Ziegler’s $1 billion relationship
Senior Quality Lifestyles Corporation (SQLC), a Texas-based nonprofit that operates six senior living communities, hired Ziegler for the fourth time in 2015 to refinance one of its properties, which is located in the Barton Creek neighborhood of Austin, Texas and consists of 157 independent living units, 10 IL villas, 40 assisted living units, 23 memory care units and 42 skilled nursing beds. In order to refund $37.7 million in outstanding Series 2005 Bonds and finance renovations on the property, including a restoration project, SQLC turned to Ziegler to close a $50.69 million tax-exempt bond issue. The financing also helped fund a debt service reserve fund, pay the cost of issuance and... Read More »Wolff eyes seniors housing
Another major multifamily developer is getting into the seniors housing industry. In the past year, we have seen a number of either private equity groups or real estate developers, all with experience in the multifamily market but not so much in seniors housing, dip their toes (some more like cannonballed) into seniors housing development, including Drever Capital Management, Alliance Residential and Validus Group. Now, Scottsdale, Arizona-based The Wolff Company announced its plans to develop six independent/assisted living communities with 858 units throughout the Western United States. To build up its seniors housing team, in March 2014 Wolff brought on Mike Milhaupt, who has over 20... Read More »The long road to HUD
A senior living community with a troubled financial past recently refinanced its debt with HUD via a $13.3 million loan. But how did it both sink so low and then turn around to be viable for a HUD refinance? Built in 2005, this 112-unit community, with independent living, assisted living and memory care services, is located in Madera, California, near Yosemite National Park. With Woodset Partners LLC as the owner and Integral Senior Living as the operator, the community received ALFA’s Best of the Best Award in 2010. Then, the problems began in 2013 when the community’s bank decided against extending its construction financing and sold the loan to a finance company which chose not to... Read More »From fixing to building
A company with extensive experience in turning around struggling senior living communities is now developing its first property and is pulling together all manner of financing sources in its capital stack. Solutions Advisors, which got its start in 2010 advising senior living communities on management, marketing and sales strategies, has already broken ground on its flagship community in Hamilton, New Jersey. With 96 independent living, 75 assisted living and 24 memory care units, the community is expected to cost a total of $59 million, or about $302,600 per unit, to develop. In addition, 25 of the IL units can be converted to AL down the road, if the need presents itself. To operate the... Read More »Funding the mission
Looking to refinance its outstanding debt, fund a renovation project and acquisition, and create a long-term financing plan with a reduced interest rate, nonprofit senior care operator Wellspring Lutheran Services enlisted the help of HJ Sims to close both a taxable bank loan and a tax-exempt bond issue. Already with five skilled nursing and assisted living communities operating in Michigan and a home health and hospice business in the state, Wellspring was looking to both improve and expand its mission. So, in order to fund those ambitions, HJ Sims arranged a $31.1 million taxable loan and $13.5 million of tax-exempt bonds. One regional bank provided the loan while another regional bank... Read More »Schedule a demo
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