Tryko Partners Makes Moves in Maryland
Real estate investment firm Tryko Partners added to its portfolio in Maryland with the acquisition of Brighton Gardens of Tuckerman Lane in Rockville and Sunrise of Carroll in Westminster. The purchase price was not disclosed, but Tryko has a significant capital improvement project planned for both properties. Both properties will also be rebranded and renamed. Built in 1998, Brighton Gardens of Tuckerman Lane is a 140-bed assisted living/skilled nursing facility – with the two components renamed The Terraces at Tuckerman Lane and Tuckerman Rehabilitation & Healthcare Center, respectively. Tryko plans to add a secure memory care unit. Opened in 1999, Sunrise of Carroll features... Read More »
Ziegler Arranges Bond Financings For Two CCRCs
Ziegler has announced a couple of bond financings for senior care clients. First, the firm arranged $58.4 million in bonds for Capital Manor, a not-for-profit CCRC in Salem, Oregon. Operated by Life Care Services since 2010, Capital Manor features 302 independent living units and 83 assisted living beds with an additional 34 memory care beds. Its new financing will refund bonds from 2012 and fund a renovation project that will include a new façade and refreshed common areas. The bonds were issued through the Hospital Facility Authority of the City of Salem, Oregon with a yield of 3.030% and a yield to maturity of 3.415% and are callable in 7 years at 103, declining to par in year 10... Read More »
Knighthead Funds Active Adult Construction
Knighthead Funding, LLC has provided The Northwind Group with a $34.5 million first mortgage construction loan for the development of an active adult community in Selden, New York. The loan was underwritten to a roughly 69% “as-complete” value, and the property is fully permitted, planned and approved. Situated on 13.84 acres, the complex will comprise 124 two-bedroom, two-bath units, including 36 affordable homes in 15 two-story residential buildings. Considering the supply/demand imbalance and the limited prospects for new construction in the area, Knighthead’s capital will help Northwood bring needed quality senior housing to a market with high barriers to entry. This is the... Read More »
Monarch Funds New Ohio Development
We haven’t seen much construction lending these days, with construction costs and interest rates rising, but Alec Blanc of Monarch Advisors secured an $18.9 million loan to fund a 105-unit/116-bed senior care project in Bowling Green, Ohio. The community is being developed by Trilogy Opportunity Fund I, an affiliate of Louisville, Kentucky-based Trilogy Health Services, at a cost of $23.625 million, or $225,000 per unit. Construction costs went up during the process, but the bank modified the loan to main an 80% loan-to-cost. There are 50 skilled nursing beds, 34 assisted living/memory care units and 25 independent living units. Monarch secured a senior loan commitment from a... Read More »
The Portopiccolo Group Acquires Michigan SNF Portfolio
Northland Networks, a debt placement agent that finances senior living projects through a large network of community banks, arranged acquisition financing for a portfolio of three skilled nursing facilities in southeast Michigan with 250 beds. The loan represents a 65% loan-to-“as is” value. The attractive terms of the loan are indicative of community banks’ swelling cash deposits amid COVID-19 stimulus. Participating in senior living loans is an attractive option for many of these banks who have had minimal exposure to this asset class in the past, as such loans offer strong yields and diversification benefits. The Portopiccolo Group, a family-owned investment management firm, acquired... Read More »
Blueprint Arranges Another Ohio Deal
A few weeks after arranging the sale of 17 skilled nursing facilities in Ohio, the Blueprint Healthcare Real Estate Advisors team of Connor Doherty and Ryan Kelly sold a SNF in the Dayton, Ohio MSA. Called Good Shepherd Village, the facility was built in the 1960s and thoroughly renovated in the 1990s. Operations were sold, but ownership decided to exit the industry while taking advantage of the seller’s market in skilled nursing. For context, the numerous buyers chasing relatively few facilities on the market led the average price per bed to rise to a near-record of $98,000 per bed in 2021, according to our recently published 27th Edition of The Senior Care Acquisition Report. That price... Read More »
VIUM Provides Capital For Midwestern SNFs
VIUM Capital has been busy lately, recently arranging two refinances and one acquisition loan. First, the company arranged a refinance for a skilled nursing facility with a $9.5 million HUD loan, providing non-recourse, low-interest, long-term debt. Back in 2020, the company closed a bridge loan for the portfolio acquisition of this property and four other skilled nursing facilities in Indiana, and the remaining facilities are set to follow into HUD shortly. VIUM also refinanced a portfolio of four skilled nursing and assisted living properties in northeast Ohio. The new HUD loan totaling $55.75 million refinances 1st, 2nd, and 3rd FHA mortgages through the a7 program exclusively for... Read More »
Healthcare Trust Expands Partnership with Senior Lifestyle and Jaybird
Healthcare Trust, Inc. (HTI), a public, non-traded real estate investment trust, announced the expansion of a strategic operational relationship with two senior housing operators, Senior Lifestyle Corporation and Jaybird Senior Living. Thirteen HTI-owned communities operated under HTI’s Addington Place brand across Georgia, Michigan and Florida will now be managed by Senior Lifestyle, bringing the total number of HTI properties operated by the company to 24. In addition, seven HTI-owned properties in Illinois, Kansas and Missouri, also operated under the Addington Place brand, will now be managed by Jaybird Senior Living. This expanded relationship brings the total number of HTI-owned... Read More »
60 Seconds with Swett: SNFs and the State of the Union
With all that is going on in the country and abroad, it was nice for President Biden to carve out some time to talk about nursing homes in his State of the Union address last night. He said, “as Wall Street firms take over more nursing homes, quality in those homes has gone down and costs have gone up. That ends on my watch.” He was citing JAMA Health Forum’s November 2021 study linking private equity ownership of nursing homes with more hospitalizations and higher Medicare costs, but we’ve said before that study is very misleading. Mr. Biden also promised that Medicare would set higher standards for nursing homes, while also cutting costs. We’re not sure what kind of voodoo government... Read More »
CBRE Refinances For The Springs Living
CBRE National Senior Housing’s team including Aron Will, Austin Sacco and Matthew Kuronen arranged a recapitalization of four seniors housing communities in Oregon and Montana. The Springs Living owns and operates the portfolio, which includes 209 independent living, 164 assisted living and 31 memory care units. It received a non-recourse, floating-rate loan from a national bank. There was also a five-year term and 18 months of interest only. McMinnville, Oregon-based The Springs Living is a 25-year-old privately held regional developer/owner/operator with a current portfolio of 18 communities totaling over 2,500 units. There are 13 communities located in Oregon and five in Montana, with... Read More »Schedule a demo
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