• Newmark Closes Class-A Deal in Denver

    by | Apr 24, 2024 8:44 am | Acquisitions

    A new seniors housing community traded in the Denver, Colorado MSA, with the help of the team at Newmark. Developed in 2017, MorningStar at RidgeGate is located in the suburb of Lone Tree within the Ridgegate master plan that features retail, cultural amenities and a 284-bed hospital nearby. The property comprises five stories over subterranean... Read More »

  • Public REIT Purchases Texas Class-A Seniors Housing

    by | Apr 23, 2024 3:56 pm | Acquisitions

    Blueprint was engaged in the divestment of a Class-A seniors housing community in San Antonio, Texas. Built in two phases in 2011 and 2017, Franklin Park TPC Parkway comprises 269 independent living, assisted living and memory care units. Following the completion of a six-year freeway expansion project that affected leasing, access to the... Read More »

  • Eads Sells Its 24th & 25th Missouri Community

    by | Apr 23, 2024 3:54 pm | Acquisitions

    Patrick Byrne of Eads Investment Brokerage facilitated the divestment of two seniors housing communities in Missouri. This marks the 24th and 25th communities sold in Missouri for Eads. The Moberly community (which we believe to be Mark Twain Assisted Living) comprises 35 assisted living/independent living units and sold for $2.57 million, or... Read More »

  • 60 Seconds with Swett: CMS Raises the Minimum Staffing Mandate

    by | Apr 23, 2024 3:48 pm | 60 Seconds

    On Monday, CMS came out with its final minimum staffing standards for nursing homes, but the eventual outcome is anything but final. Despite the outcry from nursing home providers from the previous proposed mandate of three hours per resident per day, asking simple questions like how can we pay for this and where will this newly needed staff come... Read More »

  • More Shareholder Activism

    by | Apr 22, 2024 9:04 am | Opinion

    Fresh from its success in getting two people voted onto the Ventas Board of Directors, Land & Buildings is at it again, this time with National Health Investors. Like all the REITs, NHI’s managers and tenants had their share of problems during the pandemic. Who didn’t? Most of these issues are behind it, but the REIT could be in even stronger... Read More »

Immigration and Seniors Housing Labor Woes

by | Oct 30, 2015 8:32 am | 60 Seconds, Opinion

Bringing in low-skill, low-wage immigrants for seniors housing may not be the answer. There have been calls to ease immigration in order to bring caregivers into the U.S. to fill low-skill jobs in seniors housing. As you know, this is a need that will be growing for the next 30 years or more, so the demand for labor is not the issue. But here’s the flip side of this. There are about 6 million workers in the U.S. with part-time jobs looking for full-time jobs. There are also, by one count, at least 600,000 people who have stopped looking for jobs. But that seems low to me. The point is, there are plenty of people who want full-time work in this country. And there are plenty of people who... Read More »

Construct with HUD

by | Oct 30, 2015 8:31 am | Developments, Financings

With all the construction going on today in the seniors housing and care industry, how are these developers financing their projects? Once you get past the longer lines and list of regulations, HUD has a few attractive options. Walker & Dunlop is one lender that has worked with HUD a good amount recently to fund new construction and expansion projects for borrowers across the country. One such example is a $5 million construction/permanent loan through HUD’s 232 program for TDK Companies to build a 36-unit assisted living/memory care community on its existing 82-unit AL campus is Murfreesboro, Tennessee. Primarily a build-and-hold multifamily developer, TDK forayed into the seniors... Read More »

Average SNF cap rate falls below 12%

by | Oct 30, 2015 8:30 am | Statistics

Although in the four quarters ending Q3:15 the average assisted living cap rate rose slightly (5 basis points) and the average independent living fell by just 20 basis points, we saw a much bigger shift in the average skilled nursing facility cap rate, which fell 60 basis points from 12.4% in 2014 to 11.8% in the four quarters ending Q3:15. That is the lowest average SNF cap rate we have seen in any four-quarter period. Conversely, and understandably, the average price per bed for SNF transactions increased by $3,300, for a 4.3% change. So as the quality of facilities sold increases, driven largely by a higher Medicare census, or at least potential for it, and cost of borrowing remains... Read More »

Slumping Ventas

by | Oct 28, 2015 8:32 am | 60 Seconds, Opinion

Investors did not like what they heard about Ventas for the third quarter, despite an earnings beat. So, when we first heard that Ventas was announcing that third quarter earnings were going to exceed estimates, we thought, ho-hum, so what else is new, they always beat estimates. The press release was glowing about all the accomplishments during the quarter. They revised guidelines for the full year slightly upward. I didn’t get a chance to listen in live to the earnings call, but I did notice how the share price dropped by 5%. What, on an earnings beat? And then it dropped a little more. It was the revenue miss and concerns about growth that sent investors to the exits. Since then, there... Read More »

HUD’s top lenders

by | Oct 28, 2015 8:30 am | Financings

We will be profiling the top 10 HUD LEAN lenders in the coming issue of The SeniorCare Investor, but here is a little snapshot. We already mentioned last week that Lancaster Pollard finished well ahead of the pack, with 65 transactions totaling $531 million. Coming in second place, dollar-wise, was Housing & Healthcare Finance. The Chevy Chase, Maryland-based firm closed 22 transactions, for a total of $264.2 million. Loan sizes ranged from as low as $3.96 million up to $28.78 million. Coming in third was Capital Funding, which actually closed 28 loans (second place) totaling $257.8 million. Good job to all. Read More »