Business Daily News - McKnight's Senior Living

Business Daily News

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Private-equity group’s buying spree continues, despite pandemic

Over the past four years, New Jersey-based Portopiccolo Group has been building a nursing-home portfolio rivaling some of the nation’s largest chains. The firm acquired its first skilled nursing facility in 2016, and today it owns or operates approximately 100 facilities under dozens of different names, including Accordius, Pelican Health, and Orchid Cove, according to an analysis in Barron’s Thursday. The majority of these facilities, the report noted, have only come under Portopiccolo’s ownership 2019.

Business briefs for Friday, Aug. 7

Omega collected 99% of rent in Q2 and July; begins to see COVID-19 effects moderating … Ensign Group returns $109M in unneeded federal relief funding; raises annual guidance … Sabra completes $17.9M sale of SNFs to Genesis; declares quarterly dividend of 30 cents per share … COVID-19 creating ‘extremely challenging operating environment’ for Five Star, Diversified Healthcare Trust … Independent living and memory care units show decline in move-ins, though occupancy continued to improve in assisted living and skilled nursing: NIC … Florida retirement community wins appeal over attorney fees

Business briefs for Thursday, Aug. 6

Proposed 9% therapy cuts could be devastating for SNFs … Over half of unemployed older workers may be forced into involuntary retirement: report … Ziegler closes $69.9M in financing for Tampa Life Plan Village … Citizens’ Bank provides $22.4M loan for New York seniors housing project
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Nursing homes previously sued for Medicare fraud received hundreds of millions in coronavirus relief funds: Washington Post

For-profit nursing home operators that have faced accusations of Medicare fraud and kickbacks in recent years received more than $300 million in coronavirus relief payments, according to a Washington Post analysis released Tuesday. The allegations include putting elderly residents into unnecessary therapy services and delaying patients’ release to reap higher Medicare payments.

Business briefs for Wednesday, Aug. 5

Healthpeak declares quarterly dividend of 37 cents per share … Senior cooperative housing may be gaining in popularity amidst pandemic … Most who plan to retire in the next 10 years are concerned about long-term care costs: survey … Couples retiring this year can expect to spend nearly $300,000 on healthcare costs during retirement — if not more: Fidelity survey … SLP Operations acquires two Houston-area SNFs

Business briefs for Tuesday, Aug. 4

HHS extends Medicaid provider relief fund deadline again … Ensign Group acquires Tempe, AZ post-acute care retirement community … Exantas acquires management contract, $375M in financing for new investments … Gardner Capital completes Cincinnati affordable seniors housing project
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Approximately 95% of Green House homes have reported zero cases COVID-19 among residents or staff: study

Much attention has been given of late to the properties or characteristics that have helped long-term care facilities stave off outbreaks of COVID-19. A new study led by University of North Carolina researcher Sheryl Zimmerman, Ph.D., reveals that 95% of nursing homes following the Green House model of care — which are designed for single-occupancy rooms — reported zero cases COVID-19 among residents or staff.

Business briefs for Monday, Aug. 3

Federal unemployment benefits expire as relief bill negotiations continue … Social Security benefits very likely to drop due to pandemic: report … Senior living leaders encourage data submission through HHS Provider Fund portal … Seniors housing REITs taking steps to improve gender, racial diversity
The U.S. Capitol building

Liability dispute stalls COVID-19 relief bill

Negotiations between the White House and congressional Democrats have stalled this week over the COVID-19 liability protections proposed for businesses, healthcare providers and schools in the $1 trillion Health, Economic Assistance, Liability, and Schools Act released Monday by Senate Republicans.
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Expansion will proceed, despite COVID-19 challenges

Investment Banking firm HJ Sims recently announced the successful closure of $6.6 million in financing for pre-development capital toward the pursuit of an expansion at the Raleigh, NC-based life plan community Samaritan Housing Foundation, Inc. d/b/a Searstone Retirement Community. The expansion will double the community’s size, while adding common and green spaces. But a banker who helped see the financing to fruition says it didn’t come without challenges amidst the current marketplace.

Business briefs for Friday, July 31

NIC launches skilled nursing COVID-19 tracker to highlight weekly change rate of virus … U.S. economy saw steepest contraction on record in second quarter … Hellenic Senior Living to open affordable assisted living community near South Bend, IN … Blueprint negotiates sale of New York seniors housing community, Texas SNF
Federal Reserve building close-up

Economy’s path depends on course of the virus: Fed

Business executives, including those within the seniors housing industry, likely can expect additional help from the Federal Reserve as the COVID-19 pandemic continues to take its toll on the nation’s economy.

Business briefs for Thursday, July 30

Berkadia secured $50 million in loan closings for SNFs in June and July … Multi-million dollar expansion and renovation planned for life plan community on Manhattan’s Long Island … New venture capital fund to focus on products, services, technologies and experiences for older adults … Half of baby boomers are concerned about market risk of their retirement savings: survey … Benchmark Senior Living named of the most charitable companies in Massachusetts

The NBA can help seniors housing operators tackle the COVID-19 pandemic

With the National Basketball Association set to resume its season tomorrow, COVID-19 is forcing the league to focus on new ways of doing business. And there’s a lot seniors housing and care can learn from the NBA’s efforts, according to speakers at a National Investment Center for Seniors Housing & Care “Leadership Huddle” webinar Tuesday.

Fed extends emergency lending programs

The Federal Reserve said Tuesday that it would extend its emergency lending programs through the end of 2020 to help the economy as it continues to struggle with the coronavirus pandemic. The announcement includes three-month extensions for both the Paycheck Protection Program and the Main Street Lending Program, both of which have been used by many long-term care operators.

Business briefs for Wednesday, July 29

Workplace COVID-19 testing costs likely to put major financial burden on essential workers … HJ Sims closes $29M in financing for Pennsylvania independent living community … Financial services firm Edward Jones commits $25M over next five years to the Alzheimer’s Association … Black-led private equity fund TPP Capital seeks $1B for initiative focused on improving the health of low-income, Black seniors
Sen. Mitch McConnell (R-KY)

Senate Republicans seek reduction in unemployment benefits

Senate Majority Leader Mitch McConnell released the $1 trillion Republican coronavirus relief plan Monday afternoon, proposing a weekly reduction of $400 in the enhanced unemployment benefit for Americans who have lost their job due to COVID-19.

Business briefs for Tuesday, July 28

Yale economists: No evidence that more generous unemployment benefits disincentivized return-to-work … Concerto, Ignite expand SNF dialysis partnerships in Wisconsin, Missouri … Kansas City senior living community wins capstone award … Monticello provides $20M in financing for Florida assisted living and memory care community

Healthcare M&A volume fell 19% in the second quarter

The pandemic’s effect on business deals continued in the second quarter as healthcare merger and acquisition activity fell 19%, to 327 transactions, compared with the previous quarter’s 404 announced deals, according to M&A in the second quarter was also 33% lower than the same quarter in 2019.

HHS to issue reporting requirements for provider relief funds

Last week the U.S. Department of Health and Human Services released a notice acknowledging that more detailed Provider Relief Fund reporting guidance and materials will be released on Aug. 17. In the short, two-page document, HHS reiterated the reporting requirements included in the terms and conditions long-term care and other healthcare providers had to agree to as part of the funding award process.

Business briefs for Monday, July 27

Young adults weigh in on the future of seniors housing … Extended eviction moratorium could wreak havoc on investments in affordable housing … HUD terminates fair housing rule … Gardner Capital completes Houston-area luxury senior living community … Blueprint arranges sale of Oregon seniors housing community

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