Ziegler Provides Financing for Ohio Not-For-Profit
Ziegler announced it has priced Series 2022 bonds on behalf of Ohio Living, a not-for-profit owner/operator of twelve seniors housing communities in Ohio. Nine of the properties are full-service life plan communities offering independent and assisted living units, along with skilled nursing beds. Proceeds from the bonds will be used to refund Series 2013A bonds and pay costs of issuance associated with the financing. The bonds will realize net present value savings on the Series 2013A refunding in excess of $15 million, or greater than 30%. The Series 2022 Bonds consists of tax-exempt fixed interest rate serial bonds and a final term bond. They have a 19-year maturity that “wraps” around... Read More »
Carnegie Capital Secures Refinance of AL Community
JD Stettin of Carnegie Capital helped secure the refinance of a small assisted living community in a secondary market near Charlotte, North Carolina. The community was built in the 1980s and features under 30 units of assisted living. It operated well throughout the pandemic, and around half of its census comprised Medicaid residents. There was a triple-net lease on the property that was set to expire prior to the loan’s maturity. With the help of Mr. Stettin, the community’s mom & pop owner secured a roughly $1.5 million loan from a local bank with a sub-4% interest rate fixed for a five-year term. It came with no prepayment penalty for the life of the loan and paid off all secured... Read More »
Blueprint Advises Texas SNF Repositioning
Blueprint Healthcare Real Estate Advisors was engaged by the real estate owner ServiceStar Capital Management, a family office based in Denver, to advise on the repositioning of its skilled nursing facility in Grapevine, Texas. Through the process, Blueprint helped secure a new lease agreement with Eduro Healthcare, a Utah-based operator with experience in the transitional rehab industry. The Lodge at Bear Creek was built in 2016 and is licensed for 100 beds. Situated in an affluent suburb approximately 21 miles northwest of Dallas, it also benefits from being built near two prominent regional hospitals, Baylor Scott & White Medical Center – Grapevine and Texas Health Harris Methodist... Read More »
Marcus & Millichap Closes Two Deals in Wisconsin
Marcus & Millichap’s Ray Giannini has closed two deals in Wisconsin, comprising a 110-unit CCRC and named Ladysmith Care Community and a 50-bed SNF called Shell Lake Healthcare Center. Ladysmith Care Community, located in Ladysmith, was built in the 1950s and 60s and renovated in 1991, and again in 2012. It has 20 RCAC units and 62 SNF beds and reported good occupancy. Shell Lake, located in Shell Lake, was built in 1984 with an addition in 1994. It is located one mile away from a critical access hospital and contains 11 private rooms. Read More »
Tri Pointe Homes Launches Active Adult Brand
Home builder giant Tri Pointe Homes has announced the launch of Altis, a new brand that will focus on the company’s active adult properties across the United States. Altis already has three communities open in California – Altis Beaumont in Inland Empire, Altis at Terramor in Temescal Valley and Altis at Skyline in Santa Clarita. Opened in 2018, Altis Beaumont was the first property in the brand’s product line. It features modern single-level homes and resort-style amenities, including a pool, outdoor lounge, barbecue area, pickleball courts, a trail system and full-time lifestyle director. Beaumont has already sold 300 homes, and plans to complete 704 homes by the completion of the... Read More »
CIT Arranges Refinancing in Arizona
CIT Group Inc.’s Healthcare Finance team recently arranged a $34 million refinancing of the Enclaves at Chandler, a 162-unit community in Chandler, Arizona. Built in 2018, the Enclaves features 89 independent living units, 49 assisted living units and 24 memory care units. It’s located in an attractive location with strong demand for seniors housing services. Spectrum Retirement Communities LLC, a developer and owner/operator of seniors housing based in Denver, Colorado, was the borrower. Read More »
Greystone Closes Largest Healthcare CLO
Greystone is having a productive final month of the year, closing a couple of transactions, including the largest-ever healthcare Collateralized Loan Obligation (CLO), Greystone CRE Notes 2021-HC2, Ltd., comprising Greystone bridge loans secured on healthcare properties. The $450 million offering marks the fifth commercial real estate CLO closed by Greystone and the second-ever comprised solely of healthcare assets. Greystone had also closed the second-largest healthcare CLO, a $300 million offering in 2018. This latest collateral pool comprises 25 whole loans and three participations totaling $403 million that Greystone originated, secured by mortgages on 28 properties in... Read More »
Ziegler Closes Financing For Not-For-Profit Owner/Operator
Ziegler has closed a series of bonds for Otterbein SeniorLife to acquire Kendal at Granville, a CCRC located in Granville, Ohio. Now renamed Otterbein Granville, the not-for-profit owner/operator will use proceeds from Series 2021B bonds to acquire the community and subsequently use the proceeds from the acquisition to refund the community’s Series 2015 bonds, acquire certain leased property on the campus and pay the cost of issuance. The bonds consist of $24.5 million of tax-exempt Series 2021B bonds and $20.5 million of tax-exempt forward delivery Series 2023 bonds scheduled to close in April 2023. Proceeds of the Series 2023 bonds will be used to refund Otterbein’s... Read More »December 2021 Webinar – Skilled Nursing M&A: Two Years After The COVID Outbreak, Who’s Still Buying and at What Prices?
About the Webinar: There is no question that nursing facilities were the hardest hit during the pandemic, both in the media and with a significant drop in census. Yet, providers and investors continued to buy, albeit usually at lower average prices. The sector’s reputation took a huge hit, and the talk about home health and other models grew to replace the standard nursing facility model with semi-private rooms. But most of those models are more costly, and the funds simply are not there in the state and federal budgets. The skilled nursing sector has long been the low-cost producer in senior care, and with rising acuity levels, assisted living usually can’t replace it. And home health... Read More »60 Seconds with Ben Swett: Dissecting the Strong Skilled Nursing M&A Market
For a sector that has taken as many punches as it has in the last couple of years, the ever-resilient SNF market is still generating significant interest from investors that is pushing valuations to near-record highs. We still wonder who these buyers are, whether any are new to the sector and what their future expectations are surrounding census, payor mix, rates and labor costs to ensure these investments remain profitable in the years ahead. It also appears that values are up for both stabilized and non-stabilized facilities, so owners large and small could be tempted off the M&A sidelines in 2022 leading to a boom in transaction activity. A lot would have to depend on what happens... Read More »Schedule a demo
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