• Genesis HealthCare’s Legacy Liabilities Lead to Bankruptcy Filing

    Genesis HealthCare has filed for Chapter 11 bankruptcy protection, listing its 298 affiliated holding companies, ancillary businesses and insurance vehicles in its submission to the U.S. Bankruptcy Court for the Northern District of Texas Dallas Division. It is one of the largest skilled nursing operators in the country and operates 218... Read More »
  • Cindat Capital Management Invests in Colorado Community

    Cindat Capital Management, a middle-market real estate private equity platform focused on seniors housing and opportunistic investments, announced its first investment from its Senior Housing Credit Platform. It was a unitranche debt investment in The Pearl at Boulder Creak, a 116-unit, Class-A independent living and assisted living community... Read More »
  • MedCore Divests to Publicly Traded Healthcare REIT

    Ziegler announced its role as exclusive sell-side financial advisor to MedCore on the sale of Parkview on Hollybrook, a 189-unit rental CCRC in Longview, Texas. The property has been on a long road to stabilization. It was originally bought in a bankruptcy auction in 2016 for $20.7 million by Thrive FP when it was in the middle of development. 12... Read More »
  • Forbright Bank’s H1 Activity

    Forbright Bank reported its activity for the first half of the year from its healthcare and HUD lending teams, announcing more than $500 million in loans closed for acquisitions, recapitalizations, working capital, and HUD financings for healthcare providers across the country. One of the largest transactions was a $60 million revolving loan to... Read More »
  • Large SNF Portfolio Secures Financing

    MONTICELLOAM, LLC announced the closing of $218.3 million in combined bridge, mezzanine, and working capital financing for 18 skilled nursing facilities across Kentucky. The transaction includes a $179.3 million senior bridge loan and a $29 million mezzanine loan, which the sponsor plans to use to restructure and upsize the existing debt on the... Read More »
Texas Gets New IL Community

Texas Gets New IL Community

The McFarlin Group just broke ground on its newest active adult community in Dallas, Texas, The Blake at Bent Tree. Featuring 200 units, the community is McFarlin’s 17th development in Dallas, and the company is based in the city, as well. The Blake was developed as an active adult community but offers a future buyer the ability to convert it to full-service independent living, if they choose. It will offer food, programming and laundry services, as well as amenities such as an outdoor BBQ and entertainment area, a golf simulator, outdoor pool with hot tub, pickleball court and professional concierge services, among others. Greystar will operate it under the Elate brand. Berkadia announced... Read More »
Ziegler Prices Bonds for North Carolina CCRC

Ziegler Prices Bonds for North Carolina CCRC

Ziegler announced the pricing of Carolina Meadows, Inc.’s Series 2024 bonds. Carolina Meadows is a North Carolina not-for-profit that was incorporated in 1983 to develop, own and manage a CCRC in Chatham County, North Carolina, just south of Chapel Hill. The community comprises 476 independent living units, 78 assisted living units (with 95 beds in operation) and 79 skilled nursing units (with 86 beds in operation). It is the 20th largest not-for-profit single-site CCRC in the United States, according to the 2023 LeadingAge-Ziegler 200.  Carolina Meadows plans to develop, own and operate a replacement skilled nursing facility that will total approximately 122,000 square feet. The... Read More »
AOG’s Foray into The Active Adult Sphere

AOG’s Foray into The Active Adult Sphere

A few years ago, we were preparing for an influx of multifamily developers and investors to flood into the seniors housing space, particularly in active adult, which was seen as an attractive add-on to their traditional multifamily portfolios with favorable demographic trends, higher (and more consistent) rents, good occupancy rates and longer lengths of stay. Active adult may have also acted as a gateway to other seniors housing sectors like independent living and assisted living for these investors.  Then, interest rates rose above average active adult cap rate between 4% and 5%, and development became more difficult, not to mention expensive. But as we (and others) have noted, the... Read More »
S&R Handles Texas Land Transaction

S&R Handles Texas Land Transaction

Sherman & Roylance closed the sale of an eight-acre development site in Austin, Texas, which was initially envisioned for a senior living community. However, the buyer, Novak Brothers, plans to leverage their expertise and create a new multifamily development in the location. The property, previously approved by the City of Austin for a two-story, 98-unit assisted living and memory care community, faced construction delays and ultimately ended up in foreclosure by Woodforest Bank in September 2023. With the “as designed” construction halted in 2022, with the foundation in place and the framing begun, Sherman & Roylance was tasked with finding a buyer. Read More »
Live Oak Bank Returns to Santee Seniors Housing Campus

Live Oak Bank Returns to Santee Seniors Housing Campus

Live Oak Bank closed a $27.0 million refinance with a repeat client for an assisted living/memory care community, The Ridge at Lantern Crest, situated on a larger campus, Lantern Crest, in Santee, California. Lantern Crest, operated by Lantern Crest Senior Living, is a 34-acre seniors housing campus developed by The Grant Companies. It offers independent living, assisted living and memory care. Development occurred in three phases, with Phase I being The Ridge at Lantern Crest, Phase II being The Pointe at Lantern Crest and Phase III being The Plaza at Lantern Crest.  The Ridge, which opened in 2012, was originally built with 80 assisted living and memory care units. It was expanded... Read More »
The Current Lending Environment for Senior Care Properties

The Current Lending Environment for Senior Care Properties

The financing process has killed dozens (and hundreds) of deals in the last couple of years, and yet M&A activity is near record levels in the seniors housing and care industry. So deals are getting done, and not just with cash. Who has been lending and at what cost to the borrower? What hurdles have to be overcome? And when capital costs do lower, how can owners and operators best prepare to finance the oncoming wave of deals and demographics? Read More »