Brookdale Announces Large Refinance of 2023-Maturing Debt
Amid rumors of a company sale process being initiated, Brookdale Senior Living came out with some news about its occupancy and balance sheet. Consolidated occupancy for September 2022 showed a 50-basis point sequential increase both on a weighted basis and a month-end basis to 76.9% and 78.4%, respectively. Month-end occupancy has now increased by 420 basis points so far in 2022. A couple more years like that should put Brookdale in a much better position, but two more years of 400-basis point occupancy increases are no guarantee, especially if 2022 saw the company gain much of the “low-hanging fruit” post pandemic. Brookdale also announced that it refinanced substantially all of its 2023... Read More »
Colliers Mortgage Refinances Texas Senior Living Community
Corley Audorff, Troon Dowds and Josh Williams of Colliers Mortgage arranged a $38 million refinance of a 159-unit seniors housing community in Bryan, Texas. Featuring independent living, assisted living and memory care units, the community is part of a larger 1,000-acre, master planned community, adjacent to a golf and country club, and has close ties with Texas A&M University, located only a few miles away. The loan carries a three-year term on an interest-only basis for the first two years and was arranged for an undisclosed borrower. The transaction comes after Messrs. Audorff and Williams were joined by Nick Skarich and Steven Marx to close a bridge acquisition loan for a portfolio... Read More »
Colliers Mortgage Funds Texas SNF Portfolio Acquisition
Nick Skarich, Steven Marx, Corley Audorff and Josh Williams of Colliers Mortgage closed a bridge acquisition loan for a portfolio of three skilled nursing facilities in Texas. Totaling 358 beds and enrolled in QIPP, the facilities will also receive about $3.5 million in renovations from the undisclosed borrower/buyer. They obtained an $11.8 million loan with a three-year term, two one-year extensions and an interest-only period. Read More »
White Oak Healthcare Partners Closes Slew of Financings
White Oak Healthcare Partners reported a busy month of September, closed six loans totaling more than $275 million in volume, all of which came with three-year, variable-rate terms. In Georgia, the debt fund closed a $110.6 million recapitalization for the landlord of a 700-bed portfolio of skilled nursing facilities. The facilities are triple-net leased to an experienced operator with a strong presence in the state. Sized to HUD guidelines, the loan will be used to refinance existing bank debt, fund closing costs and provide a dividend to the ownership group. Derek Whelan and Joe Munhall originated the transaction. Another recapitalization occurred in Ohio and California. Ross Holland and... Read More »
Carnegie Capital Finances Texas Transaction
JD Stettin of Carnegie Capital helped a private, Atlanta-based fund acquire a portfolio of nine skilled nursing facilities in Texas by arranging an $87.5 million bridge loan to fund the deal. Totaling 1,050 beds, the facilities were on average around 25 years old, with decent occupancy ranging from the high-70s to the low-80s. The facilities were also enrolled in QIPP and UPL, making the portfolio much more attractive to a potential buyer. That interested party was an Atlanta-based company that owns more than 30 SNFs in four states, which will bring in one of the largest operators in Texas to operate the facilities going forward. They paid $100 million, or $95,200 per bed, and the... Read More »Schedule a demo
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