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Category: Brookdale Senior Living

Construction: Planned

Benchmark Senior Living Proposes Pleasantville Community

Benchmark Senior Living has proposed an 87-unit assisted living community in Pleasantville, N.Y., reports the Pleasantville Daily Voice. The community would be on a 3.5 acre plot of land next to a local church, which has agreed to sell the land to Benchmark pending the project’s approval. 

The site is currently zoned for single-family residences and would have to get re-zoned for the development to be approved. 

Unified Property Group Proposes Senior Community near Ann Arbor

Unified Property Group LLC has proposed a 42-acre development in the Ann Arbor, Mich. area, reports Michigan Live. The development would include several multi-story, mixed-use buildings including a senior living village that would offer independent living, assisted living, and memory care. 

The senior living portion of the project would have 158 units with capacity for up to 220 residents, located in a two-story, 175,000-square-foot building. 

The Pittsfield Township Planning Commission is considering site plans for the project, the development cost for which is still unknown.

Construction: In process

$21 Million Oakland Senior Housing Co-Op Breaks Ground

The Bay Area’s first senior housing cooperative broke ground recently, according to Mercury News. Elder Village Development is developing the $21 million project, which will have 41 units and will allow seniors to live privately in their own units but enjoy a co-housing lifestyle with social engagement opportunities.

Phoenix Commons is expected to open in about a year and will have a patio, private dock, and a communal kitchen and dining room overlooking the waterfront in Oakland. The community will have four stories containing one- and two-bedroom units, each with a private kitchen and bathroom. Unit sizes will range between 630 to 1,100 square feet. 

Future residents must be at least 58 or older and will purchase a share of the building and its communal spaces, allowing them to have a say in what amenities are offered. 

Elder Village Development is part of Alameda Elder Communities, which provides skilled nursing and senior housing services throughout the Bay Area. 

The Goodman Group Breaks Ground on Naples Senior Community

The Goodman Group has broken ground on a new two-story memory care community at its Naples, Fla. location, Terracina Grand. The freestanding community will utilize the Pearls of Life philosophy, a dementia program that provides personalized care plans for residents. 

Terracina Grand’s new building will have 55 memory care units with capacity for 60 residents and will more than double the community’s capacity to care for seniors with memory care needs. The residential units are on average 25% bigger than the industry norm, according to The Goodman Group. The building will include hospitality features and services such as a family-style dining area and club lounge on each floor, a grand living room with a library, and a large conservatory. 

The general contractor for the project is DeAngelis Diamond of Naples, Fla., with HKS Architects out of Ft. Meyers and Dallas, Texas providing design services. JBG Design & Development of Chaska, Minn. is in charge of project development and design. The Goodman Group is the developer and manager of Terracina Grand.  

Phase Two Begins on ISL-Managed Lantern Crest Senior Living 

Lantern Crest Senior Living in Santee, Calif. recently began Phase Two of the multi-phase project, during which it will add 102 independent living and assisted living units as well as new community amenities.

The resort-style retirement community is currently leasing the new residences that are scheduled to open in Fall 2014. Phase One is licensed for assisted living and memory care and is approaching full occupancy. 

Phase Two of the construction will be the city of Santee’s largest building at more than 129,000 square feet. During this phase, the community will also get a pool/spa, fitness center, bar, restaurant, extended transportation for destination outings, and furnishings. 

The full Lantern Crest community will have 400 units upon completion and will be managed by Integral Senior Living. 

Construction: Completed

Brightwater Senior Living’s Latest Retirement Community About to Open

Brightwater Senior Living of Highland is nearly finished and is beginning to hire staff. The assisted living, independent, and memory care community is located in Highland, Calif. 

The community will have 99 studio, one, and two-bedroom suites in a variety of floor plans. Brightwater also offers three daily meals, weekly housekeeping service, weekly linen service, paid utilities aside from telephone, suite maintenance, and scheduled local transportation, along with on-site access to the bistro, spa, theater, library/tech center, coffee shop, fitness center, chapel, and dining room. 

Licensed nurses and health services staff are onsite 24 hours a day.

Brookdale Senior Living Community Completes Renovation

A Brookdale Senior Living community in New Braunfels, Texas has undergone a makeover that includes an overall updated look, new salon equipment, and new furnitive in the common areas, reports the Herald-Zeitung.

Besides furniture, the community also got new carpeting and paint colors in neutral tones. The renovation included refinishing doors and woodwork, window treatments, and new artwork in the hallways. 

Grand Re-Opening at Ariz. Sunshine Retirement Living Community

The Manor at Midvale, an independent living community in Tucson, Ariz. that is managed by Sunshine Retirement Living, is holding a grand re-opening celebration next week.

The event will showcase recent upgrades and enhancements at the community, including a 14-seat movie theater, an updated, authentic ice cream parlor, and new landscaping featuring an all-new, water-saving irrigation system and drought-resistant plants. 

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Nine of the biggest senior living companies are working with Harvard Medical School researchers to examine the sector’s role in the changing healthcare system.

Brookdale Senior Living (NYSE:BKD), Atria Senior Living, Elmcroft Senior Living, Emeritus Corporation (NYSE:ESC), Erickson Living, HCP, Inc. (NYSE:HCP), Health Care REIT, Inc. (NYSE:HCN), Sunrise Senior Living, and Ventas, Inc. (NYSE:VTR) have all pitched in to create a $150,000 Assisted Living Sector Healthcare Policy Research Fund.

“This support allows us to examine what role senior living providers have in the new models of care that have emerged under health care reform,” David Grabowski, PhD, a professor of health care policy at HMS who is leading the research study, said in a statement.

The research is based on the premise that senior living community residents often need an array of health and supportive services in order to maintain the best quality of life, but many times they receive fragmented care from multiple providers and payers.

This can result in unnecessary healthcare expenditures and lower quality of care, so Grabowski and his team will examine whether providing more comprehensive, coordinated services in the senior living sector reduces the need for Medicare-reimbursed services and Medicaid-financed nursing home care.

The United States’ ability to meet the needs of its aging population is an important political, economic, clinical, and social imperative, says Will Clark, Brookdale’s senior vice present of strategy and brand, and a member of the HMS Health Care Policy Advisory Council.

“Harvard’s reputation for tackling some of health care’s biggest challenges and generating meaningful insights that shape our nation’s policy is unparalleled,” said Clark. “We are confident Dr. Grabowski and his colleagues’ research will be influential in determining the appropriate role senior living can and should play in our evolving health care system.” 

Goals of the research initiative include creating awareness for the potential senior living has to positively impact the health, well-being, and overall cost of care for seniors; identifying barriers to creating more integration among senior living and the healthcare system; influencing policy; and identifying innovative models that integrate senior living with  the healthcare system, says Brookdale.

The two-phase study will begin with analyzing the role of assisted living in new payment-delivery models, and presenting a conceptual model of how an intergrated model might work, as well as the opportunities and challenges associated with such an approach. Then, with the results of the first phase as a foundation, the second phase of the project will consist of primary data work and potentially the development of a pilot program. 

Brookdale has previously taken part in a pilot deploying the INTERACT program in senior living settings after winning a $7.3 million grant in partnership with the University of North Texas Health Science Center from an Affordable Care Act initiative funding healthcare innovators. 

