• JLL Announces Seniors Housing Portfolio Deal

    The JLL team got off to a prolific start this January, already handling a couple of transactions across 17 seniors housing properties. The big one involved the sale of 16 seniors housing communities previously owned by a publicly traded REIT. Totaling more than 1,800 units, these communities were located in three states and consisted of... Read More »
  • Blueprint Sells a SNF in Louisiana

    Brooks Blackmon of Blueprint Healthcare Real Estate Advisors headed down to the bayou to sell a 120-bed skilled nursing facility in Oak Grove, Louisiana (near the border of Arkansas). Built in stages from the 1960s through 1987, the facility had been owned by multiple generations of a local family since its opening, and now they are... Read More »
  • Recent Senior Care M&A Deal Chart, Week Ending January 22, 2021

    The M&A market was on fire in the last month of 2020, and got off to a fast start in 2021. Check out our recent senior care M&A deal chart. Long-Term Care   AcquirerTargetPrice Non-traded REIT16 seniors housing communitiesN/A Local individualAssisted living community in San Antonio, TXN/A Regional owner/operatorCarroll Nursing... Read More »
  • Lakeland Bank Finances Skilled Nursing Expansion in NJ

    A skilled nursing owner/operator in Morris County, New Jersey (New York City MSA) obtained financing from Lakeland Bank to expand and improve its services in the state. The $4.1 million loan will help fund renovations to underutilized space and increase the number of available licensed beds at the unnamed facility.   The... Read More »
  • Jon Harder Gets Sentence Commuted

    When was the last time anyone thought about Jon Harder, the founder and CEO of Sunwest Management who was sentenced to 15 years in prison for the “misuse of investment funds during the real estate crisis” of 2007 to 2009? Well, that is an understatement if we ever saw one. At its height, Sunwest was one of the largest senior living... Read More »
Three More HUD Deals From PGIM Real Estate

Three More HUD Deals From PGIM Real Estate

PGIM Real Estate announced $36.7 million in HUD financings in the last six weeks of the year. Christopher Fenton and Catherine Eby first originated a $3.9 million loan for a 49-unit assisted living community in Ohio that was built in 1988 and renovated in 1994. Next, Mr. Fenton and Mrs. Eby were joined by Corley Audorff and Josh Williams to secure an $18.2 million loan for a six-year-old assisted living community in Minnesota.  Finally, Mr. Audorff and Mr. Williams arranged a $14.7 million interest rate reduction loan for a 126-unit skilled nursing/assisted living facility in Colorado, which was built in 2012. These three refinances saved PGIM’s clients a combined $426,000 in... Read More »
HHC Finance Closes Three HUD Deals And Large Acquisition Financing

HHC Finance Closes Three HUD Deals And Large Acquisition Financing

Housing & Healthcare Finance (HHC Finance) arranged a trio of HUD loans this month, including a $14.5 million loan for a 120-bed skilled nursing facility in New York, a $14 million loan for a 170-bed SNF in Tennessee and a $6.5 million loan for another 120-bed SNF in New York. Each loan closed with a rate in the lower 2s and refinanced more expensive conventional debt.  Turning to HHC Finance’s Capital Advisory Group, led by Isaac Haas and Neil Gamss, the team had an active end to the year with $550 million in deals arranged in December alone. Most notably, Messrs. Haas and Gamss helped arrange acquisition financing for a skilled nursing portfolio in the... Read More »
Cushman & Wakefield Reports Strong End To Year

Cushman & Wakefield Reports Strong End To Year

Cushman & Wakefield Senior Housing Capital Markets ended 2020 with a couple of sales (and a handful of both acquisition and construction financings too). First, on behalf of Healthcare Trust, Inc. (NASDAQ: HTIA), the team sold a 120-bed SNF in the Tampa, Florida market, representing the first of three Florida divestments totaling $118 million for HTIA.  Cushman & Wakefield followed that up with a land sale in Cherry Creek, Colorado, an affluent submarket of Denver, for the development of a 137-unit independent/assisted living community. Titan Development sold the fully entitled site to a joint venture between Ryan Companies, Cadence... Read More »
Live Oak Bank’s Construction Lending Spree

Live Oak Bank’s Construction Lending Spree

There’s no doubt that construction lending has slowed, and the loans that do close are much more conservative and now almost always require some sort of recourse. Nevertheless, Live Oak Bank closed three construction financings in December alone, capping off a successful year for the bank’s senior care lending platform.  First was an $8.5 million loan for a to-be-built senior living community in Reidsville, North Carolina. ALG Senior had controlled a Certificate of Need to operate assisted living in the county for many years and eventually purchased a 12.5-acre site. The community will feature 58 units and 75 beds of both independent living and assisted living, and... Read More »
Monarch Advisors Finances New Oregon Senior Living Project

Monarch Advisors Finances New Oregon Senior Living Project

Just before the end of the year, Alec Blanc of Monarch Advisors closed a construction loan for a to-be-built assisted living community in Redmond, Oregon. Developed by nearby Bend, Oregon-based Juniper Canyon Living, the project will feature 108 units of all private pay. It will be operated under the Oregon Specific Needs program, which provides assisted living care to seniors with mental illness. The project is already underway and will be completed in phases, the first by the middle of this year and continuing through to the middle of 2022. Juniper Canyon Living has a number of similar projects in the works over the next few years.  Monarch sourced the senior debt,... Read More »
CBRE Refinances Eugene, Oregon Community

CBRE Refinances Eugene, Oregon Community

CBRE closed out 2020 with a cash-out refinance of a 217-unit senior living community in Eugene, Oregon, with Aron Will, Austin Sacco and Tim Root working on the deal. A joint venture between The Springs Living and Harrison Street was the borrower, having developed the property in 2017 with construction financing also secured by CBRE. The property experienced strong lease-up and stabilized within 13 months of opening. It is currently 96% occupied across the 110 independent living units (including 31 cottages), 75 assisted living units and 32 memory care units. Not too bad for a pandemic.  The five-year, non-recourse loan was provided by a national bank and came... Read More »