H2C Secures Loan For Florida SNF Acquisition
Matthew Tarpley and Mitch Levine of H2C Securities, Inc. (or Hammond Hanlon Camp) has secured an $8.25 million loan for Mainstay Senior Living to acquire a 120-bed skilled nursing facility in Lakeland, Florida. The one-year, interest-only loan came with a rate of 4.125%. Built in the 1990s, the facility was delicensed by the state in 2017 but was allowed to reopen in early 2020 to accommodate COVID-19 residents. The operator received a new license to operate, however, its publicly-traded REIT owner (revealed to be Omega Healthcare Investors based on a web search) decided to sell, since the asset was nearly vacant once the initial COVID wave subsided. The facility is located adjacent to an... Read More »
National Church Residences Adds to Georgia Portfolio
National Church Residences, a not-for-profit organization that serves more than 42,000 seniors through an array of housing and healthcare services, acquired an affordable senior housing apartment building in southeast Georgia. The property, called McFadden Place, is located in Pembroke and features 30 units. It was built in 2004 and was previously owned and operated by Mercy Housing, Inc. Amenities also include a community room, recreational facilities and service coordination, which assists residents with medical needs and connects them to community services available in the area. It joins NCR’s existing network of more than 1,600 senior apartments across 13 communities... Read More »
Ziegler Picks Up Loan Activity with Two More Financings
Ziegler has picked up its loan activity for the second week in a row, closing two large bond financings in Virginia and Florida. Virginia United Methodist Homes of Williamsburg, dba WindsorMeade, a not-for-profit corporation in Williamsburg, Virginia, received the first of the series of bonds totaling $58.24 million. WindsorMeade operates a CCRC in Virginia, consisting of 181 independent living units, 14 assisted living units, 18 memory care units and 22 skilled nursing beds. WindsorMeade filed for Chapter 11 bankruptcy protection in 2013 following liquidity and occupancy challenges, but since the restructuring its overall performance has improved. The current refinancing package include... Read More »
Real Estate Developer Enters Seniors Housing Space
Harbor Custom Development, a real estate development company, closed on the purchase of approximately 2.34 acres of land in Burien, Washington, for $2.6 million. The purpose? They will now develop a 112-unit senior condo complex located less than 15 minutes from downtown Seattle. There will be studio, one- and two-bedroom options priced between $395,000 and $495,000, providing a more middle-market housing option for seniors in a market where home prices keep climbing. In King County alone, home prices rose 25% in the last year, with the median selling price of a home rising to $871,000. The community will be under the “Mira” brand of condominiums, but this represents Harbor Custom... Read More »
SilverPoint Senior Living Enters Oklahoma Market
SilverPoint Senior Living has assumed operations of Fountainbrook Assisted Living, a 74-unit community in Midwest City, Oklahoma. SilverPoint currently operates six other communities throughout Texas, so this assumption represents its entry into the Sooner State. SilverPoint will implement their Engaged Life program at Fountainbrook, which encourages residents to become members of the outside community and impact the lives of others. Personalized care plans will also be developed for each resident. Read More »
Brookdale and Welltower See Occupancy Gains
Brookdale Senior Living and Welltower continue to show occupancy gains in their senior living portfolios. For both companies, the peak increase was from May to June, with Welltower’s SHOP portfolio posting a 120-basis point increase, while Brookdale was slightly lower at 100 basis points, based on month-end census numbers. Brookdale ended August at 73.7% while Welltower’s U.S. portfolio ended the month at 75.9%. While Brookdale has posted six straight months of occupancy increases, the rate of growth has been slowing since its peak increase. From June to July, month-end occupancy grew by 70 basis points, but from July to August the increase was just 40 basis points. In... Read More »
Interview with Jay Wagner and Aaron Rosenzweig of Cushman & Wakefield
The SeniorCare Investor Editor Ben Swett sits down with Jay Wagner and Aaron Rosenzweig to discuss the current state of the construction lending market. Read More »
DigitalBridge Sells Healthcare Real Estate Assets
The seniors housing and care M&A market was hit with another major deal announcement a couple of days ago when DigitalBridge Group, formerly known as Colony Capital, disclosed that it was selling its healthcare real estate assets for approximately $3.21 billion. The decision is part of DigitalBridge’s strategy to focus solely on “digital infrastructure,” a strategy that has so far yielded a number of dispositions of “non-core assets” in the last two years and concludes with this deal. The healthcare assets include MOBs, senior care facilities and hospitals. There are 106 managed MOBs with 3.8 million square feet that were 82.6% occupied as of the end of March 2021. The senior care... Read More »
Ziegler Closes Three Large Bond Financings
Ziegler has had a busy start to the month by underwriting three separate bond financings. The first set of bonds was issued to Lifecare, Inc., a not-for-profit operator of Friendship Village in Kalamazoo, Michigan. It consists of an $8.685 million bond issued through the Michigan Strategic Fund and an $11.965 million bond issued through the Economic Development Corporation of the City of Kalamazoo. The proceeds will be used to refund outstanding debt, terminate an interest rate swap and reimburse cost of capital expenditures. The bonds have a 30-year maturity with a weighted average yield-to-call of 3.42% and a weighted average yield-to-maturity of 4.08%. The call provisions included... Read More »
Greystone Secures Construction Financing For Missouri Project
Greystone’s Matt Miller and Tyler Armstrong secured a $35.9 million construction loan on behalf of a joint venture between Shelbourne Healthcare and Cedarhurst for the new development of Shelbourne at Chesterfield in Chesterfield, Missouri. The 8.2-acre lot was acquired by Shelbourne Healthcare in 2018 for $4.4 million. The 150-unit senior housing development will contain 96 independent living units, 37 assisted living units and 17 memory care units. There will be studio, one- and two- bedroom options. The Greystone Senior Housing Capital Markets team facilitated the financing, which includes a five-year loan funded by a large regional bank. Moseley Architects is designing the... Read More »Schedule a demo
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