LCS has hired a new head of business development, as the company continues implementing a new program to enhance its operations and prepare for sustained growth. The Des Moines, Iowa-based company hired Joe Weisenburger as vice president, senior director of business development, effective July 6. He joins LCS from Welltower (NYSE: WELL), where he was […]
The owners of a continuing care retirement community on Long Island have filed for pre-negotiated Chapter 11 bankruptcy protection for the second time in seven years, as it looks to restructure $199.5 million in bond debt. The CCRC, The Amsterdam at Harborside in Port Washington, New York, cited struggles to attract new residents, which were […]
Capri Communities’ newest community in Milwaukee’s historic Italian-American neighborhood cost $28.9 million — but the price tag on the land was just $1. St. Rita Square, a 118-unit building offering independent living, assisted living and memory care, opened in July 2020 and occupancy is currently at 70% and climbing, Founder and Principal Jim Tarantino told […]
The pace of nonprofit affiliations accelerated in recent years, and the drivers behind consolidation are expected to grow in a post-pandemic landscape. Those drivers include single-site providers benefiting from scale offered by larger providers, including through improved health care services and reimbursements, access to capital for campus expansions and capital expenditures, and as a solution […]
Welltower (NYSE: WELL) improved its near- and long-term liquidity. The Toledo, Ohio-based health care real estate investment trust closed on an expanded $4 billion unsecured revolving line of credit. This will replace an existing $3 billion credit facility. Additionally, Welltower has two existing facilities outstanding: a $500 million term loan and a $250 million Canadian […]
As national and larger regional banks continue to conservatively underwrite acquisition and construction financing, senior housing developers are turning to a host of other options to put together their capital stacks. Mezzanine lending and preferred equity are popular vehicles for borrowers looking for non-recourse lending. Debt funds are another option for borrowers seeking flexibility capital. […]
Developing enough middle-market senior housing to meet anticipated demand over the next decade is shaping up to be a daunting challenge, for myriad reasons. Senior living providers are taking on the challenge with operational innovations, but external forces such as market conditions and regulations also play a significant part in helping or hindering these efforts. […]
Chicago-based private real estate investment management firm Harrison Street Real Estate Capital announced on Tuesday that it acquired a portfolio of 24 senior housing communities in California and Nevada operated by Oakmont Management Group, for approximately $1.2 billion. Additionally, Harrison Street is selling a 14-property medical office portfolio to real estate investment trust Healthpeak Properties […]
Allegro Senior Living is adding to its leadership team, in the hope that the company can hit the ground running in a post-pandemic environment. The St. Louis-based company on Monday announced a host of promotions and new hires intended to position it for significant future growth. The fully integrated company includes a development arm, Allegro […]
Recently, Sara Kyle came across an image of a new 55-plus active adult community in Florida, and it piqued her interest. Specifically, Kyle — former director of resident experience for Holiday Retirement and founder and principal at LE3 Solutions, a firm specializing in senior living wellbeing programs — wanted to know more about the consumer […]
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