Back in the game
The Carlyle Group is jumping back into the seniors housing acquisition market with the announcement of two deals. First, the private equity firm purchased a 226-unit seniors housing community in Tampa, Florida with the help of a $28.7 million loan arranged by Jay Wagner and Timothy Hosmer of Cushman & Wakefield and procured from a regional bank. Carlyle plans to use some of those funds to also significantly renovate the property, enhance its amenities and reposition the independent living, assisted living and memory care into separate buildings. The company, teaming with Greystar, also acquired a 101-unit independent living community in Fort Worth, Texas for $22 million, or $217,822... Read More »HJ Sims finances a good start
A project already with a few false starts recently received bond financing to fund pre-development costs for a new 182-unit CCRC in Greenville, North Carolina. Back in 2005, not-for-profit developer Retirement Living Associates (RLA) began marketing its impending development, an entrance fee CCRC with 150 independent living units, 12 IL cottages, eight assisted living units and 12 skilled nursing beds. In fact, the company obtained over 280 depositors, 47 of which submitted 10% deposits, by 2007. However, the Great Recession threw a rather large wrench in those plans, and the project was only revived at the end of last year. Now, to fund the start of this development, HJ Sims sold $14.825... Read More »Genesis HealthCare Plunges
After falling by 60% in 2015, Genesis shares plunge on revised revenue and earnings forecasts. Talk about a disaster. Just when we thought all senior care stocks had bottomed out, Genesis HealthCare wasn’t done. All the others are now well above their recent lows, but Genesis plunged 32% on Monday and late yesterday was down another 12% when the overall market was up over 200 points. Why? Management revised downward its revenue and EBITDA estimates for 2015, and also revised downward their forecast for 2016. This was the second negative earnings surprise in less than a year, for which values get crucified. But here’s the rub. The share price had already dropped by 31% in December, and had... Read More »
Blue Moon teams with LCS
After announcing two large development projects funded by Hawkeye Partners’s Scout Fund II last year, Boston-based Blue Moon Capital Partners will go to the well once more to build another large senior living community, this time in Katy, Texas. The project, which will cost $51.23 million, or $247,500 per unit, features 207 units of independent living, assisted living and memory care, and will be the first with joint venture partner LCS. Previously, Blue Moon teamed up with Gerald H. Phipps, Inc. and Ascent Living Communities to build a $56 million, 156-unit senior living community in Lakewood, Colorado, and with The Damone Group and Cedarbrook Senior Living to develop a 180-unit senior... Read More »Schedule a demo
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