Written by Alyssa Gerace

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Housing & Healthcare Finance Closes $160 Million of Loans

Housing & Healthcare Finance has closed $159,414,800 worth of HUD loans in the past two months in 12 transactions across six states. Eleven of the loans were for skilled nursing facilities, located in Missouri, Illinois, New York, Ohio, New Jersey, and Florida, while the twelfth transaction was a HUD new construction loan for an assisted living community in New York. The average interest rate on all the transactions was in the mid-3s. 

The loans range in size from a $6.6 million skilled nursing facility loan in Ohio to a $30.8 million loan for a New York skilled nursing facility.

The $29 million new construction loan in New York is noteworthy as it will be the only assisted living community in Scarsdale. The planned facility went through years of negotiations with the various municipal entities involved, says HHCF’s director of business development Charles Dabich, along with conservation easements that had to be resolved. Construction has begun on the project, which will have 138 beds in 115 units. 

Town and Country Manor Closes $7.7 Million Bonds

Cain Brothers served as placement agent for the $7.7 million Town and Country Manor Series 2013 Tax-exempt Bonds that were structured as a direct bank purchase. Town and Country Manor, a nonprofit CCRC in Santa Ana, Calif., used the proceeds of the direct purchase to refinance its existing Series 1990 variable rate demand bonds that were backed by an expiring letter of credit.

The transaction involved a tender and redemption of $8.7 million Series 1990 Bonds, as well as the release of the Series 1990 debt service reserve fund to fund the reduction in the outstanding debt and a new debt service reserve fund and the issuance of Series 2013 Bonds. Cain Brothers worked with Town and Country Manor to secure release of the previous trustee-held debt service reserve fund, establishment of new non-trustee held debt service reserve fund, and favorable five-year principal amortization.

The Series 2013 Bonds have a final maturity of 2038 compared to the 2020 final maturity of the Series 1990 Bonds, and the underlying documents reflect current market terms and conditions, which allow the interest rate and principal to be reset in future years without reissuance of the Series 2013 Bonds. The new capital structure enables Town and Country Manor to maintain its variable rate capital structure, which is currently resulting in an annualized cost of capital of less than 2%.

Ziegler Closes $35.8 Million Financing for Magnolia Manor

Ziegler recently announced the closing of the Series 2013A $35,840,000 tax-exempt, non-rated, fixed-rate Bonds for Magnolia Manor Obligated Group. Magnolia Manor, Inc. is a Georgia not-for-profit which is affiliated with the South Georgia Conference of the United Methodist Church.

The Obligated Group for the Series 2013A Bonds consists of the Corporation and Magnolia Manor of Columbus, Inc. The Bond proceeds together with other sources of funds will be used to refund the outstanding Series 1999 Bonds and two corporate loans. The Series 2013A Bonds are tax-exempt, non-rated, fixed-rate bonds with a 30-year final maturity.

“The Series 2013A financing enables Magnolia Manor to secure permanent financing for a recent acquisition and pursue strategic opportunities than will further enhance the strength of the organization,” said Tad Melton, Director in Ziegler’s Senior Living practice.

Berkadia Originates $172 Million Loan for 4 Brookdale Properties

Berkadia Commercial Mortgage LLC recently originated $172.1 million in financing for a portfolio of four Brookdale Senior Living senior living communities  Vice Presidents Christopher Fenton and Heidi Brunet worked with the borrower to refinance the maturing portfolio through Freddie Mac’s Capital Markets Execution (CME) program.

The individual loans were structured as seven- and 10-year adjustable-rate mortgages with 30-year amortization schedules and loan-to-value ratios ranging between 59-75 percent. The four communities, located across Illinois, Missouri, New York and Ohio, consist of 716 independent units and 157 assisted living units, with an average occupancy of 92% at the time of closing.

Ziegler Closes $22 Million BHI Senior Living Financing

Ziegler recently closed the $22,015,000 tax-exempt, fixed-rate BHI Senior Living, Inc. Series 2013A Bonds. BHI Senior Living, Inc. is a not-for-profit corporation and along with the BHI Foundation, Inc. is a member of the Obligated Group.

BHI Senior Living, Inc. owns and operates three continuing care retirement communities  and is the managing agent for two separately incorporated HUD subsidized apartment complexes for older adults and those requiring the features of a specially designed living unit. 

Proceeds from the Series 2013A Bonds will be used to fund various capital projects estimated to cost approximately $18,700,000, plus a portion of the interest on the bonds during the construction period, a Series 2013A Debt Service Reserve Fund and costs of issuance.

The capital projects span all three campuses and consist of 36 new ILUs, 36 new memory care units, demolition costs, architectural drawings for possible expansion projects, and various other renovation and infrastructure projects. Over time, the new projects are expected to add cash to the balance sheet through reimbursement for the payment of prior capital expenditures and entrance fees on the new units. New projects will also generate incremental revenues which should be accretive over time to the debt service coverage ratio and other performance benchmarks.

Love Funding Closes $20 Million of Loans for Two Texas SNFs

Love Funding recently announced the closing of loan refinancings totaling $19.3 million for two Texas skilled nursing facilities.

The loans, originated through the HUD Section 232/223(f) LEAN program, were for Park Valley Inn, a 160-bed facility in Round Rock, and Sundance Inn Health Center, a 128-bed facility in New Braunfels, Texas. 

Leonard Lucas, a senior director out of Love Funding’s Boston office, secured the loans and locked in a low, fixed interest rate for a 25-year term, generating “significant” debt service savings for the borrower. 

Beech Street Closes $55.3 Million of Loans to Refinance SNF Portfolio 

Beech Street Capital, LLC recently announced the closing of $55.3 million of loans to refinance an 808-bed portfolio of eight skilled nursing facilities in Indiana. 

Joshua Rosen, executive vice president of Beech Street, led the transaction out of the firm’s Chicago office for the borrower, Infinity Healthcare Management, LLC. The loans were originated through the HUD Section 232/223(a)(7) program and were able to lock in an attractive interest rate with 25 or 30-year terms, thereby providing significant debt service savings. 

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With new development in the pipeline and coming onto the market, senior housing operators and landlords are looking for ways to reposition existing properties to target future generations and achieve return on investment.

“There’s more segmentation [in the senior living industry]. People are trying to brand,” said Daniel Decker, founder and principal of investment firm CoastWood Senior Housing Partners, LLC, during SHN’s 2013 Senior Housing Summit in July. “For new development, the question is really, will the product evolve sooner? Will the next generation trump the existing generation?”

Capital Senior Living (NYSE:CSU) launched a new branding strategy during the second quarter involving an integrated marketing program that included a “refreshed” corporate logo, enhanced marketing content, and an updated website with a new color palette and image scheme.

“Our new responsive website was designed to make searching for senior living communities easier than ever.The complete makeover of our branding strategy and website unites the company’s 104 communities under one corporate identity and facilitates the assimilation of newly acquired communities in a consistent manner,” said Lawrence Cohen, CEO of Capital Senior Living, during the company’s second quarter earnings call.

The new branding strategy has already produced a 36% increase in web-based lead generation, according to Cohen, and numbers are expected to increase more as the company’s online reputation and search engine optimization efforts take hold.

Barriers to building new CCRCs are “extremely high,” making it another segment that’s under the repositioning microscope, said Rick Exline, executive vice president and director of operations management at LCS, during the Senior Housing Summit.

“We’re seeing a lot of repositioning of older assets on the CCRC side,” he said. “These are 25-35 year old assets, and the consumer is changing. The are requirements for multiple food venues, etc., that need to be built into the community.”

CSU is in initial stages of repositioning two of its CCRCs that it has previously looked to sell off. The company’s “plan B” was to reposition the two properties by enhancing private pay revenue, and is currently seeking approvals and working with families of residents.

