• Berkadia Secures Large Portfolio Refinance

    Berkadia closed $627.2 million in agency financing for Project Raven. Project Raven is a 35-asset seniors housing portfolio with 4,395 independent living, assisted living and memory care units. The portfolio spans 15 states. Austin Sacco, Steve Muth, Garrett Sacco and Alec Rosenfeld handled the financing on behalf of an institutional borrower.... Read More »
  • What Does Brookdale’s Proxy Fight Cost?

    It seems that hardly a day goes by without yet another SEC filing by Brookdale Senior Living detailing why its slate of Board candidates is far better for shareholders than the slate submitted by activist investor Ortelius Advisors. But how much are they spending on this? It would be nice to know, and we are sure shareholders would rather have... Read More »
  • Do We Hear $30 Per Hour as the New Minimum Wage?

    We know we have the People’s Republic of California, and after New York’s Democratic Party primary, we may have the People’s Republic of New York City by November. The surprise winner of the primary was 33-year-old Zohran Mamdani. He is a self-professed Socialist, and more. In addition to free bussing, freezes on apartment rents, higher taxes on... Read More »
  • BMO and TCG Refinance Florida CCRC

    BMO’s Healthcare Real Estate Finance group acted as sole lender on a real estate term loan refinancing for La Posada, a Class-A, 333-unit CCRC in Palm Beach Gardens, Florida. Originally opened in 2014 and with a major renovation and addition completed in 2018, the campus offers independent living (245 units), assisted living (30 units), memory... Read More »
  • The Lenders Roundtable: A Capital Markets Update

    On Thursday, June 26th, Managing Editor of The SeniorCare Investor Ben Swett sat down with a group of expert panelists to dive into the evolving financing process of M&A deals. Panelists included Dave Boitano, EVP & CIO of LTC Properties, Cary Tremper, President & CEO of Tremper Capital Group, and Patrick Gilbreath, Sr. Relationship... Read More »
Del Webb’s Development Spree Continues in Chicagoland 

Del Webb’s Development Spree Continues in Chicagoland 

Del Webb is at it again. After already announcing new (and large) construction projects in Tennessee and Florida in the last month, the national builder of active adult communities disclosed that it was building another new community in Illinois, its first in the Chicagoland area in over 15 years. Similar to other Del Webb projects under the company’s GenYou collection, the community (named Lincoln Prairie by Del Webb) will feature 550 detached single-family homes on 474 acres.   At its grand opening this fall, Lincoln Prairie by Del Webb will debut six model homes available to tour. But floor plans will include large kitchen islands, tall sliding glass doors to maximize natural light,... Read More »
CBRE Handles Active Adult Portfolio Sale 

CBRE Handles Active Adult Portfolio Sale 

CBRE National Senior Housing completed the sale of a three-community, active adult portfolio in the Midwest. John L. Sweeny, Jr., Aron Will, Austin Sacco, Garrett Sacco and Scott Bray represented the seller, a developer/owner/operator of high-quality active adult communities.  The portfolio consists of nearly 300 units across three cities in the Midwest. Each of the communities features individual cottage-style units, a clubhouse, 24/7 concierge services, and numerous amenities.  Read More »
Artemis/Avenida Partnership Building AA Community  

Artemis/Avenida Partnership Building AA Community  

Texas’s active adult space is booming, with many new construction projects and several acquisitions having been announced so far this year in the Lone Star State. Avenida Partners is getting in on the action, announcing a partnership with Artemis Real Estate Partners to develop a 155-unit community in Carrollton, a suburb north of Dallas.   There will be one- and two-bedroom floorplans, as well as 48 duplex and triplex cottages. Spread across 10 landscaped acres, with over 35,000 square feet of best-in-class interior and exterior amenities, the community’s units will feature designer flooring, quartz countertops, walk-in closets, step-in showers, and private patios and balconies.... Read More »
CFG Announces Healthy Q1 Activity 

CFG Announces Healthy Q1 Activity 

Capital Funding Group (CFG) announced a productive first quarter with $840 million in financings. The transactions comprised 10 bridge loans and 11 HUD loans for CFG’s long-term care and assisted living industry clients, plus 13 bridge loans for the company’s multifamily industry clients, nationwide.   Among other deals closed in the first quarter of 2022, CFG executed:   $316.9 million bridge loan for the refinancing of a nationwide skilled nursing facility portfolio $18.8 million HUD loan for a 152-bed skilled nursing facility in Florida $7.9 million HUD loan for a 154-bed assisted living facility in Massachusetts $12.5 million bridge loan for the acquisition of... Read More »
Trilogy Building Senior Care Campus in Ohio 

