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 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 »
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
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
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 »Schedule a demo
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