• National Health Investors Issues Another Update

    National Health Investors is continuing its steady census progress, but the rent deferrals for Bickford Senior Living just will not end. The silver lining is that the deferral amounts are decreasing, from $3 million in both March and April of this year and $2 million in June. Now, the two parties have agreed to $1.5 million in rent deferrals per... Read More »
  • Another Family Owner/Operator Exits the Industry

    As Covid-19 has led to overall decreases in senior housing occupancy levels, Sherer Management joined several of its peers by closing down its multigenerational family business with the sale of its last two CCRCs in Iowa.  These properties include a total of 188 beds at Rose Vista in Woodbine and Longview Home in Missouri Valley.... Read More »
  • HJ Sims Refinances Michigan Provider

    It took a couple of tries, but HJ Sims arranged $41.9 million in financing for Sunset Retirement Communities, a multi-campus, not-for-profit senior living provider in Michigan. The company has grown its holdings over the past decade, starting development on its Jenison campus in 2009 and completing it in 2015. Then, after completing a market... Read More »
  • Recent Senior Care M&A Deals, Week Ending June 18, 2021

    Senior care M&A is soaring back this month across all sectors. Check out our recent M&A deal chart. Long-Term Care   AcquirerTargetPrice Beacon Health10 skilled nursing facilities in Iowa$24.2 million Regional operator/private capital providerRose Vista in Woodbine and Longview Home in Missouri ValleyN/A Ciena HealthcareLincoln... Read More »
  • Drinking the Kool-Aid in Washington (State), Again

    The people of the state of Washington are getting closer to having to make a decision about a new payroll tax to fund a “long-term” care benefit, that is anything but long term. The 58-cent tax withholding for every $100 of salary and bonus may not seem like much, but the benefit is not much either.  This reminds us (sort of) of the Class... Read More »
Ziegler Closes Massive Bond Financing For Sonoma County Construction Project

Ziegler Closes Massive Bond Financing For Sonoma County Construction Project

Ziegler brought out the big guns for a nearly $300 million bond financing closed for Ensō Village, a to-be-built CCRC in Healdsburg, California. The Kendal Corporation, a national not-for-profit provider of senior living services, is spearheading the project, which will be a Zen-inspired community set on 16 acres in the heart of Sonoma wine country.   Kendal has planned for 221 independent living, 30 assisted living and 24 memory support units. Of the 221 IL units, 20 are low-income rental apartments for retired Buddhist teachers, and 10 are moderate-income apartments, which will all be mixed among the market-rate units on campus. Common areas and amenities will include a central lobby,... Read More »
BMO Harris Bank Finances New Jersey Development

BMO Harris Bank Finances New Jersey Development

BMO Harris Bank’s Healthcare Real Estate Finance group announced that it led and closed a $73.4 million construction financing for a joint venture between LCS and an institutional partner to develop a 220-unit senior living community in Florham Park, New Jersey. People’s United Bank was also a $30 million participant in the deal.  Set to open in March 2023, the community will feature 128 independent living units (53 one-bedroom and 75 two-bedroom options), 58 assisted living units (10 studio, 40 one-bedroom and eight two-bedroom options) and 34 memory care units (32 private and two semi-private units).  Read More »
Columbia Pacific Secures Construction Financing for Virginia Project

Columbia Pacific Secures Construction Financing for Virginia Project

Live Oak Bank closed a $26.1 million construction loan for the development of a 126-unit assisted living (90 units) and memory care (36 units) community located in Chesapeake, Virginia. The loan came with a five-year term, but no other details were disclosed.  Columbia Pacific Real Estate Fund III, LP is developing the project, which is situated on 6.63 acres. Leisure Care, a consistent partner of CPA, will operate it going forward. This represents Live Oak Bank’s second loan closing with CPA in the last six months.   Read More »
CBRE Finances Active Adult Development in Chicagoland

CBRE Finances Active Adult Development in Chicagoland

A new active adult development that is set to break ground just received financing courtesy of CBRE and a national bank. Aron Will, Austin Sacco and Matthew Kuronen of CBRE Senior Housing partnered with CBRE Chicago’s Debt and Structured Finance’s John Parret and Peter Marino to arrange the $43 million construction loan.   The to-be-built community is located in Chicagoland and will feature around 190 units. It is considered to be “A” quality, which we imagine are easier projects for lenders to get behind right now, especially with an active developer in the space. A national bank provided the loan, which comes with a five-year term, 42 months of interest only and a floating... Read More »
Watermark & Hines Partner On Mid-Rise Development in Houston

Watermark & Hines Partner On Mid-Rise Development in Houston

Watermark Retirement Communities and Hines have partnered to develop a large, seven-story seniors housing community in Houston’s Greater Heights neighborhood. The community will include 222 units of independent living, assisted living and memory care, with rents starting between $3,500 and $5,500 per month for IL. There will also be a host of amenities, two whole floors of dedicated amenity space, in fact. The community will also be the tallest building in the neighborhood and will have views of the downtown skyline.   This is Watermark’s fifth Élan property, which is the operator’s upscale brand. Other partners on the project include Munoz + Albin Architecture and Planning (the design... Read More »
Construction Costs Go Up for Indiana Senior Living Project

Construction Costs Go Up for Indiana Senior Living Project

Rising construction costs have stymied a number of senior living construction projects (much to the relief of thousands of operators looking to quickly recover their occupancies), but one development is still going ahead, albeit with a $3 million increase in financing. Evergreen Real Estate Group is building a 120-unit Medicaid assisted living community in Goshen, Indiana, which will feature 49 studio and 71 one-bedroom units, with Gardant Management Solutions serving as operator. Development costs were originally estimated to be $28 million, or $233,300 per unit. The plan was approved in late 2019, and the Goshen City Council approved the issuance of up to $22 million in tax-exempt... Read More »