Business Daily News - McKnight's Senior Living

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Business briefs, June 14

NC legislators propose adding money to Medicaid to increase wages for nursing home staff … Mt. Forest, MI, nurse opens assisted living community to provide one-on-one care to residents … Fitch Ratings assigns A- IDR to Miriam Osborn Memorial Home Association; outlook positive

Actions & Transactions, June 14

Grandbridge provides $49.2M Fannie Mae loan to refinance Brightview Lake Tappan … Ziegler closes $48M financing for construction of Tabitha Grand Island … Ziegler facilitates Symphony Care $45.95M portfolio acquisition … HJ Sims secures $41.9M bank financing for expansion project and refinancing for Sunset Retirement Communities … … Sparrow Partners, Welltower break ground on Amberlin Georgetown, a 188-unit active adult community in Austin, TX suburb
Secretary of Labor Marty Walsh headshot

New OSHA standard requires paid time off for vaccination, COVID case tracking and notification

Masking and social distancing remain at forefront of a new emergency temporary standard for healthcare workers issued by the U.S. Department of Labor’s Occupational and Health Administration. The standard aims to protect healthcare workers from contracting COVID-19 as the economy begins to re-open across the country.

Actions & Transactions, June 11

Welltower invests in Monarch Communities to reposition senior housing portfolio in Mid-Atlantic and Northeast regions; partnership breaks ground on first development … Pathway to Living to manage Welltower’s 22-property senior housing portfolio of communities located throughout Illinois and Ohio … Senior Living Investment Brokerage arranges sale of Posada, a 77-unit assisted living and memory care community … Viamonte opens life plan community in San Jose, CA … Gardner Capital completes senior housing development … City of Lynn, MA, seeks developers to transform former middle school into affordable senior housing

Business briefs, June 11

Assisted living community withdraws from South Carolina’s Medicaid program … Marilu Henner helps seniors unlock memories at Belmont Village Senior Living … New York state closes assisted-living facility due to code violations; 40 residents transferred

Sabra ‘in all likelihood’ will exit Enlivant portfolio, Matros says, as REITs take varied approaches to senior living investments

Sabra Health Care REIT has yet to reach a decision about its joint venture with private equity firm TPG Real Estate, through which it has a 49% stake in a portfolio of dozens of Enlivant senior living communities, CEO Rick Matros said yesterday at Nareit’s REITweek 2021 Investor Conference. “In all likelihood,” however, he said, “our preference is going to be to exit the portfolio. The pandemic changed everything.”

Business briefs, June 10

Spectrum Consultants adds Holleran Consulting to portfolio … Fitch Ratings assigns BBB+ revenue rating to Presbyterian Homes bonds; outlook stable … NY Health Department suspends operating certificate of the assisted living community … Procurement Partners acquires New York-based On.Care

Actions & Transactions, June 10

National Health Investors invests $13.2M in Navion Senior Solutions … Greystone provides $7.3M in HUD-insured financing for Lodge … Harrison Street purchases 24 senior housing assets … Presbyterian Senior Living announces sale of two communities to Tryko Partners … Covenant Living Communities assumes management of Three Crowns … Benedictine Sisters look to sell part of monastery campus for senior living development

Learn how to fight burnout at the McKnight’s Senior Living Online Expo next week

A session titled “Strategies to protect and connect residents, families and care teams in senior living communities,” will be the middle of three sessions at the fifth annual McKnight’s Senior Living Online Expo on June 17. Additional sessions will cover electronic health records technology and falls prevention. Attendees will have the opportunity to earn up to three continuing education credits.

Actions & Transactions, June 9

Welltower closes on approximately $4B unsecured revolving line of credit … Developers seek variance for $25M assisted living, memory care community in Baltimore … Benchmark Senior Living plans expansion of Nashua Crossings

Business briefs, June 9

Ineligible nursing home managers received stimulus hazard pay at NJ’s state-run veterans homes … Joint Commission launches assisted living accreditation program to introduce ‘national, consensus-based standard’ … Washington state levies payroll tax for long-term care fund … Fitch Ratings assigns BB IDR to Mary’s Woods at Marylhurst, OR; affirms bonds at BB; outlook stable

Tech will play critical role in combating labor challenges, other issues: Ziegler

The market for technologies that address healthcare labor shortages is expected to grow alongside workforce challenges and an aging population, according to specialty investment bank Ziegler’s recently published white paper, “Understanding the Technology Ecosystem for Senior Living & Care – Volume 2: An Overview of Workforce Solutions.”

