Biz Briefs – Be.Group, Cambridge, WellAWARE, NHI, BIA/SC 50+ Housing Council

Southern California Presbyterian Homes Becomes

Southern California Presbyterian Homes has announced that is has changed its name to the The nonprofit organization provides housing services to more than 5,300 older adults across California. Since it began in 1955, has grown from one senior living community—White Sands La Jolla—to 34 licensed and affordable housing communities, each with its own unique personality, attributes and amenities.  The name-change process took nearly a year, he said, and involved extensive research and in-depth conversations with those who have a stake in the organization, including residents, employees, donors and representatives from faith-based groups.

“We believe our new name is more reflective of our mission and the depth and breadth of what we offer today’s older generation,” said John H. Cochrane, III,’s president and CEO. “We serve people of all faiths and beliefs, and our communities are truly places where residents can be everything they want to be. The name change reinforces both who we are and how we serve older adults.”


Cambridge Closes $4.5 Million Texas SNF Refinance

Cambridge Realty Capital Companies has arranged a $4.5 million FHA-insured HUD Lean first mortgage loan to refinance Summer Meadows, a 115-bed skilled nursing facility in Longview, Texas.  The loan was refinanced via the HUD Section 232 program pursuant to the section 223(f) funding program.  The loan was arranged by Cambridge national operations manager Hymie Barber.

During the first quarter, Cambridge reported processing 54 loan origination requests totaling $976.1 million for HUD refinancing, conventional refinancing, acquisitions and new construction and it closed 10 senior housing/healthcare transactions totaling $103 million.


WellAWARE Systems Selected to Deliver Breakthrough Technology to Transform Standard of Care for Seniors

WellAWARE Systems recently announced its partnership with Volunteers of America (VOA) has been expanded to include all VOA assisted living and memory care managed communities.

“Senior care providers have an undeniable obligation to provide the best care possible for the residents entrusted in their care. That means finding new, more efficient ways of delivering care that identifies health issues before they become major health conditions,” said Wayne Olson, SVP, Healthcare Operations, VOA. “Our vision and our responsibility are to raise the bar and establish a new standard of senior care that will combine the latest innovative technology with the best hands-on care possible. Without question, WellAWARE is the partner that will help us make our vision a reality.”

“We are honored to expand our partnership with such a forward thinking organization as VOA. With our shared vision of revolutionizing senior care through the use of innovative technology, our focused goal is to improve the quality of life of seniors while offering greater peace of mind for their family members,” said Jeff Noce, CEO of WellAWARE Systems. “We are committed to creating a new standard of care for seniors, wherever they choose to call home.”

NHI Announces $15 Million Purchase of Four Assisted Living and Memory Care Communities

National Health Investors, Inc. (NYSE:NHI) announced last week it has closed a $15 million purchase of four assisted living and memory care communities totaling 183 units in Louisiana and has leased those communities to Selah SeniorCare III and managed by Selah Management Group. The purchase price was funded from NHI’s revolving credit facility.

The four facilities, which are on average 13 years old and attract private payment for services, are being leased to Selah SeniorCare III and managed by Selah Management Group for 15 years at an initial lease rate of $1,275,000 plus annual fixed escalators. In addition to the Louisiana facilities, Selah Management Group operates 11 assisted living and memory care communities in Florida, Mississippi and Texas.

Justin Hutchens, NHI’s CEO and President stated, “The Selah management team has experience operating high quality assisted living communities for years, and has a strong track record. NHI is pleased to work with them to expand their operations into Louisiana with such well-located and stabilized communities.”

50+ Housing Council Declares 2011 Smart Choice Award Winners

The 50+ Housing Council, a special interest council of the Building Industry Association of Southern California [BIA/SC], announced the winners of the 2011 Smart Choice Awards.  The annual award program recognizes companies with innovative solutions offering smart choices for people as they age and for businesses supplying products and services to the 50+ housing industry. To meet the definition of smart choices, products and services have to be innovative, green, sustainable, energy efficient, environmentally friendly, and/or related to Universal Design.

The winners are:

·         MDC Wallcovering
·         Milgard Windows and Doors
·         Dunn-Edwards Corporation
·         Broll Tools
·         Zero Carbon Alliance
·         Mincey Marble Mfg, Inc
·         Steelworks
·         WellAWARE Kontrol Systems
·         Harvest Landscape Enterprises, Inc
·         Enovative Kontrol Systems