NHI Making Moves in the M&A Market
National Health Investors appears set to get off the M&A sidelines, “sidelines” being relative for the REIT which has engaged in a fraction of new investments compared with pre-pandemic years. So far in 2024, NHI has closed on $56.6 million of investments with an average initial yield of 8.4%, split between both existing and new relationships. In addition, NHI signed LOIs on another $155.4 million, also with an average yield of 8.4% and is evaluating around $270 million of potential investments, excluding portfolio transactions and mostly within seniors housing (which is where the opportunities mostly lie for value-add transactions). The signed LOIs include primarily sale/leaseback... Read More »
CreativeCap Closes LifeCo Loan
CreativCap closed a lifeco refinance for an existing, Class-A assisted living/memory care community in Northbrook, Illinois. Consisting of two buildings, the community opened in 2014 with 188 units. It leased up well and underwent a $16 million expansion and renovation in June 2019 that added a separate 44-unit memory care building and converted the MC units in the main building to AL. Management has remained in place since opening, and the community is currently achieving high rents and occupancy is in the upper 80s. The owner/borrower is a fund that invests exclusively in seniors housing on behalf of institutional investors, working with the community’s operator. Working on behalf... Read More »
CIBC Secures Refinancing for North Carolina SNF portfolio
CIBC Bank USA and a Greystone Monticello affiliate, along with other co-lenders, recently provided 980Investments, owned by Simcha Hyman and Naftali Zanziper, with $137.0 million in total financing. The credit facilities were used to refinance a North Carolina portfolio of skilled nursing facilities that comprise 1,135 beds. CIBC additionally provided a $6.5 million revolving line of credit to support the ongoing operations of the third-party tenant. Financing was handled on behalf of Greystone by Karina Davydov and Danny Sweeney, and on behalf of CIBC by Matthew Tyler and Neal Netzel. Read More »
Not-For-Profit Secures Financing For Michigan Facilities
Ziegler announced the closing of Sunset Manor Inc.’s $52.1 million Series 2024A and Series 2024B bonds through the Public Finance Authority. Sunset Manor is a 501(c)(3) organization that owns and operates four facilities in Jenison, Grandville and Grand Haven, Michigan. The bonds consist of four sub-series: $20.7 million in revenue refunding bonds (Series 2024A-1), $6 million in revenue bonds (Series 2024A-2), $20.4 million in revenue refunding bonds (Series 2024B-1) and $5 million in revenue bonds (Series 2024B-2). The proceeds of the Series 2024 bonds will be used to refinance its existing debt, finance $11 million for capital expenditures, and pay for costs of issuance associated with... Read More »
CareTrust Announces Latest Investments
Building on its active investment year, so far, CareTrust REIT announced a major loan origination in the form of a $260 million senior mortgage loan and a $43 million preferred equity investment in connection with the borrower’s acquisition of a 37-facility skilled nursing and seniors housing portfolio in the Pacific Northwest. The portfolio comprises 2,713 operating beds/units with 21 skilled nursing facilities and 16 seniors housing facilities located in Oregon, Washington, Alaska, Arizona, Idaho, California, Montana and Nevada. The borrower, a joint venture between a large health care real estate owner and a subsidiary of PACS Group, acquired the 37 facilities, which will be operated... Read More »Schedule a demo
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