“We believe that the strategy could actually double or triple the value of this property from the offer that we ended up receiving [when the properties were brought to market] through the process,” Cohen told an analyst during the second quarter earnings call.

Additionally, Capital Senior Living is investing in cash-flow enhancing renovations, refurbishments, and conversions of units to higher levels of care in its portfolio. Combined with the company’s operating leverage, the initiatives are expected to increase revenues, margins and cash flow, Cohen said. For every 3% increase in average monthly rent, about $10.4 million of incremental revenue is generated, he said, while every 1% improvement in occupancy is expected to generate $3.5 million of revenue.

“We have had much success in converting units to higher levels of care to meet the needs of our residents and allow them to age in place, as well as generate excellent financial returns to our company,” said Cohen. CSU is in the process of converting 210 units of independent living to assisted living and expects the conversions, when stabilized, to add approximately $3.4 million of incremental revenue.

The company is also considering conversion opportunities at 10 other communities to license all or part of them for assisted living, a strategy that could increase levels of care by about 300 units with the potential to increase revenue by nearly $4 million.

REITs are interested in repositioning assets in their portfolios in search of returns. Ventas, Inc. (NYSE:VTR) has $151 million of approved redevelopment deals in its pipeline, and $240 million of development projects overall.

“The redevelopment pipeline targets assets in our portfolio where we can add additional value by adding programming such as memory care or upgrading the facilities to drive rate. So far, with the projects that we’ve completed and that have stabilized, we’re achieving 11% returns,” said Ray Lewis, president of Ventas, during the REIT’s second quarter earnings call. “I would say the pipeline is very consistent with the projects that we’ve done, historically. So we would hope that they would achieve similar types of returns as we implement and stabilize those.”

Reinvestment in Brookdale Senior Living’s (NYSE:BKD) portfolio “continues to be our highest priority for capital investment,” said CEO Andrew Smith during the company’s second quarter earnings call. So far in 2013, Brookdale has completed seven Program Max projects with 16 more under construction and another 18 in active development.

Brookdale is spending about $150 million on Program Max in 2013, although returns won’t be seen right away, said Mark Ohlendorf, co-president and CFO.

“We have to get the capital deployed, build the assets, open the assets and fill them up,” he said. “So while we target mid-teens yields based on project costs, you probably don’t see that until three to four quarters after the project opens and has an opportunity to stabilize.”

Written by Alyssa Gerace

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Holiday Retirement, the nation’s third-largest senior living provider, is banking on sales-related technology with the implementation of a customized customer relationship management system in a final push to reach its post-recession occupancy goal.

The company has been using You’ve Got Leads as its CRM since 2010 but is currently rolling out a Holiday-tailored platform to its approximately 300 independent living communities across the country—a process that will be completed in August. 

While Shamim Wu, Holiday’s senior vice president of sales, declined to disclose the company’s current census, she did say it’s approaching its goal of achieving 95% occupancy. 

“We’re at the last leg of our marathon, which is always the hardest,” she says.  

Since 2009, Holiday has grown occupancy 18 basis points, although Wu couldn’t say how much of that was due to using a CRM. And while the final push may prove difficult, Holiday may already be ahead of much of the senior living pack.

Publicly-traded Brookdale Senior Living (NYSE:BKD), the largest senior living provider, reported 88.5% occupancy as of the first quarter of 2013 across its portfolio.
Industrywide, independent living occupancy has made gains to reach 89.3% as of the first quarter of 2013, according to data from the National Investment Center for the Seniors Housing & Care Industry, after plummeting from peaks of above 92% to a trough of 86.8% during the worst of the economic recession.
 
The senior living industry has struggled to break the 90% occupancy level, says Traci Bild, president and founder of sales and marketing firm Bild & Company, partly because of attrition rates exceeding move-ins, but also a lack of professional sales techniques and systems. 

While it may not be possible to counteract the rate at which people move out of a community, it is possible to increase the number coming in, she says. One fundamental step, according to Bild, is following up on inquiries—a key aspect of professional selling. 

“Only about 5% of communities our mystery shoppers contact actually get a follow-up call,” Bild says. “There’s no urgency. No one’s selling us after our mystery shoppers go in to tour.” 

Some might tend to attribute that to senior living often being a needs-based decision: when someone needs to move, they will. That’s not often associated with independent living. 

But for Holiday—the biggest independent living provider in the country—the majority of move-ins happen within about 30 days after the initial inquiry, according to Wu.

“What that tells us is, whether you’re in independent living or assisted living, it’s a needs-driven decision,” she says. “Our job is to figure out exactly what their needs are to be able to drive value.” 

Using a CRM aids the sales process, she says, because they include built-in expectations for associates in terms of time frames for the stages of advancing a lead and closing a sale. 

“Any CRM system is absolutely critical to holding teams accountable and keeping them organized with their sales process,” says Wu. ”[Our method was to] implement a sales force first, [then] create a sales platform and a system that allows people to work smart and not have to reinvent the wheel every time they take an inquiry or tour, and giving them the ability to organize their time.” 

When Wu joined Holiday in 2009, its sales force was “essentially nonexistent.” Fast forward to 2013, as the company’s sales team, from community level-employees up to senior leadership, numbers around 600. 

“Back when the economy was at its peak, you could afford to have a very reactive sales culture. That’s what Holiday was—a reactive sales culture. It wasn’t the key focus,” Wu says.

That changed when she joined the company. Wu says her exclusively senior living background paired well with the hospitality background of Roger Aufieri, COO of Holiday.

“We see sales training as an ongoing effort. We will always be a very sales driven group,” says Aufieri. “Training, recognizing and rewarding our teams on sales results will be a cornerstone for Holiday going forward.”

“It’s about execution—how well you do it,” says Wu of the sales process. “For us, we really believe that the robust two weeks of formalized training programs we give to associates before they even hit the community has been critical to our success.”

Half of that is classroom training, while the other half is being on the job with a mentor. Wu says building a strong foundation creates a better experience for associates. The company also has ongoing training and development, including weekly training for community sales leaders and management, quarterly sales summits, and an annual sales conference—the first of which was held just a few weeks ago. 

“When you professionalize a sales force at any company, you create strength for yourself,” Wu says, noting that 62% of Holiday’s regional sales leaders have been promoted from within the company’s sales ranks. “With training and accountability pieces in place, you can create the leadership or tomorrow for your own company.” 

Written by Alyssa Gerace 

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The Affordable Care Act is sure to impact the senior housing space, and the Big Three healthcare REITs expect their capital will be a crucial component for operators to stay in the game.

“The winners from the operating standpoint will be able to create new operating models or paradigms to lower the cost of care,” said Jay Flaherty, chairman and CEO of HCP, Inc. (NYSE:HCP) during a company presentation for REITWeek 2013, held this week in Chicago. “For us, this is a tremendous time to be making investments. It’s going to create new thinking about assets, and how those assets are needed.”

Medical office buildings (MOBs), for example, in the past have been used primarily as doctors’ offices. “Now, with the advances in technology, you’re seeing a significant amount of noninvasive surgical procedures done there, at a lower cost for the overall healthcare system,” he said.

MOBs can play a different role, including as part of a “virtual ACO,” said George Chapman, chairman, CEO, and president of Health Care REIT (NYSE:HCN) in his company’s presentation. HCN has multiple capital relationships at one such “ACO,” where a MOB and hospital system are flanked by a Genesis-run rehabilitation center and a Brandywine memory care community.

