 | Escalating job losses predicted in skilled nursingWASHINGTON, D.C.: Representatives of skilled nursing facilities (SNFs) are estimating the SNF sector will potentially lay off 20,000 employees, will forgo the creation of 20,000 new jobs and will alter employee benefits as aresult of the Medicare payment cuts that took effect on Oct. 1. That estimation comes from a new analysis by Avalere Health made on behalf of the Alliance for Quality Nursing Home Care. Avalere's survey was conducted between Oct. 3 and Oct. 17. Approximately 2,932... Full story in USA Over 50s Housing Weekly #155 / 11-10-11 |
 | Chartwell acquires its Australian partners interestNEW YORK, N.Y.: Australian publicly listed entity ING Real Estate Community Living Group (ILF) has settled the partial sale of its U.S. seniors housing portfolio.The Australian Fund divested its 50 per cent interest in 15 of its 21 U.S. seniors communities to its joint venture partner, Chartwell Seniors Housing Real Estate Investment Trust (Chartwell) for $US171.5 million. "The settlement of this transaction has significantly strengthened the Fund's capital position with net proceeds of $A31.3 million (7.1 cents of Net... Full story in USA Over 50s Housing Weekly #154 / 11-03-11 |
 | White House prevaricates over care programWASHINGTON, D.C.: The White House appears to be prevaricating over the fate of a financially troubled long-term care program in President Barack Obama's health overhaul law, as supporters and foes heaped criticismon the administration. At stake is the CLASS Act, a major new program intended to provide affordable long-term care insurance. Health and Human Services Secretary Kathleen Sebelius said last week that the administration would not proceed with the plan because she has been... Full story in USA Over 50s Housing Weekly #153 / 10-27-11 |
 | Hospice operator bilked Medicare out of $14 MCHURCHVILLE, PA: Matthew Kolodesh renovated his Northampton McMansion with money meant for the dying, according to the feds. He did it by duping Medicare, saying his hospice care business was aiding a bunch of people on their death beds, court documents show. But the taxpayer money really paid for a luxury car, his kid's college tuition and other expenses that have nothing to do with death, the U.S. Attorney's Office said. Kolodesh, 49, of Edwards Drive, was indicted Wednesday on charges he bilked... Full story in USA Over 50s Housing Weekly #152 / 10-23-11 |
 | Healthcare Services Group Inc. Lifts Earnings 9%NEW YORK, N.Y.: Healthcare Services Group Inc.'s (HCSG) third-quarter earnings rose nine per cent as the nursing home housekeeping and food-service provider posted double-digit percentage growth in revenue. The company has reported higher earnings on revenue growth over the past year. Nursing homes were generally resilient during the recession, though they trimmed costs by cutting payrolls. The industry has a rosy long-term outlook as the aging U.S. population will boost the need for... Full story in USA Over 50s Housing Weekly #151 / 10-13-11 |
 | Independent living group buys 2 Memphis facilitiesMEMPHIS, TN: Waverly Gardens of Memphis LLC has sold a 168-unit 152,706 sq ft senior housing facility on Knight Arnold Road to Falls Church, Va. based Greenfield Independent Living of Memphis LLC for $3.1 million. Greenfield Assisted Living of Memphis has also bought a senior housing facility at 6551 Knight Arnold Road from Kirby Oaks Integra LLC for $2.5 million. That facility, a 35,441 sq ft, 52-unit, one-story nursing home was built in 1988, and sits on four acres on the southwest... Full story in USA Over 50s Housing Weekly #150 / 10-07-11 |
 | Capital Senior Living completes $23.8m financingDALLAS, TX: Capital Senior Living Corporation has completed two mortgage financings on recently acquired owned communities. One loan for $4.8 million has a fixed interest rate of 4.97 per cent and finances a recently acquired community in Indiana. The second loan for $19.0 million has a fixed interest rate of 4.92 per cent and finances a community recently acquired in Ohio. Both mortgages have a term of 10 years and are non-recourse to the company. In addition, the Company has... Full story in USA Over 50s Housing Weekly #149 / 09-29-11 |
 | Construction of retiree homes continues to slipNEW YORK, N.Y.: Builders started construction on fewer new homes in August, underscoring how the depressed U.S. real estate market shows little sign of recovering. Housing starts fell five per cent to an annual rate of 571,000 last month, the lowest level in three months, according to Commerce Department data. Economists surveyed by MarketWatch had expected housing starts to fall to a seasonally adjusted 590,000 from July's revised level of 601,000."The further fall in housing starts... Full story in USA Over 50s Housing Weekly #148 / 09-22-11 |
 | Trustee wants nursing home company liquidationSCRANTON, PA: A federal official overseeing the bankruptcy of a company that operates two regional assisted living facilities wants the court to liquidate the business after an inspection revealed "gross mismanagement" at both locations. Gregory Schiller, the U.S. trustee in the Chapter 11 bankruptcy of Scranton-based new Hope Personal Care Homes Inc., recently filed a motion to convert the case to Chapter 7 liquidation. The company operates Pennswood Manor... Full story in USA Over 50s Housing Weekly #147 / 09-15-11 |
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