Ziegler Closes Bonds for PA CCRC
Ziegler announced the closing of Garden Spot Village’s $67.27 million Series 2024 Tax-Exempt Fixed Rate bonds. The obligated group consists of Garden Spot Village and its subsidiary, GSV, LLC, and Garden Spot’s parent organization is the not-for-profit Garden Spot Communities. Garden Spot Village is a CCRC with 621 independent living homes consisting of 306 apartments and 315 cottage-style homes, 65 personal care units, 40 memory support units and 75 skilled nursing beds across 220 acres in New Holland, Pennsylvania. GSV also owns and leases Center for Health, an ambulatory health care building that sits at the entrance to the campus. WellSpan Health leases the Center, providing a... Read More »
EBSC Lending Funds Los Angeles Development
EBSC Lending has secured funding for a high-quality seniors housing community under development in Los Angeles. Brian Stark, manager of information technology at EBSC, led the transaction. The community obtained $31.2 million in construction financing The development will feature a new 172,163-square-foot community owned and operated by a senior living provider in the Southeast, with a primary focus on Florida. The community will offer a total of 198 independent living, assisted living and memory care units in three buildings spread over a 7.8-acre campus. It will also feature restaurant-style dining, boutique hotel décor, and a variety of luxury amenities. Based in Irvine, California,... Read More »
Summit Divests SNF Portfolio to Current Operator
After selling eight skilled nursing facilities in Connecticut earlier this year, California-based Summit Healthcare REIT further pared back its portfolio by divesting three SNFs in San Bernardino County, California. The portfolio comprises 191 beds and sold for $30 million, or $157,000 per bed. The buyers were affiliates of the current operator. The sale of this portfolio yielded an internal rate of return of over 50% for Summit and closed without the aid of an outside brokerage firm. Summit’s portfolio now comprises interests in 36 senior living communities throughout 11 states. In May, Summit had sold eight skilled nursing facilities totaling 1,106 beds in Connecticut for $60... Read More »
CCRC in Bankruptcy Sells in PA
The senior care business is a tough business, especially since the pandemic and inflation lowered census and raised expenses, respectively, and it has taken a toll on many not-for-profit organizations. And recently, another organization facing financial pressures defaulted on its bond debt, which triggered a Section 363 bankruptcy process. Evans Senior Investments was brought in by the seller to guide them through the process and ultimately also sell its CCRC in Somerset, Pennsylvania. Originally built in the 1900s and renovated in 1990, The Patriot is a CCRC with 100 skilled nursing beds, 76 personal care beds in 47 units, and two independent living units. At the time of marketing, it... Read More »
CFG Secures Financing in Six Transactions
Capital Funding Group financed over $54 million across six transactions from late July through mid-August. The financings supported six skilled nursing facilities across the country and were executed on behalf of nationally recognized borrowers. First, CFG closed a $12.4 million HUD loan for the refinancing of a 99-bed SNF in California, which closed July 25. CFG provided the initial bridge financing for the real estate transaction, and the term loan is now being exited with permanent HUD financing. Then, CFG secured a $4.5 million mezzanine loan to refinance a 120-bed SNF in Florida. On the same day, CFG closed a $14.8 million senior loan to take out existing acquisition debt for a... Read More »
Berkadia’s HUD Bonanza
Berkadia announced another tranche of closings with more than $92.7 million in financing for nine seniors housing communities in four states. Steve Muth and Ed Williams first helped finance the acquisition of a 78-unit assisted living community in Great Falls, Montana, with a $12.6 million loan provided to a Northwest-based owner/operator. The non-recourse loan featured a 12-month, interest-only term. The community had sustained a stable occupancy rate over the past year, and Berkadia plans to submit a HUD application shortly after the closing. The borrower had previously collaborated with Berkadia on a similar-sized deal in late 2023. Back to HUD, Williams also obtained a $16.4 million... Read More »
Two Owner/Operators Acquire SNFs
Forest Healthcare Properties closed two separate transactions in Massachusetts and New York in September. Jeffrey Vegh and Joe Schiff handled the transactions. First, Vegh and Schiff facilitated the sale of a skilled nursing portfolio in the Boston, Massachusetts MSA, which has attractive new reimbursement rates. The portfolio comprises three assets with 283 beds and has an average age of 45 years. The facilities were performing well, with an average occupancy rate of 85%. There were multiple sellers, and the ultimate buyer is a new owner/operator entering the state for the first time through this acquisition. The buyer’s portfolio comprises additional facilities in Michigan. ... Read More »
Harrison Street and Brightview Expand Relationship
Harrison Street has acquired five seniors housing communities in a joint venture with Brightview Senior Living, from Brightview itself, as part of the pair’s ongoing partnership. Brightview will continue to manage the communities. The purchase price was not disclosed, but we believe they commanded strong per-unit values. These recently constructed communities (in the last 10 years, at least) comprise 743 independent living, assisted living and memory care units throughout Massachusetts, Maryland, New Jersey, Pennsylvania and Virginia, in affluent and smaller markets with high barriers to entry. They have an average occupancy rate of 94%, and Brightview has a history of building,... Read More »
Retirement Unlimited President Gone
Last week, Retirement Unlimited Inc. (RUI), announced that its President, Doris-Ellie Sullivan, had stepped down “to pursue other opportunities.” That is usually a signal that the person did not leave without getting pushed out. Given what we heard about the poor performance of the company since its acquisition of Brandywine Living, we have to believe that it finally caught up to her. In late 2023, RUI purchased the Brandywine Living management company, which nearly doubled the number of communities operated by RUI to more than 70. Welltower (NYSE: WELL) owned the real estate of the Brandywine portfolio. Brandywine operated very high-end assisted living communities in top markets in New... Read More »
Brookdale Reports Highest Occupancy Since March 2021
While we would hope that seniors housing companies are reporting their highest occupancy levels since the bottom of the COVID market in March 2021, Brookdale Senior Living did it in pretty good fashion. Brookdale finally topped 80% in month-end occupancy for August, reaching 80.4%, or a 50 basis-point increase over July. It also represented a 110-basis point increase from a year ago. Weighted average occupancy reached 78.9% in August, a 30-basis point sequential increase and a 130-basis point increase year over year. We would expect solid census increases in the traditionally strong third quarter, so this was not a surprise. But they will have to maintain these improvements through the... Read More »Schedule a demo
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