• Sonida Reports Healthy Occupancy Bump in Q1 

    Sonida Senior Living (formerly Capital Senior Living) came out with its first quarter earnings, just a month after it provided its delayed fourth quarter results. At that time, Sonida had reported some progress after it raised $154.8 million through a major recapitalization in late 2021, including reporting sequential occupancy growth from 82.0%... Read More »
  • Trustwell Living Makes First Acquisition 

    Trustwell Living, founded by Larry Cohen, the former CEO of Capital Senior Living, just announced its first acquisition. The senior living community is located in Springfield, Illinois and has 67 units comprised of 55 licensed assisted living units and 12 independent living units. While there are no memory care units, they will be in the future... Read More »
  • New Lender Seeking to Make an Impact 

    Is this a good time to enter the seniors housing and care lending market, or a bad time, since we are not out of the woods yet? One reason for it being a good time is that there are no bad loans on the books for a new lender, as opposed to everyone else that went through the pandemic census crisis. Another reason is that demand for financing will... Read More »
  • Ziegler Refinances The Lutheran Homes of South Carolina 

    Ziegler successfully closed two sets of bonds for The Lutheran Homes of South Carolina (LHSC), a not-for-profit with five CCRCs, three hospice offices and four non-medical in-home services agencies throughout the Palmetto State. The $27.5 million of Series 2022A and 2022B bonds are being directly purchased by First Horizon Bank (LHSC’s existing... Read More »
  • Elevation Financial Group Grows Senior Living Portfolio 

    Elevation Financial Group, a private equity real estate investment firm focused on seniors housing and affordable senior apartments, continues to add to its portfolio with an acquisition in the Boston, Massachusetts MSA. Connemara Senior Living (the target) is an 86-unit community with independent living, assisted living and memory care services.... Read More »
Sonida Reports Healthy Occupancy Bump in Q1 

Sonida Reports Healthy Occupancy Bump in Q1 

Sonida Senior Living (formerly Capital Senior Living) came out with its first quarter earnings, just a month after it provided its delayed fourth quarter results. At that time, Sonida had reported some progress after it raised $154.8 million through a major recapitalization in late 2021, including reporting sequential occupancy growth from 82.0% in January to 82.2% in February and 82.6% in March. That equated to a 60-basis point increase for a quarter that always declines.  Now, looking at the weighted average occupancy for its same-store portfolio, the first quarter of 2022 came in at 82.3%, which represents a 100-basis point increase from the previous quarter and is 680 basis points... Read More »
Trustwell Living Makes First Acquisition 

Trustwell Living Makes First Acquisition 

Trustwell Living, founded by Larry Cohen, the former CEO of Capital Senior Living, just announced its first acquisition. The senior living community is located in Springfield, Illinois and has 67 units comprised of 55 licensed assisted living units and 12 independent living units. While there are no memory care units, they will be in the future plans for the community.  The community was built in 2005 with about 70,000 square feet, so it is large for a primarily assisted living community with just over 1,000 square feet per unit. The apartment units are bigger than average, and there are two large atriums. While it shows well, Trustwell does plan to start some capital improvements to... Read More »
New Lender Seeking to Make an Impact 

New Lender Seeking to Make an Impact 

Is this a good time to enter the seniors housing and care lending market, or a bad time, since we are not out of the woods yet? One reason for it being a good time is that there are no bad loans on the books for a new lender, as opposed to everyone else that went through the pandemic census crisis. Another reason is that demand for financing will only grow in the years to come.  This is what Matt Huber and Signature Bank are thinking with their new nine-person healthcare banking and finance team. The New York City-based bank is publicly traded with $121 billion of assets, but until now had no presence in the healthcare and seniors housing market. That is about to change.  Huber... Read More »
Ziegler Refinances The Lutheran Homes of South Carolina 

Ziegler Refinances The Lutheran Homes of South Carolina 

Ziegler successfully closed two sets of bonds for The Lutheran Homes of South Carolina (LHSC), a not-for-profit with five CCRCs, three hospice offices and four non-medical in-home services agencies throughout the Palmetto State. The $27.5 million of Series 2022A and 2022B bonds are being directly purchased by First Horizon Bank (LHSC’s existing banking partner) with a 12-year commitment, covenants matching the master trust indenture and pricing of 82.5% of term SOFR plus 1.32%.   The Series 2022A refunding bond totaled $11.55 million and refunded the Series 2017 direct placement bank bond, extending the final maturity of the refunded debt to match the 12-year commitment term (with a... Read More »
Elevation Financial Group Grows Senior Living Portfolio 

