• National Health Investors Issues Another Update

    National Health Investors is continuing its steady census progress, but the rent deferrals for Bickford Senior Living just will not end. The silver lining is that the deferral amounts are decreasing, from $3 million in both March and April of this year and $2 million in June. Now, the two parties have agreed to $1.5 million in rent deferrals per... Read More »
  • Another Family Owner/Operator Exits the Industry

    As Covid-19 has led to overall decreases in senior housing occupancy levels, Sherer Management joined several of its peers by closing down its multigenerational family business with the sale of its last two CCRCs in Iowa.  These properties include a total of 188 beds at Rose Vista in Woodbine and Longview Home in Missouri Valley.... Read More »
  • HJ Sims Refinances Michigan Provider

    It took a couple of tries, but HJ Sims arranged $41.9 million in financing for Sunset Retirement Communities, a multi-campus, not-for-profit senior living provider in Michigan. The company has grown its holdings over the past decade, starting development on its Jenison campus in 2009 and completing it in 2015. Then, after completing a market... Read More »
  • Recent Senior Care M&A Deals, Week Ending June 18, 2021

    Senior care M&A is soaring back this month across all sectors. Check out our recent M&A deal chart. Long-Term Care   AcquirerTargetPrice Beacon Health10 skilled nursing facilities in Iowa$24.2 million Regional operator/private capital providerRose Vista in Woodbine and Longview Home in Missouri ValleyN/A Ciena HealthcareLincoln... Read More »
  • Drinking the Kool-Aid in Washington (State), Again

    The people of the state of Washington are getting closer to having to make a decision about a new payroll tax to fund a “long-term” care benefit, that is anything but long term. The 58-cent tax withholding for every $100 of salary and bonus may not seem like much, but the benefit is not much either.  This reminds us (sort of) of the Class... Read More »
Ziegler Arranges Debt For Invesque Illinois Sale

Ziegler Arranges Debt For Invesque Illinois Sale

Ziegler served as capital structuring advisor in the $48.95 million debt placement to support the acquisition of two skilled nursing facilities and one supportive living facility in the Lincoln Park and South Shore neighborhoods of Chicago, Illinois. Symphony Care Network is the buyer, after having already operated the communities for some time on behalf of the landlord, Invesque. There are 475 licensed skilled nursing beds and 118 supportive living beds.   The deal is part of Invesque’s plan to streamline its relationship with Symphony. These three facilities sold for approximately $55.5 million, or $93,600 per bed, providing about $10.5 million of net cash proceeds... Read More »
Monarch Advisors Finances Two Texas Transactions

Monarch Advisors Finances Two Texas Transactions

Alec Blanc of Monarch Advisors helped finance a couple of Senior Living Investment Brokerage’s latest deals in Texas, which we highlighted last week. Cascades Healthcare, a Provo, Utah-based owner/operator, announced two separate acquisitions for four total skilled nursing facilities in Texas for a combined 26.545 million, or 41,400 per bed. Mr. Blanc secured a $21 million acquisition loan from a national commercial finance company to support the deal. There is also a $3.5 million earn-out feature that brings the loan-to-cost to around 92%. We’re not seeing leverage like that very often these days.  The loan comes with a three-year term and interest only payments for the first two years.... Read More »
National Health Investors Expands Navion Relationship

National Health Investors Expands Navion Relationship

National Health Investors expanded its relationship with Navion Senior Solutions, announcing an acquisition, funding of a community expansion project and funding of a corporate loan for the operator to put towards future development costs. The investments total approximately $13.2 million.  First, NHI acquired a 48-unit assisted living/memory care community in Manchester, Tennessee, adding it to an existing master lease with Navion which has a 12-year maturity, 2.5% annual escalators, and two five-year extensions. The community was purchased for $6.5 million, or $135,400 per unit, excluding about $100,000 of closing costs. That results in an initial yield of 7.5%.  NHI also provided... Read More »
Welltower Announces Investments, Credit Facilities & a New Hire

Welltower Announces Investments, Credit Facilities & a New Hire

Welltower came out with a flurry of announcements yesterday, all significant and all seemingly good news. To start, John Burkart was appointed Executive Vice President, Chief Operating Officer and will start on July 19. Already ensconced in the REIT world, Mr. Burkart comes from the multifamily sector, having spent 25 years at Essex Property Trust where he rose to Senior Executive Vice President and Chief Operating Officer. At Welltower, he will assume responsibilities for platform-wide operations, asset and portfolio management, data analytics, research and joint venture partnerships, utilizing a data-driven approach to drive platform efficiencies, capital allocation decisions and... Read More »
CIBC Bank USA Refinances California Portfolio

CIBC Bank USA Refinances California Portfolio

CIBC Bank USA recently closed a $76 million transaction for a California-based operator to refinance acquisition debt on three formerly distressed properties in the Golden State. Those properties include two skilled nursing facilities and one assisted living community. The deal included a $60 million term loan and a $16 million working capital facility.   The term loan will also help support the company’s overall balance sheet, while the working capital will be used across the 13 properties and more than 1,000 beds in the operator’s portfolio.  Read More »
Columbia Pacific Secures Construction Financing for Virginia Project

Columbia Pacific Secures Construction Financing for Virginia Project

Live Oak Bank closed a $26.1 million construction loan for the development of a 126-unit assisted living (90 units) and memory care (36 units) community located in Chesapeake, Virginia. The loan came with a five-year term, but no other details were disclosed.  Columbia Pacific Real Estate Fund III, LP is developing the project, which is situated on 6.63 acres. Leisure Care, a consistent partner of CPA, will operate it going forward. This represents Live Oak Bank’s second loan closing with CPA in the last six months.   Read More »