000-square-foot tower addition will include 65 luxury apartments for seniors on the company’s South Hill campus in Spokane.

Most of the tower’s units will range from 900-square-feet to 1,970-square-feet, the article reports. The top two floors will offer “penthouse” units ranging from 1,050-square-feet to 2,210-square-feet.

Locally-based Walker Construction will be in charge of the construction. Nonprofit organization Spokane United Methodist Homes operates Rockwood Retirement Communities.

The community expects to begin accepting residents in 2016.

Construction: In process

CSI Support & Development Starts Construction on Michigan Senior Co-Op

CSI Support & Development, a company that provides affordable housing communities for seniors, has started construction on its first non-profit apartment building in Pontiac, Michigan.

Colony Lane will be a three-story building offering 77 units in a residential neighborhood within walking distance to nearby retail establishments.

The community will feature a centralized laundry room, common area balconies, lounges, library, computer center, exercise room, gated parking and secured entry.

Applicants eligible to live at Colony Lane must meet income guidelines established by the Department of Housing and Urban Development, and one household member must be age 62 at the time of initial application.

CSI Support & Development is a non-profit organization that utilizes a cooperative management system, engaging its resident membership in decision making at every level of its operations.

Applicants on the waitlist will have the opportunity to vote on décor decisions within the apartments and common areas of the building, as well as vote on the building name while the building is being constructed.

The organization currently has 56 locations in Maryland, Massachusetts, Southern California and Michigan.

$35 Million Expansion Underway for Kansas Assisted Living Community

Wichita Presbyterian Manor is currently undergoing a $35 million expansion project that is on track for a Summer 2014 completion.

Presbyterian Manors of Mid-America (PMMA) is working on the first phase of construction, which includes the transformation of 48 modersn assisted living apartments, 24 assisted living memory care suites and 50 skilled nursing suites.

The first phase also includes a Post-Acute to Home (PATH) rehabilitation wing and new health care common spaces, including a main kitchen.

The transformation of Wichita Presbyterian Manor will provide memory care services for the first time, which will assist the community in adjusting to the changing needs of residents with Alzheimer’s or other forms of dementia.

Phase two will bring 90 independent living apartment homes and amenities, including multiple dining venues and an array of social, cultural, educational and spiritual programs and activities.

Phase two construction is expected to be complete in late Summer 2015.

U.S. Memory Care Breaks Ground on $15 Million Texas Facility

U.S. Memory Care, LLC, announced this week that it recently broke ground on a new memory care community just north of Austin, Texas.

The Cedar Park facility costs approximately $15 million and is a continuation of U.S. Memory Care’s anticipated rollout of 20 facilities in the southern United States over the next four years, totaling a $250 million expansion of memory care facilities in Texas, the company stated in a release.

The 75-bed Cedar Park is located on 4.77 acres at C-Bar Road and Highway 1431 and encompasses 60,000-square-feet.

Cedar Park is separated into three separate neighborhoods, each of which offering enclosed gardens, meal service and opportunities to participate in “stimulating activities” with other residents and their loved ones.

The three neighborhoods connect to what U.S. Memory Care refers to as “Main Street,” a specifically designed town center where residents can visit the community’s Beehive Beauty Salon, Paula’s Sweet Shoppe, theater, music room, as well as other hobbies and more.

U.S. Memory Care selected America Development, a Dallas-based developer of healthcare facilities, to partner with them in the Cedar Park project.

Over the past 14 years, America Development has developed more than 750,000-square-feet of mixed-use, senior living communities, medical office buildings, rehabilitation hospitals, and other projects for ambulatory surgery centers and imaging centers.

Bedford, Texas-based Galier:Tolson:French handled architecture, while the construction contract was awarded to Irving-based Ridgemont Commercial Construction, Inc.

Cedar Park’s expected completion date is late 2014.

Construction: Completed

True North Group Welcomes Residents to Indiana Memory Care Community

North Woods Village at Edison Lakes, the first stand-alone memory care facility in Mishawaka, Indiana, has completed construction and began welcoming its first residents last week.

Having begun construction in April 2013, development followed a blueprint of creating individual neighborhoods within the building.

Each neighborhood, part of the community’s “New Directions” memory care program, provides those living with dementia an individualized environment that allows for more focused care and treatment.

Holladay Construction Group built the state-of-the-art facility.

Written by Jason Oliva

The post In the Pipeline: Senior Housing Construction Projects (2/20/14) appeared first on Senior Housing News.

Construction: Planned

Smith/Packett Planning 102-unit Assisted Living Project in Virginia

Senior housing developer Smith/Packett has plans to build a 102-unit assisted living community in Tabb, Virginia, reports Williamsburg Yorktown Daily.

An application for the project submitted by Smith/Packett outlines a two-story building totaling about 90,000-square-feet, including amenities such as activity rooms, a commercial kitchen, dining room, pub or lounge area, outdoor walking trails, a gazebo, outdoor courtyards and multi-use areas.

LCB Senior Living proposes 90-unit New Hampshire assisted living project

Norwood, Massachusetts-based LCB Senior Living is proposing to build a 90-unit assisted living and memory care community located in Salem, New Hampshire, reports Eagle Tribune.

If approved, the site of the proposed development would be located on seven acres of land across the street from the Ingram Senior Center.

Project plans call for a three-story development that will include 64 assisted living units and a 26-bed Alzheimer’s care unit.

Construction: In process

Bel Rae Senior Living Breaks Ground on $14 Million Project in Minn.

Construction is underway on a new three-story, 97-unit senior living community in Mounds View, Minnesota—a project that is owned by Bel Rae Senior Living and will be managed by Ebenezer Management Services of Minneapolis, MN.

The Bel Rae, as the project has been dubbed, will feature independent living, assisted living and memory care apartments within the building’s 105,000-square-foot structure.

Designed by Minneapolis-based Kaas Wilson Architects, the $14 million project is beans built by Nottingham Construction of Stillwater, MN and is expected to be complete by March 2015.

Upon completion, The Bel Rae will feature state-of-the-art monitoring and reporting technology, overnight guest rooms, underground parking, community room and a high-end, restaurant-quality dining room.

The community will also provide an activities director and a full-time nurse on-call 24 hours a day, as well as onsite visits by geriatric physicians and nurse practioners.

South Carolina Assisted Living Community Celebrates Groundbreaking

As noted in a previous edition of In the Pipeline, officials with North Carolina-based Wellmore are now in the process of developing a $35 million assisted living community in Tega Cay, South Carolina, following a groundbreaking celebration this week.

Developed by Stonecrest Development, the 152-unit project will offer assisted living, memory care, skilled nursing and short-term rehab services to its residents.

Additional project partners include CNL Healthcare Properties, Red Capital Group and Maxwell Group.

The Wellmore property is slated to open during Summer 2015.

Dominion Partners Announces $38 Million New Construction Pipeline

Birmingham, Alabama-based Dominion Partners has announced plans to expand its senior living portfolio by more than $38 million in new construction and already has several projects currently in the works.

Dominion recently broke ground on a $13.8 million project called Somerby at Santa Rosa Beach located in the Florida Panhandle, and is completing construction drawings for a $25 million independent living phase of Somerby of Peachtree City outside of Atlanta.

Project plans for Somerby of Santa Rosa Beach include 52 assisted living and 24 memory care apartments located on a site that encompasses six acres of land at the intersection of Highway 98 and West Hewett Road.

The community will feature “lushly” landscaped courtyards, exercise walking trails, water features and broad boardwalks, as well as amenities such as chef-styled dining with patio options, wellness areas featuring a medical clinic, fitness room, physical therapy facilities and state-of-the-art hydrotherapy and aerobics pools.

Also included will be a library, computer center, recreation room and a day spa equipped with manicure and pedicure stations.

Somerby of Santa Rosa Beach will be the sixth Somerby senior living community.

For the second project, the expansion of Somerby of Peachtree City—which opened last year—plans include developing 12 villas and 100 independent living apartments in a four-story building.

Phase II of this project will break ground on a 13-acre site adjacent to the existing Somerby of Peachtree City, and is anticipating a groundbreaking this summer.

In addition to these two projects currently underway, Dominion’s Principal and CEO Al Worthington says the company plans to bring Somerby communities to Nashville and Sandy Springs, Georgia.

The Somerby senior living communities are operated by Somerby Senior Living, a division of Dominion Partners.

The Plaza Assisted Living Breaks Ground on New Hawaii Project

Honolulu, Hawaii-based provider The Plaza Assisted Living broke ground recently on its newest assisted living community in Waikiki, reports Pacific Business News.

Development costs associated with the new development, dubbed The Plaza at Waikiki, were not disclosed, however, the location of the project will be on the site of the former PBS Hawaii building.

The Waikiki project marks The Plaza Assisted Living’s fifth property.

Honolulu-based developer MW Group, Ltd. will build the new facility.

Construction: Completed

The Terraces of Phoenix CCRC Completes $1.2 Million Expansion

The Terraces of Phoenix recently completed construction on a $1.2 million expansion project that includes a large performance center, new dining and fitness area.

The Viva Center is a 25,000-square-foot commons area that houses these areas available for resident use.

Residents raised approximately $500,000 through donations, auctions, estate sales and social events to help with project costs.

The completed expansion is the latest development for The Terraces of Phoenix, which features 217 residential living residences that include onsite healthcare, assisted living, memory support and skilled nursing care.

The community is managed by ABHOW.

The Samarkand CCRC Dedicates, Opens Resident Center

The Samarkand, a faith-based CCRC operated by Covenant Retirement Communities, officially dedicated a 9,527-square-foot, two-story building this week.

The LifeCenter building is intended to be the hub of resident activity at the senior living community located in Santa Barbara, CA.

Designed by Kilburn Architects LLC of Seattle, Washington, the LifeCenter building also drew from resident input as part of its design process.

Unique for this development is the fitness center located on the second floor, when usually, due to the weight of the equipment, these facilities are located on the ground floor.

Residens and the architect both wanted to offer those using the fitness facility views of the mountains, so Kilburn mitigated weight/noise issues and put the fitness center on the second floor with an indoor/outdoor cafe and a wellness clinic.

Written by Jason Oliva

The post In the Pipeline: Senior Housing Construction Projects (4/10/14) appeared first on Senior Housing News.

Berkadia Secures $44 Million for N.Y. Skilled Nursing Facilities

Berkadia Commercial Mortgage LLC recently arranged $43.9 million of financing for two skilled nursing facilities located in Nassau County and Dutchess County, N.Y. Vice President Jay Healy of Berkadia’s Seniors Housing and Healthcare group worked with the owner of both properties to secure the fixed-rate financing.

Healy secured a 12-year term extension and closed a 29-year, 6-month loan through the HUD Section 232/223(a)(7) program for a 280-bed facility in Nassau County, N.Y. He also facilitated a note modification through HUD for a five-story building in Dutchess County, N.Y. with 160 beds. The two transactions resulted in combined debt service savings of over $1.7 million for the borrower and were structured in such a way that a master lease was not required by HUD.

HHC Finance Closes $67M of HUD Senior Care Loans

HHC Finance has closed on seven HUD Section 232/223(f) loans totaling $67,040,000. All the loans were originated in April to refinance the existing conventional debt on the properties.

Two of the loans were for Pennsylvania properties: a $12.8 million loan for a 130-bed skilled nursing facility and a $13.1 million loan for a 145-bed SNF.

HHC Finance also originated loans for two Florida skilled nursing facilities, both with 120 beds, one for $7.5 million and the other for $12.7 million.