In $30 billion Medline Industries sale, Mills family retains biggest stake

The Mills family will retain at least a 20% interest in medical supply manufacturer and distributor Medline Industries following the company’s $30 billion-plus sale to a consortium of private equity firms, according to Bloomberg. The deal ranks among the biggest transactions ever involving a family-owned business, the media outlet reported.
COvID vaccine vial

COVID-19 outbreaks could follow low employee vaccination rates

COVID-19 cases and mortality in long-term care facilities have decreased significantly in the months since residents and staff members were prioritized for vaccination. Nationwide, however, vaccination rates among nursing home staff members overall fall below the general population, and where those vaccinations lag, COVID-19 outbreaks may follow, according to experts who spoke with ABC News.

Business briefs, June 8

Colorado, New York, New Jersey lift some pandemic-driven health guidelines for long-term care facilities … Fitch Ratings affirms Maine Life Care Retirement Community (Piper Shores) at A-; outlook stable … Fitch Ratings assigns BBB- issuer default rating to Landis Communities and affiliates. affirms BBB- revenue rating on bonds

Actions & Transactions, June 8

Ziegler closes $44M financing for Forest at Duke … LTC Properties sells 3 assisted living communities in Wisconsin for $35M … JLL Capital Markets closes on $31.7M, 2-project development site … National Health Investors reaches agreement with Holiday Retirement to defer $18M in rent … Brookdale Jackson Oaks Assisted Living adds memory care … Legacy of Jasper plans expansion with 24 new independent living townhomes
COVID vaccine in hands of caregiver

EEOC’s COVID vaccine guidance leaves questions unanswered

The Equal Employment Opportunity Commission’s May 28 updated and expanded technical guidance regarding the COVID-19 pandemic allows employers to offer incentives to employees to receive a COVID-19 vaccine as long as the incentive is not coercive.

Business briefs, June 7

COVID-19 mortality rates in congregate care coincide with the health and caregiving complexity of residents: report … Senior living, jobs program partner to provide free job training and experience for healthcare workers … Partner in NJ-based assisted living communities charged with bankruptcy fraud

Actions & Transactions, June 7

Harrison Street, Stellar Senior Living acquire 232-unit senior housing community in Tucson … Avadim Health enters stalking horse agreement with Hayfin Capital Management
blocks spelling Medicare Fraud, with stethoscope

11 New York-based SNFs allegedly committed Medicare fraud: DOJ

The United States has filed a civil healthcare fraud lawsuit against 11 skilled nursing facilities in the New York metropolitan area, their management company, owner and a senior employee for allegedly fraudulently billing Medicare for unnecessary services, the Department of Justice announced Tuesday.

Business briefs, June 4

Omega Healthcare Investors raises dividend 17 years in a row … Regional Health Properties files registration statement for proposed exchange offer … Task force calls on Congress to prioritize equitable economic recovery … California receives AARP designation as age-friendly state

Actions & Transactions, June 4

Evans Senior Investments arranges $17.45M sale of Indiana senior living community … Benchmark begins construction on Meadow Ridge assisted living community … Atria Senior Living, Welltower partner to develop planned community … Immanuel Communities adds two Lifespace properties to portfolio … Joint venture closes financing on Acoya Shea senior living community
COVID vaccine in hands of caregiver

Five Star mandates COVID vaccination for employees

Five Star Senior Living is among the latest on a growing list of long-term care providers requiring all employees to be fully vaccinated against COVID-19. The company on Tuesday announced a Sept. 21 deadline for all of its workers.
aide helping resident

Lawmakers re-introduce bill to waive 3-day stay requirement

A bipartisan cadre of lawmakers reintroduced the Improving Access to Medicare Coverage Act of 2021 in the House of Representatives on Tuesday. If passed, the legislation would make permanent last year’s legislation to temporarily count observation stays towards the three-day stay requirement for Medicare skilled nursing facility coverage during the pandemic.

Actions & Transactions, June 3

Creative financing between Capri Communities, church enables construction of $28.9M urban senior living community … Oxford Finance provides $24M credit facility to Lantern Group … Evans Senior Investments arranges $9.2M sale of Rochester Manor + Villa … Plantation Management Co. buys 25-acre site for $1.175M … Ensign Group expands skilled nursing portfolio in Washington

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