Meridian Closes Over $900 Million of Acquisition Loans and Refinances
We know that closing M&A transactions and financings has gotten much more difficult in the last couple of months, but Meridian Capital Group’s Senior Housing and Healthcare team announced $913 million in transaction volume over the past two months, bringing their year-to-date total to nearly $4 billion in 2022. Ari Adlerstein and Josh Simpson negotiated the deals. The highlight had to be a $319.2 million acquisition loan along with $31 million in A/R financing from a commercial bank, finance company, and mezzanine lender for 18 skilled nursing facilities comprised of 2,185 beds in Florida. But the team also closed a $120.4 million loan from a commercial bank along with a $7 million A/R... Read More »
LTC Properties Reports Q3 Earnings
LTC Properties reported its third quarter earnings, and in addition to a healthy loan originations strategy, the company made some M&A moves in the quarter. Most notably, the REIT contributed $61.7 million into a joint venture that purchased three skilled nursing facilities located in Florida for $75.8 million, or $253,500 per bed, and leased the properties to affiliates of PruittHealth, Inc. under a 10-year master lease, with two five-year renewal options. Additionally, the master lease provided PruittHealth with a purchase option exercisable at the beginning of the fourth year through the end of the fifth year. LTC expects to receive net income from this investment of approximately... Read More »
Cambridge Closes Iowa HUD Loan
Cambridge Realty Capital Companies provided a $10.4 million HUD loan to refinance Oakview Nursing and Rehabilitation and Ridgeview Assisted Living, a senior care campus also known as The Views of Burlington. Located in Burlington, Iowa, just across the Mississippi River from Illinois and just north of the Missouri border, Oakview is a 60-bed skilled nursing facility and Ridgeview is a 42-bed AL community. The campus’s Iowa-based limited liability company owner received a fully amortized, 35-year loan. It is the third loan closed in 2022 with commercial mortgage broker Denny Howell of Howell Investment Finance. Read More »
CBRE Finances Washington State Portfolio Deal
Oxford Capital Group and Fortress Investment Group announced their joint venture acquisition of the Sherwood Portfolio, a group of three seniors housing communities in Sequim, Washington, and we recently learned that CBRE National Senior Housing arranged the acquisition financing for the deal. Aron Will and Matthew Kuronen originated a four-year, floating-rate loan through a regional bank. Comprising 256 total units, the properties all reside on one campus and were built between 1974 and 2007. Prior to the pandemic, the portfolio was 91% occupied and producing $3.5 million in annual net operating income, but at the time of closing occupancy dropped to around 85%. Previously owned by an... Read More »
Toll Brothers Develops in Texas
Toll Brothers announced the grand opening of its latest 55+ housing community, Regency at Esperanza in San Antonio, Texas. The company has so far developed over 66 55+ communities across 14 states and is showing no sign of slowing down its growth in the active adult-adjacent space. Regency at Esperanza is a luxury community for seniors within Esperanza, a 1,700-acre master-planned community. Regency at Esperanza consists of three groups of one- and two-story single-family homes priced from the mid-$400,000s, and marks the first 55+ community in Boerne, Texas. The community will be equipped with resort-like amenities including a state-of-the-art amenity center, a swimming pool, fitness... Read More »
Oxford Finance Announces Slew of Term Loans
Oxford Finance’s Healthcare Real Estate Group reported over $347 million of transactions closed over Q2 and Q3 of 2022, bringing the total commitments year to date to over $636 million. Listed below are some highlighted transactions of the two previous quarters. $26.2 million term loan and $3.0 million revolving line of credit to finance the acquisition of three skilled nursing facilities containing 391 beds in Texas for an experienced Texas-based operator. $9.0 million revolving line of credit to finance working capital needs for seven skilled nursing facilities for an expanding California-based operator.$52.0 million term loan in support of a sale/leaseback for 16 skilled... Read More »
Innovation Acquires a Pair of Assisted Living Communities
Innovation Senior Living announced the acquisition of two assisted living communities in Florida. Savannah Court of Haines City and Savannah Court of Lake Wales are both located just southwest of Orlando. Innovation has renamed the communities The Club at Haines City and The Club at Lake Wales. The company plans to continue to add to its seniors housing portfolio in the years to come, with these two communities acting as the third and fourth owned and operated communities. It plans to add 12 to 15 properties to its portfolio over the next five years. Lument handled this transaction. Read More »
CIBC Bank Provides Multiple Financings
CIBC Bank announced it has provided a California lessor with a $17.5 million loan to refinance an assisted living and skilled nursing portfolio. Located in Southern California, the communities consist of 180 assisted living units and 100 skilled nursing beds, and are run by a local operator. With an effective age of 25 years, the properties had historical occupancy around 70%, and the EBITDAR margin was approximately 13%. Matthew Tyler and Neal Netzel handled the financing on behalf of CIBC. CIBC Bank also announced it has provided $39 million ($29 million at closing with a $10 million earn-out) in acquisition financing for a 116-unit assisted living/behavioral health facility in Arizona.... Read More »
Ensign Group Does It Again
Perhaps The Ensign Group should hire Britney Spears to perform at its Holiday party this year, and she can sing, “Oops, I did it again.” Because that is exactly what Ensign did. Another profitable quarter notched in its belt when too many skilled nursing operators continue to suffer, and it upped its earnings guidance for the rest of the year, the second time it has done so this year. The skeptic would claim they just give low guidance so they can keep on upping it. We don’t really care, as long as they keep on performing as they do. The “market,” however, was disappointed because Ensign missed consensus earnings per share estimates by one penny, so the share price dropped by 4%. Ho hum.... Read More »
Evans Senior Investments Handles Washington State Portfolio Deal
Chicago-based real estate investor Oxford Capital Group, in a joint venture with funds managed by affiliates of Fortress Investment Group, announced the acquisition of three seniors housing properties in Sequim, Washington for a purchase price of $54 million or $209,302 per unit. Evans Senior Investments handled this transaction. Comprising 256 total units, the properties all reside on one campus and were built between 1974 and 2007. Prior to the pandemic, the portfolio was 91% occupied and producing $3.5 million in annual net operating income, but at the time of closing occupancy dropped to around 85%. Previously owned by an independent family operator, The Sherwood Portfolio will receive... Read More »Schedule a demo
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