Ventas, Inc. (NYSE:VTR) (“Ventas” or the “Company”) announced last week that it has closed on the sale of four seniors housing assets to affiliates of Benchmark Assisted Living (collectively, “Benchmark”) for an aggregate sale price of $58.7 million. The assets are located in Massachusetts and contain 403 units. The sale was made pursuant to a […]
Category: Finance & Development
Last week, the Baltimore Sun reported that Erickson Retirement Communities laid off 260 employees and blamed the layoffs on the recession. The company announced that most of the jobs cuts came from positions at its corporate headquarters and included staff in the construction and development areas. This trend seems to follow some of the other […]
Last week, National Health Properties, Inc. (NHP) entered into a sales agreement with Cantor Fitzgerald & Co. to sell up to 5,000,000 shares of its common stock through a controlled equity offering with a proposed aggregate value of over $129,000,000 based upon last week’s stock price. The company intends to use the proceeds for general […]
According to a published report in the Boston Globe, US Representative Barney Frank stated that he wants to propose that the US Treasury buy $5 billion in low-income housing tax credits as a way to help re-start the development of affordable housing across the country and provide additional funding of $5 billion for states. Frank […]
AARP CEO Bill Novelli pledged to work with Congress and the Administration to address the nation’s most serious challenges at an event where he outlined the organization’s annual legislative and advocacy priorities. In outlining the AARP agenda for the 111th Congress, Novelli stressed the need to provide economic relief for America, fix our health care […]
Earlier this week, the New York Times ran an article about Mayor Michael Bloomberg’s comments during his weekly radio address that New York City’s housing plans would be delayed due to the current economic conditions and the reduction in prices of federal low-income housing tax credits that help investors finance the building of housing for […]
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 […]
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 […]
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 […]
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 […]
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