• 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 »
The Ensign Group Shines, Again

The Ensign Group Shines, Again

We have still not figured out how The Ensign Group continues to outperform the rest of the skilled nursing industry when so many companies and providers are still hurting, with many of them still not able to make lease payments in full. For the past year, we have wondered if the only way to perform as well as they have is to cook the books, so to speak. That idea was discarded, and while we know they operate their model with each facility run by a mini-CEO with full local decision-making responsibilities and run it successfully, we continue to scratch our heads and wonder why others can’t do what they do. It just must be the culture, but obviously, one that needs to be mimicked by others,... Read More »
Shareholders Approve Capital Senior Living Restructuring

Shareholders Approve Capital Senior Living Restructuring

Last Friday, Capital Senior Living announced that shareholders approved the amended agreement with Conversant Capital to provide needed funds to stabilize the company while it continues to work on increasing census, as well as funds for future growth. This involves plans to raise up to $154.8 million in various financings. This was based on preliminary vote estimates taken after the shareholder vote on Friday.  The news of the presumed approval, without giving the breakdown of the voting, sent the shares up by 2.38% to close at $29.68. That is a far cry from where they traded last July. The day before they hit a low of $25.85 during the day, which was the lowest price since August 13. Keep... Read More »
Interview with Scott Tittle of VIUM Capital

Interview with Scott Tittle of VIUM Capital

The SeniorCare Investor Editor Ben Swett sits down with VIUM Capital’s Head of Government Relations and External Affairs to discuss the latest round of provider relief, its potential effects on the M&A market, and the scrutiny of private equity deals. Read More »
Occupancy Growth Slowing?

Occupancy Growth Slowing?

Historically, the third quarter is always the best quarter for census growth, and it has generally been a good quarter for most senior living providers. But September has seen a bit of a slowdown, which does not bode well for the fourth quarter. The summer jump in COVID cases may have something to do with it, but also adapting to an influx of new residents may not be easy with the labor shortages nationally. Capital Senior Living just announced that its September average occupancy increased by 20 basis points from the August average, reaching 81.4%. That is also a 610-basis point increase from the pandemic low of 75.3% in February. But it is a much smaller increase than the 80-basis point... Read More »
The Battle Continues for Capital Senior Living

The Battle Continues for Capital Senior Living

The saga continues for Capital Senior Living. Days after CSU announced that it had entered into an amended and restated agreement with Conversant Capital, a vocal opponent to the deal (and 12.7% stockholder of CSU) Ortelius Advisors, L.P. issued a letter to stockholders urging them to vote against the amended transactions at the October 22 special meeting. Ortelius made it clear that they thought the CSU Board’s deals with Conversant have been flawed from Day One. They called it exceedingly costly, highly dilutive, and only stood to benefit a few parties, including management, two large investors (Arbiter and Silk) and Conversant. Let’s get to the details. First, Ortelius made clear that... Read More »
The Battle Continues for Capital Senior Living

Capital Senior Living Postpones Vote

With so much activity around some alternative restructuring opportunities being offered for Capital Senior Living, it is no wonder they decided to postpone the shareholder meeting to vote on the Conversant Capital proposal. The new date is October 22, 10 days later than the original date of October 12. Previously, Ortelius Advisors (which owns about 13% of Cap Senior) disclosed their own recap proposal with terms that were cheaper than those of Conversant Capital. Now, Invictus Global Management has announced they too can arrange up to $150 million of new capital for Cap Senior, also at better terms for the company, and current shareholders, than the current Conversant Capital deal. ... Read More »