Senior Living News Wire

A group of lenders assisted Ventas (NYSE: VTR) in assuming $837 million in existing mortgage debt to close on its acquisition of Atria Senior Living Group.

Red Mortgage Capital, Berkadia Commercial Mortgage and PNC Bank, originated more than 120 commercial mortgage loans made to wholly owned subsidiaries of Atria, Inc., the fourth-largest operator of assisted living properties in the country.  The transaction involves 118 senior living communities across the country.

The loans were subsequently sold to Fannie Mae and Freddie Mac, with the lenders retaining the loan servicing. Under the terms of the transaction, Atria spun off its management company, which will continue to operate the properties.

Ballard Spahr, represented the three lenders on structuring the transaction, where Ventas acquired all outstanding stock in Atria, for which it paid $1.35 billion in Ventas shares, $150 million in cash, and $1.6 billion in net debt.

“It’s a positive sign that deals of this size are re-emerging in the real estate market. This is the fourth loan assumption transaction that we have closed in the past six months involving a REIT acquisition in the seniors housing space,” said Mr. Hauser, who is based in Ballard Spahr’s Baltimore office. “We have seen a general uptick in commercial real estate activity, especially in the multifamily area. We recently closed substantial real estate deals in the Midwest and Mid-Atlantic regions and continue to work with clients on other acquisitions and financings throughout the country.”

Southern California Presbyterian Homes Becomes be.group

Southern California Presbyterian Homes has announced that is has changed its name to the be.group. The nonprofit organization provides housing services to more than 5,300 older adults across California. Since it began in 1955, be.group has grown from one senior living community—White Sands La Jolla—to 34 licensed and affordable housing communities, each with its own unique personality, attributes and amenities.  The name-change process took nearly a year, he said, and involved extensive research and in-depth conversations with those who have a stake in the organization, including residents, employees, donors and representatives from faith-based groups.

“We believe our new name is more reflective of our mission and the depth and breadth of what we offer today’s older generation,” said John H. Cochrane, III, be.group’s president and CEO. “We serve people of all faiths and beliefs, and our communities are truly places where residents can be everything they want to be. The name change reinforces both who we are and how we serve older adults.”

Cambridge Closes $4.5 Million Texas SNF Refinance

Cambridge Realty Capital Companies has arranged a $4.5 million FHA-insured HUD Lean first mortgage loan to refinance Summer Meadows, a 115-bed skilled nursing facility in Longview, Texas.  The loan was refinanced via the HUD Section 232 program pursuant to the section 223(f) funding program.  The loan was arranged by Cambridge national operations manager Hymie Barber.

During the first quarter, Cambridge reported processing 54 loan origination requests totaling $976.1 million for HUD refinancing, conventional refinancing, acquisitions and new construction and it closed 10 senior housing/healthcare transactions totaling $103 million.

WellAWARE Systems Selected to Deliver Breakthrough Technology to Transform Standard of Care for Seniors

WellAWARE Systems recently announced its partnership with Volunteers of America (VOA) has been expanded to include all VOA assisted living and memory care managed communities.

“Senior care providers have an undeniable obligation to provide the best care possible for the residents entrusted in their care. That means finding new, more efficient ways of delivering care that identifies health issues before they become major health conditions,” said Wayne Olson, SVP, Healthcare Operations, VOA. “Our vision and our responsibility are to raise the bar and establish a new standard of senior care that will combine the latest innovative technology with the best hands-on care possible. Without question, WellAWARE is the partner that will help us make our vision a reality.”

“We are honored to expand our partnership with such a forward thinking organization as VOA. With our shared vision of revolutionizing senior care through the use of innovative technology, our focused goal is to improve the quality of life of seniors while offering greater peace of mind for their family members,” said Jeff Noce, CEO of WellAWARE Systems. “We are committed to creating a new standard of care for seniors, wherever they choose to call home.”

NHI Announces $15 Million Purchase of Four Assisted Living and Memory Care Communities

National Health Investors, Inc. (NYSE:NHI) announced last week it has closed a $15 million purchase of four assisted living and memory care communities totaling 183 units in Louisiana and has leased those communities to Selah SeniorCare III and managed by Selah Management Group. The purchase price was funded from NHI’s revolving credit facility.

The four facilities, which are on average 13 years old and attract private payment for services, are being leased to Selah SeniorCare III and managed by Selah Management Group for 15 years at an initial lease rate of $1,275,000 plus annual fixed escalators. In addition to the Louisiana facilities, Selah Management Group operates 11 assisted living and memory care communities in Florida, Mississippi and Texas.

