HCR ManorCare Continues to Fight
We are not sure what HCR ManorCare’s end game is in its battle with landlord Quality Care Properties, which owns the vast majority of its properties. HCRMC recently filed a motion in court to dismiss certain claims in QCP’s receivership complaint. We are not sure what leg they have to stand on. The provider is so far behind on its contractual rent payments that it is a wonder that QCP has not done what other REITs have done when their tenants have not been able to pay the rent. On January 25th, HCRMC did not pay the reduced rent of $14 million that was due. The past dues are simply piling up, and while we understand there is a difficult operating environment, it does not mean you can... Read More »
Blueprint Healthcare Real Estate Advisors Hires CEO
Blueprint Healthcare Real Estate Advisors had some big news this week. Founded in 2013 by Ben Firestone, Jacob Gehl and Chris Hyldahl, the brokerage company just named Torey Riso as its first President and CEO. Riso brings 25 years of real estate and senior care experience to the young firm. He was part of the team that founded Care Investment Trust in 2007, where he served as President and CEO from 2009 until its sale late last year for $425 million. At the time of the sale, Care Investment Trust had investments in 42 senior living communities in 11 states. Blueprint has grown dramatically in its first three years, and we suspect that Riso’s experience and contacts will help bring in some... Read More »
Elmcroft Senior Living Portfolio Completes Transition
Ventas has officially transitioned management of its Elmcroft portfolio to newly-formed Eclipse Senior Living. It is now official. The operations of the Elmcroft Senior Living portfolio of 76 properties, with the real estate owned by Ventas, has officially been transferred to Kai Hsiao’s new company, Eclipse Senior Living. Ventas has acquitted a 34% interest in Eclipse, with the remaining 64% being held by Eclipse management, which now includes Shamim Wu, Kai’s former colleague at Holiday Retirement Corporation. She recently did a 10-month stint as president and COO of Silverado. This will be an interesting test, since the Elmcroft portfolio was obviously having some financial problems... Read More »
Seniors Housing Construction and Take-Out Financing: Slowing Down or Just Getting Started?
On January 18, 2018, we hosted a webinar titled “Seniors Housing Construction and Take-Out Financing: Slowing Down or Just Getting Started?” Our editor, Steve Monroe, moderated a 90-minute discussion among panelists Chris Fenton of Berkadia, Rich Malloy of BBVA Compass and Cary Tremper of Greystone, covering a range of topics from the current pace of seniors housing construction today to best practices in the current construction lending environment, and from take-out financing to their thoughts on the 2018 market, and beyond. But we also wanted to hear from our audience and posed three questions: Have you seen new development slowing down? Yes 35% No 65% Have you... Read More »
Occupancy Woes Continue For Seniors Housing
Fourth quarter NIC MAP data for seniors housing occupancy had little good news before the flu season may decimate again. We are going to have to wait until mid-February or so to start hearing how individual seniors housing companies fared with occupancy in the fourth quarter. Our guess, however, is that it will only go downhill from there. According to NIC MAP, occupancy basically remained flat from the third quarter to the fourth, which was expected. But that means, given the bad flu season this year, the first half of 2018 could be pretty bad for occupancy. Without an increase in the fourth quarter, there may be a lot of ground that will need to be made up in the second half of 2018,... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
