• CFG Provides Simi Valley Refinance

    Capital Funding Group (CFG) announced that it provided a $40 million loan to refinance an assisted living/memory care community in Simi Valley, California, with Meridian Capital Group arranging the transaction. Griffin Living, a large privately held real estate developer, obtained the loan, which repaid an existing construction loan and provided... Read More »
  • Pennant Releases Q2 Earnings

    The Pennant Group, Inc. has announced second quarter earnings for the year, coming out with adjusted diluted earnings of $0.14 per share, which is down from the year-ago quarter’s $0.17 per share but in line with various expectations. It seemed that more focused operations and portfolio pruning offset labor and inflationary headwinds. It also... Read More »
  • Greystone Provides $47 million in HUD Financing

    Greystone has provided a total of $47 million in HUD financing for five skilled nursing facilities in California, Connecticut, North Carolina and Ohio. The debt comprised $8.2 million for a 35-bed skilled nursing facility in San Diego, California, a $10.5 million loan for a 103-bed facility in Dayville, Connecticut, an $8.1 million loan for a... Read More »
  • 60 Seconds with Steve Monroe: Brookdale Has Great Start To Third Quarter

    Brookdale Has Great Start To Third Quarter Nearly two years ago, we wrote that the first half of every year was a census downer for the industry, but that the third quarter was always a winner. We are making history, or better said, you are making history. The first half of this year has been a winner, which it should have been because of the... Read More »
  • Avanath Acquires Northern California Portfolio

    Avanath Capital Management has acquired a six-property multifamily and affordable seniors housing portfolio in the Sacramento, California market. The communities sold for $182 million, or $176,400 per unit, and expand the real estate investment firm’s presence in the Northern California market.  The entire portfolio consists of four multifamily... Read More »

Lument Refinances Great Lakes Portfolio

Lument closed an $87 million HUD refinance of nine skilled nursing facilities with a total of 691 beds located in Ohio, Michigan and Wisconsin. Managing Director Brad Competty led the transaction for Lument. The operator, Atrium Centers Inc., is a provider of short-term post-acute rehabilitation and long-term nursing care across its 29 facilities in Ohio, Michigan, Kentucky, and Wisconsin with over 2,000 total beds. The nine refinanced properties had remained stabilized throughout the pandemic and were thus ready for the HUD refinance. Lument was able to obtain low, fixed interest rates on all nine loans before rates significantly rose. Read More »

The Waters of Highland Park Acquired

Cushman & Wakefield announced that it has advised a joint venture between The Waters Senior Living and an institutional capital partner in the procurement of a $16.5 million acquisition loan for the purchase of The Waters of Highland Park, an 84-unit independent living, assisted living and memory care community located in the Highland Park neighborhood of St. Paul, Minnesota. Such amenities include a salon and spa, a theater and wellness services.  Waters Senior Living originally developed the community in 2015 and managed it but will now be taking ownership of the property. Cushman & Wakefield’s Rick Swartz, Jay Wagner, Sam Dylag and Bailey Nygard represented the borrower in the... Read More »

Monarch Advisors/VIUM Capital Refinances South Texas SNF

Monarch Advisors refinanced and recapitalized a skilled nursing facility in south Texas for its in-state owner/operator. After leasing the property in 2017, the operator exercised its purchase option in 2018 and continued to improve operating performance during the pandemic. Monarch sourced a $17.08 million senior loan from VIUM Capital/Merchants Bank of Indiana, which retired the existing bank debt on the property and provided cash at closing to help fund the client’s future growth plans. At approximately 60% loan-to-value, the loan is structured for a quick exit to HUD, with a one-year maturity, two six-month extensions and a full term of interest only. There is also partial recourse... Read More »

Lument Leads Stonerise Healthcare’s Sale

Lument Securities announced that it recently advised Stonerise Healthcare on its sale to a New York-based real estate investment firm and an operating partner, CommuniCare Health Services. Stonerise’s network of care included 17 owned and operated skilled nursing facilities throughout West Virginia totaling 1,955 beds, a therapy company, seven home health and hospice agencies, an institutional special needs plan and a SNF development project.  Lument had a decade-long HUD financing relationship with Stonerise (which was led by Thomas Gale), and Laca Wong-Hammond and Dominic Porretta led the transaction as its exclusive financial advisor. The skilled nursing portfolio and therapy company... Read More »

Jonathan Rose Co. Buys Seniors Housing Complex

Jonathan Rose Co. and Jamboree Housing have acquired Belage Manor, a 180-unit affordable senior housing complex in Anaheim, California for the purchase price of $41 million, or $227,000 per unit. This marks the 12th deal to close under the Rose Affordable Housing Preservation Fund V. California-based nonprofit Jamboree Housing along with the fund will invest $9 million in renovations to make significant improvements to the complex. Capital One Healthcare provided a $28 million Fannie Mae first mortgage loan as part of the GSE’s Enhanced Resident Services program.  Read More »

Omni Smart Living Refinances Two Communities Through JLL

JLL Capital Markets arranged short-term financing for two newly built communities totaling 328 units in North Olmsted and North Royalton, Ohio. The two high-quality communities comprise independent living, assisted living and memory care units. The borrower is real estate investment group Omni Smart Living, for which JLL secured a three-year, floating-rate loan through a national debt fund. The first property is the 160-unit Vitalia North Olmsted, and the other is the 168-unit Vitalia North Royalton, both located roughly 10 to 15 minutes outside of downtown Cleveland. Joel Mendes and Billy Lichtenstein of JLL Capital Markets represented the borrower in the transaction. Read More »