PinPoint spins off to focus on seniors housing
PinPoint Commercial, a national boutique development partnership that has created over $600M in industrial, medical, retail and senior housing assets, is creating a new company, PinPoint Senior Living (PSL), to focus on the development of new senior living communities. We have written before of Pinpoint Commercial’s “Legacy” brand of seniors housing (see: Assisted Living technology at its best), and the company has so far developed eight properties in Texas, New Mexico, Georgia, Louisiana and Florida. This July, Legacy at Highwoods Preserve in Tampa, Florida is set to open, with 60 assisted living units and 22 memory care units, to be operated by Thrive Senior Living. But with this new... Read More »Ziegler closes $135 million for Covenant Retirement Communities
Ziegler closed over $135 million in financing for Covenant Retirement Communities (CRC), an Illinois not-for-profit that owns and operates CCRCs in several locations throughout the U.S. The Obligated group consists of 4,769 units in 14 communities across eight states, with 3,065 independent living units, 755 assisted living units, and 949 skilled nursing beds. To refund the company’s outstanding Series 2005 bonds in the amount of $118.11 million, fund a debt reserve fund and pay certain costs of issuance, CRC issued $112.8 million in fixed-rate refunding bonds. Closing concurrently was $22.34 million of variable rate refunding bonds, which were immediately placed with Bank of America with... Read More »Another property for Shamrock
A joint venture developing a portfolio of senior living communities in Northern California is adding its sixth property to its partnership, called The Shamrock Alliance. Portland, Oregon-based Shamrock Holdings, together with CB|Two Architecture and Construction and Artēgan Senior Living, is planning to build a 130-unit rental CCRC in Folsom, California (in the Sacramento area). Just breaking ground last week and expected to open next summer, the community will feature 85 independent living, 26 assisted living and 19 memory care units, to be managed by Artēgan. Typically, the projects are in a 140,000 sq. ft., three-story building located on an infill site. To fund the development,... Read More »HCP funds future growth
Looking to fund its future growth, HCP recently priced $750 million of senior unsecured notes with a fixed rate of 4.00% for 10 years. The price to investors was 99.126% of the principal amount, representing a yield-to-maturity of 4.107%, and a spread over Treasuries of about 195 basis points. After expenses, the net proceeds of the offering are approximately $736.5 million, which HCP plans to allocate to pay off a portion of the debt used for its recent $849 million acquisition of 35 private pay seniors housing communities from Chartwell and its $161 million acquisition of a medical office building in Philadelphia, Pennsylvania. This offering follows HCP’s amending of its master lease... Read More »Schedule a demo
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