Diversified Healthcare Trust Lives Another Day
One of the reasons provided for the misguided merger of Diversified Healthcare Trust with Office Properties Trust, since terminated, was that DHC needed to do it in order not to default on its debt and go Chapter 11. Afterall, they had issued a “going concern” letter early this year because they did not see any way to pay off their maturing debt in 2024. Oops. But in this case, it is a good “oops,” because they did manage to find a way to raise net proceeds of $732 million to pay off all their 2024 debt. The $941 million par value of zero coupon senior secured notes come with a rate of 11.25%, so this is quite expensive. The notes are due in two years with a one-year extension. But if the... Read More »
60 Seconds with Steve Monroe: Not So Merry This Year?
As many of you know, this time of year I often do my “Twas The Night Before Christmas” roast of senior participants in our industry, picking on either REITs, brokers, provider CEOs, or anyone else. Somehow, this year it just didn’t seem appropriate. They have been picked on enough, but not in jest like I try to do, even though some seem to take it a bit too personally. You shouldn’t. It seems the media, in particular The New York Times and The Washington Post, have decided to pick on the assisted living industry, maybe figuring nursing homes have already been through the media meat grinder, which they have. Last weekend, The Post came out with two articles blasting the assisted living... Read More »
JLL Finances Active Adult Development
The United Group of Companies is building a new active adult community in Worcester, Massachusetts, thanks to bank financing arranged by JLL Capital Markets. The Arbella at Bramble Hill will include 123 units across three elevator-serviced buildings, with one- and two-bedroom units and an 8,500-square-foot clubhouse. UW Senior, LLC, an affiliate of United Group of Companies, borrowed $35 million in construction financing from Washington Trust. The property is owned by Premier Property Group LLC of Dracut, which bought it in 2018 for $820,000. Read More »
Covenant Living Communities Expands in Illinois
Covenant Living Communities and Services enlisted Chicago-based construction company, Leopardo, and Atlanta-based architects, THW Design, for a $66.5 million expansion project at the assisted living community Covenant Living of Northbrook in Northbrook, Illinois. This expansion involves the construction of three new three-story carriage homes, resulting in the addition of 36 new one- and two-bedroom apartments. Each apartment will feature a spacious patio or balcony and a private garage. Additionally, the “Town Center” will undergo a substantial 9,000-square-foot expansion, enhancing both indoor and outdoor dining venues. The project is slated for completion in late 2025. Read More »
Construction Coming to a Close for NY Development
FilBen Group, an owner/developer, and its equity partner RSF Partners are nearing completion of their $54 million seniors housing development in Montebello, New York, in the Lower Hudson Valley. The four-story Braemar at Montebello will be complete in 2024 and feature 133 total units. Of those, there are 66 studio, 14 one-bedroom and 53 two-bedroom units (semi-private “friendship” units each with approximately 600 square feet) across 133,675 total square feet. There will also be shared public spaces on the main, second and third levels. The community is adjacent to the Montebello Commercial Center, which offers retail, entertainment, dining and medical services. Good Samaritan... Read More »Schedule a demo
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