NHC Announces Expansion of South Carolina Hospice Operations

National HealthCare Corporation recently announced the addition of five hospice locations in South Carolina. With this latest addition, NHC now operates six hospice programs in the state of South Carolina. This expansion is the result of the January 1st purchase of the assets of Advantage Hospice and Home Care’s South Carolina operations. The new hospice […]

Alternative Lenders Needed To Close Assisted Living Construction Loans

As the credit crisis worsens, many developers are having to turn to non-traditional lenders to finance their projects. Metro Funding Corp. (MFC), a private asset-based lender, headquartered in Paramus, N.J., recently announced the funding of a $1,300,000 loan for the construction of an assisted living facility in Big Bear, CA. The loan was cross-collateralized with […]

Sunwest CEO Files For Personal Bankruptcy

Last week the CEO of Sunwest Management filed for personal bankruptcy as part of an effort to restructure the company. The turnaround consulting firm, Hamstreet and Associates of Portland, Ore., took over Sunwest Management and filed the Chapter 11 bankruptcies last week for different entities affiliated with Sunwest Management. The most interesting part of this […]

NYS Housing Finance Agency Approves Financing to Build 67 Affordable Senior Housing Apartments in Ulster County

Last month, the board of the New York State Housing Finance Agency (HFA) approved $10.3 million in financing for the construction of Birches at Chambers, a 67-unit affordable senior citizen housing development in the Town of Ulster in Ulster County. The Ulster approval was included in a total package of $64.2 million in funds approved […]

Brookdale Senior Living Suspends Dividend & REITS Conserving Cash

Brookdale Senior Living Inc, (NYSE:BKD) announced on December 30th, 2008 after the markets closed that its Board of Directors has voted to suspend the Company’s quarterly cash dividend indefinitely. The company is looking to retain capital for financial flexibility. The company had been paying a quarterly dividend of 25 cents per share this year. “Given […]

Bell Company Adds to Senior Living Portfolio in the Carolinas

Earlier this month, Steven D. Bell & Company, on behalf of Bell Fund II LLC, has recently purchased senior living communities in both Charlotte, N.C. and Charleston, S.C., bringing to 26 the number of senior living properties in the Bell Senior Living portfolio. For a combined cost of approximately $15 million, the Bell company has […]

Will Tax Credit Drought End In 2009?

Over the weekend, the San Francisco Chronicle provided a good article on how the credit crunch has impacted the market for tax credits and their use in financing various housing projects with a specific focus on California. The article entitled, Lack of tax-credit market hurts building trade, profiles a Napa Valley Senior Housing Project that […]

Los Angeles Mixed Use Senior Housing Project Stalls

The Los Angeles Times ran an interesting article last week entitled, City stuck with a South L.A. eyesore but has few options, that discussed a stalled, affordable / low income senior housing project that has been vacant for over a year. The Buckingham Palace project was constructed on Marlton Square, a mixed use development that […]

Emeritus Senior Living Closes On Purchase Of Ventas Affiliated Communities

Earlier this week, Emeritus Senior Living announced that it closed on the purchase of five communities from affiliates of Ventas, Inc. (NYSE: VTR). The five communities were formerly leased by the Company and were acquired for a purchase price of $62.5 million, plus transaction costs of approximately $3.3 million and are comprised of 432 units […]