Brookdale Breaks Bread With Ventas
Perhaps the two most powerful women in seniors housing, Debbie Cafaro of Ventas and Cindy Baier of Brookdale Senior Living, had to make some decisions with regard to Brookdale’s under water leases that have a maturity date in 2025. If there can be any silver lining with the current pandemic, it most likely pushed the two sides to come to an agreement to do something now before the leases drowned in more red ink. And while there are benefits to both companies, the newly revised lease agreements provide a cash-flow lifeline to Brookdale. The triple-net leased portfolio now has 120 communities, but when the lease was last negotiated back in 2018, combining several leases into one master... Read More »
Berkadia’s HUD Bonanza
Berkadia’s Seniors Housing & Healthcare Group has been hard at work with HUD deals so far this summer, with over $50 million in closings in June and July. The transactions were all closed for skilled nursing clients in three states across the country. Jay Healy and Bianca Andujo first secured a $22.24 million loan to take out existing debt at a 157-bed skilled nursing facility in Worchester County, Maryland. About 25% of the facility’s census was made up of Medicare patients at the time of the financing. The 35-year loan came out to 80% loan-to-value, which puts the facility’s value at about $177,000 per bed. That is high even by Maryland standards, which typically surpasses most... Read More »
MONTICELLOAM Secures First Lien Financing for Florida Communities
On the back of a busy spring, MONTICELLOAM, LLC and its affiliates announced yet another first lien debt financing for a senior care client. This transaction featured a $20.2 million loan that refinanced two assisted living/memory care communities in Florida. The properties total 171 beds. Their owner (and the borrower) is an experienced owner/operator with a current portfolio of more than 1,300 licensed beds. This deal follows a Memphis-area refinance of two skilled nursing facilities, both a working capital loan and first-lien debt financing for three skilled nursing facilities in North Carolina and Kentucky, and a refinance of a Kansas senior care... Read More »
Four Philly-Area SNFs Refinance With CIBC
Four skilled nursing facilities owned by a Formation Capital-led investment group successfully refinanced with the help of Leslie Beck and Adam Panos of CIBC. All located in the greater Philadelphia market, these facilities have been operated by Saber Healthcare for the past three years. CIBC had also provided working capital to them since Saber took over operations. The current loan totals $30 million and comes with a term of three years. There is also an extension option for a fourth year. Read More »
HJ Sims Funds CCRC Expansion Project in North Carolina
HJ Sims has a long history with the SearStone Retirement Community, a CCRC in Cary, North Carolina, and recently closed another financing for the property. Sponsored by Samaritan Housing, Inc., the community currently consists of 131 independent living units, 38 IL estate homes, 14 assisted living units and 25 skilled nursing beds. HJ Sims originally financed the first phase of the CCRC with a $117 million non-rated fixed rate bond issue in 2012. Then, the investment bank funded an expansion in 2016 with an $8 million issue. HJ Sims also provided the original seed capital, and the funds to advance refund the 2012 issue, and provided a portion of the pre-development capital for a Phase II... Read More »Schedule a demo
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