Another $11.6 million loan was for a 278-bed skilled nursing facility in Montana. The last two loans were for two 60-unit supportive living facilities in Illinois, a nearly $5 million loan and a $4.3 million loan.

RED Capital Group Provides $11M of Senior Housing Capital

Red Capital Group recently provided more than $10.8 million of financing for two different senior care organizations.

RED’s Seniors Housing Group provided a $5,355,000 balance sheet loan through RED Capital Partners, LLC to Clearview Lantern Suites in Warren, Ohio.

A $5.45 million mortgage loan was obtained by RED Mortgage Capital, LLC for the Samaritan Health Care Center in Medina, Ohio via the FHA Section 232/223(a)(7) program.

Marcus & Millichap Brokers $33.5 Million Pennsylvania Nursing Home Sale

Marcus & Millichap represented Beaver County, Pennsylvania in the sale of its 605-bed nursing home for $33.5 million. The transaction, which closed this year on February 28, closed for 50% above the minimum bid price of $25 million.

A “consortium” of owners and operators from New York and New Jersey were the purchasers of the county-owned Friendship Ridge facility, said Joshua Jandris of Marcus & Millichap to SHN. Collectively, the purchasers—who were not named—have experience of more than 50 years in long-term care.

Prior to the transaction, the county-owned Friendship Ridge facility was losing approximately $16,000 per day, Jandris said.

After marketing the property for 60 days, Marcus & Millichap noted that 65 inquiries were received, nine tours were held and five purchase proposals were collected—all in excess of the $25 million minimum bid price.

The unit mix at Friendship Ridge consists of 589 long-term care beds and 16 long-term structured residences, for people “that need help by can come and go as they please and are not necessarily geriatric,” Jandris said. The layout of the property also includes 99 four-bed wards.

The property is located less than a quarter mile from the 361-bed Heritage Valley Hospital.—JO

Cambridge Realty Closes $14M Refinance for Chicago Senior Care Center

Cambridge Realty Capital Companies has closed on a $14 million loan to refinance Alden Northmoor Rehabilitation and Health Care Center, a 198-bed skilled care nursing home in Chicago.

The fully-amortized, 32-year term loan was arranged for the owner using the HUD Section 232/223(f) funding program and was underwritten by Cambridge Realty Capital Ltd. of Illinois, the Cambridge business that specializes in underwriting FHA-insured HUD loans.

Lancaster Pollard Arranges $63M of Senior Housing Financing

Lancaster Pollard recently arranged $63.2 million of financing for senior housing organizations in several different transactions.

National Church Residences

Lancaster Pollard recently assisted National Church Residences with two financings totaling $30.5 million that involved an obligated group with outstanding tax-exempt bonds. In the first transaction, the firm helped National Church Residences refinance Traditions of Chillicothe, a 117-unit continuing care retirement community located in Central Ohio, out of their Healthcare OG. Lancaster Pollard helped National Church Residences remove Traditions from the OG by defeasing one bond series and partially redeeming another. The firm then orchestrated a $17.3 million refinance using the FHA Sec. 232/223(f) program that provides a low, fixed-rate and a large deposit to the replacement reserve account.

Concurrently, Lancaster Pollard underwrote a new OG tax-exempt bond issue to refund existing publically offered variable-rate demand bonds. Lancaster Pollard structured a $13.2 million financing that resulted in a new variable-rate structure that was privately placed with a bank. Kass Matt, managing director and Great Lakes East Regional Manager, led both transactions for Lancaster Pollard.

Sterling Senior Communities

Lancaster Pollard recently helped Sterling Senior Communities with the refinance of Tanner Springs, a 101-unit assisted living and memory care facility in West Linn, Ore., near the outskirts of Portland. The firm used the FHA Sec. 232/223(f) program for the successful transaction, which refinanced $9.9 million in debt at a significantly lower interest rate with a 35-year term and funded a sizeable deposit to the replacement reserve account. Jason Dopoulos led the transaction for Lancaster Pollard.

Mission Park Housing, Inc. 

Lancaster Pollard recently assisted Mission Park Housing, Inc. with the refinance of Bellewood Courts/South, an 84-unit affordable seniors Sec. 202 property located in Bellevue, Neb. Using the FHA Sec. 223(a)(7) program, the firm refinanced $2.5 million in debt with a fixed-rate, taxable loan at a 35-year term. The successful transaction will fund minor repairs and produce over $35,000 in annual debt service savings, which will be contributed to the replacement reserve account and used to maintain and improve the physical condition of the facility for years to come. Quintin Harris, health care banker representing Neb., Iowa and Minn., led the transaction for Lancaster Pollard.

Eskaton

Lancaster Pollard recently worked with Eskaton to rehabilitate a portfolio of seven of its affordable seniors housing properties in Northern California through a debt recapitalization without the use of tax credits. Financing was obtained through the FHA Sec. 223(f) program to refinance the portfolio.

During the application process, HUD/FHA issued a notice announcing significant changes to how developer fees are calculated. Previously, borrowers were able to extract a developer fee that was 15% of the project’s repairs. Under the new guidance, borrowers could obtain a developer fee that was 15% of the total project cost, typically a much larger figure. Lancaster Pollard was one of the first firms to utilize this new guidance and as a result obtained substantial developer fees for Eskaton.

With a total loan amount of $20.3 million, the refinance resulted in over $212,000 in total annual debt service savings, over $4.8 million in total fund repairs, and nearly $2.7 million in developer fees. The successful transaction will allow for extensive owner-elected repairs and substantial renovations that will extend the economic and physical lives of the properties. In addition, the refinance adjusts the annual deposit to the replacement reserve so that there are sufficient funds to meet all future needs of the communities. Jason Dopoulos led the transaction for Lancaster Pollard.

Cal-Mortgage Approves ECS Bond Issuance for New CCRC

Episcopal Communities & Services (ECS), the parent organization and developer of the MonteCedro CCRC, announced recently that it has received approval from Cal-Mortgage, a division of the Office of Statewide Health Planning and Development (OSHPD), to participate in its Health Facility Construction Loan Insurance Program. By securing this financial milestone, MonteCedro will be able to issue bonds at a lower interest rate, similar to the rates received by the State of California, and be backed by the “full faith and credit” of the State of California.

Cal-Mortgage’s Health Facility Construction Loan Program is modeled after federal home mortgage insurance programs, and provides financial support for non-profit healthcare facilities to develop or expand services throughout California at no cost to tax payers. To qualify for assistance, health organizations must be owned and operated by private, nonprofit public benefit corporations or political subdivisions. The program also guarantees payment of the loan principal and interest.

Currently, MonteCedro has achieved approximately 80% of reserved residences. The senior living community also received all of the approvals needed from Los Angeles County and building permits to move forward with construction. MonteCedro is being built by DPR Construction of Pasadena, Calif.

Oak Grove Capital Originates $49M of Senior Housing Loans

Oak Grove Capital recently announced senior housing loan originations of $48.9 million in three transactions for senior housing properties in Minnesota, New Mexico, and Washington.

The loans are: an $8.9 million loan through the HUD Section 232/223(f) program for Southview Senior Living in West St. Paul, Minn.; a $21.5 million Freddie Mac loan for Fairwinds Rio Rancho in Rio Rancho, N.M.; and an $18.5 million Freddie Mac loan for Van Mall Retirement in Vancouver, Wash.

The post Senior Housing Finance Activity: Berkadia, RED Capital, HHC Finance appeared first on Senior Housing News.

Beech Street Refinances Illinois Supportive Living Facility for $20.7 Million 

Beech Street Capital, a Capital One company, has provided a $20.7 million HUD loan to refinance a supportive living facility in Illinois. Under a federal waiver, supportive living facilities in Illinois can receive Medicaid support for low-income residents that need assistance with activities of daily living, but are not in need of full-time nursing care.

“HUD is very receptive to financing supportive living communities,” said Joshua Rosen, the senior vice president of Beech Street Capital who leads its senior housing practice and who originated the transaction. “They are emerging as an important element in the efforts in Illinois to provide appropriate care for an aging population.”

Cambridge Refinances Fla. Nursing Facility, ALF for $13.8 Million

Cambridge Realty Capital Companies arranged a $13.8 million HUD Lean loan to refinance the Hawthorne Health and Rehabilitation Center and the Hawthorne Inn located in Brandon, Fla.

The 30-year loan was arranged for the owner, a Florida limited liability company, using the HUD 232/223(f) funding program, said Cambridge Chairman Jeffrey A. Davis. Underwriting the transaction was Cambridge Realty Capital Ltd. of Illinois, the Cambridge business that specializes in underwriting FHA-insured HUD loans.
Hawthorne Health and Rehabilitation is a 120-bed skilled care nursing facility that provides a range of health care services, including physical, occupational and speech therapy. Hawthorne Inn is a 58-bed assisted living facility that provides 24-hour on-site staffing and a variety of day-to-day living services.

Cambridge Arranges $3.5 Million HUD Loan to Refinance Pa. Elderly Apartment Building 
Cambridge Realty Capital Companies arranged a $3,572,400 HUD MAP loan to refinance Millersville Manor, a Section 8, 122-unit elderly apartment building, in Millersville, Pa.
The 33 and 1/2-year loan was arranged for the owner, a Pennsylvania limited liability company, using HUD 223(f) funding program. Underwriting the transaction was Cambridge Realty Capital Ltd. of Illinois, the Cambridge business that specializes in underwriting FHA-insured HUD loans.

Cushman & Wakefield Arranges $19.6 Million In Acquisition Capital For LCB Senior Living

Cushman & Wakefield arranged $19.6 million of senior financing and joint venture equity capital for LCB Senior Living LLC’s acquisition of a senior housing facility in Reading, Mass. Of that financing, $13.5 million was provided by M&T Bank, while the joint venture equity was provided by Virtus Real Estate Capital.

The acquired property, formerly known as Longwood at Reading, is an 86-unit assisted living community situated in a former school building that was converted into senior housing in 1997 by the previous owner.
LCB plans to convert units on the first floor of the building from assisted living units to memory care units, and will also continue to rehabilitate the historic building. LCB will rebrand the community The Residence at Pearl Street.

Red Capital Provides $18 Million Mortgage Loan to Little Rock ALF 

Red Mortgage Capital, LLC provided a $18.2 million 232/223(f) mortgage loan to Fox Ridge Chenal in Little Rock, Ark. in April. Fox Ridge Bryant is an assisted-living facility with 98 units.

Red Capital Provides $11.3 Million Mortgage Loan to North Little Rock ALF

Red Mortgage Capital, LLC provided a $11.3 million 232/223(f) mortgage loan to Fox Ridge North in North Little Rock, Ark. in April. Fox Ridge Bryant is an assisted-living community with 73 units.

Red Capital Provides $8 Million Mortgage Loan to Bryant, Ark. ALF

Red Mortgage Capital, LLC provided a $8 million 232/223(f) mortgage loan to Fox Ridge Bryant in Bryant, Ark. in April. Fox Ridge Bryant is an assisted-living community with 122 units.

Walker & Dunlop Provides $14.5 Million Bridge Loan for ALF 

Walker & Dunlop, Inc. (NYSE: WD) recently provided $14.5 million in bridge financing through the company’s Interim Loan Program to AFC Forsgate Owner, LLC for the refinance of Chelsea at Forsgate. The borrower is a joint venture among Artemis Real Estate Partners, Focus Healthcare Partners and Chelsea Senior Living. Chelsea manages the property and 11 other senior housing properties in New Jersey. Chelsea at Forsgate is a 120-unit assisted living facility in Monroe Township, originally constructed in 1996 and purchased by the borrower in February 2013. Over the last year, the borrower made changes to operations and implemented a capital improvement project. Since purchasing the property, the borrower spent over $800,000 upgrading the building’s common areas and resident units.

