Ziegler’s $1 billion relationship
Senior Quality Lifestyles Corporation (SQLC), a Texas-based nonprofit that operates six senior living communities, hired Ziegler for the fourth time in 2015 to refinance one of its properties, which is located in the Barton Creek neighborhood of Austin, Texas and consists of 157 independent living units, 10 IL villas, 40 assisted living units, 23 memory care units and 42 skilled nursing beds. In order to refund $37.7 million in outstanding Series 2005 Bonds and finance renovations on the property, including a restoration project, SQLC turned to Ziegler to close a $50.69 million tax-exempt bond issue. The financing also helped fund a debt service reserve fund, pay the cost of issuance and... Read More »Fraud And Senior Care
Despite some high-profile allegations against senior executives for some type of financial wrong-doing, we are still thankful for all the good work done by the nation’s caregivers. What is it about caring for the elderly and financial fraud or other misdeeds? About once a week I read about a home health agency being charged with Medicare fraud. And then there is Medicaid fraud we hear about all too often with nursing facility owners, doctors and other providers. In our senior care industry, the founder of Sunwest Management, Jon Harder, was sentenced last week to 15 years in federal prison. Also last week, the SEC charged Chris Brogdon, the CEO of Global Healthcare REIT, with... Read More »Four Green Bay-area properties sold
Jacob Gehl of Blueprint Healthcare Real Estate Advisors led the sale of a portfolio of four assisted living/memory care communities in Wisconsin for $18.35 million, or $146,800 per unit, with an 8.7% cap rate. Included in the portfolio were three properties in Green Bay, including a 20-unit stand-alone memory care community, and one in Appleton. Combined occupancy stood at 92% at the time of the sale, and the portfolio generated approximately $1.6 million in trailing EBITDAR on an annualized basis. Senior Housing and Healthcare Capital was the seller, while Summit Healthcare REIT was the buyer, which will lease the properties for a 12-year term to an affiliate of Compass Senior Living, an... Read More »Wolff eyes seniors housing
Another major multifamily developer is getting into the seniors housing industry. In the past year, we have seen a number of either private equity groups or real estate developers, all with experience in the multifamily market but not so much in seniors housing, dip their toes (some more like cannonballed) into seniors housing development, including Drever Capital Management, Alliance Residential and Validus Group. Now, Scottsdale, Arizona-based The Wolff Company announced its plans to develop six independent/assisted living communities with 858 units throughout the Western United States. To build up its seniors housing team, in March 2014 Wolff brought on Mike Milhaupt, who has over 20... Read More »Schedule a demo
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