• Christian Horizons is Restructuring

    Midwest Christian Villages, dba Christian Horizons, and its related companies filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code. Christian Horizons is one of the nation’s largest not-for-profit, faith-based organizations delivering skilled nursing, assisted and supportive living, independent living, and... Read More »
  • Berkadia’s Recent Sales and Financing Activity

    Berkadia was engaged by a publicly traded REIT in its divestment of an 85-unit assisted living/memory care community in Alpharetta, Georgia. The property, part of a three-property portfolio, was purchased by a regional owner/operator. The first two properties in the portfolio closed in May and comprise 146 assisted living/memory care units in... Read More »
  • Case Studies & Conversation at the 2nd Quarterly Investor Call

    The second edition of the Quarterly Investor Call, hosted by The SeniorCare Investor, scheduled for July 24th, is coming at a pivotal time in the seniors housing and care industry as the M&A market is on track to set a record for transaction activity in any given year, and by a healthy margin. It may shock some of you that we are witnessing... Read More »
  • Delaware SNF Secures Refinancing

    Capital Funding Group closed a $23.6 million bridge-to-HUD loan, which supported the refinancing of an existing bridge loan executed by CFG. The deal supported a 169-bed skilled nursing facility in Delaware. CFG closed the deal June 27, 2024, on behalf of a nationally recognized borrower. Andrew Jones originated the transaction. This financing... Read More »
  • 60 Seconds with Steve Monroe: Purposeful Living?

    My friend Bob Kramer likes to go on stage and talk about how seniors housing is about to get disrupted in a major way, and that if you don’t change, you will be “disrupted” out of business. Pretty harsh words, but he is most likely talking about the top 10% of the market, the market that most everyone likes to target. His point is that people are... Read More »
The Benoit Group Finances Atlanta Project

The Benoit Group Finances Atlanta Project

The Benoit Group, in partnership with Atlanta Housing, received financing for the development of Englewood Senior in Atlanta. This affordable seniors housing project marks the first redevelopment phase of a master-planned, mixed-use, multi-plase community on the 30-acre site of the former Englewood Manor public housing site. Built in 1971, Englewood Manor offered 324 public housing units before the residents were relocated in 2007, followed by the property’s demolition in 2009 with HUD approval. The site is located in southeast Atlanta approximately 1.5 miles from Grant Park. Funding for this $72 million project includes federal and state equity tax credit investment by Raymond James and... Read More »
Active Adult Expansion A Hit With Investors

Active Adult Expansion A Hit With Investors

How often have we heard that new development is dead? Or that CCRCs (LPCs) are on their way out? Too often. But how often do you hear about an Active Adult expansion on a CCRC campus, and one with entrance fees? Not often enough. That didn’t stop Three Pillars Senior Living Communities and Cain Brothers from putting together a plan that may really change the 120-year-old CCRC in Wisconsin. Three Pillars was originally founded in 1905 as Masonic Home to provide care for indigent Masons. Today, it has a 50-bed nursing center, 17 memory care units, 52 assisted living units (CBRF), 75 catered living/assisted living units (RCAC) and 123 Type C independent living units.  The rents for the... Read More »
Evans Running Pennsylvania Bankruptcy Deal

Evans Running Pennsylvania Bankruptcy Deal

Evans Senior Investments was hired to run a court-appointed sale of two skilled nursing facilities in Pennsylvania, with the sale hearing scheduled (in person and via Zoom) for March 15, 2024, at 10AM Eastern.  Built in the 1980s and renovated in the 1990s, the facilities up for sale include Beacon Ridge, a 118-bed skilled nursing facility in Indiana, Pennsylvania, and The Patriot, a 100-bed SNF and 76-unit personal care/independent living community, together licensed to run as a CCRC, in Somerset, Pennsylvania. Both were losing money. There is also a 92-unit personal care community in Johnstown that has been closed, but is still included in the sale. The previous operator, Senior... Read More »
Active Adult Expansion A Hit With Investors

Planned Seniors Housing Development Receives Construction Funding

Lument closed a $27 million debt placement to assist Mission Senior Living with the construction of a seniors housing community. Mission Senior Living is an owner/operator of senior living communities in the western U.S. with six communities totaling 639 units under management.   Located in Durango, Colorado, the community will be known as Mesa Verde Estates. It will total 124 units/129 beds of assisted living and memory care with the unit-breakdown being 92 assisted living units and 32 memory care units. The property will be situated on five acres and span 105,000 square feet across two stories.  The financing structure included a $20.9 million USDA guaranteed loan provided... Read More »
Omega Healthcare Reports, American Healthcare Prices IPO

Omega Healthcare Reports, American Healthcare Prices IPO

There had been some nasty rumors in the market leading up to the release of Omega Healthcare Investors’ fourth quarter and year-end earnings release. Some people fretted that the situation had deteriorated with too many of their customers, which could force them to cut their dividend rate. You can’t believe everything you read, except on these pages. While there are still some tenant issues, the overall situation is improving. Because they are leases, the information comes with a three-month lag. For the 12 months ended September 30, 2023, occupancy was 79.1%, up from the previous quarter and up 290 basis points from the year-ago quarter. EBITDARM coverage was 1.63x in the third quarter,... Read More »
Sonida Senior Living Readies for Next Phase

Sonida Senior Living Readies for Next Phase

Don’t you love it when a plan finally comes together? Sonida Senior Living has been working diligently to streamline its capital structure, not to mention improving its census and margins. Yesterday they announced two major developments which should set the stage for future growth. First, they purchased $77.4 million of outstanding debt held by Protective Life for $40.2 million, or a 52% discount, across seven communities. We are not sure we have seen that large of a discount in the market, and perhaps news of this will light a fire under some other creditors. Part of the purchase price was funded by a $24.8 million expansion of Sonida’s existing term loan with Ally Bank. An additional $44... Read More »