Written by Cassandra Dowell

The post Senior Housing Finance Activity: Beech Street, Cambridge, Red Capital appeared first on Senior Housing News.

Maryland CCRC Names Director of Philanthropy

Patricia Santoni has been named director of philanthropy for Charlestown, a continuing care retirement community (CCRC) in Catonsville, Md., that has more than 2,000 residents. 

She will be responsible for establishing, planning, directing, and coordinating all fundraising activities for Charlestown. Santoni will also provide leadership for the creation of strategic fund development initiatives to include a major and planned giving program, annual giving, corporate and foundation giving, donor stewardship and recognition programs, and public relations related to development.

Santoni has 25 years of experience in the health and human services field and more than 18 years of experience as a fundraiser for organizations such as St. Agnes Hospital, MedStar Health, and The American Cancer Society. She most recently served as director of major gifts and stewardship for Loyola Blakefield.

Senior Living Communities Welcomes Vice President of Clinical Services

Senior Living Communities, owner and operator of nine retirement communities located throughout the Southeast and Midwest, recently announced that Carol Anne Baker has been named vice president of clinical services. 

As vice president of clinical services, Baker will establish policy and procedures for health care programming to include oversight of continuous quality improvement programs, implementation of corporate culture, adherence to SLC Standard of Policies and Procedure, training, reviews and orientation for new directors as needed.

She will be a part of the operations team.

Prior to working at Senior Living Communities, Baker served as the corporate quality management consultant for Sentara Healthcare. She has also served as campus director of nursing services for Sentara Healthcare, and regional clinical services director and director of nursing services for Wellington Healthcare. In her vast experience, Baker has served in multiple roles at the facility, regional and corporate levels, along with being a contributing author to more than 20 nursing books.

Real Estate Investment Firm Hires Managing Director of Senior Housing

DiNapoli Capital Partners (DCP), a privately held real estate investment firm interested in hotels, multifamily, senior housing and office assets, has announced that Guy Geller has joined as managing director to operate and oversee the firm’s senior housing platform. 

Geller brings to the position more than 17 years of experience in senior housing, most recently as the managing director of Sunrise Senior Living in the UK, with responsibility for overseeing Sunrise’s UK portfolio consisting of 27 senior housing communities. 

During Geller’s tenure at Sunrise, property level occupancy increased by more than 15%, EBITDA increased by more than 60% and the company expanded their operations by more than 800 units. 

Prior to taking helm at Sunrise, Geller was a a senior director at Brookdale Senior Living with responsibilities for acquisitions, capital restructuring, dispositions, joint ventures and operational turnarounds for distressed assets. 

Geller will be based in Chicago. 

Harvard Join Center For Housing Studies Names Managing Director 

Dr. Christopher E. Herbert has been appointed managing director of the Harvard Joint Center for Housing Studies, effective January 1, 2015.

Since 2010, Herbert has served as the Joint Center’s director of research, leading the team responsible for producing the Center’s annual State of the Nation’s Housing report, a resource for both public and private decision makers in the housing industry.

He has also overseen the Center’s sponsored research programs as well as its ongoing analysis of important trends in housing, residential settlement patterns, and affordability challenges, both in the United States and elsewhere in the urbanizing world.

Herbert’s own research focuses on the economic and demographic dimensions of homeownership, access to credit, and the persistent challenges to affordability and access in the wake of the recession, housing bust and foreclosure crisis. 

The appointment includes an academic role at the Harvard Graduate School of Design, where Herbert will teach a course in the Department of Urban Planning and Design in spring 2015. He will also oversee the Center’s fellowship programs, as well as its public programs, symposia and events.

Having previously worked at the Joint Center in the 1990s, Herbert rejoined the center in 2010 from Abt Associates, where he was senior associate in the Housing and Community Development practice.

He is co-editor of “Homeownership Built to Last: Balancing Access, Affordability, and Risk After the Housing Crisis,” and a member of the Board of Directors of the Homeownership Preservation Foundation, the Federal Reserve Bank of Boston Community Development Research Advisory Council, and the Center for Responsible Lending Research Advisory Council. 

Senior Lifestyle Corporation Welcomes New CFO 

Steven T. Hippel has been named chief financial officer of Chicago-based Senior Lifestyle Corporation, a senior living company that operates, develops and acquires communities throughout the country. 

Senior Lifestyle’s operations encompass all levels of care including independent living, assisted living, memory care and skilled nursing.

“Steve is a great addition to our leadership team due to his results-oriented approach and extensive real estate background,” said Jon DeLuca, Senior Lifestyle’s president and CEO. “Under his financial guidance we will continue to expand our portfolio of premier senior living communities in key markets.”

Prior to his appointment at Senior Lifestyle Corporation, Hippel served as CFO of Inland Diversified Real Estate Trust, Inc., a public, non-listed real estate investment trust (REIT), where he focused on financing, accounting, financial reporting, financial controls, treasury and tax compliance for the company’s $2.4 billion U.S. commercial real estate portfolio.

He also served as senior vice president and CFO for ORIX Real Estate Capital, Inc., a wholly owned real estate subsidiary of one of Japan’s largest financial services firms. In this position, he was responsible for all accounting, financial reporting, financial controls, treasury and tax compliance for the company’s nationwide portfolio.

Hippel has also held high-level accounting positions with Shorenstein Company, a real estate investment firm specializing in the ownership and operation of high-quality office properties, and Deloitte & Touche, LLP, one of the leading professional services firms providing audit, tax, consulting and financial advisory services.

Hippel is a member of the American Institute of Certified Public Accountants as well as the Illinois CPA Society. Active with community organizations, he serves on the board of the Falcons Hockey Association of Highland Park, Ill.

RED Capital Group Names Head of Affordable Housing

RED Capital Group recently announced that Tracy Peters has been named head of affordable housing for the firm. 

Peters has been with the firm for more than 20 years and has extensive experience in affordable housing. His experience includes numerous years working in structured bond underwriting and placement issues for apartment projects enhanced primarily with FHA Mortgage Insurance/Ginnie Mae Mortgage-Backed Securities or Fannie Mae Mortgage-Backed Securities.

Peters also has worked with and advised local housing authorities, non-profit developers, for-profit affordable housing developers, and seniors housing providers on capital structures and financing. He has served as the lead banker on Section 236, Section 202, and mark-to-market refinance transactions.

Previously, Peters was an auditor at Ernst & Young. He earned his finance and accounting degree from Miami University in Oxford, Ohio, and is a non-practicing Certified Public Accountant.

Recently, he was named vice president on the Ohio Housing Council Board of Trustees.

Reutlinger Community Names New CEO

The Reutlinger Community for Jewish Living has named Jay Zimmer as its new CEO. 

Zimmer takes the helm of the Danville, Calif., senior living community as it embarks on a multimillion dollar building renovation and strategic plan for the future. He began work at Reutlinger on Nov. 3.

Zimmer’s initial goals as CEO will be to guide Reutlinger through a building renovation; develop a comprehensive marketing, repositioning and branding plan; create a long-term development strategy to increase Reutlinger’s endowment; and establish relationships, affiliations and partnerships that will provide services that cannot be provided in-house.

Zimmer has more than 20 years experience in senior management across the spectrum of health care, including positions at university medical schools, community hospitals, large multispecialty physician practices, long-term post-acute care and health care consulting.

Reutlinger is a faith-based, nonprofit senior care organization that provides multiple levels of care and welcomes people of all faiths and backgrounds, with an emphasis on Jewish values.

National Health Investors Announces Hire of EVP of Corporate Finance

National Health Investors, Inc. (NYSE:NHI) recently announced the hire of Eric Mendelsohn as executive vice president of corporate finance. 

Mendelsohn will oversee the company’s banking relationships, financial transactions and legal matters starting January 26, 2015.

“I’m extremely excited to welcome Eric to the NHI team,” said NHI CEO and President Justin Hutchens. “His in-depth real estate and financial transaction experience perfectly complements NHI’s growth plan. Plus, Eric’s background working for one of the nation’s largest senior housing operators blends with our long history of offering an operational perspective to our customers and shareholders.”

Mendelsohn has more than 15 years of health care real estate and financing experience. Previously, Mendelsohn was with Emeritus Senior Living for nine years, most recently as a senior vice president of corporate development, where he was responsible for the financing and acquisition of assisted living properties, home health care companies and executing corporate finance strategies.

Prior to Emeritus, Mendelsohn was with the University of Washington as a transaction officer, where he worked on the development, acquisition and financing of research, clinic and medical properties. Prior to that, he was a practicing transaction attorney, representing lenders and landlords. 

Jim Nasso Joins Wesley Housing Corp. as CEO

The board of directors for Wesley Housing Corp. of Memphis, Inc. has named Jim Nasso as CEO, effective Jan. 1. Previously, Nasso was president and chief operating officer of Wesley Housing Corp.  

The organization, which is connected with the United Methodist Church, serves more than 2,200 residents in two assisted living communities and 28 senior housing communities in West Tennessee, western Kentucky and Arkansas.

Nasso’s appointment comes after the resignation of current CEO Larry Kaler, who will retire at the end of December. The board also announced Ron Budynas will assume the role of vice president and COO. Don Ollio is the vice president and chief financial officer.

Avanti Senior Living Names 2 New Hires 

Avanti Senior Living, a new senior living development, operations and ownership company, has recently announced two new hires for its Towne Lake, Texas community. 

With more than 25 years of experience in health care — 22 years of which were spent serving senior living residents — Jan Kaiser has been named senior executive director of Avanti at Towne Lake, where she will serve as the community’s Impact Maker.

Kaiser has spent the last 16 years of her career serving seniors in the Cy-Fair/Cypress area and has been involved with many health care boards and committees in the area. 

Kaiser will be responsible for daily operations of Avanti at Towne Lake, overseeing the care of each resident, making sure needs are met on an individualized basis, maintaining health codes and regulations, making managerial decisions and providing leadership for fellow team members.

During the early years of her career, Kaiser worked with top-rated geriatric physicians and received Alzheimer’s training from JoAnne Koenig Coste, a renowned Alzheimer’s specialist in New England. During this time, she had a weekly spot on a radio show to discuss Alzheimer’s and other issues faced by seniors and also participated in a medical round table on a television show with fellow geriatric physicians.

With more than 10 years of experience in professional senior living sales, Shawna Dodd has been named community relations director of Avanti at Towne Lake, where she will serve as the community’s Relationship Builder.

Dodd has a competitive background in sales and marketing, having established a proven track record of success and award-winning closing percentages in demanding, fast-paced sales markets.

Prior to Avanti, Dodd served in sales and marketing positions with Brookdale Plaza Kingwood, The Village at The Woodlands Waterway, Brookdale Place Cypress Station and The Abbey at Westminster Plaza.

Kaiser and Dodd will provide leadership, fulfill administration and operational duties and help manage community outreach. Avanti at Towne Lake is currently under construction and due to open in the summer of 2015.

Brookdale Appoints William G. Petty Jr. to Board of Directors

Brookdale Senior Living (NYSE:BKD) recently announced the appointment of William G. Petty Jr. to its Board of Directors.

Petty brings to Brookdale nearly 30 years of experience in the health care services industry, as well as extensive operational, investment and transactional experience in the senior living industry, and a robust background in finance.

