Penton Commercial Real Estate Network:   
Lodging Hospitality | National Real Estate Investor | Retail Traffic
Mobile Friendly  |  Online Version  |  Add to Safe Sender List
NATIONAL REAL ESTATE INVESTOR
Seniors Housing
Finance and
Development Trends
brought to you by
IN THE January 25, 2010 ISSUE
 New Beginning for Erickson Following Bankruptcy Auction
 Troika of Fannie, Freddie and HUD Keep Lending Market Alive
 Continuing Care Retirement Community to Open in Greater Los Angeles

SENIORS NEWS

New Beginning for Erickson Following Bankruptcy Auction
By Jane Adler

After an 18-hour bankruptcy auction in December, Redwood Capital Investments emerged as the winner with a bid of $365 million for Erickson Retirement Communities, a financially troubled company that also happens to be one of the top brands in the seniors housing business. The rigorous process shows that no deal is done until the final bid is tallied, and that there’s real interest in seniors housing by deep-pocketed investors.

“This (deal) is a good sign for the sector,” says Robert Kramer, president at the National Investment Center for the Seniors Housing & Care Industry (NIC). “Clearly, word is getting out to investors about seniors housing.”

Redwood outbid a group led by private-equity giant Kohlberg Kravis Roberts & Co., along with private-equity firm Beecken Petty O’Keefe & Co., and Coastwood Senior Housing Partners. Other potential bidders expressed interest in the deal, according to Erickson’s bankruptcy attorney Thomas Califano at DLA Piper’s New York offices where the auction was held. But only Redwood and KKR participated in the final auction.

READ FULL STORY

Troika of Fannie, Freddie and HUD Keep Lending Market Alive
By Jane Adler

Government-backed loan programs will continue to be a rich source of capital this year for seniors housing, making it the bright spot in the commercial real estate sector.

Fannie Mae and Freddie Mac, the government-sponsored enterprises (GSEs) that provide liquidity to lenders, are expected to each plow about another $1 billion into the seniors housing market in 2010.

Despite a recent slowdown of approvals because of a surge in applications, HUD’s 232 lending program also will continue to supply loans for seniors housing while program administrators work to expedite deal approvals.

“Fannie and Freddie are critical to seniors housing today,” says Philip Brooks, senior vice president at the Richmond, Va., offices of Berkadia Commercial Mortgage, a new company formed last December by industry veterans. “Both (GSEs) are open and eager for business.”

READ FULL STORY

Roundup

Continuing Care Retirement Community to Open in Greater Los Angeles
Staff report

Fountainview at Eisenberg Village, a new continuing care retirement community in Reseda, Calif., will open its doors for charter members beginning Monday, Feb. 15. The development, a member of the family of services offered by the Los Angeles Jewish Home, consists of 108 one- and two-bedroom apartments.

Fountainview is designed to provide active, healthy living options for independent seniors. “When we broke ground on Fountainview in December 2007, we did so with the purpose of meeting the changing housing needs for independent seniors in Los Angeles,” says Molly Forrest, president and CEO of the Jewish Home.

READ FULL STORY

ADVERTISEMENT
Yardi Voyager™ is a comprehensive software program designed to support all aspects of senior housing management including marketing, care, billing and property management. CEOs, CFOs, COOs, investors, care professionals, and administrators are now able to access integrated accounting, billing, marketing, and care information via the Internet with a level of corporate transparency not possible with other systems. For more information, visit www.yardi.com or call 800.866.1144.

FEATURED RESEARCH
ADVERTISEMENT
Principle Valuation specializes in the seniors housing industry. Our team has completed valuations, market studies, and other services for thousands of communities, assisting our clients with acquisitions, insurance, litigation, and conventional or FHA 232 financing. Contact us for your seniors housing valuation needs including the new 232 Lean Program. www.principlevaluation.com/

NREI INTERACTIVE PRODUCTS
THE ALTER GROUP
Larry Armstrong on Architecture in a Recession
Larry Armstrong, President, Ware Malcomb, an international architecture firm, says that in times of recession, survival is dependant on having a strong strategic plan in place and creating functional work vs. extravagent projects to meet clients' needs...

WHITE PAPER
Back To Basics To Stay Strong In Commercial Real Estate
To succeed in this real estate market, investors and managers need a new kind of toolbox...
ADVERTISEMENT
SUBSCRIBER TOOLS

CHANGE E-MAIL WEB VERSION

UNSUBSCRIBE VIEW ARCHIVES
 
FIND US ON:
ADVERTISEMENT 
Reach 60,000+ Industry Professionals Interested In Distressed Real Estate
Distressed Real Estate Strategies is the new monthly e-newsletter that examines the problems, solutions and opportunities for impaired commercial real estate assets. Each edition focuses on issues such as valuations, buying opportunities, receivership, public-private partnerships, brokerage and property management across all property sectors. Learn more
About This Newsletter

You are subscribed to this newsletter as #email#

To unsubscribe from this newsletter go to: Unsubscribe

To subscribe to this newsletter, go to: Subscribe

For information on advertising in this newsletter, contact Marianne Rivera at 312-840-8466 or by email To get this newsletter in a different format (Text or HTML), or to change your e-mail address, please visit your profile page to change your delivery preferences.

For questions concerning delivery of this newsletter, please contact our Customer Service Department at:
Customer Service Department
National Real Estate Investors
A Penton Media publication
US Toll Free: 866-505-7173
International: 847-763-9504
Email:nreionline@pbinews.com

Penton Media | 249 W. 17th Street | New York, NY 10011

Copyright 2010, Penton Media. All rights reserved. This article is protected by United States copyright and other intellectual property laws and may not be reproduced, rewritten, distributed, re-disseminated, transmitted, displayed, published or broadcast, directly or indirectly, in any medium without the prior written permission of Penton Media.