Seniors Housing

Kindred Nursing and Healthcare – Victorian, San Francisco

Kindred Plans to Leave Skilled Nursing Business, Posts Third-Quarter Loss of $671.3M

by Jeff Shaw November 8, 2016

LOUISVILLE, KY. — Kindred Healthcare Inc. (NYSE: KND) plans to fully exit the skilled nursing business, the Louisville-based healthcare owner-operator announced Monday afternoon during a third-quarter earnings call. Kindred posted a $671.3 million loss in the third quarter. The company was already in the process of reducing the number of skilled nursing facilities in its portfolio. At its peak the company owned and/or operated more than 300 skilled nursing facilities across the country. Kindred will instead focus the bulk of its efforts on Kindred at Home, the country’s largest provider of home healthcare and hospice services, according to Kindred. The company expects half its earnings to come from Kindred at Home, while long-term acute care hospitals will account for 25 percent of its earnings and rehabilitation services will account for the remainder. By divesting its entire skilled nursing portfolio, Kindred expects to reduce annual rent obligations by $90 million, capital expenditures by $30 million and corporate overhead by between $70 million and $100 million. “We are taking proactive strategic steps to position Kindred for long-term success against the backdrop of dynamic changes in the healthcare services industry,” says Benjamin Brier, president and CEO of Kindred. “Our plan to exit the …

November 8, 2016

Idaho Multifamily Seniors Housing Western

IRET Sells Eight Seniors Housing Communities in Idaho for $43.9M

by Nellie Day November 7, 2016

BOISE, IDAHO — IRET, a REIT based in Minot, N.D., has sold a portfolio of eight seniors housing communities totaling 313 units, all located in Idaho. The current tenants, all affiliates of Edgewood Senior Living, purchased the properties for $43.9 million. After retiring mortgage debt and paying other closing costs, IRET will receive net cash proceeds of approximately $31.2 million. Additionally, IRET intends to redeem all 1.2 million outstanding shares of its 8.25 percent Series A Cumulative Redeemable Preferred Shares (NYSE: IRET PR). The moves are part of what the company calls its “strategic transformation.” As of July 31, IRET owned interests in 146 properties, consisting of 100 multifamily properties totaling 13,012 units, and 47 commercial properties, including 31 healthcare properties, containing a total of approximately 2.8 million square feet of leasable space.

November 7, 2016

Multifamily Seniors Housing Texas

Senior Living Investment Brokerage Arranges $2.6M Sale of Memory Care Facility Near Houston

by Jeff Shaw November 7, 2016

TOMBALL, TEXAS — Senior Living Investment Brokerage Inc., an Illinois-based brokerage firm, has arranged the sale of an undisclosed memory care facility in Tomball, a suburb of Houston, for $2.6 million. The facility was built in 2010 and features 16 units. An independent real estate owner bought the property and immediately leased it to a regional operator. Matthew Alley and Jason Punzel of Senior Living Investment Brokerage arranged the transaction.

November 7, 2016

Connecticut Multifamily Northeast Seniors Housing

NHI to Buy 299-Unit Seniors Housing Property in Connecticut for $74M

by Amy Works November 7, 2016

NORTH BRANFORD, CONN. — National Health Investors Inc. (NYSE: NHI), a Tennessee-based healthcare REIT, has agreed to acquire an undisclosed continuing care retirement community (CCRC) in the New Haven suburb of North Branford for $74 million. NHI will lease the community to Senior Living Communities (SLC), a North Carolina-based operator. The 13-year lease features a rate of 6.8 percent with a 4 percent annual escalator during the first two years, and a 3 percent annual escalator thereafter. NHI will use its revolving credit facility to fund the acquisition. The seller in the transaction was not disclosed. The CCRC consists of 227 independent living units, 22 assisted living/memory care units and 50 skilled nursing units. This community will be the ninth leased by NHI to SLC.

November 7, 2016

Massachusetts Multifamily Northeast Seniors Housing

Colliers Facilitates $3.7M Sale of Seniors Housing Property in Quincy, Massachusetts

by Amy Works November 7, 2016

QUINCY, MASS. — The Boston office of Colliers International has arranged the sale of Eventide Home, an independent living and nursing home campus located at 215 Adams St. in Quincy. O’Connell Development acquired the 43,000-square-foot property for $3.7 million. Situated on 6.5 acres, the property features 60 independent and skilled-nursing beds. The buyer plans to reposition the property into a 58-unit seniors housing residential rental property. Robert Cronin of Colliers brokered the transaction, with Peter O’Connell representing O’Connell Development.

