D.A. Davidson Adds Senior Living Experts
D.A. Davidson Companies, an employee-owned financial services firm, made clear its intentions in the seniors housing industry with the announcement that it added four senior living-focused individuals to its Fixed Income Capital Markets Group. Previously leading the Senior Living practice at Piper Sandler, the team includes Richard (Rick) Lohr as managing director and head of Senior Living and Structured Housing, Amy Hayman and Romy McCarthy as managing directors and Ogieva Guobadia, CFA joins as senior vice president. Together, they have experience closing over 250 financings representing in excess of $10 billion for senior living and structured housing clients. Their clients have... Read More »
60 Seconds with Swett: Occupancy Optimism in the Seniors Housing Market
When we did our analysis of NIC MAP census data in late 2020, we discovered that from 2009 to 2020, there was only one year when the assisted living sector did not report a Q1 decline in average occupancy. That was in 2012, when census stayed flat. Not only that, every year after 2012 reported a Q2 decline as well. All this showed us that the road to recovery for the seniors housing market would be long following the pandemic, and much longer than most optimistic predictions at the time. Last year’s first quarter continued the trend, as the industry bottomed out and most public providers hit their lows too. Although, vaccines had only just started being distributed to seniors, and there... Read More »
Christian Care Communities & Services Files for Bankruptcy
Christian Care Communities & Services (CCC&S), a not-for-profit, faith-based organization that operates three CCRCs in the Dallas, Texas area, filed for Chapter 11 bankruptcy following several years of operational and financial difficulties. In addition, there is already a stalking horse bidder lined up for a bankruptcy sale of the three Dallas communities and the company’s assets. North Texas Benevolent Holdings, LLC, an affiliate of McFarlin Group, agreed to a price of $44.25 million, or $58,200 per unit, with a sale expected later in the third quarter. In addition, North Texas Benevolent Holdings announced that it plans to lease the communities to affiliates of the... Read More »
MassHousing Refinances Senior Apartments Portfolio
Providence Realty Investment LLC refinanced a portfolio of affordable senior apartment communities with a $206 million loan provided by MassHousing. Totaling 931 units in Massachusetts, the portfolio consists of seven affordable senior apartment communities and three non-senior affordable housing communities. Wingate Management manages all 10 properties, which feature mostly Section 8 HAP contract units. Rockport Mortgage Corporation served as the lending partner for the transaction, and MassHousing provided the MAP/Ginnie Mae loan to the owner through HUD. The financing also helped Providence Realty preserve and extend the affordability of the properties. MassHousing was certainly... Read More »
Sonida Reports Healthy Occupancy Bump in Q1
Sonida Senior Living (formerly Capital Senior Living) came out with its first quarter earnings, just a month after it provided its delayed fourth quarter results. At that time, Sonida had reported some progress after it raised $154.8 million through a major recapitalization in late 2021, including reporting sequential occupancy growth from 82.0% in January to 82.2% in February and 82.6% in March. That equated to a 60-basis point increase for a quarter that always declines. Now, looking at the weighted average occupancy for its same-store portfolio, the first quarter of 2022 came in at 82.3%, which represents a 100-basis point increase from the previous quarter and is 680 basis points... Read More »
Trustwell Living Makes First Acquisition
Trustwell Living, founded by Larry Cohen, the former CEO of Capital Senior Living, just announced its first acquisition. The senior living community is located in Springfield, Illinois and has 67 units comprised of 55 licensed assisted living units and 12 independent living units. While there are no memory care units, they will be in the future plans for the community. The community was built in 2005 with about 70,000 square feet, so it is large for a primarily assisted living community with just over 1,000 square feet per unit. The apartment units are bigger than average, and there are two large atriums. While it shows well, Trustwell does plan to start some capital improvements to... Read More »
New Lender Seeking to Make an Impact
Is this a good time to enter the seniors housing and care lending market, or a bad time, since we are not out of the woods yet? One reason for it being a good time is that there are no bad loans on the books for a new lender, as opposed to everyone else that went through the pandemic census crisis. Another reason is that demand for financing will only grow in the years to come. This is what Matt Huber and Signature Bank are thinking with their new nine-person healthcare banking and finance team. The New York City-based bank is publicly traded with $121 billion of assets, but until now had no presence in the healthcare and seniors housing market. That is about to change. Huber... Read More »
Ziegler Refinances The Lutheran Homes of South Carolina
Ziegler successfully closed two sets of bonds for The Lutheran Homes of South Carolina (LHSC), a not-for-profit with five CCRCs, three hospice offices and four non-medical in-home services agencies throughout the Palmetto State. The $27.5 million of Series 2022A and 2022B bonds are being directly purchased by First Horizon Bank (LHSC’s existing banking partner) with a 12-year commitment, covenants matching the master trust indenture and pricing of 82.5% of term SOFR plus 1.32%. The Series 2022A refunding bond totaled $11.55 million and refunded the Series 2017 direct placement bank bond, extending the final maturity of the refunded debt to match the 12-year commitment term (with a... Read More »
Elevation Financial Group Grows Senior Living Portfolio
Elevation Financial Group, a private equity real estate investment firm focused on seniors housing and affordable senior apartments, continues to add to its portfolio with an acquisition in the Boston, Massachusetts MSA. Connemara Senior Living (the target) is an 86-unit community with independent living, assisted living and memory care services. Prior to the pandemic, it had operated relatively well, but census tumbled throughout the last couple of years. Built in 1990 in Brockton’s Campello neighborhood, it was named after the previous owner John Burke’s grandparents. Mr. Burke had over 25 years of skilled nursing management experience and had co-founded Roscommon Healthcare, a skilled... Read More »
CFG Closes Another Acquisition Loan
Capital Funding Group (CFG) announced the closing of a $11.26 million bridge-to-HUD loan for the acquisition of a skilled nursing facility in Sacramento, California. Featuring 121 beds, the facility was acquired by an undisclosed company looking to grow its portfolio. Capital Funding Group Managing Director, Long-Term Care Tim Eberhardt and Senior Associate Ava Julio originated the transaction for the company. This transaction follows another bridge loan closed by CFG earlier in May, when the firm closed $17.2 million in financing to fund the acquisition of two skilled nursing facilities in Arizona. Featuring 232 beds, the facilities were previously operated by a national provider that... Read More »Schedule a demo
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