“We tell our senior housing operators, ‘If you’re part of a network, ultimately you’re going to have to assess how much risk you can take as part of that network,’” Chapman said. “Evidence-based care and measuring outcomes are going to be part of the ‘brave new world’ of healthcare, and your infrastructure is going to have to be better.” 

Improving infrastructure to stay competitive takes capital, though, and going forward, consolidation will certainly happen, he said.

“It’s almost inevitable that operators will have to come together, and that there will be M&A activity which may or may not give us more investment opportunities,” he said. “[The operators] will need to have better infrastructure, and better personnel to make their product better, and they may want to merge to create more power together, better systems together, and more opportunity to compete.” 

REITs have been aligning themselves with the biggest, best operators to help ensure continued investment success even after the healthcare landscape changes.

Health Care REIT has acquired senior housing giant Sunrise Senior Living in a $4.3 billion deal and has an established capital relationship with one of the nation’s largest post-acute care providers, Genesis Healthcare. HCP’s stated strategy is to partner with the people who are going to be leaders in their respective fields: Emeritus and Brookdale in senior housing, and HCR ManorCare on the skilled nursing and post acute side. 

For Chicago-based Ventas (NYSE:VTR), healthcare reform is not a matter of if, it’s a matter of when—and it’s already gearing up for changes in care coordination and risk sharing.

“Those are going to be important drivers of opportunity for our business as we look forward,” Ray Lewis, president of Ventas, during the REIT’s presentation. “It’s a real opportunity for us—you’re going to see a lot more vertical and horizontal integration as companies coordinate care, and prepare to take risk in preparing to care for those patients [for a set payment].”

How that will play out in the industry, according to Lewis, is that healthcare systems are going to move away from “tying up valuable capital” in real estate.

“As assets flow to the most efficient holders of real estate —REITs—I think we’ll play a role in driving this change or convergence,” Lewis said. “Big picture, that’s what the ACA will do for the healthcare REIT space, but it will be over time—not this year. [It will happen in] five to seven years, and that’s a real big opportunity for us.”

Written by Alyssa Gerace

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Capital One Closes $19.5 Million Loan for Revera Health Systems

Capital One Bank announced on Monday it had provided a three-year, $19.5 million secured term loan to Revera Health Systems, Inc., a long-term care and rehabilitation provider with multiple skilled nursing centers across the U.S.

Proceeds of the loan were used to refinance existing senior debt on eight of the health system’s skilled nursing facilities in Maryland, New Hampshire, New Jersey, and Vermont. Revera Health Systems also expanded its relationship with Capital One Bank to include despots and treasury management services. 

RED CAPITAL GROUP Closes Acquisition Financing for Ariz. Senior Care Community
 
RED CAPITAL GROUP, LLC recently closed a bridge-to-FHA financing solution for the acquisition of Prescott Nursing and Rehabilitation Center and Boulder Gardens Assisted Living, a 109-bed skilled nursing and assisted living community in Prescott, Ariz.
 
The property, formerly known as Meadow Park Care Center and Peppertree Square, was purchased by an affiliate of Pioneer Health Group, an Arizona-based long-term care community owner and operator.
 
Red Capital Partners, LLC, RED’s proprietary lending arm, closed a $5.96 million bridge loan to finance the acquisition, which closed in December 2012, to accommodate the seller’s closing deadline.
 
At the same time of the bridge financing, Red Mortgage Capital, LLC, RED’s mortgage banking arm, processed a $6.88 million FHA Section 232/223(f) loan, which closed in February 2013, to refinance RED’s bridge loan, fund capital improvements, and provide low fixed-rate, non-recourse permanent financing for the buyer. 
 
Lee S. Delaveris, director of Red Mortgage Capital, LLC, was the lead banker on the transaction. 
 
Cain Brothers Structures $35.5 Million Bond Issue for N.Y. ALF Project
 
Cain Brothers recently structured and closed a $35,515,000 tax-exempt fixed-rate bond issuance for The Hamlet at Wallkill, a 200-bed new construction assisted living community project in Wallkill, N.Y.
 
The FilBen Group, a for-profit developer, owner, and operator of assisted living and skilled nursing facilities, hired Cain Brothers to serve as sole underwriter on the unrated financing for the development and construction of a start-up assisted living community. 
 
The Hamlet at Wallkill will provide high-quality assisted living services to private pay and Medicaid-eligible seniors, in addition to memory care. 
 
Cain Brothers and FilBen used private activity bonds, which are subject to volume cap restrictions, in order to obtain tax-exempt financing at attractive rates. 
 
“Volume cap allotments are awarded on an annual basis; therefore any private activity bonds subject to volume cap requirements must be issued by December 31 of the allotment year,” said Cain Brothers. “Because the necessary volume cap was secured too late in 2012 to market the bonds on a permanent basis before year end, Cain Brothers implemented a strategy that employed a short-term financing mechanism with a three-month mandatory tender. This financing structure preserved the allotted volume cap and allowed long-term capital providers ample time to analyze the project, conduct site visits, and meet with the FilBen management team.”
 
The bonds were remarketed in February 2013, and Cain Brothers was able to secure long-term financing at an attractive cost. Construction is slated to begin in April 2013, with full stabilization expected to occur in Summer 2016.
 
Lancaster Pollard Closes $7.5 Million Loan for Ohio Memory Care Center
 
Lancaster Pollard recently closed two loans totaling $7.5 million to refinance Alois Alzheimer Center in Cincinnati, Ohio.
 
The Health Care Management Group owns and operates the memory care community, which opened in 1987. Lancaster Pollard refinanced the center’s two existing FHA-insured loans with HUD’s non-recourse Section 232/223(a)(7) mortgage insurance program, helping The Health Care Management Group realize more than $103,000 in annual debt service savings.
 
Kass Matt, senior vice president and regional manager at the Ohio-based firm, was the lead banker on the transaction. 

Grandbridge Seniors Housing Closes $5.3 Million Loan for Wash. Community

Grandbridge Real Estate Capital’s Seniors Housing Group recently closed a $5.3 million loan to refinance Highgate Senior Living, a 48-unit assisted living community in Yakima, Wash. Grandbridge facilitated the long-term, fixed-rate loan through Fannie Mae. 

Grandbridge Closes $12 Million Loan for Senior Living Community

Grandbridge’s Seniors Housing Group also recently closed a $12.25 million short-term loan for the acquisition and renovation of Quail Park, a 49-unit assisted living and memory care community in Eugene, Ore.

The loan was through BB&T Bank to allow the community, managed by Living Care, to be repositioned for permanent financing. 

Brookdale Modifies Corporate Line of Credit

Brookdale Senior Living (NYSE:BKD) announced on Wednesday it had modified its existing revolving credit facility with GE Capital, Healthcare Financial Services.

The modification extended the maturity date of the facility to March 31, 2018 and decreased certain costs associated with the facility, along with providing options to increase the committed amount initially from $230 million to $250 million, and then from $250 million up to $350 million. 

The interest rate payable on advances has been decreased through the modification, reducing the LIBOR floor by 1.5% and the spread by 1.25% and reducing the fee payable on the unused portion of the facility from 1.0% to 0.5% per year.

Brookdale secures the revolving credit facility by first priority mortgages on some of its communities. Availability under the revolving credit facility will vary from time to time as it is based on borrowing base calculations related to the appraised value and performance of the communities securing the facility. 