He is a founding partner of Beecken Petty O’Keefe & Company, a private equity management firm specializing in the health care industry. During his career, Petty has served as a senior executive or as a director of several publicly traded and privately held senior living companies.

“We are pleased to welcome Bill to our Board as an independent director,” said Jeffrey R. Leeds, Brookdale’s chairman. “Bill has had a long, successful career creating value as a private investor and as a public company operating executive and board member. We look forward to many valuable contributions from him as our Board and management team continue to refine and execute our strategy for sustainable growth.”

Jackie Clegg, chairman of the Nominating and Corporate Governance Committee of Brookdale’s Board, said, “Bill’s proven leadership in the senior living industry, along with his expertise in finance and healthcare, led the Committee to unanimously recommend his appointment to our Board.”

Petty’s appointment was effective immediately for a term scheduled to expire at the company’s 2016 Annual Meeting of Shareholders. He has also been appointed to the Investment Committee of the Board.

Petty’s prior leadership experience includes service as chairman of the Board of Directors of Sunrise Senior Living, Inc. from January 2013 to April 2014; as CEO of Alternative Living Services, Inc./Alterra Healthcare Corporation from 1993 to 1996 and as its chairman from 1993 to 2000; as chairman, president and CEO of Evergreen Healthcare, Inc. and as a director of that company’s publicly traded successors (GranCare, Inc. and Mariner Health Care Inc.); and as a director and member of the executive committee of Forum Group, Inc.

In 1985, he co-founded Omega Capital Ltd., a private investment fund focused on the health care industry, which formed Omega Healthcare Investors, Inc., a healthcare REIT, during his tenure as managing director.

In addition, he has served on the boards of directors of several Beecken Petty portfolio companies.

Written by Emily Study

The post Movers & Shakers — People and Positions for December, Part IV appeared first on Senior Housing News.

Construction: Planned

Omega Communities Buys Fla. Site for New $25 Million Community

Birmingham, Ala.-based developer Omega Communities this month acquired a nine-acre site in Fort Myers, Fla., which will be the location of the company’s third project in southwest Florida this year.

Unlike Omega’s other projects, the Fort Myers development will be the company’s first facility not built on a church campus, however, Omega says it does plan to partner with a large church that impacts the local community.

Lawson Group Architects of Sarasota designed the facility and construction drawings are currently nearing their completion, according to a release from Omega.

When shovels do hit the dirt in spring 2015, the first phase will consist of 135 assisted living and memory care residences in three separate buildings that will be connected by interior corridors. 

Omega estimates total project costs for the facility to range between $25-$30 million.

Country Place Senior Living Ready for Construction in Ala.

After what’s been reported as a three-year process, Country Place Senior Living is finally ready to begin construction on a new assisted living community in Atmore, Alabama, reports local Atmore News.

The lot is currently being cleared and permits have already been granted for Country Place to break ground, which the company says it plans to do in the first quarter of 2015.

A completion is anticipated for later in the year, sometime in November or December, according to comments made by Tom Womack, marketing manager for Pacrim US, Country Place’s parent company.

While development costs were not disclosed, the new Country Place community will feature 24 suites, most being single occupancy with six units for couples. 

Developers File Plans for New Senior Housing Community in N.C.

Michigan-based Singh Senior Living and the Waltonwood Group have filed plans in Raleigh, North Carolina, to develop a 181-unit senior living community, reports Triangle Business Journal.

Waltonwood at Lake Boone will include 121 independent living apartments, 23 units for residents needing supportive care, 19 assisted living units and 18 memory care units. 

Singh plans to break ground in March. 

Construction: In process

Brandywine Puts Finishing Touches on Delaware Community Expansion

Brandywine Senior Living is expanding is offerings in the Northeastern United States with the expansion of one of its Delaware communities, reports the local Cape Gazette.

The expansion of Brandywine Senior Living at Seaside Pointe increases the community’s memory care capabilities by adding 28 units to its existing assisted living component. 

While the existing community currently houses 99 residents, the new addition could increase capacity by as many as 40 new residents, according to Seaside Pointe’s executive director, who was cited by Cape Gazette.

The new memory care wing features two floors with 14 suites, two dining rooms and kitchens, along with keypad-secured entries, living rooms, a sun room and outdoor courtyard. 

Discovery Senior Living Kicks Off New Construction in Fla.

Bonita Springs, Fla.-based Discovery Senior Living has commenced construction of its newest senior living community with a groundbreaking ceremony in Palm Beach Gardens, Fla.

Discovery Village At Palm Beach Gardens will include 120 residences for independent, assisted living and memory care on its 10-acre parcel at 100 Discovery Way. 

The $35 million community will also feature what Discovery is calling The Grande Clubhouse, a social space that will have two dining rooms a game room, bistro and ice cream parlor, bar and lounge, as well as a movie theater. 

The Clubhouse will also be home to an indoor heated wellness pool, a professional beauty salon and spa with barber shop, a media center with cognitive brain fitness, along with a multifunctional art, hobby and craft center and activity room.

Discovery expects construction of the 130,000-square-foot development to be complete by early 2016. 

Discovery Village At Palm Beach Gardens is the design of Largo, Fla. firm Architectural Concepts Inc. Interior design for the community is provided by Lori Wegman of Wegman Design Group based in Naples. 

The Henning Group, also of Naples, is the general building construction management firm in charge of constructing the new Discovery property.

Community & Southern Bank, Synovus Bank and Red Capital are the construction financing partners.

New LECOM Senior Living Center Nears Completion in Penn.

A senior living center currently under development by the Lake Erie College of Osteopathic Medicine (LECOM) is about 99% completed, according to officials close to the project, reports local YourErie.com.

The new facility is situated a few hundreds yards from LECOM’s wellness center in Erie, Penn. and will act as a transitional treatment center for patients who need post-acute care before returning home.

The five-story complex will house 138 beds is on schedule to open in July 2015. 

Construction: Completed

Northstar Senior Living LGBT Community Now Open in Calif. 

An LGBT assisted living community operated by Redding, Calif. operator Northstar Senior Living is now open and ready to accept residents in Palm Springs, Calif. 

Stonewall Gardens consists of two one-bedroom apartments, two shared apartments and twenty deluxe studios for a grand total of 24 living accommodations. 

Originally built as a 1950s bungalow-style resort, Stonewall Gardens offers midcentury modern design, desert landscaping and serene water features. 

On-site amenities include three chef-prepared meals per day served in the community’s dining room or in one of its many al fresco dining areas. Each unit features a patio, large bathrooms, energy efficient windows and flatscreen TVs. 

 The community is located in the Uptown area of Palm Springs within close proximity of various retail, restaurants and entertainment venues for music and art. 

Written by Jason Oliva

The post In the Pipeline: Senior Housing Construction Projects (1/5/14) appeared first on Senior Housing News.

As senior housing remains attractive for a variety of investors both new and established, the lending landscape in 2015 will be characterized by several macroeconomic trends, greater appetite from banks and even increased competition among lenders in the year ahead.

A favorably low interest rate environment in the U.S. has created a proliferation of low-cost bank financing, enabling borrowers to continue to leverage off of banks’ strong appetites to deploy funds, says Adam Sherman, managing director at RED Capital Group.

“On a macro level, senior housing as an asset class has risen over the last several years,” Sherman says. “There’s a rising tide of awareness as capital providers are becoming more comfortable and educated in the sector.”

Banks are also willing to commit longer to transactions, increasing their leverage points to give providers more debt than they would have in the past, says Chris Blanda, vice president at Lancaster Pollard, senior housing and healthcare financial services firm headquartered in Columbus, Ohio.

Interest from commercial banks in the senior housing sector will also be a boon to providers in their growth plans, whether those include building new properties or expanding existing ones.

“The rate environment is still going to be favorable [in 2015] and it’s our expectation that interest in the senior housing is growing by the quarter,” says Blanda.

Lancaster Pollard, who does tax-exempt bond placement for non-profit senior housing clients, among other products and services, has been seeing the number of banks interested in providing these types of loans grow.

“Financing options are broadening and getting attractive,” Blanda says. “Unless there is some sort of banking crisis that impairs banks’ abilities to lend, or an event that forces the Fed to raise interest rates, 2015 is going to be a really good year.

However, that is not to say that financing through federal programs like the Department of Housing and Urban Development (HUD), Fannie Mae and Freddie Mac won’t be a factor next year.

HUD, whose infamous backlogs for Section 232/223 loans would have taken up to a year in the past to have an application picked up by an underwriter, announced earlier this year that it has cleared the queues in all of its multifamily programs.

“HUD is basically telling all lenders, bring in the deals because we’re ready and eager to get going,” says Dan Biron, senior vice president at Berkadia. “Construction deals are still taking time, however, and HUD is being very selective in who they’ll do a deal with.”

Though the queue might be gone, it could still take anywhere from five to eight months to finance a project through the HUD 232/223 program. However, that shouldn’t damper demand in the coming year, especially as more operators look to expand or renovate their existing communities, or even pursue new construction opportunities.

“I anticipate to see the same strong demand as in 2014,” says Biron. “The industry is getting more recognition, the baby boomers are getting older, more investors see there is a demand and that this is an industry worth pursuing.”

The year ahead in 2015 could likely see more products developed as the result of collaborations between partners, especially as more commercial banks return to the sector and non-bank lenders look for ways to differentiate from conventional lending sources and permanent lending programs like HUD.

But the underlying theme to all of that is 2015 will be undoubtedly be a competitive year for senior housing lenders.

“Lenders of all types are going to be forced to adapt to all types of competition,” says Sherman. “Talent is always going to follow opportunity in the lending community.”

Written by Jason Oliva

The post Finance Outlook: Senior Housing Ready to Ride the Rising Tide in 2015 appeared first on Senior Housing News.

Ted Meylor Assumes Role of CEO for RED Capital Group

RED Capital Group, LLC and ORIX USA Corporation announced recently that Edward “Ted” J. Meylor will be assuming the role of CEO for RED Capital Group, as Mike Moran, current CEO, transitions back to the parent company, ORIX USA.

Moran was named as chairman and CEO of RED in 2012, two years after ORIX purchased the company, to transition the company after its founder, William E. Roberts, retired. Under Moran’s leadership, RED continued to expand its presence and reputation in the multifamily, senior housing and affordable housing industries.

Meylor joined RED in May 2014 as executive chairman, working with Moran to grow the RED portfolio and foster new opportunities for the firm. He takes on the additional responsibilities that come with the CEO role with plans to further grow the RED portfolio.

“Ted was brought in to build on the groundwork that Mike has started, including the continued growth in the seniors housing platform and key projects that are currently in the works,” said Hideto Nishitani, chairman, president and CEO of ORIX USA. “We believe that with these changes that both RED and ORIX USA are poised for future growth.”

ProMatura Group Names New President 

The ProMatura Group, an international consumer research firm headquartered in Oxford, Miss., has named a decorated former U.S. Army officer to be its new president.

Bobby A. Towery assumes his new post immediately, and will be charged with heading up operations and management of the fast-growing consultancy.

CEO Margaret A. Wylde was originally looking for a sales manager to add to the firm when she met Towery “by chance.”

“Bernie Smith had just announced his intentions to leave after 20 years as our chief operating officer, and up steps a man who had risen to the rank of colonel in the Army hierarchy, including serving as deputy commandant of the War College in Carlisle, Pa., before his retirement in 2013,” she said in a statement. “He is an organizational genius, and the person I most need to bring important leadership to our firm.”

Prior to joining ProMatura, Towery was serving as vice president of operations for NCI Informational Systems of Reston, Va., where he was director of logistics for new acquisitions across the country.

