• Genesis HealthCare’s Legacy Liabilities Lead to Bankruptcy Filing

    Genesis HealthCare has filed for Chapter 11 bankruptcy protection, listing its 298 affiliated holding companies, ancillary businesses and insurance vehicles in its submission to the U.S. Bankruptcy Court for the Northern District of Texas Dallas Division. It is one of the largest skilled nursing operators in the country and operates 218... Read More »
  • Cindat Capital Management Invests in Colorado Community

    Cindat Capital Management, a middle-market real estate private equity platform focused on seniors housing and opportunistic investments, announced its first investment from its Senior Housing Credit Platform. It was a unitranche debt investment in The Pearl at Boulder Creak, a 116-unit, Class-A independent living and assisted living community... Read More »
  • MedCore Divests to Publicly Traded Healthcare REIT

    Ziegler announced its role as exclusive sell-side financial advisor to MedCore on the sale of Parkview on Hollybrook, a 189-unit rental CCRC in Longview, Texas. The property has been on a long road to stabilization. It was originally bought in a bankruptcy auction in 2016 for $20.7 million by Thrive FP when it was in the middle of development. 12... Read More »
  • Forbright Bank’s H1 Activity

    Forbright Bank reported its activity for the first half of the year from its healthcare and HUD lending teams, announcing more than $500 million in loans closed for acquisitions, recapitalizations, working capital, and HUD financings for healthcare providers across the country. One of the largest transactions was a $60 million revolving loan to... Read More »
  • Large SNF Portfolio Secures Financing

    MONTICELLOAM, LLC announced the closing of $218.3 million in combined bridge, mezzanine, and working capital financing for 18 skilled nursing facilities across Kentucky. The transaction includes a $179.3 million senior bridge loan and a $29 million mezzanine loan, which the sponsor plans to use to restructure and upsize the existing debt on the... Read More »
Newmark Secures Refinancing for Virginia Class-A Communities

Newmark Secures Refinancing for Virginia Class-A Communities

The Newmark Seniors Housing Team announced the closing of the refinance of two newer-vintage seniors housing communities in Virginia. Both communities saw strong leasing activity during the marketing process, and Newmark closed with a regional bank that provided non-recourse financing at competitive terms. The total loan was around $88 million.  Built in 2021, The Providence Fairfax is a seven-story seniors housing community with 124 assisted living and 30 memory care units. Built in 2022, The Landing Alexandria is a nine-story seniors housing community in Alexandria with 40 independent living units, 89 assisted living units and 42 memory care units. Read More »
Financing Secured for New Jersey SNF Acquisition

Financing Secured for New Jersey SNF Acquisition

MONTICELLOAM announced the financing of a $33.6 million senior bridge loan for the acquisition of a skilled nursing facility in New Jersey. The floating-rate loan has a 30-month initial term for the borrower group, a longstanding client of MONTICELLOAM, that will use the financing towards the purchase of a northeastern New Jersey facility totaling 180 beds. Read More »
Berkadia Closes Four HUD Loans

Berkadia Closes Four HUD Loans

Within the past 30 days, Jay Healy and Andrew Lanzaro of Berkadia Seniors Housing & Healthcare have closed four HUD 232/223(f) loans totaling $64.4 million in aggregate proceeds. The loans were obtained on behalf of three sponsors and are secured by three seniors housing communities and a skilled nursing facility spanning Hawaii, Texas and Washington. Each loan carries a fully amortizing 35-year term.  The first transaction was a $18 million refinance for a San Marcos, Texas-based owner/operator of assisted living and memory care communities. The proceeds were used to retire bank construction debt and convertible ownership debt utilized to develop the 94-unit AL/MC community in... Read More »
Senior Care Portfolio Secures Acquisition Financing

Senior Care Portfolio Secures Acquisition Financing

First Citizens Bank’s Healthcare Finance business helped to arrange $270 million in financing to support the acquisition of 30 senior care facilities across Idaho, Oregon, Washington, Montana and Arizona. The portfolio includes 15 skilled nursing facilities, and seven senior care campuses that feature skilled nursing beds as well as independent living and assisted living units. There are 1,584 skilled nursing beds, 90 assisted living units and 450 independent living units. The buyer is a real estate investment group that specializes in the post-acute sector. The properties have been, and will continue to be, operated by Cascadia Healthcare and its affiliate, Olympus Retirement... Read More »
Oklahoma Senior Care Portfolio Receives Bridge Loan

Oklahoma Senior Care Portfolio Receives Bridge Loan

Greystone provided a $51.5 million bridge loan to refinance a portfolio of senior care facilities in Oklahoma. The financing was originated by Fred Levine. The portfolio comprises 633 skilled nursing beds and 71 assisted living beds across six facilities. The bridge loan carries a two-year term with an extension option, and the borrower intends to pursue permanent financing from HUD. Read More »
PE Firm Acquires and Secures Financing for Class-A, Miami Community

PE Firm Acquires and Secures Financing for Class-A, Miami Community

A Class-A seniors housing community recently sold in Miami, Florida. Built in 2023, The Oasis at Coral Reef is in Miami, Florida, with 102 independent living, 71 assisted living and 28 memory care units with floor plans ranging from studio to two-bedroom residences. Located adjacent to Jackson South Community Hospital, the community features high-end amenities, including a fitness room, a restaurant-style dining room with chef-prepared meals, a beach club, recreational program rooms, weekly housekeeping, multiple pools, among many others. The community opened at various stages throughout 2023, as state licenses were issued. Thus, it was in the early stages of lease-up, with occupancy... Read More »