RED Completes 60 Seniors Housing Transactions Worth $460 Million in 2012

RED CAPITAL GROUP, LLC announced last Friday that its banking arm, Red Mortgage Capital, LLC was the top originator for FHA/Ginnie Mae loans in 2012, providing 231 FHA loans totaling $2.176 billion.

During the year, the firm completed 330 transactions totaling more than $3.3 billion in capital to the multifamily, affordable, student, and seniors housing and healthcare industries, representing a 40% increase compared to the previous year’s total number of transactions, and a 13% increase in volume. 

Of the 330 total transactions, 60 were for seniors housing and healthcare deals in 2012, amounting to $460 million.

NorthStar Realty Originates $11.25 Million Loan for Calif. Senior Housing Campus

NorthStar Realty Healthcare recently announced it had originated an $11.25 million senior loan for a senior housing campus in Madera, Calif. The community, built in 2006 and operated by Integral Senior Living, has 112 units offering independent living, assisted living, and memory care. The loan has a 3-year term with an 8% interest rate.

Health Care REIT Announces Conversion Option for 3.00% Notes

On Tuesday, Health Care REIT, Inc. (NYSE:HCN) notified holders of the $494.4 million outstanding principal amount of its 3.00% convertible senior notes due 2029 that they are entitled to convert all or a portion of their Notes into cash and, if applicable, shares of the company’s common stock.

Holders’ right to convert begins on April 9, 2013 and ends at the close of business on July 9, 2013. The notes are convertible because the closing price of shares of the company’s common stock, for at least 20 trading days during the 30 consecutive trading-day period ending on March 31, 2013, was greater than 120% of the conversion price in effect on March 31, 2013.

Love Funding Closes $4.71 Million Loan for Senior Apartment Complex

Love Funding announced on Thursday the closing of a $4.71 million loan refinancing for Porthaven Manor, a 102-unit, age-restricted apartment community in Port Huron, Mich.

Bruce Gerhart, Love Funding’s Midwest regional director, secured the financing through the Department of Housing and Urban Development’s Section 232/223(f) loan insurance program. 

Porthaven Manor, built in 1989 with low-income housing tax credits administered by the Michigan State Housing Development Authority, is restricted for adults aged 62 and older and is required to set aside 20% of its units for income-qualified residents that pay below-market rents. 

The refinancing allows the property’s owners to pay off Boston Financial Institutional Tax Credits, which financed the tax credits. 

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MBK Senior Living Sells Two Properties to Brookdale for $56.1 MIllion  

Brookdale Senior Living recently purchased two Spokane, Washington properties from MBK Senior Living for $56.1 million. 

The properties, built between 1999 and 2003, include a combination of assisted living and memory care units, with an additional 20 independent units in one of the communities. Combined occupancy of the properties is roughly 92%. 

CBRE represented MBK in the transaction. Terms of the deal have not been disclosed. 

JV Buys Calif. Senior Housing Complex for $10.5 Million 

Preservation Partners and Clifford Beers Housing recently purchased a 90-unit affordable senior housing complex in Wilmington, Calif. for $10.5 million, represented in the transaction by Tim Steuernol with NAI Capital’s West L.A. office.

The seller is VPP Banning Villas Apartments VP, represented by Kanna and Ramu Sunkara of Sunkara investments.

The property was built in 1976 and has 90 one-bedroom units with wood frame and stucco construction. Property amenities include a large courtyard, a clubhouse, and carports for each unit. 

There are also plans in the works to completely renovate the complex with a new roof, kitchens, bathrooms, and appliances throughout. 

“We are pleased to have been able to preserve this asset as senior housing for the next 55 years with the help of Clifford Beers and Enterprise,” Jon LaLanne, partner with Preservation Partners, said in a statement. “The commitment we received from HUD will allow us to do approximately $50,000 per unit in capital improvements.”

The buyers used a $9.4 million Golden State Acquisition Fund (GSAF) loan originated by Enterprise Community Loan Fund to purchase and rehabilitate Banning Villa Apartments. The loan allows the property to remain affordable to low-income seniors for an additional 20 years.

Senior Solutions Management Group Adds 2 ALFs to Portfolio 

Senior Solutions Management Group announced on April 4 a partnership with Elder Hope Investments in which it will take over operations for two of Elder Hope’s licensed assisted living communities in the Atlanta, Ga. market.

The Hope Memory Care Centers in Dacula and Fayetteville, GA. represent SSMG’s first communities in the greater Atlanta area.

“Senior Solutions Management Group is proud to partner with Elder Hope Investments to manage their Memory Care Centers located in Dacula and Fayettville, Georgia,” said Todd Barker, Chief Operations Officer for Senior Solutions Management Group, in a statement. “With their expertise in development and our unique management approach, we are confident we will deliver a new model of memory care services that others will follow.”

Each community has 64 units which will be divided into four smaller “villages,” says SSMG, with each village representing the various stages of Alzheimer’s disease and the unique care that each stage of the dementia requires. 

SSMG will use electronic medical records and electronic care plans in the Hope Memory Care Communities, as it does in the other communities it manages.

The Dacula community just recently received its Assisted Living license, making it the seventh senior living community in Georgia to obtain the new, more comprehensive licensure. The Fayetteville location is currently under construction and will have the new licensure when it opens its doors to the public in mid- to late summer. 

SSMG now has 12 communities, some in operation and others in various phases of development, in the state of Georgia. 

SMA & ValStone Partners Acquire Fla. Community for $2 Million

Senior Management Advisors, Inc. (SMA) and ValStone Partners, LLC recently acquired the Palazzo Di Oro, a former assisted living facility that closed in 2011, for $2 million. The joint venture partnership plans to renovate the property and reopen it as Grand Villa of St. Petersburg, a memory care and assisted living community.

“This is a wonderful property that should receive an extremely positive reception from local residents after renovation is completed in late 2014,” said Steven Piazza, president, Senior Management Advisors, in a statement. “We will be investing a significant amount into renovation and improvements of the interior and exterior and look forward to serving local residents in keeping with our commitment to top quality services offered in a homelike atmosphere.”

This marks the eleventh property in the SMA and ValStone venture in which the two organizations have collaborated on the purchase, renovation, rebranding, and management of senior living communities. 

Along with the $2 million price tag, SMA and ValStone are anticipating multi-million dollar renovations, expected to take 18 month, after which Grand Villa of St. Petersburg will reopen with approximately 150 units. Of those, 30 units will be dedicated for memory care. 

Renovations will include remodeling of the first floor to include an Internet cafe, library, billiards parlor, beauty salon, barber shop, and private dining room, with common areas including lounges and activity rooms. Resident rooms will also be remodeled to include kitchenettes with built-in refrigerators and microwaves, spacious closets, and large private baths. Emergency alert call systems will also be provided in all bedrooms and bathrooms.

Exterior renovations will include landscaping, and updating the entrance and parking lot. 

Bradley Clousing of Senior Living Investment Brokerage facilitated the transaction. Jordan Behar of Behar + Peteranecz: Architecture is the project architect. 

The former Palazzo Di Oro was built as a hotel in 1971 and underwent a renovation in the 1990s, when it was converted to an assisted living community. additional improvements were made in 2005, but in 2011 the property was foreclosed on by the syndicate of lenders.

SMA and ValStone have previously collaborated on other hotel-to-senior living redesigns, most recently the Tides Hotel in Melbourne, Fla., which reopened in 2011 as Grand Villa of Melbourne. 

New Mexico Senior Care Community Sells for $3.5 Million

Senior Living Investment Brokerage, Inc. facilitated the sale of an assisted living and memory care community in Hobbs, New Mexico for $3.53 million to a regional owner/operator based in the East Coast.