During his 30-year Army career, he served at bases across the U.S., including Fort Riley, Kans., Fort Stewart, Ga., Fort Bragg, N.C. and Fort Polk, La. His instructing experience includes serving as assistant professor of military science and battalion executive officer at the University of Mississippi.

His military awards include the Distinguished Service Medal, Legion on Merit, Meritorious Service Medal and Army Commendation Medal for Valor.

Park Springs Promotes Jim Schneeberger to Executive Director

Isakson Living recently announced that Jim Schneeberger has been promoted to the position of executive director for Park Springs, an Atlanta continuing care retirement community (CCRC) that is owned and operated by Isakson Living.

Schneeberger has been with Park Springs since 2008 as director of food and beverage. In that position, he managed the more than 100 professionals who work in one of the four dining venues at the retirement community: the Market Café Bistro, the Main Dining Room, the Springhouse Grill and the Park Springs Pub.

In addition, he focused on enhancing the dining experience for the residents at the Cobblestone Health Center, including Pebblebrook, Park Springs’ nursing home.

“As director of our food and beverage department, the largest department on campus, we have witnessed Jim’s excellent leadership skills and how he consistently exhibits the many qualities we seek in an executive director,” said Kevin Isakson, director of sales and marketing at Isakson Living. 

Isakson noted that developing a career track and providing opportunities for advancement from within Park Springs is vital not only to the employees but to the entire retirement community.

“Jim has strong communication skills and is able to provide creative and efficient solutions. His knowledge of the members, our staff and Park Springs’ overall operation is a great benefit to us all. We are proud to promote Jim,” Isakson said. 

Maxwell Group Hires Seasoned Marketing Professional

Charlotte, N.C.-based Maxwell Group recently announced that Jeff Keener will be joining the marketing team as copy writer and event coordinator.

Maxwell Group is the parent company of Senior Living Communities, owner and operator of nine retirement communities in the Southeast and Midwest; Live Long Well Care, a private duty care service provider for seniors; and Wellmore, a new line of health care and wellness retirement communities.

Keener will brainstorm, create and transform ideas into text for various collateral forms including advertisements, brochures, articles, publications and pamphlets. He will also provide scriptwriting assistance for video or radio content. In addition, Keener will oversee every aspect of community marketing events from conception to completion, including planning, budget management and booking.

“Jeff is a wonderful addition to our marketing team,” said Vice President of Creative Services Andrew Ketchum. “His background as a dynamic client relations consultative strategist and media professional will be valuable as Maxwell Group continues to build our many brands across many platforms. Jeff has already been extremely helpful in planning marketing events related to Wellmore of Tega Cay’s grand opening in June 2015.”

Keener has previously served as director of marketing for Heafner Financial Solutions and marketing and promotion manager for Time Warner Cable Media in Charlotte, N.C. 

Virginia Baptist Homes Names New COO

The Board of Trustees of Virginia Baptist Homes, Inc. (VBH) has named Mick L. Feauto as the new chief operating officer of Virginia Baptist Homes and related corporations, effective April 13, 2015.

Feauto has 34 years of senior living industry experience as a nursing home administrator, executive director, regional vice president of operations and senior regional vice president of operations.

During the last 10 years, he has served in regional roles with Life Care Services with oversight of 28 CCRCs. In addition, Feauto has a broad range of experience with CCRC insurance captives, tax-exempt financings, direct placement loans, greenfield and campus redevelopments, marketing systems and fundraising.

Virginia Baptist Homes, Inc. is a not-for-profit organization headquartered in Richmond, Va. It operates four CCRCs in Virginia.

New Executive Director Named at Bridges by EPOCH at Trumbull

EPOCH Senior Living has named Erik Hammerquist executive director of Bridges by EPOCH at Trumbull, a 72-apartment memory care and assisted living community opening in 2015 in Trumbull, Conn. Hammerquist will oversee every aspect of the community, including the quality of service, amenities, programs, life enrichment and care.

He has more than 10 years of executive-level senior living experience and most recently served as the senior vice president of operations for a multi-community memory care provider. Hammerquist holds New York State Administrator and New Jersey Certified Assisted Living Administrator licenses.

Silver Sun Living Announces New Appointment

Silver Sun Living has announced the appointment of Martin Roberts its in-house management team. Martin is a UK property, travel and lifestyle journalist.

“In my travels I see all varieties of property investment opportunities, however the world of developments geared toward the needs of active retirees, and those in need of more supportive residential care, seem to be growing faster than any other I’ve experienced,” he said. “As part of the team at Silver Sun Management, I’m working hard to find the best possible opportunities that are out there — and bring them to the attention of discerning end users and investors.”

Silver Sun Living is a provider of luxury retirement villages catered toward the needs of active retirees with a primary focus on health and well-being. 

Written by Emily Study

The post Movers & Shakers: RED Capital Group’s New CEO appeared first on Senior Housing News.

Blueprint Healthcare Real Estate Advisors Arranges Sale of Six Neb. SNFs

Chicago-based Blueprint Healthcare Real Estate Advisors recently announced it has arranged the sale of six skilled nursing facilities (SNFs) located in Nebraska for $15 million. 

While the details regarding buyer and seller were not disclosed, Blueprint indicated that the buyer was a partnership between a publicly-traded REIT and a regional operator with a presence in the Neb. market. The seller was a New York-based national owner/operator.

The portfolio at the time of sale generated approximately $20.8 million and $450,000 in consolidated total revenue and EBITDAR, respectively.

Blueprint’s Chris Hyldahl and Ben Firestone served as the lead advisors, with Mike Segal and Ryan Chase assisting in managing the transaction.

Marcus & Millichap Arranges Sale of Seven Properties in N.C.

Mike Pardoll of Marcus & Millichap’s Charlotte, N.C., office arranged the sale of six assisted living communities and one SNF in July, comprising three separate transactions totaling approximately $43 million.

The first transaction involved a non-profit foundation’s sale of five assisted living properties with 300 units for $22.3 million, or about $74,300 per unit. The buyer was Meridian Senior Living.

The second deal involved a group of private investors who sold a 60-unit assisted living facility in Wadesboro, N.C. to Meridian Senior Living for $4 million, or $66,700 per unit. 

For the third transaction, Pardoll along with Marcus & Millichap’s Mark Myers, facilitated the sale of a 134-bed SNF in Raleigh for $16.5 million, or $123,100 per bed. The seller was Clearwater, Fla.-based Traditions Senior Management and the buyer was a local, unnamed N.C. company. 

Marcus & Millichap’s IPA Closes $87.5 Million Sale of Pa. Senior Living Portfolio 

Institutional Property Advisors, a Marcus & Millichap company, recently announced the closing of a three-property senior living portfolio that comprises 328 units of assisted living, independent living and memory care in Bethlehem, Boyertown and York, Pa.

The transaction, which closed on June 30, included a private owner/operator seller, with the deal structure being a sale-manageback with a non-traded REIT. 

The portfolio traded at a price per unit of $266,768. 

Colliers International’s Senior Housing Group Arranges Sale of Fla. Community

The National Seniors Housing Group of Colliers International recently announced that it had arranged the sale of Bristol Court Assisted Living in St. Petersburg, Fla. for $8.4 million.

Built in 1960, the 70-unit memory care community was sold by SPALF Holdings LLC, a Fla.-based company that had renovated the facility in 2011. 

The buyer was CTR Partnership, a Delaware-based limited partnership, which signed a long-term lease with an unnamed memory care operator.

Ken Carriero, senior vice president of Colliers International’s National Seniors Housing Group, and Associate Vice President Damien Carriero, listed the property on behalf of the sellers and the buyers. 

Infinity Healthcare Merges with Geriatric Nurse Practitioners Inc.

Rocky River, Ohio-based Infinity Healthcare LLC, doing business as InfinityNP, announced earlier this month that it has merged with Geriatric Nurse Practitioners, Inc., an Akron-based company that provides nurse practitioners to assisted living and long-term care facilities.

Utilizing the services of trained nurse practitioners (NPs), InfinityNP provides advanced clinical care to geriatric residents in skilled nursing, assisted living and independent living settings.

The merger with GNP was formed to enhance the delivery of care in post-acute settings, while also expanding InfinityNP’s footprint throughout the State of Ohio, said Anthony Coury, president and CEO of InfinityNP, in a prepared written statement.

As a result of the merger, Lisa Costa, former vice president of operations for GNP, will continue working closely with the NPs, physicians and facility administration as Vice President, Operations, for InfinityNP.

SAGE Awards $1 Million to Expand LGBT Senior Housing Initiative 

The Calamus Foundation of New York has awarded Services and Advocacy for GLBT Elders (SAGE) $1 million to expand its national LGBT Elder Housing Initiative, launched in 2015 to combat discrimination against lesbian, gay, bisexual and transgender older adults in senior housing. 

The initiative is meant to engage consumers, providers and policymakers to increase access to and create understanding and welcoming environments in housing for LGBT older adults.

SAGE’s national LGBT elder housing initiative takes action by:

• Building LGBT-affirimng senior housing in select cities.
• Training senior housing providers in fair and welcoming treatment of LGBT older people.
• Changing public policy to end housing discrimination against LGBT older people and expand federal support to LGBT-inclusive elder housing.
• Equipping LGBT older people with the resources they need to find and advocate for LGBT-friendly housing in all its forms.
• Expanding services that support LGBT older people who face housing challenges.

A national research report published by the Equal Rights Center in 2014, with support from SAGE, found that 48% of older same-sex couples applying for senior housing were subject to discrimination. 

“As a long-time supporter, The Calamus Foundation of New York is proud once again to partner with SAGE to ensure LGBT people can age with dignity and have equal access to supportive housing and care as all other Americans,” said Louis Bradbury, board president of The Calamus Foundation, in a written statement.

Founded in 1994, The Calamus Foundation awards grants to charitable organizations for programs and activities that focus on care and support services to individuals with HIV/AIDS, as well as services to the LGBT community. 

Griffin-American Healthcare REIT III, Inc. Totals $238.5 Million of Q2 Senior Housing Investments 

American Healthcare Investors and Griffin Capital Corporation, the co-sponsors of Griffin-American Healthcare REIT III, Inc., announced the completion of more than $300 million acquisitions during the second quarter of 2015, most of which were senior housing. 

The REIT completed the acquisition of 18 health care properties in eight states for an aggregate purchase price of $311.3 million during the second quarter. Of that amount, senior housing transactions comprised $238.5 million, a Griffin-American spokesperson confirmed to SHN in an email.

The acquisitions were comprised of 12 senior housing properties and six medical office buildings (MOBs). 

Mountain Crest Senior Living Portfolio—Elkhart, Hobart & LaPorte, Ind.; and Niles, Mich.

The 100% private-pay portfolio is comprised of six senior living communities totaling 653 rental units across approximately 417,000-square-feet, and is managed on behalf of the REIT by Ridgeline Management Company. At the time of the acquisition, the average occupancy for five of the six communities was approximately 85%.

The portfolio was acquired from LaPorte Retirement LLC, Hobart Retirement LLC, Niles Retirement LLS, Elkhart Retirement LLC, CW LLC and Eastlake LLC—all unaffiliated third parties represented by Nick Glaisner of Ziegler, under a RIDEA structure.

Nebraska Senior Housing Portfolio—Bennington & Omaha, Neb.

Nebraska Senior Housing Portfolio is comprised of two senior living communities totaling 220 rental units and 282,000-square-feet. The portfolio was acquired from Dial Retirement Communities, an unaffiliated third party represented by Mark Myers of Marcus & Millichap, under a RIDEA structure.

