Update to Christian Horizons Bankruptcy
The Christian Horizons bankruptcy deal is coming along, with four stalking horse bidders selected for portions of the Midwest senior care portfolio. The faith-based, not-for-profit organization filed for Chapter 11 bankruptcy on July 16, 2024 in the U.S. Bankruptcy Court for the Eastern District of Missouri, and the live auction is set for November 12, 2024. Christian Horizons’ portfolio offers the full continuum of care and includes more than 1,200 independent living, assisted living, memory care and skilled nursing units/beds across 11 communities in four states. There are seven locations in Illinois (Forsyth, Washington, Lincoln, two in Carmi and two... Read More »
Growing PE Firm Acquires California Community
Haven Senior Investments was engaged by a mom & pop in the sale of their seniors housing community in the Fresno, California MSA. The seller was divesting their business after 30 years of ownership to enter retirement. The buyer was a private equity real estate firm looking to invest and grow, InvestNOW Capital. The community, which was originally a small community hospital, features 22 high acuity memory care units with 44 beds and was stabilized at the time of sale. The buyer, which brought together an investor group for the transaction, is converting the community to assisted living waiver (ALW), and bringing on Alliance Senior Living to operate it going forward. Rebecca... Read More »
CFG Closes Four Transactions
Capital Funding Group announced the closing of four transactions totaling more than $76 million in September. The financing supported 16 skilled nursing facilities and was executed on behalf of nationally recognized borrowers. First, CFG closed a $24.35 million bridge-to-HUD loan for the refinancing of two SNFs with 246 beds in North Carolina. Next, it secured a $13.68 million HUD loan for the refinancing of SNF with 138 beds in California. Then, CFG closed a $20.64 million bridge-to-HUD loan for the refinancing of nine SNFs comprising 471 beds in Iowa. The transaction refinanced an existing loan, which CFG closed in September 2020, providing additional capital to leverage the... Read More »
Not-For-Profit Divests to Private Owner/Operator
After 70 years operating a senior care campus in Portland, Oregon, a Jewish not-for-profit organization decided to exit its only physical senior care asset in order to continue its mission serving the Portland Jewish community. That seller was Cedar Sinai Park, a faith-based organization with a reputation for providing care for more than 10 years in southwest Portland. It was established in predominantly Jewish neighborhoods in Old South Portland, and was the first Jewish organization to expand into southwest Portland in 1954 when it built a retirement community. Over the years, the campus has grown to include 246 beds/units. Robison Jewish Health Center was built in 1956 with 44 skilled... Read More »
Class-A Seniors Housing Community Avoids Foreclosure
JLL Capital Markets announced that it has completed the sale of HarborChase Wellington Crossing, a 134-unit, Class-A seniors housing community in Wellington, Florida. The seller was SGD Wellington Cross LLC, which is affiliated with Silverstone Senior Living, and the property changed hands through a deed in lieu of foreclosure, according to South Florida Business Journal. The deal was valued at $23.5 million, or $175,400 per unit, based on the outstanding balance of the in-place mortgage. Three years ago, MidCap Financial had refinanced the property with a $25 million floating-rate, first mortgage loan. Today, MidCap is providing a new $17.7 million floating-rate first mortgage loan to... Read More »
CON Sale Closed in North Carolina
Senior Living Investment Brokerage facilitated two sales of CONs (Certificate of Need) for adult care beds in North Carolina. An international holding company was looking to sell the CON and deploy capital into other businesses. The deal included 100 adult care beds in Wake County and 120 beds in Mecklenburg County, all of which were affiliated with seniors housing assets that were voluntarily closed. The buyer was a national developer/operator looking to expand their footprint within North Carolina. Patrick Burke, Jason Punzel and Vince Viverito of SLIB handled the transaction. Read More »
Joint Venture Secures Refinance in Florida
BWE secured a refinance for a Class-A senior living community in Florida. The sponsor is a joint venture between Meridian Senior Living and Buvermo Investments Inc. Managed by Meridian, Gentry Park Orlando has a 92-unit independent living building and an 84-unit assisted living and memory care building. The independent living community, which features one- and two-bedroom units, achieved stabilization in less than a year, and is currently at 98% occupancy. The assisted living community offers studio, one-, and two-bedroom units. Taylor Mokris secured the five-year bridge loan, which has a competitive floating rate, two years of interest-only payments, a structured earnout, flexible... Read More »
Third Quarter Investor Call
The Third Quarter Investor Call, sponsored by NewPoint Real Estate Capital and moderated by Ben Swett, Managing Editor of The SeniorCare Investor, featured a panel of lending experts who offered their capital markets advice to borrowers in several different scenarios: M&A deals, refinancing troubled assets, the costs of construction lending today, and more. The panel included Nick Gesue, CEO of NewPoint, Zach Britton, Director – Originations of Locust Point Capital and Matthew Whitlock, Head of Senior Housing Investments of Berkshire Residential Investments. Read More »
Sherman & Roylance Handles California Leasehold Transaction
Sherman & Roylance arranged a successful leasehold transaction for a 144-bed skilled nursing facility in Santa Cruz, California. The transaction allowed the landlord to diversify its portfolio and the new operator to expand its footprint in the California market. The facility, originally built between 1967 and 1970, currently operates at 70% occupancy. It attracted interest from several potential tenants before a new lessee emerged as a pair of an experienced skilled nursing operator and a businessman. They formed a new operating company to acquire the facility and are looking to grow along the West Coast. The leasehold transaction was structured as a long-term, triple-net lease... Read More »
Dwight Capital’s Recent Activity
In September, Dwight Capital and its affiliate REIT, Dwight Mortgage Trust, closed $279.7 million in real estate financings. Notable transactions included three separate HUD loans; a skilled nursing facility in New York, and a skilled nursing portfolio in New Hampshire. Dwight closed a $61 million HUD 232/223(f) refinance loan for a 250-bed skilled nursing facility in New York. The facility recently underwent comprehensive renovations, including updates to resident rooms, corridors, therapy areas, kitchens and public spaces. The transaction was handled by Adam Offman. Offman also originated a $39 million HUD 232/223(f) refinance loan for a SNF and a senior living community in... Read More »Schedule a demo
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