60 Seconds with Ben Swett: The SKILLS Act and Long-Term Care
Last week, Pennsylvania Congressman Fred Keller introduced the Strengthening Knowledge, Improving Learning, and Livelihoods (or SKILLS) Act. The legislation will be designed to guide individuals who were laid off during the pandemic in the retail and hospitality industries to new career opportunities in industries like long-term care, which desperately needs more qualified workers. The Act would put these people on a career path and encourage advancement in the long-term care industry, but the details on how are sparse, at least right now. The American Health Care Association and National Center for Assisted Living fully supported the legislation and will now get to work getting it... Read More »
Live Oak Bank Branches Out with Two Financings
Live Oak Bank announced its latest closings for a couple of construction projects. First, to build a high-quality, 68-unit assisted living community in Fairbanks, Alaska, the bank provided $15 million in debt for the borrower and developer, Frontier Partners, LLC, which has familiarity in the market. The debt was structured into two loans utilizing the SBA 504 program, including an interim construction loan totaling $10.2 million to be held by Live Oak and a second bridge loan prior to the 504 Debenture totaling $4.8 million. Next, Live Oak closed a $5 million SBA 7a construction loan with a $3.4 million conventional pari-passu loan for Lotus Senior Living to... Read More »
Capitol Seniors Housing Adds to Active Adult Portfolio
Capitol Seniors Housing (CSH) is continuing its expansion into the active adult market with the groundbreaking of a new community in Noblesville, Indiana, in the Indianapolis MSA. The Outlook at Hamilton Town Center will feature 164 units geared toward the middle market across 145,000 square feet. The Outlook will offer one- and two-bedroom units, along with amenities such as an outdoor swimming pool and lounge, a clubhouse with coffee bar and game room, a library, a theatre and fitness studio. It will be located adjacent to Hamilton Town Center, which features shopping, dining and entertainment services. Element Architects designed the project with Core Construction serving as general... Read More »
HHC Finishes September With Several HUD Refinances
Housing & Healthcare Finance (HHC Finance) is having a strong September, closing another $58 million in HUD refinance loans. The transactions included a $42 million loan for a 260-bed skilled nursing facility followed by $11 million in financing for a 100-bed skilled nursing facility. Both facilities are located in southern California, and the two HUD loans refinanced substantially higher rate conventional debt while also providing the experienced regional owner with longer-term financing. HHC Finance followed those closings with a $5 million HUD refinance for a 70-bed skilled nursing facility located in Missouri. Elan Magence, Senior Vice president at HHC Finance, originated all... Read More »
Selectis Health Refinances CCRC in Oklahoma
Selectis Health, Inc. (OTC: GBCSD), f.k.a. Global Healthcare REIT, Inc, has refinanced its mortgage at Southern Hills Retirement Community in Tulsa, Oklahoma for $8.03 million, following renovations across the campus and the hiring of a new executive director. Greystone’s Derek Dobrin originated the deal. Southern Hills, a 40-year old CCRC that provides independent living, assisted living, and short- and long-term care services, has faced roadblocks over the last year, including winter weather damage and Covid-19 related issues. Upon closing this deal, Selectis paid off the remaining loan balances on its assisted and independent living portions. Therefore, Selectis now owns the... Read More »
Brookdale Senior Living Issues Occupancy Update
Brookdale Senior Living issued an occupancy update, and the results were positive, but a little muted. The good news is that the company saw occupancy grow 50 basis points from July to August after an 80-basis point increase from June to July. Brookdale does expect another sequential monthly occupancy gain in September 2021, but likely a more moderated rate. The company attributed this to potential residents and their families becoming more cautious or temporarily delaying their decision to move into seniors housing communities in certain areas, as a result of the Delta variant. That shouldn’t surprise many. As of September 22, 2021, approximately 97% of Brookdale’s communities... Read More »
Hunt Capital Finances Affordable Housing Redevelopment
Hunt Capital Partners, CRP Affordable Housing and Community Development LLC, and CRP’s affiliate Castellan Holdings LLC have closed a $5.6 million low-income housing tax credit equity financing for St. Stephen’s Retirement Center in San Diego, California. The tax credit equity will be used to renovate 60 affordable housing units for seniors and convert them from Section 202 Project Rental Assistance Contracts (PRAC) to Section 8 Project-Based Rental Assistance (PBRA) contracts. This transaction was the first development in California and the fifth in the United States to perform this conversion under the Second Component of the Rental Assistance Demonstration program. Originally built in... Read More »
Grandbridge Arranges Loan for Wisconsin Community
Grandbridge Real Estate Capital LLC’s Artin Anvar recently arranged a $12.6 million HUD loan for a 100-unit, 146-bed seniors housing community in Menasha, Wisconsin. The three-building campus received a permanent, fully-amortizing loan through HUD’s Interest Rate Reduction (IRR) loan program, featuring a 26.3-year term and amortization period, and a fixed interest rate of 3.2%. Proceeds of the loan will be used to pay off an existing Grandbridge HUD loan. The borrower and name of the facility were not disclosed. Read More »
Newmark Closes Two Sales in Georgia
Newmark closed a couple of assisted living sales so far in the month of September. First, a 92-unit community in St. Simons Island, Georgia, sold to an undisclosed buyer. Featuring 68 assisted living and 24 memory care units, with 80,000 total square feet, the community was developed on a 1.7-acre site with the former Island Design and Architectural Center building converted into seniors housing space as part of the project. Thrive Development Partners developed it, with Thrive Senior Living as the operator. No purchase price was disclosed. The Newmark team also closed the sale of Orchard at Athens, an 85-unit assisted living/memory care community in Athens, Georgia. It recently opened... Read More »
Chicago Pacific Founders Adds to Southeast Portfolio
Chicago Pacific Founders has added to its portfolio with the acquisition of a 100-unit assisted living/memory care community in Oxford, Mississippi. Cardinal Ventures, Inc. developed the community in 2015 to feature 66 AL and 34 MC units across 85,000 square feet. Blake Management Group had also operated it from the start. However, Chicago Pacific Founders’ subsidiary Grace Management will take over operations and oversee a name change from The Blake at Oxford to The Magnolia at Oxford Commons. Plus, the new ownership team will invest in capital improvements. No purchase price was disclosed. Read More »Schedule a demo
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