Built in 2000 and 2009, the portfolio was 100% occupied at the time of its acquisition. It will be operated on behalf of Griffin-American by Dial Senior Management Inc., an affiliate of the seller. 

North Carolina Assisted Living Portfolio (Second Tranche)—Wake Forest & Clemmons, N.C.

The North Carolina Assisted Portfolio is comprised of two senior housing facilities totaling 122 rental units and approximately 81,000-square-feet. The properties were built in 2014 and are operated by Carillon Assisted Living LLC under a 15-year absolute net lease with two 10-year renewal options.

The portfolio was acquired from Carillon, an unaffiliated third party represented by Jason Ficken and Greg Throckmorton of Quadriga Partners.

As the time of acquisition, each property in the portfolio had 100% occupancy. The REIT anticipates closing on the third and final tranche of the portfolio during the first quarter of 2016.

Pennsylvania Senior Housing Portfolio—Bethlehem, Boyertown & York, Pa.

The Pennsylvania Senior Housing Portfolio is comprised of 345 rental units and approximately 260,000-square-feet. Built between 1986 and 2008, the communities’ occupancy at the time of acquisition was approximately 98%.

The portfolio is operated on behalf of Griffin-American by Heritage Senior Living, an affiliate of the sellers, which owns and operates 12 other senior housing communities located primarily in Pa. 

The portfolio was acquired from Abeking Associates LP, One Boyertown Properties LP, Two Boyertown Properties LP and Westrum Hanover LP—all unaffiliated third parties affiliated with Heritage Senior Living represented by Joshua Jandris of Marcus & Millichap. The REIT completed the transaction under a RIDEA structure. 

Griffin-American MOB Deals in Q2 2015

As for the six MOBs, acquisitions include the Glen Burnie Medical Office Building in Glenn Burnie, Md.; the Marietta Medical Office Building in Marietta, Ga.; the Mount Dora Medical Center in Mount Dora, Fla.; and the Paoli Medical Plaza in Paoli, Pa., which is a portfolio of three MOBs.

Griffin-American Healthcare REIT III completed the acquisitions using cash-on-hand, as well as the assumption of existing loans totaling approximately $26.1 million associated with Paoli Medical Plaza and Pennsylvania Senior Housing Portfolio.

Including these acquisitions, the REIT’s portfolio is comprised of 60 MOBs, hospitals and senior housing facilities, as well as one collateralized debt instrument. 

The portfolio was valued in excess of $942.7 million, based on aggregate purchase price, as of June 30, 2015. 

Written by Jason Oliva

The post Senior Housing Investments & Transactions: Blueprint, Griffin-American Healthcare REIT III appeared first on Senior Housing News.

RED Capital Group Closes $11.1 Million Refinance for MBK Senior Living

RED Mortgage Capital, the proprietary mortgage banking arm of RED Capital Group, LLC, has closed an $11.1 million refinance loan for Chancellor Gardens of Clearfield, an MBK Senior Living-owned and operated community located in Clearfield, Utah.

“MBK was seeking a customized product for this project, and we are very happy with how smoothly the process went,” said Dan Hill, director of senior housing at RED, said in a news release. “We are particularly excited that we were able to close this complicated deal in the span of 43 days.”

The facility consists of 130 units and offers assisted living and memory care. MBK owns and operates 13 assisted living and memory care communities across California, Utah, Arizona, Colorado and Washington.

Fannie Mae provided the capital for the loan.

Grandbridge, BB&T Fund $13.7 Million Refinance for Yorktown, Virginia Community

Grandbridge Real Estate Capital’s Atlanta-based Seniors Housing and Healthcare Finance Group, along with BB&T’s Lexington, Virginia-based commercial real estate department, have funded a $13.72 million loan for Smith/Packett Med-Com, LLC to construct The Crossings on the Peninsula in Yorktown, Virginia.

“In addition to their extensive senior living real estate experience, the lenders at BB&T and Grandbridge were excellent at keeping open communications channels between both construction (BB&T) and permanent (Grandbridge) lending and with the clients,” said Hunter D. Smith, Smith/Packett president and principal, in a prepared statement. “This enabled a smooth transaction and has prepared The Crossings on the Peninsula for success by executing on the construction/mini perm loan and by laying the ground work for the permanent financing.”

The facility is slated to consist of 68 assisted living residences and a 38-bed memory care neighborhood, which will be called Harmony Square Town Center. Like other Harmony Senior Services communities, The Crossings on the Peninsula will contain a library, a pub, a beauty shop and more.

Grandbridge’s Seniors Housing and Healthcare Finance Group provides construction, non recourse acquisition and permanent financing options to seniors housing owners across the country.

Berkadia Arranges 2 Loans Totaling $366.7 Million for 39 Seniors Housing Properties

Berkadia Commercial Mortgage LLC’s Seniors Housing and Healthcare Group has closed on two loans totaling $366.7 million for two portfolios consisting of 39 seniors housing properties for Brookdale Senior Living (NYSE: BKD), which will use the loans to refinance existing debt on the properties. The portfolios’ 39 properties are located in 17 states.

A $226.4 million, 10-year loan was secured through Berkadia’s Fannie Mae program for a 21-property portfolio, which has an average occupancy of 90.6%. Of the properties’ 1,924 units, 5.7% is independent living, 15.9% is memory care and 78.4% is assisted living.

An additional $140.3 million, seven-year loan through Berkadia’s Freddie Mac program was also arranged for an 18-property portfolio, which had an average occupancy of 87.8% at the time of closing. It consists of 1,190 units, including 22.9% memory care and 77.1% assisted living.

“Our team’s extensive experience working with seniors housing assets across the country allowed us to secure competitive loan terms for these expansive portfolios,” Berkadia managing director Heidi Brunet said in a news release. “We have a long-standing relationship with Brookdale Senior Living, and we leveraged our close insights into their long-term strategic goals, our strong ties with the GSEs and our experience in the sector to smoothly and effectively manage these transactions.”

Blue Moon Capital Partners Forms $55.9 Million Development Joint Venture

Blue Moon Capital Partners, a senior housing private equity investor, has closed on a $55.9 million development joint venture with affiliates Gerald H. Phipps, Inc. and Ascent Living Communities, a Rocky Mountain regional contractor and a senior living developer and operator, respectively.

The joint venture is meant to fund the development of The Village at Belmar, a 156-unit independent living, assisted living and memory care campus in Lakewood, Colorado. It is the second in a series of Blue Moon’s investments from its $175 million fund, Blue Moon Senior Housing I LP, which aims to provide capital to operators who will reopen existing communities and invest in the development of new facilities in joint ventures.

“We appreciate the partnership with the Blue Moon team,” said Tom Finley, founder and principal of Ascent Living Communities, in a news release. “In addition to the capital, Blue Moon brings extensive senior housing experience and a commitment to working with us to grow the Ascent platform.”

Ziegler Closes $44.5 Million Financing for Orchard Park, New York Facility

Ziegler Capital Markets, a specialty investment bank, has closed on $44.49 million in series 2015 bonds for Fox Run at Orchard Park, a not-for-profit located in Orchard Park, New York.

Fox Run is a life care community open to people age 62 and older and consists of 180 independent living units, 50 skilled nursing beds and 52 assisted living suites, including 18 dedicated to memory care.

The bonds have been issued to refinance outstanding debt that funded the construction of the original facility, finance or reimburse the costs of the 2015 equipment and pay all or a portion of costs related to the issuance of the bonds, including any reserve funds that might be necessary to secure the series 2015 bonds.

“With an improving bond market, Fox Run’s bonds were sold to more than 15 investment funds, providing Fox Run with significant net present value savings and annual debt service savings, strongly positioning the community for the future,” said Keith Robertson, managing director of Ziegler’s senior living practice, in a prepared statement. “It has been an honor to work so closely with Fox Run over the years, witnessing first-hand how they’ve addressed their challenges. I’m glad we were able to deliver such a positive result for the community with this refinancing.”

Senior Quality Lifestyles Corp. Secures $109.4 Million for Expansion of The Buckingham in Houston, Texas

Senior Quality Lifestyles Corp., a Texas-based nonprofit developer of senior living communities, has secured $109.38 million through the sale of series 2015 bonds for the expansion and renovation of The Buckingham in Houston, Texas.

The Buckingham is a continuing care retirement community (CCRC). The project is slated to provide resort-style living for nearly 200 additional residents.

Ziegler Capital Markets served as bond underwriter for the transaction.

CBRE National Senior Housing Completes $27.9 Million Loan for The Summit of Uptown in Park Ridge, Illinois

CBRE National Senior Housing, a subsidiary of CBRE Capital Markets, has arranged $27.9 million in acquisition financing on behalf of investment company Capitol Seniors Housing for The Summit of Uptown in Park Ridge, Illinois.

The financing entails a non-recourse floating rate bridge loan, including a five-year term with three years of interest only from a regional bank. Total loan proceeds include a loan of $21.7 million for the acquisition of the property, along with $4.2 million for planned capital improvements and a $2 million earnest feature.

The Summit of Uptown is a 147-unit independent and assisted living community. As part of the acquisition, CSH plans to convert about 28 independent living units to assisted living and renovate to include 16 memory care units. CSH will also retain The Arbor Company, an Atlanta-based owner/operator of independent living, to manage the property.

CBRE completed over $2 billion in combined senior housing investment sales and loan originations in 2014.

Lancaster Pollard Arranges Financing for Skilled Nursing in Atlanta, Seniors Housing in Bartlesville, Oklahoma

Lancaster Pollard, a financial advice and financing solutions company, has arranged $5.2 million in funding for the acquisition of Reliable Health & Rehab at Lakewood in Atlanta and $6.7 million in refinancing for Green Country Village in Bartlesville, Oklahoma.

Reliable Health & Rehab is a 100-bed skilled nursing facility that offers a full range of rehabilitation therapies. It was owned by a partnership and had an agreement to sell the facility to a predetermined buyer. The transaction was made possible through a taxable, fixed-rate loan insured by the Federal Housing Administration Sec. 232/223(f) program, allowing its current operator to stay in place. The loan carries a 35-year term.

Green Country Village is an unaffiliated 501(c)(3) seniors housing community consisting of 97 independent living units, 30 assisted living units and 28 memory care beds. Lancaster Pollard privately placed the $6.7 million tax-exempt loan with a regional bank to help the community refinance its debt more cost-effectively. The refinancing entails a fixed interest rate below 3.75%, making for more than $70,000 in annual savings.

Written by Kourtney Liepelt

The post Senior Housing Finance Activity: Berkadia, RED Capital appeared first on Senior Housing News.

Large senior housing owners are offloading assets—and smaller, regional providers are gobbling them up.

There appears to be both rhyme and reason as to why, and where, this is occurring. The larger offloading trend can be attributed to the acquisition spree that REITs, in particular, have embarked on over the last few years, said Jason Smeck, managing director of seniors housing and health care at RED Capital Group. In many cases, the offloaded properties may be fledgling or struggling parts of acquired portfolios—properties many REITs aren’t interested in dealing with.

“There’s a lot of potential in these underperforming properties if you can focus on what that property needs,” Smeck told Senior Housing News.

When it comes to these offloaded properties, smaller, private buyers have an advantage most REITs do not.

“Private owners can buy a broken toy,” Mark Myers, an executive director at Institutional Property Advisors (IPA), explained to SHN, noting that it is “pretty difficult” for REITs to make small purchases. A division of Marcus & Millichap, California-based IPA specializes in providing advisory, investment and transaction services for all types of seniors housing real estate.