The 69-unit senior care community was originally constructed in 1964 as a hotel, then was converted in 1990 into senior housing. It underwent renovations in 2002 and 2010.

The one- and three-story building is approximately 63,500 square feet and is located on 2.4 acres. The property has a “strong operating history” according to Senior Living Investment Brokerage, with occupancy near 87% at time of sale. 

The seller is a national owner/operator based in Oregon who divested the asset to utilize the capital for other corporate purposes. 

Jeff Binder, Matthew Alley, and Toby Siefert of Senior Living Investment Brokerage handled the transaction. 

NorthStar Healthcare Makes Initial $2 Million Senior Living Investment

NorthStar Healthcare Income, Inc. announced recently it had made its initial investment by purchasing a $2 million pari passu participation interest in an $11.25 million senior loan from an affiliate of the sponsor, NorthStar Realty Finance Corp. (NYSE:NRF).

The loan and participating both bear interest at 7.0% throughout the one-month LIBOR index with a minimum interest rate of 8.0% per year.

The sponsor recently originated the loan and sold the participation to NorthStar Healthcare at its cost basis. NorthStar Healthcare will purchase additional amounts of the loan from time to time as additional capital is raised, thereby increasing the size of its participating until it owns the whole loan.

A 112-unit independent living, assisted living, and memory care community secures the loan. The community is managed by an “experienced” operator and located in Madera, Calif.

“We are very pleased to announce our initial investment in an asset that is consistent with our targeted investment portfolio and our sponsor continues to generate an attractive pipeline of additional investments that will allow us to quickly invest the company’s capital as it is raised,” said Daniel Gilbert, CEO of NorthStar Healthcare, in a statement. 

Emeritus Sells Assisted Living Community to Montana Investors

Emeritus Corporation (NYSE:ESC) recently sold an assisted living community in Butte, Montana to a group of local investors, reports The Montana Standard.

Big Sky Senior Living, which opened in 1998, will return to its former name, the Waterford, and be operated by Health Management Services. 

The 161-unit community has 149 apartments and 12 independent living cottages, and has about 100 residents. The new management company’s first goal is to increase occupancy, the Standard reports. 

Other plans include general upgrades for flooring, windows, lighting, and more, along with the addition of a memory care unit by converting an existing wing into an approximately 20-unit secured ward.

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Radio frequency: It’s not just for tracking packages, evidently, as one memory care provider plans to use this technology to help care for residents and eliminate the need for “policing,” writes a Herald-Tribune article. In other senior care-related technology news, Brookdale Senior Living is rolling out Connected Living’s senior social platform in its communities, while senior living provider Christian Living Communities is implementing a tablet-based communications platform for its senior residents. Read on:

Autumn Senior Living: Memory Care Community to Use Radio Frequency Technology

What do UPS and one memory care provider have in common? They’re both using radio frequency identification to improve job performance. While postal services use radio frequency to track packages, Autumn Senior Living LLC is using similar technology to allow staff to better care for residents with memory impairments. Read the Sarasota Herald-Tribune’s article on the memory care provider’s innovative security features. 

Touchtown: New Communication App for Senior Living Residents

There’s a new product for senior living residents called Touchtown Resident Apps, which provides a tablet-based communications platform for seniors. The app’s features allow users to send and receive messages; lists and delivers information about community services, activities, events and programs; lets residents to request, access, or sign up for community services; displays social activities, entertainment options, and transportation requests; and provides residents with ways to collect and store health information along with other documents and reference materials.

Christian Living Communities, which has three senior living residences in Colorado’s South Denver metro area, is among the first providers to get the Touchtown Resident Apps package. 

Connected Living: Brookdale Rolls Out Online Social Platform for Seniors

Brookdale Senior Living is rolling out Connected Living’s social interaction program, designed specifically for the senior living industry, in many of its communities. The Connected Living program enables seniors to connect with loved ones and gain access to community, educational and healthcare resources using technology.

The program integrates hardware, software and content with training and support to get seniors, their families, and their communities connected to each other and to their health providers. Connected Living will go on-site to senior living communities to establish a wireless network; equip a computer lounge with personal computers; populate interactive displays with content such as community calendars, menus, local news and weather, and shared videos; and then teach everyone how to use these resources.

EHR Intelligence: Aging Population Presents Challenges & Opportunities for EHRs

“Managing health care for seniors, who typically have progressively more complex needs and multiple specialists contributing to their care, is never an easy task.  But with the median age of the United States population increasing steadily and the baby boomer generation aging into this category, the challenges – not to mention the costs – facing the health care industry are only going to become more significant,” reports EHR Intelligence. “[E]lectronic health records (EHR) and health information exchange (HIE) may be able to improve the coordination of records along the continuum of patient care, controlling costs and creating a better experience for both physicians and aging patients by giving providers a clear way to track expenses, identify high-risk patients, and streamline the use of resources.” Read more


 

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It’s been one hot summer for temperatures across the country. The mercury on the senior housing and senior living market keeps rising as can be seen in this installment of Movers & Shakers and the latest news from SHN. Got scorching hot talent joining your team? Send us those staffing announcements at movers-shakers@seniorhousingnews.com.

If you don’t have the talent you’re looking for, our senior housing jobs board maybe the answer to your needs.  For less than $1 per day, you can advertise your job opportunity to those keeping up with the latest news and trends in the senior housing industry.  Click here to visit the SHN job board. 

Gensler Named Vice President of Business Development

Scott Gensler, Erickson Living’s Vice President of Financial Planning, Analysis and Reporting, has been selected as the company’s new Vice President of Business Development. In this new leadership position, Gensler will work within the company’s Corporate Affairs Division to identify and evaluate new business opportunities. Gensler has been with Erickson for more than 15 years and has an impressive knowledge of key aspects of the business, says the company, including Finance, Sales and Marketing, and Operations. 

OnShift Announces Vice President of Customer Success

OnShift recently announced Paul Chilensky as the company’s Vice President of Customer Success. Chilensky has more than 25 years of experience building and managing global service and support organizations for software companies, and has successfully grown service revenue and customer satisfaction to record levels with each organization. His healthcare background includes the long-term care industry, having led and implemented services strategies for sustainable customer satisfaction in a leading pharmaceutical systems company. Chilensky will lead OnShift’s customer implementation, services and support organization, ensuring that clients maximize their financial, operational and clinical outcomes with the use of OnShift. 

Ventas Names John Hart Senior Vice President and Chief Information Officer

Ventas, Inc. (NYSE:VTR) has appointed John K. Hart to the newly created position of Senior Vice President and Chief Information Officer reporting to the Company’s Chief Financial Officer.

Hart joined Ventas from CME Group Inc. where he worked for 16 years, most recently as Managing Director of Technology. At the CME, where he supervised a team of 200 IT professionals, Hart was responsible for managing the exchange’s enterprise architecture, business systems, security, telecommunications, networking, help desk and operations. Earlier in his career he was an assistant vice president at First Options in Chicago, and prior to that he was a senior network architect with the John D. and Catherine T. MacArthur Foundation. Hart received his Bachelor of Industrial Management from the Milwaukee School of Engineering and his MBA from the Lake Forest Graduate School of Management.