Trilogy Building Senior Care Campus in Ohio 

Trilogy Health Services is building a brand-new community with a full continuum of care services in the greater Cincinnati area. Located in Liberty Township, the community will feature 25 independent living units, 23 assisted living units, 18 memory care units, and 42 skilled nursing beds, 12 skilled memory care beds. Amenities include a full-service bistro, multiple dining areas served by a certified executive chef, an activity room, a beauty and barber salon, theater room, a physical therapy and rehab gym and a resident fitness center.   It will be Trilogy’s third community in Butler County when it opens next year, and sixth in the Cincinnati MSA. Louisville-based DMK Construction is... Read More »
M&T Realty Capital Finances Northeast Portfolio Acquisition 

M&T Realty Capital Finances Northeast Portfolio Acquisition 

M&T Realty Capital Corporation recently announced that it provided $51.579 million of Fannie Mae financing for the acquisition of a two-property portfolio with 225 units located in the Hartford, Connecticut MSA. The 10-year floating rate loans were structured with three years of interest only followed by 30 years of amortization. The communities have independent living, assisted living and memory care units and were built in the past five to seven years.  The communities were built and operated by Everbrook Senior Living, which joined with White Oak Healthcare REIT in a joint venture to acquire the communities, with Everbrook retaining a small minority position in the... Read More »
SLIB Wraps Up Two Western Transactions 

SLIB Wraps Up Two Western Transactions 

Two senior care communities sold in the western United States thanks to the Senior Living Investment Brokerage trio of Jason Punzel, Brad Goodsell and Vince Viverito. First up was an independent living/assisted living community in Logan, Utah that was owned by an in-state owner/operator whose investors wanted to recycle capital for new investments. Built in 1981 and 2015, it features 82 units and was 95% occupied. In addition, the community earned about $700,000 of EBITDAR on $1.845 million of revenues in trailing-three-month annualized figures, for a healthy 38% margin. A California/Colorado-based private owner paid $8.2 million, or $100,000 per unit, at an 8.5% cap rate, for the... Read More »
Blueprint Sells Two SNFs and a CCRC 

Blueprint Sells Two SNFs and a CCRC 

Blueprint Healthcare Real Estate Advisors announced a couple of deals this week, its seventh and eighth announcements of the month so far. First was a CCRC sale in Easley, South Carolina. Built in 1985 and now including 222 units of independent living, assisted living and skilled nursing, Easley Place was previously operated by Brookdale Senior Living before being acquired by Frontline Management and Onelife Investments in 2019 as part of a three-CCRC portfolio.   However, Frontline/Onelife’s turnaround plan was negatively impacted by COVID with operations experiencing a 30% reduction in occupancy which was further compounded by the labor shortage in the market. So, Elevation... Read More »
Owner/Operator Refinances Community with Fannie Mae 

Owner/Operator Refinances Community with Fannie Mae 

HJ Sims recently refinanced a newly built senior living community in the Mountain West with a Fannie Mae loan. An owner/operator/developer with 25 communities in its portfolio located across the West operates the assisted living/memory care community. Sims acted as financial advisor and took advantage of a short-term dip in interest rates to secure an attractive, fixed interest rate before the property was considered fully stabilized.   The non-recourse loan was also structured at 70% loan-to-value with a 12-year term versus the standard 10-year term, which provides additional flexibility for the borrower in pushing out any need to refinance or exit the investment. Plus, there are two... Read More »
60 Seconds with Steve Monroe: Uncontrolled Spread: Why Covid-19 Crushed Us

60 Seconds with Steve Monroe: Uncontrolled Spread: Why Covid-19 Crushed Us

If there is one book you should read to really understand what happened with the COVID-19 pandemic, it is former FDA Commissioner Scott Gottlieb’s excellent book on this topic, called Uncontrolled Spread. I just finished it, and while dense in some parts on the scientific aspects, it does a lot to explain, and expose, why so much went wrong in our healthcare system, and why nursing homes should not necessarily get the blame that has been heaped on them. This is important because the lawsuits are starting to pile up, and the blame game is going to get intense, with the federal government not helping matters.  The reality is that no on really knew anything about this new coronavirus,... Read More »
Sonida Senior Living Making Progress

Sonida Senior Living Making Progress

Better late than never. Sonida Senior Living (formerly Capital Senior Living) just released its fourth quarter and full year 2021 financial results, just when companies are starting to release first quarter 2022 results. The best news, however, is their progress in the first quarter of 2022, bucking the norm of a first quarter census drop, much like many companies are doing. Getting back to the recent results, as a result of their major recapitalization late last year, raising $154.8 million, there is no longer a “going concern” issue for the company, which was a major problem. Check that one off the list. Next up is census, which like everyone else hit bottom last Spring, but has been... Read More »