“REITs truly do need cash flow,” Myers said, noting that underperforming, fledgling properties can’t always provide it.

A Growth Opportunity

The move to sell off assets presents an opportunity for private operators to grow in their local markets or beyond. 

“The buyers are buying what’s in their footprint, what makes sense, what they want to expand to,” Smeck added.

To that end, when a seller is offering a multi-property portfolio—say, in the 20-asset range—the buyer may or may not purchase all assets. The properties might be scattered across six states, with only select locations matching the buyer’s market needs.

In some cases, smaller providers recognize an opportunity before it is formally presented to them. 

“I’ve seen smaller regional players come in and approach that REIT for rural properties that are off a REIT’s radar,” Smeck said. “They are willing to do renovations that REITs may not do.”

Private equity firms might also be interested in offloaded assets if they can group multiple assets together into an acquired pool of properties and if they have the right operating partner that they think can turn properties around, Smeck told SHN.

HCR ManorCare is among the more well-known sellers right now, as it has been “offloading a very sizable portfolio of properties,” said James Scribner, another managing director for seniors housing and health care at RED Capital Group. 

HCR ManorCare currently has more than 500 skilled nursing and rehabilitation centers, outpatient rehabilitation clinics, assisted living facilities, and home health care and hospice agencies. More than 330 are owned by HCP Inc. (NYSE: HCP), which has agreed to market for sale 50 of them deemed “nonstrategic” — and 12 have sold so far, according to HCP’s third-quarter 2015 earnings. 

Such offloading transactions are not limited to skilled nursing. Between October 2014 and October of this year, IPA has seen private buyers acquire either continuing care retirement communities (CCRCs), independent living facilities, memory care facilities or assisted living facilities — or a combination of these, at times with a skilled nursing facility — at least 10 times. 

And the trend is not only being seen in specific parts of the country, either, Scribner said. Instead, it seems to have more to do with secondary and tertiary markets considered out-of-the-way or inconvenient for REITs to maintain business.

Just as the activity is not limited to a specific geography, it is not expected to slow down, Smeck and Scribner agreed.

“It’s a bit of a reflection of the capital coming into the space,” Scribner said. “There’s more private equity that allows [regional senior housing players] to grow.” 

Written by Mary Kate Nelson

The post Regional Providers Gobble Up REITs’ Unwanted Properties appeared first on Senior Housing News.

Senior Quality Lifestyles Corporation Surpasses $1 Billion in Financing Since 1999

Dallas-based senior living community developer Senior Quality Lifestyles Corporation has surpassed $1 billion in financing since it was founded in 1999.

In 2015 alone, SQLC has secured more than $254 million in new funds for expansion, upgrades and refinancings of several of its continuing care retirement communities (CCRCs), effectively moving the developer past the $1 billion mark and securing its position as the largest nonprofit senior living provider in Texas.

“We understand that success in senior living revolves around more than a bottom line; it revolves around creating a culture of caring and excellence that you would envision your aging parents to experience,” SQLC President and CEO Charles Brewer said in a prepared statement. “ As a nonprofit, we are able to reinvest in our residents’ life experiences and continue to create environments that are not only physically appealing and secure, but financially secure as well.”

Financing this year came in the wake of an affirmed Fitch rating for one SQLC properties and new ratings for two others, allowing the developer to transact refunding, financings and refinancing. This resulted in the substantial savings on previously borrowed funds, according to a news release.

Facilities refinanced or that received new funding in 2015 include Edgemere in Dallas, which received $94 million for dining area renovations and the addition of several new units; The Buckingham in Houston, which received $109.3 million of which a portion will be used for the construction of a new tower to add 106 independent living apartments, 27 assisted living suites, 18 memory care units and 32 private skilled nursing rooms; and Querencia at Barton Creek in Austin, which recently closed on $50.5 million for renovations and refinancing.

SunTrust Lends $138 Million for 2 Senior Housing Communities in West Palm Beach, Florida

Atlanta-based SunTrust Banks inc. closed on a tax-exempt $138 million loan for MorseLife Health System, a nonprofit health care and housing provider in West Palm Beach, Florida.

About $77 million of the credit facility will fund the construction of 135 apartments at the Tower of MorseLife, an amenities-driven project with restaurants, an art studio, gardens and more. Construction is slated to begin in December and and in mid-2017. The loan will also help renovate the Tradition of the Palm Beaches, a 144-unit independent and assisted living community.

The financing consisted of SunTrust offering a $66 million tax-exempt construction line of credit for the Tower of MorseLife and a $72 million tax-exempt term loan used to refinance existing bonds.

“The senior population in Palm Beach County continues to grow, and the Tower at MorseLife is meeting the greater demand for luxury independent living in our community,” MorseLife President and CEO Keith Myers said in a prepared statement.

RED Arranges $36.4 Million Construction Loan For Hamilton, New Jersey Community

RED Capital Partners, LLC, the proprietary debt and equity banking arm of comprehensive capital provider RED Capital Group, arranged a $36.4 million first mortgage construction loan for Homestead Senior Living LLC, a senior housing provider, to build an independent living, assisted living and memory care facility in Hamilton, New Jersey.

Capital to finance the project was provided by an institutional private equity group and Regional Capital Group, which will provide EB-5 financing and sponsor’s equity. RED Capital Partners worked with Homestead and other credit partners to reach a highly complex yet flexible capital structure, including an interim, bridge-to-EB5, mezzanine lender.

Paterson, New Jersey-based Pike Senior Housing Partners LLC partnered with Princeton, New Jersey-based Solvere Senior Living for the development of Homestead at Hamilton. The community will consist of 96 independent living units, 75 assisted living units and 24 memory care units.

“It’s always rewarding to work with a partner on a complex structured deal like this opportunity,” RED Senior Managing Director Kathryn Burton Gray said in a prepared statement. “We are very pleased that we were able to provide a customized solution for the team at Homestead Senior Living.”

Love Funding Secures $19.7 Million Loan to Build Senior Housing Community in Jacksonville, Florida

Love Funding, a provider of FHA multifamily, affordable and health care financing, has closed on a $19.7 million loan for the construction and permanent financing of Anthem Lakes, an assisted living community to be developed in Jacksonville, Florida.

The financing was secured through the U.S. Department of Housing and Urban Development’s 232 loan insurance program for health care facilities. The program allowed for a low-rate, non-recourse loan for a 15-month construction period and a subsequent 40-year term.

Anthem Lakes will consist of 117 licensed beds, with 34 dedicated for memory care and 83 for assisted living. An additional 20 units are reserved for independent living. The community will be located on 14.5 acres near the Mayport Naval Base and Air Station and will serve as the large veteran community in the area. Development is being led by Perry-McCall Construction, a full-service commercial construction company based in Jacksonville, Florida with extensive experience building health care projects.

JLL Capital Markets Originates $8.2 Million For Refinancing of SNF in Morehead City, North Carolina

JLL Capital Markets, a full-service global provider of capital solutions for real estate investors and occupiers, originated $8.2 million for the refinancing of Crystal Bluffs Rehabilitation and Health Care Center, a 92-bed skilled nursing facility in Morehead City, North Carolina, on behalf of Century Care Management.

The 35-year, fully amortizing non-recourse loan was provided by FHA’s 232/223(f) program and approved within 17 days of being assigned to a HUD underwriter. The loan closed the following month.

“Such a quick underwriting approval from HUD indicates an exceptional asset, operator and submission package, as well as the competence and commitment within HUD’s LEAN team,” JLL Senior Vice President Joel Mendes said in a news release. “Century Care is dedicated to providing the highest quality of care, and this mission was evident in the Crystal Bluffs facility.”

Crystal Bluffs specializes in post-acute and long-term care.

CBRE Arranges $19.1 Million Loan for Seattle, Washington Community, $40.1 Million Construction Loan for Eugene, Oregon Facility

CBRE National Senior Housing arranged loans for two senior living projects on the West coast: A $40.1 million construction loan for the development of a community in Eugene, Oregon, and a $19.1 million acquisition loan for a facility in Seattle, Washington.

The construction financing was secured on behalf of a joint venture between The Springs Living, a senior living developer, owner and operator, and Harrison Street Real Estate Capital, an institutional equity partner, to build The Springs at Greer Gardens. The community will consist of a total of 216 units, including 30 independent living cottages, 79 independent living units, 75 assisted living apartments, and 32 memory care units. The 256,100 square foot, three-story main building and the 30 cottages will be situated on a 13.4 acre plot of land.

CBRE arranged a $40.1 million, five-year, floating-rate construction loan for The Springs at Greer Gardens, with 48 months of interest only. The loan was placed through a national bank with a regional participant.

The $19.1 million acquisition financing was secured on behalf of Capitol Seniors Housing, a senior housing investment company, for Maple Leaf Assisted Living and Memory Care, a 119-unit independent living, assisted living and memory care community. The non-recourse, floating-rate loan includes a three-year term with 24 months of interest only. It consists of a $16.6 million loan for the acquisition of the property and a $2.5 million loan for planned capital improvements.

Once acquired, CSH will hand managerial duties to Milestone Retirement Communities. Upgrades planned for the facility include renovating the common area and updating units.

Written by Kourtney Liepelt

The post Senior Housing Finance Activity: SQLC Surpasses $1 Billion in Financing appeared first on Senior Housing News.

This week, Senior Housing News readers were curious about Mainstreet’s new company in Canada, and learned more about the senior housing properties REITs have been offloading. Readers were also clued into the philosophy of Virginia Baptist Homes’ new president and CEO, as well as why some industry experts believe independent living is making a comeback.

Most Read 

Mainstreet Primes the Pump for Next Mega-Deal—Mainstreet is creating a new public company in Canada—Mainstreet Health Investments—to build up a portfolio of Canadian and U.S. properties that could eventually be sold. The seed portfolio will consist of 11 senior housing properties in the Chicago region, which Mainstreet is acquiring through a newly formed subsidiary for about $302 million.

Regional Providers Gobble Up REITs’ Unwanted Properties—Large senior housing owners are offloading assets, to the benefit of smaller, regional providers. In many cases, the offloaded properties may be fledgling or struggling parts of acquired portfolios—properties many REITs aren’t interested in dealing with. “There’s a lot of potential in these underperforming properties if you can focus on what that property needs,” Jason Smeck of RED Capital Group told SHN.

Senior Living CEO Improves Bottom Line with ‘Gatorade Philosophy’—Virginia Baptist Homes’ new president and CEO, Jonathan R. Cook, has helped improve the company’s financial performance by putting forward concrete goals and focusing on the block-and-tackle changes required to achieve them.

Independent Living Heats Up Senior Housing Industry—Again—While independent living was among the most popular senior housing property types pre-recession, the economic downturn took its toll on the asset class, placing both new construction and renovations on hold. In recent months, though, independent living construction has been on the rise, leading some in the industry to believe it’s making a comeback.

Weekend Read

To Lure Baby Boomers, Senior Centers Try Rebranding—This Wall Street Journal article discusses how senior centers across the U.S. are rebranding to appeal to Baby Boomers, a process that often involves eliminating “old-age labels” like senior, retirement and assisted living. Still, some older adults consider the new euphemisms ridiculous, believing the word “senior” to be a mark of experience.

For Your Viewing Pleasure

In this video, a 36-year-old reporter from The Globe and Mail puts on an “aging suit” and learns what it’s like to live as a senior with stiff joints, hearing loss, kyphosis and impaired vision. One of our reporters, Jason Oliva, did something similar not too long ago.

