Ziegler Closes Bond Financing
Ziegler announced the closing of Series 2024 bonds for Southwest Florida Retirement Center, Inc., a not-for-profit that owns/operates an entrance fee based CCRC, Village on the Isle. Ziegler has served as a strategic partner for the community since the late 1980s. Village on the Isle opened in 1982 and is situated on a 16-acre campus on the barrier island of Venice, Florida, less than one mile east of the Gulf of Mexico. The community currently comprises 234 independent living, 48 assisted living, 16 memory care and 64 health care units. Southwest Florida will use the proceeds of the Series 2024 bonds to construct 54 new independent living units to be known as Emerald Terrace – Tides... Read More »
Seniors Housing Portfolio Secures Refinancing
BMO Healthcare Real Estate closed a $156.5 million bridge loan for the recapitalization of five seniors housing communities totaling over 700 units in Washington, Oregon and Colorado. The near-stabilized portfolio is owned, operated and originally developed by Bonaventure Senior Living, a family-owned company based in Salem, Oregon. Bonaventure’s seniors housing portfolio is comprised of 28 communities and 3,900 units in Washington, Oregon and Colorado. Read More »
Leadership Transitions at CPF and Grace Management
CPF Living Communities and Grace Management, Inc. announced leadership transitions effective January 1. John Rijos will assume the role of Founder and Chairman of CPF and Chairman of Grace Management, while Guy Geller will take on the responsibilities of CEO for both CPF and Grace Management. John Rijos is also Managing Partner of CPF’s Healthcare Real Estate Fund. Under his guidance, CPF has expanded its portfolio to include a diverse range of high-quality senior living communities across the United States. Guy Geller has been a driving force behind the organization’s growth since joining in 2016. In his previous roles as COO of CPF and President of Grace Management, Guy has... Read More »
60 Seconds with Steve Monroe: Before The Rally
‘Twas the night before Christmas, all were in the investors’ suite Where prospects of profits and returns were sweet The spreadsheets were laid out by the laptops with care In hopes that new ventures soon would be there The analysts were nestled, with data in hand While visions of acquisitions were carefully planned The reports and LevinPro metrics, all neat in a row Prepared for the meetings where dollars would flow When out in the market there arose such a clatter I sprang from my seat to see what was the matter Away to the monitors I flew in a dash To make sure the market did not crash The screens shown bright with the latest news feed As I scrolled through new offerings with incredible... Read More »
New Buyer for Struggling Long Island CCRC
After New York State torpedoed the sale of a long-struggling CCRC in Port Washington, New York, to LCS in October, citing “a lack of required financial transparency” among other objections, the property has a new buyer. The Harborside, formerly Amsterdam of Harborside, opened in 2010 as a 329-unit, not-for-profit community and filed for bankruptcy in 2014 and again in 2021. It was roughly half occupied and owed millions of entrance fee refunds to the families of deceased residents. Under the terms of LCS’s bid, the company would pay $63 million to the bondholders and an unknown amount of entrance fee refunds. Another $40.8 million in refund payments would also come from the planned... Read More »
Who Wins in Class Action Staffing Litigation
The American Seniors Housing Association and Hanson Bridgett just came out with an “Industry Brief” on the settlement of a class action lawsuit called Heredia v. Sunrise Senior Living. The settlement was approved on December 3, but the lawsuit had been winding its way through the courts since 2017. Apparently, for these kinds of staffing lawsuits this is the longest time period recorded. The basis of the class action lawsuit was allegations of understaffing, with staffing levels unrelated to the care needs of residents, as well as allegations that representations by owners/operators to residents and prospective residents that sufficient staffing was in place were misleading. While we have... Read More »
EF Senior Care Grows in Massachusetts
A Massachusetts-based owner/operator that’s looking to grow its holdings in New England just added a new managed community to its portfolio. EF Senior Care is now operating an assisted living community in Massachusetts that is owned by a sole operator reaching retirement. Built in 1989, the community features 47 units. Also, in March, the company began managing two skilled nursing facilities near Worcester, Massachusetts totaling 215 beds. For the eight months EF has been the manager, the average monthly NOI has already increased almost $50,000 net of its management fee, and EF will continue to improve the facilities. EF Senior Care has made two other acquisitions since its founding... Read More »
Berkadia’s Recent Activity
Jay Healy of Berkadia announced a series of financing closed on behalf of seniors housing clients in North Carolina and the West Coast. The largest was a $29 million HUD loan closed for a Scottsdale, Arizona-based owner/operator. The loan facilitated the release of a 117-unit assisted living/memory care community in Bakersfield, California, that was part of a collateral package for a bank loan secured by multiple properties. The borrower began operating the 1998-built community in May of 2019 when occupancy was 79% and subsequently purchased it from the REIT landlord in April of 2022. Occupancy at the time of the HUD closing had increased to the low 90% range. Healy also closed two bridge... Read More »
SNF Portfolio Receives Financing
CIBC Bank USA provided a $15 million working capital revolving line of credit for a portfolio of skilled nursing facilities in Maryland. Historical performance trended positively over the last year, as the facilities improved census and operating leverage. Going forward, occupancy and operating margins are expected to further improve. Dan Forrer handled the transaction for CIBC Bank USA. Read More »
California Communities Secure Financing
MONTICELLOAM, LLC, a specialized multifamily and seniors housing bridge lending platform, closed an $87.15 million bridge loan for 39 residential assisted living communities in Fresno, California. Expanding their relationship with MonticelloAM, the borrower plans to use the bridge loan proceeds to refinance the existing debt on the properties with the intent to secure long-term financing. Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
