Ziegler Closes Largest Bond Financing of 2020
We mentioned in June that Ziegler had successfully priced about $199.4 million in Series 2020A-D fixed-rate bonds for Acts Retirement-Life Communities, and now the specialty investment bank and closed the transaction on behalf of the not-for-profit provider. Secured on 20 senior living communities in seven states, including eight locations in Pennsylvania, four in Florida, three in Delaware, two in North Carolina and one each in Georgia and Alabama, the bond issue comprised $115.1 million of tax-exempt bonds issued through and $84.3 million of taxable bonds. That makes this the largest senior living bond financing to-date in 2020. The Public Finance Authority... Read More »
Ziegler Refinances Virginia CCRC With Bank Placement
Ziegler announced another bank financing after a spate of recent closings, including a construction financing for a Michigan CCRC, a refinance of a Pennsylvania CCRC and one for a CCRC in Texas, just to name a few. The most recent deal was arranged for Warm Hearth Village, a not-for-profit CCRC in Blacksburg, Virginia that was founded in 1974. It has since grown to 259 independent living units, 55 active adult units, 150 assisted living units and 60 skilled nursing beds on a 220-acre campus. There were nine outstanding direct bank placements with three different banks on the property, so ownership sought to consolidate debt and also fund about $2 million in planned campus... Read More »
Grandbridge Finances Florida Assisted Living Sale
Earlier this year, we learned of the sale of an 89-unit assisted living/memory care community in Pensacola, Florida. Now, it has been revealed that Grandbridge Real Estate Capital’s Seniors Housing and Healthcare Finance Group arranged the acquisition financing for the deal. Previously owned by CNL Healthcare Properties II, the property was sold alongside a 92-unit AL/MC community in Tampa to Waypoint Residential for a combined $48.85 million, or about $270,000 per unit, at a roughly 5.5% cap rate. These were the last two properties owned by CNL II, whose shareholders had approved the company’s plan for dissolution in September 2019. Both communities were... Read More »
Meridian Capital Group Carries On With Large Transaction Volume
The last six weeks has been slow, to say the least, but Meridian Capital Group’s seniors housing and healthcare team closed over $470 million in transaction volume during that period. That’s an impressive figure considering the hurdles to get all parties involved across the finish line in the last several months. Well done to Ari Adlerstein, Ari Dobkin and Josh Simpson for getting the deals done. There were a number of acquisition financings, the largest being closed to support the purchase of nine skilled nursing facilities and 921 total beds in West Virginia and Pennsylvania. That loan came to $183.5 million and was provided by a finance company. Then, two New Jersey facilities... Read More »
HHC Finance’s Busy HUD Month
Summer vacation didn’t start at Housing & Healthcare Finance (HHC Finance), we suppose, as the firm closed seven HUD loans totaling $119 million in the month of June. The largest deal was a $61 million refinance of a 360-bed skilled nursing facility in New York. Built in the early-1970s but recently renovated, the facility was occupied in the mid-90s. HHC Finance followed that up with a $22 million HUD refinance of a 120-bed skilled nursing facility in Florida that was built in 2015 and occupied in the high-80s. Both loans were closed with interest rates in the mid-2s. That makes for some happy long-term clients. HHC Finance rounded out its June activity with five HUD loan... Read More »Schedule a demo
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