AHEPA Management Company Names Solberg as Assistant Director of Compliance

AHEPA Management Company, a property management firm providing onsite management for affordable senior housing communities nationwide, has announced the promotion of Amy Solberg to the position of Assistant Director of Compliance. In her new role, Solberg ensures that AHEPA senior affordable apartment properties are in compliance with various state and federal funding programs. She also provides compliance oversight for HUD and other regulatory policies as they pertain to programs, AMC property manager training, Yardi software support, and Fair Housing compliance.

Solberg has nine years of experience in property management and subsidized housing. She joined AHEPA Management Company in 2006 as Property Manager for AHEPA 113 Apartments in Beavercreek, Ohio. Previously, she was Property Manager for subsidized housing management firm Gorsuch Management in Lancaster, Ohio.

Clara Parker Named Executive Director of Charlestown

Erickson Living has named Clara Parker as the Executive Director of Charlestown, the continuing care retirement community in Catonsville, Md. Parker has more than 25 years of not-for-profit experience. In 2005, she began her career with Baltimore-based Erickson Living as the Director of Finance at Oak Crest. Most recently, Parker served as the Vice President-Regional Finance Director for Erickson Living communities throughout the country. As Executive Director, Parker will be responsible for the daily operations and major capital projects of the 110-acre campus that is home to more than 2,000 residents served by 1,100 employees. 

Prior to joining Erickson Living, Parker served as the Senior Director of Finance for the American Red Cross at its national headquarters in Washington D.C. A resident of Severna Park, she holds a Bachelor of Science in Finance and Economics from Towson University and attended the Executive MBA Program at Loyola University in Maryland.

Beech Street Capital Hires Sherman as EVP of Seniors Housing

Beech Street Capital, LLC has hired James Sherman as Executive Vice President of Seniors Housing to continue building the company’s seniors housing practice. Sherman comes to Beech Street from RED Capital Group, where he was a senior managing director leading the senior housing and long-term care group.  He is a recognized leader in the industry, having served on the boards of many professional organizations, including a term as president of the National Association of Seniors Living Industries. Sherman was also president and CEO of Churchill Estates, an assisted living provider.  

SeniorHomes.com Announces Expansion of Executive Management Team

SeniorHomes.com recently added three new executives to its management team. Rob Frerichs was hired as Vice President of Business Development and Deborah King as Director of Care Advising. In addition, the company promoted Ron White, Vice President of Sales, to direct the Account Management team. The new management team was put into place to oversee SeniorHomes.com’s rapid business expansion and growing staff.

The site’s Vice President of Sales, Ron White, took over leadership of the Account Management team in April 2012. White will oversee the maintenance and expansion of SeniorHomes.com current business relationships. For more than 10 years, White has been a leader in the internet marketing and advertising industry. Rob Frerichs was brought on as the Vice President of Business Development in May 2012. Prior to joining SeniorHomes.com, Frerichs was directly responsible for creating winning sales strategies that have built recurring revenue streams for Market Leader and numerous startups. Deb King was promoted to Director of Care Advising in June 2012. 

Walker & Dunlop Hires SVP of FHA Finance Division

Walker & Dunlop, Inc. (NYSE:WD) announced that Michael B. Vaughn has joined the Company as senior vice president & head of the Company’s FHA Finance Healthcare department. Mr. Vaughn will manage origination, underwriting, and quality control of all Healthcare loans.

Prior to joining Walker & Dunlop, Vaughn held several positions at the U.S. Department of Housing and Urban Development (HUD). Most recently he was Director of the Office of Residential Care Facilities, part of the Office of Healthcare Programs. While there, Vaughn was directly responsible for origination and asset management activities related to the $17.5 billion portfolio of Section 232 Insured Mortgages on Skilled Nursing and Assisted Living Facilities. Under his leadership, the LEAN (Section 232) program reached a level of production of over 800 loans a year, $6 billion in commitments and issued approvals on the largest nursing home portfolio ever processed by HUD. Earlier at HUD, Vaughn was personally responsible for a large number of Mark-to-Market, Mixed-Finance public housing and tax credit transactions.

Previously, in the private sector, Vaughn was a senior vice president of the Bank of New York’s Fannie Mae/Freddie Mac Multifamily lender, ARCS Mortgage. He received his bachelor’s degree from Georgetown University and his MBA from Yale University’s School of Public and Private Management.

Integral Senior Living Announces a New Regional Director of Operations

Integral Senior Living has appointed Roxanne Gooding as a Regional Director of Operations. In this newly created position, Gooding will oversee operations for a number of ISL communities. Gooding brings over 18 years of senior living executive management and healthcare experience to the position. In her new role, she will be responsible for providing operational guidance and support to many of ISL’s communities.
 


Most recently, Gooding was a RCFE consultant. Prior to consulting, she was with Westmont Living in a variety of positions including Regional Director of Operations, Executive Director and Resident Services Director. Before her time at Westmont, she was with Seniorcare Communities, Atria Senior Living, Addus Healthcare and Koerick Sterling Communities. Gooding is a licensed Vocational Nurse, and has a RCFE Administrator Certificate and an A.A. in Business Management.

Remedi SeniorCare Names Michael Freedman Regional Sales Manager

Remedi SeniorCare has named seasoned industry executive Michael Freedman as its new Regional Sales Manager. Freedman is responsible for Remedi’s long-term care customers throughout Pennsylvania, New Jersey and Northern Delaware and will drive growth via Remedi’s innovative offerings, including the Paxit 24-hour unit-dose medication administration system, Connexit electronic data interchange, the My Remedi customer portal and Remedi’s RapidResponse(SM) service delivery model. Among his initial focus is to support and deepen Remedi’s preferred provider relationship with Kairos Health Systems, a leading Group Purchasing Organization to the non-profit senior housing industry.

Most recently, Freedman was an account executive with AmerisourceBergen Technology Group, one of the world’s largest pharmaceutical services companies. There he was responsible for the sales of automated pharmacy packaging devices to the long-term care and retail pharmacy market. Freedman holds a Bachelors of Science degree from Penn State University in Health Planning Administration.

Flores Named Executive Director at Carlton Plaza Elk Grove

Mrs. Lindsey Flores has been promoted to executive director of Carlton Plaza Elk Grove in Elk Grove, Calif. Flores has gained extensive experience overseeing community operations since joining the company in 2005 at Carlton Plaza of Sacramento where she headed the resident activities program for several years and most recently was director of resident care first for Carlton Plaza Sacramento and then for Carlton Crown Plaza Sacramento, which specializes in enhanced assisted living.

Flores was participating in Carlton’s Senior Executive Training program when she was selected to open Carlton Plaza Elk Grove as executive director. She earned a Bachelor of Arts degree in psychology from California State University of Sacramento and is certified by the State of California as an administrator of Residential Care Facilities for the Elderly (RCFEs).

National Housing Conference Announces Hire of N.C. Housing Coalition’s Chris Estes

The National Housing Conference (NHC), the nonprofit affordable housing advocacy group known as the United Voice for Housing, today announced that Chris Estes will join the 81-year-old housing organization as its new president and CEO. Estes is currently the executive director of the N.C. Housing Coalition, a post he has held since 2003. In his new position, Estes will lead NHC’s policy and advocacy work both in Washington and throughout the country. He will also work closely with NHC’s research affiliate, the Center for Housing Policy, to make the case for affordable housing and develop effective housing policy solutions. In making the announcement, NHC Chair John L. Kelly cited Estes’ record of successful leadership and organization-building expertise.

Estes already had extensive experience in economic development, smart growth advocacy, welfare reform, workforce development, affordable housing development and asset-building research before joining the N.C. coalition as its executive director in September 2003. He holds masters degrees in Social Work and in City and Regional Planning, both from UNC-Chapel Hill. 

