Reposition and refinance
HJ Sims recently helped Cross Keys Village, the ninth-largest single-site not-for-profit CCRC in the country, obtain two bank loans, totaling $42.5 million, in order to both refinance a bridge line of credit and fund an expansion of its campus. Founded in 1908, the CCRC currently features 444 independent living units (in apartments, cottages and country homes), 91 assisted living units and 270 skilled nursing beds. The sponsor, the Southern District of the Pennsylvania Church of the Bretheren, together with architectural firm SFCS, Greenbrier Development and Sims, decided on a campus expansion project, which would include expanding its health center facilities (particularly its skilled... Read More »Improving senior care facility sells
With a stable occupancy and rising Medicare revenues, a 94-bed skilled nursing and memory care facility in Lawrenceburg, Indiana represented a good opportunity for a local undisclosed buyer to both cash in on the 19% operating margin, and improve it. Originally built in 1984 with 35 semi-private and 12 private units, the facility provides a wide array of services, including physical therapy, nursing complex care, dementia care and social services. In 2010, it underwent a $395,000 renovation mainly to the private-room wing in order to attract Medicare rehab patients. Thanks in part to the facility’s relationship with the local hospital (which had 1,779 Medicare patients with a mean length... Read More »The Santa Stock Rally Is Stalling
We were supposed to see stocks rise this month, but so far the market is down as are seniors housing stocks. So what happened to the Santa rally? While we still have a few weeks to go before the end of the year, the markets have been sinking, and almost all seniors housing and care stocks have dropped, with Brookdale Senior Living falling the most, with a loss in value of 12% since November 30. It has now dropped below the psychologically important $20 threshold, and any bad news could add insult to injury. The others are closer to a mid-single-digit decline this month, but with one glaring exception. That is The Ensign Group, which is up just over 2% this month as it keeps chugging along... Read More »Greystone closes over $210 million
Greystone has been relatively quiet in the press over the last few months, but the lender was of course hard at work. Across 11 transactions (all previously unannounced since August 2015), the lender closed over $210 million in seniors housing lending transactions. The financings were for properties located across the country, ranging in size and services offered, from age-restricted housing to memory care. The loan amounts were as small as a $2 million bank loan to finance a land acquisition for seniors housing in Waldwick, New Jersey, to as large as a $46 million Freddie Mac refinance on a 209-unit independent living/assisted living/memory care community in Anaheim, California. There... Read More »Schedule a demo
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