Elevation Financial Group Grows Senior Living Portfolio 

Elevation Financial Group, a private equity real estate investment firm focused on seniors housing and affordable senior apartments, continues to add to its portfolio with an acquisition in the Boston, Massachusetts MSA. Connemara Senior Living (the target) is an 86-unit community with independent living, assisted living and memory care services. Prior to the pandemic, it had operated relatively well, but census tumbled throughout the last couple of years. Built in 1990 in Brockton’s Campello neighborhood, it was named after the previous owner John Burke’s grandparents. Mr. Burke had over 25 years of skilled nursing management experience and had co-founded Roscommon Healthcare, a skilled... Read More »
CFG Closes Another Acquisition Loan 

CFG Closes Another Acquisition Loan 

Capital Funding Group (CFG) announced the closing of a $11.26 million bridge-to-HUD loan for the acquisition of a skilled nursing facility in Sacramento, California. Featuring 121 beds, the facility was acquired by an undisclosed company looking to grow its portfolio. Capital Funding Group Managing Director, Long-Term Care Tim Eberhardt and Senior Associate Ava Julio originated the transaction for the company.  This transaction follows another bridge loan closed by CFG earlier in May, when the firm closed $17.2 million in financing to fund the acquisition of two skilled nursing facilities in Arizona. Featuring 232 beds, the facilities were previously operated by a national provider that... Read More »
Greystone Refinances Washington Oakes 

Greystone Refinances Washington Oakes 

Greystone has arranged a refinance for Washington Oakes, a 152-unit seniors housing property in Everett, Washington, a northern suburb of Seattle. A life insurance company provided the $15 million nonrecourse, fixed-rate loan, which carries a seven-year term, 30-year amortization and 60 percent loan-to-value ratio. In addition to refinancing existing debt, loan proceeds enable the borrower to monetize a portion of its equity in the property and continue with ongoing maintenance. Tyler Armstrong of Greystone originated the transaction on behalf of Lytle Enterprises LLC.  Operated by Leisure Care LLC, Washington Oakes features studio, one-, two- and three-bedroom units and offers independent... Read More »
Colliers Mortgage Arranges HUD Refinance 

Colliers Mortgage Arranges HUD Refinance 

Colliers Mortgage provided a $25.2 million HUD loan to The Winslow in West St. Paul, Minnesota. Opened in 2020 with the help of a construction loan provided by Colliers in 2018, the 172-unit affordable seniors housing community rises four stories. Units are restricted to persons age 62 and above and who earn up to 60 percent of the area median income. WSP Senior Housing I LLLP was the borrower, obtaining a fixed-rate loan that is fully amortized over 35 years.   Read More »
60 Seconds with Steve Monroe: Labor Headwinds Everywhere

60 Seconds with Steve Monroe: Labor Headwinds Everywhere

In case you did not notice, practically every equity analyst report we read on healthcare companies in the past four weeks had “labor headwinds” either in the title or the first paragraph. And I am not talking about senior care companies. These were home health, managed care, PMGs, you name it. Providers just can’t find the staff they need, and when they do, it is expensive. But you know that. Perhaps if we enter into a small recession that will help with the labor shortage, but don’t hold your breath. I’m not. We have a systemic problem, and it needs major changes if it is going to be fixed for the senior care industry. And the senior care industry must be a leader on the labor front to... Read More »
VIUM Capital and Merchants Capital Announce Mid-Year HUD Volume 

VIUM Capital and Merchants Capital Announce Mid-Year HUD Volume 

In the first six months of HUD’s fiscal year 2022, VIUM Capital, through its joint venture with Merchants Capital, announced a healthy level of activity, closing 26 LEAN loans totaling approximately $295.8 million. That leads all other lenders in both number of closed transactions and total volume for the period from October 1, 2021 to March 31, 2022. The loans were closed under Merchants Capital, since VIUM did not officially close on its acquisition of HUD/GNMA lender Armstrong Mortgage Company until the end of 2021. Newpoint Real Estate Capital took second place, with $238 million of initial endorsements across 15 transactions representing 3,147 beds/units.  Across the 26... Read More »
Two Assisted Living Communities Trade in Florida 

Two Assisted Living Communities Trade in Florida 

Ken and Damien Carriero of Colliers International announced a seniors housing closing involving two assisted living assets in Florida. Prompting the sale was the undisclosed seller’s plan to liquidate their assisted living properties to potentially invest in other asset types.   Included in this deal was the 16-unit/32-bed Green Gables in Vero Beach and the 32-unit/40-bed Jane Adams House in Amelia Island. Green Gables was built in 2000, and Jane Adams House was built in 1997. The communities were 87% and 90% occupied, respectively, which is certainly strong compared with the rest of the industry. Combined revenues reached $1.155 million, with the communities reporting combined EBITDA... Read More »