Stay up-to-date on skilled nursing and assisted living businesses, retirement communities, REITs and home health care with The SeniorCare Investor newsletter. For over 50 years, The SeniorCare Investor has been tracking mergers, acquisitions, equity & debt financings, bankruptcies and corporate shake-ups in the senior care market.
Last week, we were surprised to hear that a few companies quickly drew down on their revolving lines of credit. In the case of Ventas, the amount was $2.75 billion and they withdrew 2020 earnings guidance as well. For Brookdale Senior Living, they did a full drawdown of an unspecified amount, and also withdrew their 2020 earnings […]
Dwight Capital got a HUD financing closed in West Jordan, Utah (Salt Lake City MSA). The target was a Beehive Homes community built in 1996 and 2007 on over 1.5 acres. It currently consists of 50 beds in 50 units and is located less than a mile from Jordan Valley Medical Center. The license allows […]
Meridian Capital Group has had a productive start to the year, including an especially busy last few weeks. We imagine they gained some knowledge from closing deals during that period, which could not have been straightforward. So far in 2020, the group has arranged $563 million in financing for skilled nursing, assisted living and memory care […]
One thing to come out of the coronavirus crisis (among many things) has been record-low interest rates, with the 10-year Treasury yield falling as low as 0.318% on March 9 and the federal funds rate being cut to 0-0.25%. It has been in the federal government’s interest to maintain liquidity in the market, as much […]
Welltower announced a couple of moves to significantly increase its near-term liquidity. With all the uncertainty going around right now, that seems to be a prudent move. As of March 20, 2020, the REIT had $338 million of cash and cash equivalents and about $1.5 billion of available borrowing capacity under its unsecured revolving credit […]
The team at Newmark Knight Frank is off to a good start so far in 2020, doing equity, debt and sales transactions. In California, they closed just over $48 million in an equity raise for a new senior living development in the Los Angeles metro market. The community will total 336 units of independent living, […]
Berkadia announced two financings for a total of eight senior care properties. The first transaction saw the firm close a $15.25 million bridge loan for the acquisition of seven skilled nursing facilities located throughout the Midwest. Comprised of 426 operating beds, the portfolio was acquired by a first-time client of Berkadia’s. They obtained a two-year, […]
A senior living community is being built in California’s Orange County thanks to a bank loan arranged by CBRE. Located in North Tustin, the 100-unit community will feature 72 assisted living and 28 memory care units on a 7.5-acre infill site. The local market has high barriers to entry and an average home value in […]
The JLL team has secured both construction debt and joint venture equity for a joint venture to build a new luxury senior living community in Evanston, Illinois (Chicago MSA). Located on an irreplaceable 0.77-acre infill site just north of downtown Evanston, the nine-story project will consist of a mix of private independent living, assisted living […]
Lisa Silvers, SVP of IDB Bank, headed to the Jacksonville, Florida suburb of Green Cove Springs to refinance a fully renovated assisted living community on behalf of its single-asset owner/operator. Originally built in 1993, the 49-unit community was previously owned by a local doctor, who sold it in 2015 for around $2 million, or $40,800 […]