Written by Mary Kate Nelson

The post Editor’s Picks: Mainstreet’s Big Play, REITs Offloading Assets appeared first on Senior Housing News.

The seniors housing and health care acquisition market has been and continues to be dynamic, fed by interest rates remaining relatively low, declining capitalization rates, and a frothy lending environment. A significant portion of facilities being acquired are done so with the intention of realizing value upside through some degree of physical rehabilitation or repositioning.

While there are inherent opportunities and risks with all acquisitions, these value-add scenarios present their own benefits and challenges in terms of timing, logistics, execution risk, and financing options.  

Listeners will hear real-world experience from owner/operators that have witnessed the highs and lows of value-add acquisitions, and will learn various financing strategies that can help to optimize cash flow and property stability.  

Webinar: Creating Growth Through Value-Add and Repositioning Scenarios

Date: Wednesday, Dec. 9 2015

Time: 1:00 p.m. CST

Sign up for this FREE webinar!

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The seniors housing and health care acquisition market has been and continues to be dynamic, fed by interest rates remaining relatively low, declining capitalization rates, and a frothy lending environment. A significant portion of facilities being acquired are done so with the intention of realizing value upside through some degree of physical rehabilitation or repositioning.

While there are inherent opportunities and risks with all acquisitions, these value-add scenarios present their own benefits and challenges in terms of timing, logistics, execution risk, and financing options.

Listeners will hear real-world experience from owner/operators that have witnessed the highs and lows of value-add acquisitions, and will learn various financing strategies that can help to optimize cash flow and property stability.

Webinar: Creating Growth Through Value-Add and Repositioning Scenarios

Date: Wednesday, Dec. 9 2015

The post Webinar Last Chance: Creating Growth Through Value-Add and Repositioning Scenarios appeared first on Senior Housing News.

With seniors housing development costs skyrocketing and cap rates hanging fairly low, consensus in the industry as of late has generally centered on it being a seller’s market. But even in this seller’s market, there are opportunities for buyers, namely in the form of turnaround deals.

Creating Growth Through Value-Add and Repositioning Scenarios

Learn these steps that must be taken to ensure successful conversions:

• Looking at an Acquisition: What to Consider
• Benefits and Challenges to Repositioning
• Financing Your Value-Add Strategies
• Advice from the Experts
• Bringing Value-Adds to Life

When a challenging seniors housing investment opportunity is presented for sale, deciding whether the purchase is worthwhile is key.

“Demand for these properties is high, because operators see the value that can be created by effectively executing repositioning opportunities” – Jason Smeck, RED Mortgage Capital

Download Your Free White Paper Today

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Welltower Completes $700 Million Senior Unsecured Note Offering

Toledo, Ohio-based Welltower Inc. (NYSE: HCN) has successfully completed its offering of $700 million in aggregate principal amount of 4.25% senior unsecured notes due April 1, 2026. The notes were priced at 99.227% of their face amount to yield 4.345%.

“This transaction demonstrates Welltower’s disciplined approach to balance sheet management and capital allocation by maintaining a long-duration, predominately fixed-rate debt capital structure,” Scott Estes, Welltower’s chief financial officer, said in a prepared statement. “As a result of strong investor demand and growing market appreciation of our asset quality and strategy, we addressed our near-term capital needs while significantly enhancing our financial flexibility and liquidity.”

The real estate investment trust (REIT) plans to use the net proceeds from this offering to repay advances under its main unsecured credit facility and for general corporate purposes, such as investing in health care and seniors housing properties. Pending such use, the net proceeds may be invested in investment grade, short-term, interest-bearing securities, certificates of deposit or indirect or guaranteed obligations of the United States.

Wells Fargo Securities, LLC, UBS Securities LLC, Credit Agricole Securities (USA) Inc., J.P. Morgan Securities LLC and KeyBanc Capital Markets Inc. served as joint book-running managers for the offering.

CBRE Arranges $30.2 Million Acquisition Financing for DiNapoli Capital Partners

Andrew Behrens, vice chairman of CBRE Multifamily Institutional Group (CBRE) and Aron Will, executive vice president of CBRE National Senior Housing, have arranged acquisition financing on behalf of DiNapoli Capital Partners (DCP) for the acquisition of Terraces of Roseville, a 198-unit independent living, assisted living and memory care community located in Roseville, California.

Specifically, CBRE Multifamily Capital originated a $30.2 million, non-recourse, 10 year Structured ARM with five years of interest through its Fannie Mae DUS multifamily loan origination program.

DCP intends to reposition Terraces of Roseville within the market by spending a substantial amount of capex in order to bring the property up to commensurate levels of the competitive market set and to satisfy resident expectations within the marketplace. The property will continue to be managed by Westmont Living, Inc., which has managed the property since 2009.

DCP is a privately held real estate investment firm engaged in the development, acquisition and management of hotels, multifamily, senior housing and office properties. California-based Westmont currently operates 11 senior housing properties throughout Oregon and California.

Cain Brothers Acts as Investment Banking Advisor for Issuance of $40 Million on Behalf of The Evangelical Lutheran Good Samaritan Society

Cain Brothers acted as the sole investment banking advisor for the issuance of $40 million taxable bank direct purchase bonds on behalf of The Evangelical Lutheran Good Samaritan Society, the nation’s largest not-for-profit provider of senior care and services based in Sioux Falls, South Dakota.

The Society operates skilled nursing facilities, residential housing for seniors, home- and community-based health services and affordable housing projects in more than 230 locations across the United States. Proceeds from the financing were used to pay down a line of credit that was initially drawn upon to finance the purchase of a home health agency that provides home care services in Arizona and New Mexico.

Cain Brothers solicited proposals from qualified banks for a direct purchase financing structure and helped the Society to evaluate the bank financing proposals, negotiate the details of the bank debt and coordinate the documentation and closing of the transaction. Cain Brothers structured the Series 2016 Bonds as a direct bank purchase and was able to secure longer term variable rate taxable bonds on behalf of the Society. The bank loan ultimately aided the Society in acquiring a home health agency, as well as was able to further diversify their revenue source by more than doubling the Society’s home health business.

RED Mortgage Capital Secures Financing for SNF in Pennsylvania

Columbus, Ohio-based RED Mortgage Capital, the mortgage banking arm of RED Capital Group, LLC, closed an FHA 232/223(f) insured loan for the refinancing of Sunnyview Nursing and Rehab Center, a 220-bed skilled nursing facility in Butler, Pennsylvania. The loan resulted in non-recourse, long-term, low interest rate financing for the facility and includes a flexible pre-payment schedule.

The facility was previously owned by Butler County. Investment360 acquired the facility in 2014 after it was chosen by the county through a competitive bidding process.

Under its new ownership, patient care has improved along with quality mix, census and financial performance. The FHA-insured financing refinanced the first mortgage acquisition debt, as well as certain subordinate financing to maximize the permanent debt.

Ziegler Closes $38.225 Million Willow Valley Communities Financing

Chicago-based specialty investment bank Ziegler successfully closed the $38,225,000 tax-exempt, fixed-rate Series 2016 Bond issue for Willow Valley Communities, which owns and operates three retirement communities on two campuses in the County of Lancaster, Pennsylvania: Willow Valley Manor, Willow Valley Lakes Manor and Willow Valley Manor North.

The buildings, land and associated facilities at Willow Valley Manor, Willow Valley Lakes Manor and Willow Valley Manor North are expected to be financed with the proceeds of the 2016 bonds.

The Series 2016 Bonds are tax-exempt, fixed-rate bonds rated ‘A’ with a stable outlook by Fitch Ratings and were offered without the utilization of a debt service reserve fund nor a springing debt service reserve fund. The bonds are structured to provide level aggregate yearly debt service through final maturity in 2039. The arbitrage yield and yield to maturity on the $38,225,000 issue are 2.885% and 3.367%, respectively.

Willow Valley Communities is expected to use the proceeds from the sale of the Series 2016 Bonds to refund part of the Lancaster Industrial Development Authority Adjustable Rate Demand Revenue Bonds, Series A of 2009 (Willow Valley Retirement Communities Project) consisting of $9,585,000 of the outstanding $17,925,000 principal amount, and a portion of the Lancaster Industrial Development Authority Adjustable Rate Demand Revenue Bonds, Series B of 2009 (Willow Valley Retirement Communities Project) consisting of $9,585,000 of the outstanding $17,925,000 principal amount finance and /or reimburse the cost of The Vistas at Providence Park project; and pay costs of issuance of the 2016 bonds.

Part of the proceeds from the 2016 bonds will also be utilized for the building, equipping and furnishing of The Vistas at Providence Park. The Vistas are expected to be a five-story, 53-unit residential apartment building located on the Manor Campus. The general contractor and architect for the project are CCS Building Group and RLPS Architects, respectively.

“Fitch truly saw the value of the organization’s strong management team and commitment to providing unsurpassed amenities and care,” Amy Castleberry, senior vice president in Ziegler’s Senior Living Finance practice, said in a press release. “We were able to take advantage of this low fixed-rate market to reduce the organization’s variable interest rate exposure in addition to funding the expansion project.”

Willow Valley Communities also operates a lifecare at home membership-based program in Lancaster County called SmartLife VIA Willow Valley. Willow Valley Communities is the sole Owner of Connections at Home VIA Willow Valley, LLC, a home care agency that offers services including companion and homemaking services, wellness visits and personal assistance.

Written by Mary Kate Nelson

The post Senior Housing Finance Activity: Welltower, CBRE appeared first on Senior Housing News.

A major senior housing lender says it’s poised for growth following a fresh investment from its parent company.

RED Capital Group, LLC is now wholly owned by Dallas-based ORIX USA Corporation, whose ownership of RED officially grew from 88% to 100% on Feb. 22.

ORIX, which offers investment capital and asset management services to clients in the corporate, real estate, municipal and energy sectors, originally invested in RED in 2010. RED has been one of ORIX’s subsidiaries ever since.

“Increasing ORIX’s investment in RED has been a strategic objective of mine for the last few years, as I have seen firsthand the strength of the RED team and their platform,” ORIX USA Chairman, President and CEO Hideto Nishitani said in a prepared statement. “This is an attractive investment opportunity and signals ORIX’s belief in the strength of the multifamily, seniors housing and affordable housing markets.”

Despite the shift in ownership, RED’s executive management team will remain in Columbus, Ohio, and continue to operate RED as an independent entity.

“With this investment, RED is well-positioned for strategic growth,” Ted Meylor, chairman and CEO of RED, said. This transaction—combined with the creation of the Freddie Mac Small Balance Loan Seller/Servicer program, as well as the addition of multiple high-performing originators to the company—has given RED momentum as it looks to push to the next level in its industry, he added.

RED’s Freddie Mac Small Balance Loan Seller/Servicer program provides custom debt solutions for the refinancing or acquisition of smaller properties with a minimum of five residential units. Small balance multifamily loans involve loan amounts between $1 million and $5 million, and RED’s program offers hybrid or fixed-rate ARM financing with full-term or part-term interest-only option with streamlined documentation processing and underwriting.

RED recently beefed up its team of originators for the multifamily program, bringing the total count to four: Lee Harris, Cynthia Goodenough, David A. Burt and Don Frankman, the head of Small Balance Multifamily Loan (SBL) Originations. The team closed and funded more than $55 million in loan volume in the fourth quarter of 2015.

Written by Mary Kate Nelson

The post RED Capital to Grow After ORIX Goes All-In appeared first on Senior Housing News.