• 60 Seconds with Ben Swett: Strong Census Gains Continue at NHI

    As we head into the holidays, flu season and the snowy winter, when census gains will be much harder won and as our inboxes fill with news on the omicron variant, we want to point out some really positive occupancy news from National Health Investors’ latest business update. In October, average occupancy across its 42 Bickford Senior Living... Read More »
  • California Community Set to Break Ground

    A seniors housing development is set to break ground in Santa Cruz County, California after Nick Stahler and Hap Knowles of The Knapp-Stahler Group at Marcus & Millichap sold the 3.35-acre site to the developer. An experienced regional owner/operator in California with more than five developments in its pipeline paid $6.75 million for the... Read More »
  • Ziegler Closes Financing for Philadelphia Operator

    Ziegler arranged $39.4 million in bond financing for Simpson, a nonprofit operator based in Bala Cynwyd, a suburb of Philadelphia. Formerly known as Methodist Episcopal Home for the Aged, the borrower operates three CCRCs in the region: Simpson House in Philadelphia, Simpson Meadows in Downington and Jenner’s Pond in West Grove. In total, the... Read More »
  • Greystone Arranges Financing for Atlanta Community

    Greystone arranged financing for a 193-unit seniors housing complex in Atlanta owned by Harbert Seniors Housing Fund I LP. Matt Miller of Greystone’s Senior Housing Capital Markets Team handled the transaction, which did not disclose loan amounts. However, a large regional bank provided the funds, which include a three-year term. The property,... Read More »
  • Greystar Breaks Ground in Chicago Suburb

    Greystar is expanding its active adult presence in Illinois with the groundbreaking of Everleigh Vernon Hills, a new amenity-filled community in a northern Chicago suburb. Everleigh will offer one- and two-bedroom units, as well as two-bedroom apartments with a den and separate cottage homes set to surround the apartment building. In total, the... Read More »
60 Seconds with Ben Swett: Strong Census Gains Continue at NHI

60 Seconds with Ben Swett: Strong Census Gains Continue at NHI

As we head into the holidays, flu season and the snowy winter, when census gains will be much harder won and as our inboxes fill with news on the omicron variant, we want to point out some really positive occupancy news from National Health Investors’ latest business update. In October, average occupancy across its 42 Bickford Senior Living properties rose by 60 basis points to 81.3%, from 80.7% in September. That is up 670 basis points from the low in March of this year. In its smaller (SLC) Senior Living Communities portfolio of nine properties, average occupancy also rose by 60 basis points to 81.5%, or a 530-basis point increase from the low of last December. The Holiday Retirement... Read More »
California Community Set to Break Ground

California Community Set to Break Ground

A seniors housing development is set to break ground in Santa Cruz County, California after Nick Stahler and Hap Knowles of The Knapp-Stahler Group at Marcus & Millichap sold the 3.35-acre site to the developer. An experienced regional owner/operator in California with more than five developments in its pipeline paid $6.75 million for the site, which is entitled for 82 units and 89 beds of seniors housing. The project is located in Soquel, a high-barrier-to-entry market in an affluent area that surely resulted in the competitive bidding atmosphere for the site. That makes for a happy seller we imagine, as well. Once the project is permitted, construction is expected to commence... Read More »
Ziegler Closes Financing for Philadelphia Operator

Ziegler Closes Financing for Philadelphia Operator

Ziegler arranged $39.4 million in bond financing for Simpson, a nonprofit operator based in Bala Cynwyd, a suburb of Philadelphia. Formerly known as Methodist Episcopal Home for the Aged, the borrower operates three CCRCs in the region: Simpson House in Philadelphia, Simpson Meadows in Downington and Jenner’s Pond in West Grove. In total, the portfolio includes 482 independent living, 56 personal care, 118 assisted living and 178 skilled nursing units. As a result of this financing, Simpson’s entire capital structure now comprises all public, fixed-rate bonds. Proceeds from this deal will refinance existing bonds from 2015 and fund capital expenditures, among other uses.  Read More »
Greystone Arranges Financing for Atlanta Community

Greystone Arranges Financing for Atlanta Community

Greystone arranged financing for a 193-unit seniors housing complex in Atlanta owned by Harbert Seniors Housing Fund I LP. Matt Miller of Greystone’s Senior Housing Capital Markets Team handled the transaction, which did not disclose loan amounts. However, a large regional bank provided the funds, which include a three-year term. The property, managed by an experienced regional operator, includes independent living, assisted living and memory care units across two construction phases, the second of which was completed in late 2020.  Read More »
Greystar Breaks Ground in Chicago Suburb

