Although COVID-19’s negative effects present “substantial” concerns about the company’s future, Capital Senior Living executives said Thursday that the company’s turnaround strategy creates “a path to long-term value.”
A positive case of COVID-19 can more than triple a senior living operator’s equipment costs to prevent the virus’ spread, according to Belmont Village Senior Living President Mercedes Kerr. Kerr joined National Investment Center for Seniors Housing & Care Chief Economist Beth Mace Thursday for a NIC-sponsored webinar discussion on the ways COVID-19 is affecting senior living operators.
In early April, the non-profit San Francisco Campus for Jewish Living’s skilled nursing facility began accepting COVID-positive patients discharged from hospitals, under a directive from the state of California. Since then, none of its prior residents have been infected, nor have any of its staff taking care of the new COVID-positive patients, according to Daniel Ruth, the continuing care retirement community’s president and CEO.
CFO survey: Near-normal operating levels not expected until next year … HUD-assisted senior housing communities still waiting for CARES Act approved funds … DOL issues final rule on incentive-based pay for employees whose hours vary week-to-week … MBK Senior Living acquires Kirkwood Orange senior living community … Walter & Dunlop finances development of Washington, DC affordable seniors housing community with HUD Twinning loan
Testing all of the nation’s skilled nursing residents and staff just once for COVID-19 would cost $440 million, according to data released Wednesday from the American Health Care Association/National Center for Assisted Living.
Long-term care providers around the country are struggling to hire and retain workers amid the coronavirus pandemic.
Virginia-based LifeSpire Living has a tentative date set of June 10 for the reopening of its four continuing care retirement communities to visitors and new residents. But as Jonathan Cook, the operator’s president / CEO shared in a recent National Investment Center for Seniors Housing & Care-sponsored blog, his communities have incorporated notable changes to keep residents safe, healthy and happy, even though they will likely take a toll on the operator’s bottom line.
Community banks take the lead in PPP lending … Panorama unveils plans for Los Angeles assisted living and memory care center … Love Funding secures FHA loan for Missouri senior care campus … Red Cedar Development receives approval for Michigan mixed-use development that includes senior living facility
Despite efforts by Republican lawmakers to create stronger liability protections for healthcare workers and small businesses hammered by the pandemic, COVID-19-related lawsuits still are likely to be pursued, New York M&A litigator Martin Lipton told attendees of an Economic Club of New York teleconference on Monday.
Rent payments collected by healthcare real estate investment trusts in May increased slightly from April, according to data collected by the National Association of Real Estate Investment Trusts, or Nareit.
Bondholders Lapis Advisers LP and Amundi Pioneer Asset Management have filed a Chapter 11 plan of reorganization and disclosure statement for Bartlett, IL-based continuing care retirement community Clare Oaks Senior Living, according to an article published Tuesday by Bankrupt Company News.
Seniors housing occupancy decreased by 1.1 percentage point, to 88.7%, and SNF occupancy was down 2.2 percentage points to 84.7% in April, according to NIC’s MAP Data Service … New legislation aims to support affordable senior housing residents and operators during pandemic …CLA develops expense tracking tool to help economic fund relief recipients with compliance … CBRE provides $58 million in refinancing for three Carlton Senior Living facilities … Watercrest breaks ground on Georgia luxury assisted living and memory care facility
More than 36 million Americans have filed initial claims to collect unemployment insurance in the eight weeks ending May 9, according to the Department of Labor. To attract workers from other sectors displaced by the pandemic, Argentum and the American Seniors Housing Association last month launched a new resource powered by Arena, entitled Senior Living FastMatch.
The end of the coronavirus continues to be difficult to predict, but in the meantime, operators, investors and lenders can take contingency planning steps to address the myriad paths that may unfold, advises a recent National Investment Center for Seniors Housing & Care-sponsored blog.
Although the U.S. gross domestic product could shrink upwards of 30% in the second quarter, Federal Reserve Chairman Jerome Powell told 60 Minutes Sunday that the economy will avoid a Depression-like economic plunge over the longer term.
Organizational data can help operators preserve financial balance in times of crisis … Vium Capital partner: Opportunities exist for well capitalized and experienced owner operators … Highridge Costa, SVA Architects release plans for mixed-use California seniors housing community
The Small Business Administration released updates to its frequently asked questions document about the Paycheck Protection Program late last week, providing additional clarification on its “economic necessity” certification. Over the weekend, the Wall Street Journal also reported that lawmakers and government officials are expected to make some additional revisions to the program, giving firms more time and flexibility to spend funds.
A week after the sector’s largest companies reported first-quarter earnings, several analysts have shared their views on how healthcare real estate investment trusts are faring amidst the ongoing COVID-19 pandemic, according to an S&P Global Market Intelligence article.
The combination of higher costs to protect residents and an inability to generate incremental revenue through new admissions due to the coronavirus pandemic is placing many senior living communities and nursing homes in “financial turmoil,” according to a research report published Friday by Moody’s Investors Service.
Blueprint negotiates sale of Arizona SNF … Casa Builders and Developers begins construction on Massachusetts senior living community … New York nursing homes shielded from most COVID-19 lawsuits