Transactions & Financings: Pennant Group Expands Credit Facility; Springpoint’s $115M Refinancing

The Pennant Group (Nasdaq: PNTG) gave itself more financial flexibility a year into the coronavirus pandemic. The Eagle, Idaho-based company amended its revolving credit facility to $150 million, of which only $18.3 million was drawn as of February 22. Coupled with strong cash flow, expands Pennant’s ability to opportunistically target senior housing, home health and […]

Harrison Street ‘Handpicked’ 12 Former Atria Communities to Acquire from Healthpeak

The $312 million sale of a 12-property portfolio operated by Atria Senior Living was among the many transactions that Healthpeak (NYSE: PEAK) announced last week, as part of the real estate investment trust’s exit from rental senior housing. The buyer of this portfolio was Chicago-based private equity firm Harrison Street. The properties were essentially “handpicked” […]

Transactions & Financings: LCS Assumes Operations of Rose Senior Living; United Church Homes’ New Development Venture

Sales and operator transitions Life Care Services assumes management of former Rose Senior Living communities Life Care Services assumed management of six communities owned by Rose Senior Living, an operator based in Bloomfield Hills, Michigan. The communities include: Heritage at Irene Woods, Memphis, Tennessee Rose Senior Living and Rose Villas, Avon, Ohio Rose Senior Living, […]

In the Pipeline: Kendal’s Zen-Inspired Project Moves Ahead; Oakmont Expands in California

Construction: Planned Plans Advance for Zen-Inspired Kendal Life Plan Community in California The Healdsburg Planning Commission has awarded a series of approvals to the planners of Enso Village, a Kendal-affiliated life plan community in Healdsburg, California. Kendal is collaborating on the project with the San Francisco Zen Center. Plans call for a 221-residence community with […]

Senior Living Executive Forecast 2020: Workforce Crisis Just In First Inning

Though the year is new, the top issues worrying the industry’s leaders are not — particularly the workforce crisis. Staffing is still top-of-mind for executives at companies such as Brookdale Senior Living (NYSE: BKD), National Health Investors (NYSE: NHI) and Senior Star. Labor expenses are climbing for many senior living companies across the U.S., and […]

Senior Housing Operators Must Increase CapEx or Get Left Behind

The steady stream of new senior housing inventory coming online through the mid-2020s has put pressure on operators to maintain occupancy. It is also focusing owners and operators to face the fact that historical trends in CapEx spending need to change. Operators have been getting away with penciling in smaller allocations from their annual budgets […]

Welltower Credits ‘Painful’ Restructuring for Strong Senior Housing Performance

Welltower (NYSE: WELL) posted solid senior housing gains in the third quarter of 2019, thanks in part to the last few years spent unwinding certain “one-sided” relationships while forging new ones under more well-aligned RIDEA structures. That’s according to CEO and Chairman Thomas DeRosa, who on a Tuesday earnings call with investors and analysts laid […]

LCB CEO: Obsolete Buildings a Worse Senior Housing Problem Than Oversupply

In the decade since its founding, LCB Senior Living has established itself as a regional powerhouse in the Northeast. CEO Michael Stoller is proud of LCB’s rapid growth and solid occupancy, and is positioning the Norwood, Massachusetts-based company for its next chapter in the midst of a tough operating environment. In particular, LCB is focused […]

Multifamily Firm Berkshire Residential Targets Senior Housing, Hires Industry Veteran

Berkshire Residential — a Boston-based real estate firm with over $8 billion of assets under management — has set its sights on senior housing. The company has already raised and started to deploy one dedicated senior housing fund, with further fundraising underway. And Berkshire earlier this year hired industry veteran Matthew Whitlock to lead its […]