Justin Hutchens, NHI’s CEO and President stated, “The Selah management team has experience operating high quality assisted living communities for years, and has a strong track record. NHI is pleased to work with them to expand their operations into Louisiana with such well-located and stabilized communities.”

50+ Housing Council Declares 2011 Smart Choice Award Winners

The 50+ Housing Council, a special interest council of the Building Industry Association of Southern California [BIA/SC], announced the winners of the 2011 Smart Choice Awards.  The annual award program recognizes companies with innovative solutions offering smart choices for people as they age and for businesses supplying products and services to the 50+ housing industry. To meet the definition of smart choices, products and services have to be innovative, green, sustainable, energy efficient, environmentally friendly, and/or related to Universal Design.

The winners are:

·         MDC Wallcovering
·         Milgard Windows and Doors
·         Dunn-Edwards Corporation
·         Broll Tools
·         Zero Carbon Alliance
·         Mincey Marble Mfg, Inc
·         Steelworks
·         WellAWARE Kontrol Systems
·         Harvest Landscape Enterprises, Inc
·         Enovative Kontrol Systems

Virtual Health announced it’s the first customer to go live on the Intel-GE Care Innovations Guide.

The Care Innovation Guide was developed to go beyond the first and second generation tele-health systems by collecting data and enabling patient behavior and lifestyle change through an interactive relationship with their clinician.

“We are eager to extend the marketplace beyond what has been known as telehealth or remote patient monitoring,” said Louis Burns, chief executive officer of Care Innovations™.  “The industry must evolve to a state of virtual care coordination, an interactive endeavor that transforms the way that patients, clinicians and technology interact, and commercial availability of the next-generation Guide is a critical step in that evolution.”

As the first customer of the Guide solution, Virtual Health will offer subscription-based health and wellness services delivered to homes of seniors who prefer to age gracefully at home.  Initially, the company said it plans to roll out the guide to a population of seniors and high risk pregnant mothers, with a nationwide launch this summer targeting a significant portion of the aging boomer population.

“We believe personalization is the key to engaging patients in their care,” said Bradford Perkins, Chairman and Co-Founder of Perkins-Eastman Architects.  “We chose the Guide above other options due to its patient engagement capabilities, integrated video conferencing options, flexible form factors, and open platform to personalize care for each population.  The combination of state of the art technology and a responsive national care network addresses a huge need that we see daily in both our professional and personal lives.”

Currently, the guide is available to users on consumer devices that use Microsoft Windows 7 operating systems and have a secure digital (SD) card slot and web camera.  The software enables devices to connect to specific wired and wireless medical peripheral devices, including blood pressure monitors, glucose meters, pulse oximeters, peak flow meters and weight scales.

Learn more about the product here.

Ecumen announced an agreement to make Preston Mail available to all of their in home customers.

The Minnesota based company, which provides senior housing and services, will use the service to enable family members to connect through Presto’s computer-less email solution for seniors.

“We had been searching for the right solution to enable kids, grandkids, extended family and friends to be able to digitally connect to our customers who don’t use computers,” said Larry Jorgensen, Chief Information Officer of Ecumen. “Presto provides an elegant way to link our customers to their friends and family all over the world without anyone needing to learn anything new. People just send email with attached photos or documents. Our customers just receive beautifully formatted letters that are automatically printed out of a special HP printer connected to their phone line. The absence of complexity is what caused us to choose Presto.”

The Presto Mail service provides a customized email address for Ecumen customers and a managed “friends” list that eliminates spam or junk mail from non-approved senders. The friend’s name and phone number are printed on the top of each message to facilitate return phone calls. Many other functions are provided including message scheduling, delivery confirmation, auto-delivery of Facebook photos, and online ink & paper level monitoring.

“Since our launch in 2006, Presto has been purchased directly by families looking for a solution to bridge the digital divide with their parents,” said Peter Radsliff, CEO of Presto Services, “Through this new relationship with Ecumen, Presto now has the opportunity to expand deployment of its Presto Mail service to people who might not otherwise have known it existed.”

Jorgensen continued, “Besides providing more joy in our customer’s lives through a closer, real-time connection to family, having a digital link can also connect them to important community services, local businesses, and even medical personnel and caregivers.”

Ecumen will be offering Presto Mail to their customers for $14.99 a month plus a one-time charge of $99.99 for the Printing Mailbox made for Presto by HP.