CareTrust REIT Acquires 4 California CCRCs for $126.1 Million

After spending most of 2019 pruning its portfolio, CareTrust REIT (Nasdaq: CTRE) is adding senior housing to its asset mix. The San Clemente, California-based health care real estate investment trust on Tuesday announced the acquisition of four rental continuing care retirement communities (CCRC) in Southern California, as well as a new operator relationship. The campuses […]

Bloomberg: 36 Senior Living Muni Debt Issues Fell Into Default Last Year

Three-dozen municipal debt issues for senior living communities fell into default in 2020, and five more borrowers have failed to make payments this year. That’s according to an analysis published last week by Bloomberg. A previous analysis, done by Municipal Market Analytics in Aug. 2020, showed 23 retirement communities had reported first-time defaults on municipal […]

Best CCRC Design of 2020: Generations Mix on World’s Largest College Campus

The Spires at Berry College has a claim to fame, being located on the world’s largest college campus. And the recently opened continuing care retirement community (CCRC) makes the most of its location by integrating seamlessly with its picturesque surroundings and the neighboring school. Laurie Steber could tell that the community was going to be […]

CCRC Clare Oaks Exits Bankruptcy with $40M Less Debt, New Operator

A Chicago area continuing care retirement community has exited a 15-month Chapter 11 bankruptcy process with a reduced debt load, a new operator and a $5 million capital improvement plan in place for 2021. Clare Oaks, located in the suburb of Bartlett, emerged from bankruptcy on November 6, 2020, the community announced in a statement. […]

Illinois CCRC Files for Bankruptcy, Seeks to Restructure $141M in Debt

A continuing care retirement community in suburban Chicago filed for Chapter 11 bankruptcy protection last week, after defaulting on a portion of its $141 million in debt. Park Place of Elmhurst in Elmhurst, Illinois defaulted on nearly $15.5 million in bond debt issued by the Illinois Finance Authority in 2016, a document filed in the […]

Life Plan Communities Buoyed by Independent Living Resilience, Strong Home Sales

The resilience of independent living during Covid-19, coupled with a stronger-than-expected market for residential home sales, will contribute to a stable outlook for life plan communities in 2021. That’s according to a report released Wednesday from Fitch Ratings. The credit rating agency also cited favorable demographic trends and good access to capital markets as contributing […]

Path to New Normal Includes Life Plan Community Changes, Less ‘Generic PR Speak’

Senior living providers across the country continue to grapple with the ongoing impact of Covid-19. The current landscape, however, can be an ideal foundation for providers to take stock of their current development and operational issues, and retool for a post-coronavirus world. Many providers are retooling development plans to meet current and future demand, and […]

New York City’s First Life Plan Community Takes Shape on RiverSpring Campus

New York City is experiencing an influx of new senior living options, with high-profile luxury communities coming online in Brooklyn and Manhattan. Further north in the Bronx, the city will also add another option: its first life plan community. Covid-19 is not deterring RiverSpring Health’s plans to build the first life plan community in the […]

Kendal, RiverWoods CEOs Believe Life Plan Communities Must Adapt to Survive

The Covid-19 pandemic is pressuring the senior living industry in myriad ways, and providers that don’t adapt with the times risk going extinct. Life plan communities are more complex to operate in the Covid-19 era, and nonprofits generally don’t have access to the same scale and resources that their for-profit peers do. So, the pandemic […]