Greystar Breaks Ground in Chicago Suburb

Greystar is expanding its active adult presence in Illinois with the groundbreaking of Everleigh Vernon Hills, a new amenity-filled community in a northern Chicago suburb. Everleigh will offer one- and two-bedroom units, as well as two-bedroom apartments with a den and separate cottage homes set to surround the apartment building. In total, the 317,000-square foot community will offer 175 apartments and seven standalone duplex cottages with private parking as well as 218 attached parking spaces. Outdoor amenities will include a heated swimming pool and spa, event lawn, game lawn, outdoor lounge with firepits, pool cabanas and a space for pets. Inside, there will be a great room,... Read More »
JLL Arranges Two Refinances Through Debt Funds

JLL Arranges Two Refinances Through Debt Funds

The team at JLL Capital Markets refinanced a couple of seniors housing properties in the Southeast, working with a debt fund in both transactions. The first, and largest, deal saw a five-year $57.5 million loan arranged for Windsor at Celebration, a 239-unit, luxury seniors housing community near Orlando in Celebration, Florida. Built in 2018 by a partnership between Square Mile Capital Management and Big Rock Partners, the community features 133 independent living, 73 assisted living and 33 memory care units in a mix of studio, one- and two-bedroom suites averaging 853 square feet. JLL’s Senior Director Joel Mendes, Senior Managing Director... Read More »
Ziegler Closes Financing for Florida CCRC Operator

Ziegler Closes Financing for Florida CCRC Operator

Ziegler closed a $16.645 million bond series for Oak Hammock at the University of Florida, Inc. (Oak Hammock), a not-for-profit corporation formed in 1998 to own and operate a large CCRC in Gainesville, Florida. The 135-acre campus consists of 269 independent living units, 46 assisted living units, 24 memory support units and 73 skilled nursing beds. All of the skilled nursing beds are Medicare certified and currently maintain a five-star CMS rating.  The proceeds of the Series 2021 bonds will be used, together with other available funds, to refinance outstanding Series 2017B Notes, finance approximately $1.876 million of capital expenditures, and fund a debt service reserve... Read More »

Residents of Washington State Getting Bamboozled

In just five short weeks, the residents of Washington State will begin paying a new payroll tax to fund a “long-term care” benefit, called the WA Cares Fund. It is the first state-wide mandated LTC tax, and we have previously voiced our concerns about it. But it will be a reality for residents soon.  Years ago, we went very public against the Class Act that was part of the Affordable Care Act, basically calling it a financial fraud that was never going to pay out for anyone. Even the authors of the ACA finally admitted it would not work, and eventually withdrew it. Like in Washington State, the federal program was well-intentioned (well, sort of) to try to fund some long-term care... Read More »
Walker & Dunlop Handles Advantage Living Centers Divestment

Walker & Dunlop Handles Advantage Living Centers Divestment

Advantage Living Centers recently divested six of its senior care facilities in southeastern Michigan, with Walker & Dunlop’s Josh Jandris and Mark Myers handling the transaction. An undisclosed, New Jersey-based regional owner/operator bought the properties, which total around 750 beds of primarily skilled nursing, with some assisted living units as well. Ranging in size from 100 to 179 beds, the properties were built more than 50 years ago. Prior to the pandemic, occupancy had been in the mid-70s and fell to the low-60s in 2020. The properties still brought in positive EBITDAR of $1.4 million on nearly $50.7 million of revenues.   To fund the deal, VIUM Capital provided a... Read More »
Greystar Breaks Ground in Chicago Suburb

Active Adult Development Market Stays Strong

We’ve been hearing all about increased interest in the active adult sector, and we’ve been seeing a lot of it too as many new communities have broken ground or opened their doors within the past month. In July, we reported on Trez Capital providing $48 million in construction financing for a new active adult development in Sarasota, Florida, and now the project has officially begun vertical construction.  The 178-unit development named The Alloro at University Groves has been spearheaded by United Group of Companies. Development costs are estimated at $64.5 million, and project partners include Current Builders and Trez Capital. Adam Horowitz of Cooper Horowitz LLC brokered the... Read More »

Another Year to be Thankful

It has been another difficult year for the senior care industry, but there are certainly things to be thankful for and reasons to be optimistic for 2022. First, that the vaccines, booster shots and therapeutics are so successful at treating COVID, and that 98.5% of seniors aged 65 and older have received at least one shot, according to the CDC. A year ago, when the vaccine was only just announced as effective but how it would be distributed was still not known, that sort of figure seemed like a dream.  Amid all the labor issues facing the country, we are also thankful for all the senior care workers that are showing up every day to do a difficult, unglamorous and often thankless job. They... Read More »