RED CAPITAL GROUP, LLC Hires Kathryn Burton Gray

RED CAPITAL GROUP, LLC is expanding its health care and seniors housing platforms with the hiring of Kathryn Burton Gray to lead the effort nationwide. Burton Gray will play a key role in RED’s continued expansion in the industry. With over 25 years of experience, Burton Gray brings a proven history of strategic business development, lending expertise, and market share growth. She previously served as a managing director with CIT’s health care unit.

Highland Springs Hires Cecilia Saucedo as Director of Continuing Care

Highland Springs announced the hiring of Cecilia Saucedo as its first Director of Continuing Care. Saucedo has more than 22 years of professional experience in the senior living industry, mainly with skilled nursing facilities. In 2003, she earned her licensure as a Nursing Facility Administrator. Saucedo received her Bachelor of Business Administration from Texas Wesleyan University. The Texas native is a member of the Texas Health Care Association. 

United Methodist Retirement Communities Hires New Health Services Administrator at Chelsea Retirement Community

United Methodist Retirement Communities, Inc. (UMRC) has hired Lee Karson as the new Health Services Administrator at Chelsea Retirement Community. In his new position, Karson will be responsible for the day-to-day functions of Kresge Rehabilitation Center on the Chelsea Retirement Community campus. Karson’s previous experience involves more than 35 years of administration in the healthcare sector. Most recently, Karson was the Grand Blanc Rehabilitation & Nursing Center Administrator in Grand Blanc, Mich. where he worked in all aspects of clinical and operational outcomes and assisted in the development of annual budgets. 

Presbyterian Retirement Communities NW Welcomes New Corporate Director of Human Resources

Presbyterian Retirement Communities Northwest (PRCN) has announced that Larry Dart has joined the organization as Corporate Director of Human Resources. Dart brings years of experience in the areas of finance, human resources and operations. He will oversee the Human Resource department of PRCN and its three senior living communities: Exeter House, Park Shore and Skyline at First Hill.

Most recently, Dart worked for the Youth Hostel Association of New Zealand, where he managed the day-to-day operations in the largest business for the #1 budget accommodation provider in New Zealand. He led a team of 25 people across two properties with 330 beds and $2 million in sales. Previously, Dart was a Human Resources consultant where he provided strategic and operational direction to clients in the food service industry. Dart has a Bachelor of Science from Millikin University from Decatur, Ill. 

AHEPA Names Cavanaugh as Regional Manager

AHEPA Management Company has announced the promotion of Judy Cavanaugh to the position of Regional Manager for Region 7. In her new role, Ms. Cavanaugh oversees the property managers and operations for 10 affordable senior apartment properties managed by AHEPA Management Company, including financials, daily operations, maintenance upkeep, yearly budgets, inspections and property visits. Region 7 properties include AHEPA 35 Apartments in Nashua, NH; Penelope 35 and 35-II Apartments in Bloomington, MN; AHEPA 39 Apartments in Haverhill, MA; AHEPA 53, 53-II, and 53-III Apartments in St. Louis, MO; Penelope 120 Apartments in Peabody, MA, and AHEPA 343 Apartments in LaVergne, TN.  She joined AHEPA Management Company in 1998 and holds the Certified Occupancy Specialist (COS) designation, the Certified Manager of Maintenance (CMM) designation and the Assisted Manager of Housing (AMH) through Quadel designation from NCHM, the National Center for Housing Management.

Jeffrey R. Leeds Appointed Non-Executive Chairman of the Board of Brookdale

Brookdale Senior Living Inc. (NYSE:BKD) recently announced that Brookdale’s Board of Directors has appointed Jeffrey R. Leeds to serve as Non-Executive Chairman of the Board.  Leeds has served as a member of the Board of Directors and as Chairman of the Company’s Audit Committee since November 2005. He retired as Executive Vice President and Chief Financial Officer of GreenPoint Financial Corporation and GreenPoint Bank in October 2004, in which capacities he served since January 1999. Prior to that, Leeds was Executive Vice President, Finance and Senior Vice President and Treasurer of GreenPoint.

HouseWorks Announces New Executive Director in Greater Washington

HouseWorks has announced the hire of its new Executive Director of GreaterWashington, Joan Hyman. Hyman spent four years as Senior Vice President of Development and MemberServices at the Beacon Institute—Lifespan’s education arm—focusing on the establishment ofcutting-edge programs and enhancing value-based services for health care providers. Prior toLifeSpan, Hyman worked in a variety of settings including the Charlestown Continuing Care Retirement Community in Catonsville, Md., HCR Manorcare in Silver Spring, Md., and the Gladys Spellman Specialty Hospital and Nursing Center in Cheverly, Md.

Capitol Lakes Promotes Feldbruegge to Sales Director and Hires Czekalski as Marketing Coordinator

Capitol Lakes has promoted Debra (Deb) Feldbruegge to the position of Sales Director. She has been with Capitol Lakes since 2008, previously serving as Marketing Representative.In addition to her four years’ experience at Capitol Lakes, Feldbruegge contributes 10 years’ experience in real estate sales and extensive experience in accounting and retail management. She holds a Bachelor of Science degree in Business and Marketing, has an active state of Wisconsin real estate license, and maintains an avid interest in current market conditions and real estate trends in Dane County.

Morgan Czekalski has been hired to become the new Marketing Coordinator at Capitol Lakes, working closely with Feldbruegge. In 2009, Czekalski earned her Associate of Applied Science degree in Marketing from Chippewa Valley Technical College, and she graduated from the University of Wisconsin at River Falls in May 2012 with a Bachelor of Science degree in Marketing Communications. 

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In the wake of Sunrise Senior Living (NYSE:SRZ) agreeing to be bought by Health Care REIT (NYSE:HCN), senior living investors are riding a wave of interest in the industry as boosted stock prices reflect favorable occupancy trends and payment rates along with other factors, according to the Tenneseean.com

The senior living industry—including independent living, assisted living, and memory care communities—is primarily private-pay and not subject to fluctuating federal reimbursement rates, offering investors more stability.

Among the beneficiaries has been Brentwood-based Brookdale Senior Living, whose stock is up about 32 percent this month through Tuesday. That’s despite the senior living chain saying three weeks ago that Chief Executive Bill Sheriff had decided to retire after 28 years.

Earlier this month, the positive sentiments were driven by a report that showed occupancy of assisted- and independent-living centers reached a four-year high of nearly 89 percent for the second quarter with annual rent growth still around 2 percent.

Those numbers helped dispel the notion that the senior living market is linked solely to the economy, or broader housing trends, which had stalled, said Robert Mains, an analyst with Stifel Nicolaus.

“There was a perception from some investors that senior housing is like apartments for old people, so if the economy or housing market is weak, seniors aren’t going to move into assisted- and independent-living facilities,” he said. “Senior housing operators always said, ‘Ours is needs-based business. You move mom in because she can’t live independently anymore, not because you can sell her house.’”

After a building boom in the late ’90s through early 2000s that caused an over-supply of beds, there’s been limited new construction of assisted- and independent-living centers. That former excess supply has been absorbed, and too few facilities have been added to meet projected demand over the next several years.

REITs are taking advantage of the low interest rate environment and continue to drive most of the mergers and acquisitions in senior housing, the article continues, citing Justin Hutchens, the CEO of health care REIT National Health Investors. 

Read the full piece at the Tennessean.com.

Written by Alyssa Gerace 

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