Financing Package Secured for New D.C. Development
A new affordable seniors housing development is going up in Washington, D.C. with the help of financing provided by a variety of capital sources. Urban Atlantic Development is building the 93-unit community, which is located on the campus of the 60-bed Lisner-Louise-Dickson-Hurt Home, one of the oldest skilled nursing facilities in the District that is scheduled to be renovated in the next year. The project received $69 million of financing through DC Department of Housing and Community Development’s Housing Production Trust Fund, federal and state low-income housing tax credits, and District of Columbia Housing Finance Administration bonds, including equity provided by Boston... Read More »
Diversified Healthcare Trust Still Has Problems
One thing that we still don’t understand about Diversified Healthcare Trust is why they seem to like making comparisons to 2019, whether year-to-date comparisons or, in the case of August 2023, comparing to August 2019. Are they trying to make shareholders feel bad, or are they trying to shame their providers, primarily Five Star/Aleris? Very, very few companies have come close to meeting 2019’s results, and when they do it is with census, not NOI or margins. For the month of August 2023, total SHOP occupancy was 79.3%, up 30 basis points from July and up 240 basis points since January. These increases seem similar to the industry at large. Net operating income declined slightly in August,... Read More »
A Community For The Future?
Back in June, newly formed Senior Living Transformation Company (SLTC), in a joint venture with Omega Healthcare Investors, purchased a 114-unit senior living community in Brentwood, Tennessee for about $11 million, or $96,500 per unit. They consider that to be a distressed price for the roughly 25-year-old building, and they plan to invest a few million dollars into the property over the next several years. SLTC is led by Arnie Whitman, Chip Gabriel, Corey Bennett and Joelle Poe. But the acquisition is not the real story. The community, to be called Senior Living Transformation Center, will be an incubator of sorts to try to create an environment that will be the future of seniors... Read More »
Confluent & MorningStar Team Up on Development
Confluent Senior Living and MorningStar Senior Living entered into an exclusive negotiating agreement with the City of Tustin, California, to lead the development of MorningStar at Tustin Legacy. The Orange County community will feature 145 independent living, 60 assisted living and 28 memory care units. There will be several four- or five-story buildings, surrounded by 29 single-story independent living cottages. The community is being built on the former Marine Corps Air Station in Tustin, and is located within the 1,600-acre planned community of Tustin Legacy. Confluent and MorningStar expect to break ground on the project in the first half of 2025 through a public-private partnership... Read More »
60 Seconds with Swett: SNFs Get a Bad Grade
It was unfortunate, but unsurprising, to see that in a recent Gallup poll, a plurality of those surveyed gave SNFs either a D or an F grade on overall quality of care. We say unsurprising not because we agree with that for the majority of facilities, although there are certainly those guilty of providing subpar care, but because of the general negative perception the public has on SNFs. Cases of bad care will always spread in the media and by word-of-mouth faster than the many instances of good care, and only 9% of respondents gave SNFs either B (good) or A (excellent) grades in the survey. That is not good, but let’s face it, the skilled nursing business is also a thankless... Read More »Schedule a demo
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