November 7, 2016

Michigan Midwest Multifamily Seniors Housing

Cushman & Wakefield Negotiates Sale of Seniors Housing Portfolio in Southeast Michigan

by Kristin Harlow November 4, 2016

DETROIT — Cushman & Wakefield has negotiated the sale of a three-property, 371-unit independent living portfolio in suburban Detroit. The purchase price was not disclosed. The properties include Pine Ridge of Garfield, Pine Ridge of Plumbrook and Pine Ridge Villas of Shelby. An affiliate of Chicago-based private equity firm Green Courte Partners LLC purchased the portfolio. Green Courte has retained the existing management firm, an affiliate of Spectrum Retirement Communities LLC, to operate the properties. The portfolio was stabilized with occupancy exceeding 95 percent at the time of sale. Allen McMurtry and David Rothschild of Cushman & Wakefield represented an institutional seller in the disposition.

November 4, 2016

California Loans Multifamily Seniors Housing Western

CBRE Arranges Acquisition Financing for 102-Unit Independent Living Community in Redding

by Nellie Day November 4, 2016

REDDING, CALIF. — CBRE has arranged an undisclosed amount of financing for Ray Stone Inc., which will use the capital to acquire River Oaks Retirement Community, a 102-unit independent living community in Redding, approximately 160 miles north of Sacramento. CBRE Multifamily Capital originated a fixed-rate loan through its Fannie Mae DUS multifamily loan origination program. Ray Stone will operate the property following the sale. CBRE’s Kevin Randles and Aron Will arranged the financing.

November 4, 2016

Multifamily New York Northeast Seniors Housing

HANAC Breaks Ground for 68-Unit Affordable Seniors Housing Building in Queens

by Amy Works November 3, 2016

NEW YORK CITY — Working with Enterprise Community Partners Inc. and LiveOn NY, Hellenic American Neighborhood Action Committee (HANAC) has broken ground for HANAC’s Corona Senior Residence, an affordable seniors housing building located at 54-17 101st St in the Corona section of Queens. Designed by think! Architecture and Design, the 68-unit property will feature 21 units reserved for vulnerable seniors and all units, except for the superintendent’s unit, will be income-restricted. Bruno Frustaci Contracting Inc. is constructing the building, which is slated for completion in spring 2018. The building will meet New York State Energy Research & Development Authority Multifamily Performance Standards for Energy Star certification and Enterprise Green Communities Criteria. Additionally, the property will be the first seniors housing development in the country to meet the Passive House Institute design standards.

November 3, 2016

Midwest Multifamily Ohio Seniors Housing Top Stories

Chinese Investors Buy 75 Percent Interest in Welltower Seniors Housing Portfolio for $930M

by Nellie Day November 3, 2016

TOLEDO, OHIO — A joint venture between Cindat Capital Management Limited and Union Life Insurance has purchased a 75 percent interest in a Welltower-owned portfolio of seniors housing properties for $930 million. The acquisition represents Cindat’s first foray into U.S. health care real estate investment. The portfolio contains 11 seniors housing properties that are leased to Brookdale Senior Living, as well as 28 skilled nursing facilities leased to Genesis Healthcare. Welltower will retain 25 percent interest in the properties. The transaction is expected to close by year end and is subject to customary closing conditions. “With aging demographics and U.S. healthcare trends driving the need for innovative health care infrastructure, we believe the sector represents an attractive long-term investment opportunity,” says Greg Peng, CEO at Cindat Capital Management, representing Cindat and Union Life. “We have a significant appetite for investing in the sector and we look forward to a mutually beneficial relationship with Welltower to capitalize on this unique opportunity.” The agreement comes on the heels of Welltower’s third-quarter report, in which the company announced plans to significantly increase dispositions for 2016. The company initially planned to sell $1.3 billion of its assets, but announced it would like to sell …

November 3, 2016

California Multifamily Seniors Housing Western

Quality Care Properties Goes Public

by Nellie Day November 2, 2016

IRVINE, CALIF. — Quality Care Properties, the spinoff of HCP’s ManorCare skilled nursing portfolio, has begun trading on the New York Stock Exchange under the symbol QCP WI. QCP is now a completely separate company from HCP (NYSE: HCP), one of the largest seniors housing REITs in the United States. QCP is also classified as a REIT following the spinoff. HCP common stockholders received one share of QCP common stock for every five shares of HCP common stock they held on October 24. Stockholders will receive cash in lieu of fractional shares of QCP. Barclays and Morgan Stanley were financial advisors to HCP, and Skadden, Arps, Slate, Meagher & Flom LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel.

November 2, 2016

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