Sonida Senior Living Announces Earnings
We are truly glad to see that Sonida Senior Living (formerly Capital Senior Living) is seeing improvements in census, contract labor use, rates and revenues. We are sure outgoing CEO Kim Lody wanted to leave with some upbeat news. Census (84% at quarter end) is now just 50 basis points below the pre-pandemic level. But as we have repeatedly said, pre-pandemic was not so good for the industry. We really have to look at three to four years before the pandemic as a goal. Several quarters ago we found a “typo” in the quarterly earnings release, which made the financial performance look better. After our reporting, they then issued a corrected release. In this second quarter 2022 earnings... Read More »Dwight Mortgage Trust Closes Acquisition Loan
Dwight Capital’s affiliate, Dwight Mortgage Trust, has successfully closed acquisition financing totaling $27 million for four assisted living communities in the state of New York. The portfolio consisted of three communities in Jamestown: Tanglewood Manor, Memory Garden and Comfort Today. There was also The Magnolia in Frewsburg, New York. Altogether, the four communities combined for 293 units of assisted living and memory care. Dwight’s Josh Levin originated the transaction. The buyer of the portfolio was Culture Care Senior Living, led by CEO Gary Rohinsky. Read More »Berkadia Provides Pacific Northwest Financing
Berkadia Seniors Housing & Healthcare announced a combined $48 million in financing for three seniors housing communities in the Pacific Northwest. First, in Washington, Berkadia refinanced a 105-unit assisted living community through Freddie Mac. The borrower secured a $27 million, sub-60% LTV loan, with a 10-year interest-only term. Built in 2015 in Washington, the community was 92% occupied at the time of the refinancing, performing well during the pandemic. Next was a $16.21 million acquisition bridge loan arranged for an assisted living/memory care community in Washington. Berkadia provided the loan plus funding for capex and closing costs through its proprietary lending program.... Read More »Ziegler Finances North Carolina Acquisition
Chicago-based investment bank Ziegler continues its busy month, arranging acquisition financing for Well-Spring Obligated Group. Ziegler closed three taxable loans for the company to acquire a CCRC in Greensboro, North Carolina, and expand its services as a multi-site senior living operator. Also acting as the swap advisor, Ziegler was able to facilitate the execution of a forward-starting swap ultimately entering into the swap three months in advance of closing which resulted in the interest rate being 0.55% lower than closing. Pinnacle Bank served as the lender for the transaction. Built in 2003, the target sits on 47 acres in Burlington, North Carolina. Amenities include a woodworking... Read More »Welltower Comes Out with Q2 Earnings
Welltower reported yet another active quarter of acquisitions and investments, completing $1.6 billion of pro rata gross investments, including $1.1 billion in acquisitions and loan funding, as well as $448 million in development funding in the second quarter. One of the largest acquisitions was when the REIT acquired a portfolio of 25 active adult communities in non-coastal East Coast and Midwest markets, including 20 newer vintage properties and five properties currently in development, for $502 million or $172,000 per unit. In addition to that acquisition, the company bought an assisted living/memory care community in Bakersfield, California for $22 million, or $203,700, per unit, with... Read More »JLL Handles Oakmont Portfolio Sale to Welltower
Amid Welltower’s latest earnings release, the REIT announced the acquisition of six seniors housing communities in California, and it was revealed that Mike Garbers and Cody Tremper of JLL Capital Markets represented the seller, Oakmont Senior Living, in the deal. The combined purchase price for the portfolio was $312 million, or $520,000 per unit, but the transaction effectively could be separated into two portfolios: three assisted living/memory care communities and three entrance-fee CCRCs. Oakmont developed all of the properties with Gallaher Companies, including opening the three AL/MC communities in 2021. Located in Fullerton, Simi Valley and Roseville, the communities total 263... Read More »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 a return of capital to the owners while the community was still in lease-up. Opened in February 2022, the Class A community has 75 assisted living and 27 memory care units, and was over 50% preleased. This was the second financing CFG has executed for Griffin Living’s California community portfolio. In June 2022, CFG also closed a $32.9 million... 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 appears that momentum is building in the seniors housing market as strong occupancy and revenue per occupied room growth occurred throughout the quarter. Senior living average occupancy for the second quarter was 76.5%, an increase of 380 basis points over the prior year quarter, and average monthly revenue per occupied room for the second quarter was... 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 100-bed facility in Norwalk, Ohio, and a $5.75 million loan for a 64-bed skilled nursing facility in Fremont, Ohio. Lastly, Greystone provided a $15.1 million loan for a 111-bed facility in Durham, North Carolina. The properties are all receiving the same non-recourse loans with terms of either 30 or 35 years, plus a low rate. Fred Levine of Greystone... 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 COVID recovery. But census should have been growing faster, held back in part by the labor supply problems and lingering COVID outbreaks. Month-end occupancy for Brookdale Senior Living increased by 210 basis points in the first half of 2022, and then got a great start for the third quarter with a 50-basis point increase in July. The weighted average... Read More »Schedule a demo
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