Greystone Provides Loan for AL Community in Alaska
Greystone is back again, with Vice President Stella Plotkin providing a $22.5 million bridge loan to refinance Aspen Creek Senior Living in Anchorage, Alaska. This 96-unit assisted living community was completed in 2019, with 21 of the units designated for memory care residents. The loan pays off existing debt that funded the property’s initial construction, allowing the borrower to complete current renovation projects, including on the secured memory care wing. Greystone’s interest-only, floating-rate bridge loan has a 24-month term with two six-month extension options, with the goal of transitioning to permanent HUD-insured financing. The transaction was completed on behalf... Read More »
Tutera Adds to Kansas Portfolio
After operating it for a couple of years, Tutera Senior Living took over ownership of a skilled nursing facility in receivership in Derby, Kansas. Nick Cacciabando of Senior Living Investment Brokerage handled the sale on behalf of the receiver. This small facility, which features 45 beds, was built in 1976. A few years ago, Virginia-based alternative asset manager Mooring Financial purchased the distressed HUD debt on the property. This was their only senior care asset and decided to exit the facility. Operations had declined during the pandemic, and the facility was losing money at the time of the sale with an occupancy of around 80%. During that time, the facility had an initial... Read More »
Homebuilder Toll Brothers Announces Another Active Adult Development
Long-time luxury home developer Toll Brothers has joined a slew of other builders to break into the active adult market. It most recently announced the anticipated opening of Regency at Waterside in the Philadelphia metropolitan area, which includes 496 high-end single-family homes, carriage-style townhomes and a community clubhouse for seniors. Prices range from mid-$500,000s to upper $700,000s. Across its 227 acres of landscaping and four “collections”, buyers can choose between 23 different one- and two-story story home designs. The 10,700-square foot clubhouse contains an outdoor and indoor pool, a pavilion, fire pit, fitness center, putting green and walking trails throughout the... Read More »
Cambridge Realty Provides Loan for SNF Refinancing
Cambridge Realty Capital Companies has provided a $14.1 million HUD loan to refinance Alden Estates of Barrington, a 150-bed skilled nursing facility in Barrington, Illinois. The fully-amortized, 40-year loan was provided for the owner, an Illinois limited liability company. Short-term rehabilitation, transitional care, and post-acute services are all available at Alden Estates of Barrington. It offers four exclusive medical programs: OrthopedicPro™, CardioPro™ PulmonaryPro™, and NeuroStrokePro™. It was built in 1986. Read More »
KeyBank Provides Financing for Three Seniors Housing Communities
National Church Residences (NCR), the nation’s largest not-for-profit seniors housing provider, has received $21.5 million through KeyBank’s David Lacki to renovate and rehabilitate three affordable senior apartment communities in Florida, Ohio, and Texas. Through NCR’s Home for Life plan, each property has an on-site social worker and offers programs and activities, light housekeeping, grocery shopping, and laundry for residents. Fair Havens Village is an 80-unit property in Sebring, Florida, consisting of 79 studios and one-bedroom units. It also includes a manager unit in three of the buildings. The project will receive a $4.5 million permanent loan from... Read More »
JLL Facilitates Seniors Housing Sale in Georgia
Private equity firm Bridge Investment Group (BIG) sold its 79-unit senior living community in Savannah, Georgia to a 1031 investor. The JLL Capital Markets investment advisory team including Mike Garbers, Cody Tremper and Michael Sivewright, represented BIG in the deal. Located on Wilmington Island, an affluent suburb located about 10 miles southeast of downtown Savannah, the community features 28 independent living, 39 assisted living and 12 memory care units. It offers restaurant-style full-service dining, a full-service salon, community library, and in-house physical, occupational and speech therapies. Occupancy was a very strong 95% at closing. We don’t see that too often these... Read More »60 Seconds With Ben Swett: Assisted Living – Where Are Values Now?
More than seven months into 2021, assisted living communities have been the most popular targets in the M&A market, representing a plurality, or 41%, of all transactions in the year, so far. Average prices have also risen compared with last year, according to our in-house statistics. But we still have many questions about the market’s fundamentals, what is motivating investors, and how different facilities are being valued today. Has pent-up demand already exhausted itself for this need-based product? Is the recovery meeting expectations, particularly for cash flow rather than just census? Are stand-alone communities preferred, or a continuum of care? These types could be valued very... Read More »
Capital Senior Living Corrects Earnings Statement
Early today, Capital Senior Living announced revisions to its second quarter earnings report, most likely as a result of our reporting last Friday of the very misleading error, as well as management’s denial of any reporting issue during the earnings call. No one else caught the mistake, and it was not an insignificant one. In today’s release, they called it an “inconsistency” in the preparation of the supplemental information with regard to operating expenses and operating margin. As a result, the operating margin for the second quarter was 21.5% and not 28.7% as was originally reported. The originally reported 860-basis point sequential increase in operating margin should... Read More »
Assisted for Living Acquires Trillium Assets
Assisted for Living Inc., a Bradenton, Florida-based diversified healthcare company, is on a little growth spurt, having just acquired an assisted living business and opened a new pediatric extended care center both in Florida. First, they acquired Trillium Healthcare Group’s assets. Trillium is a post-acute care company that leases and operates 26 skilled nursing facilities in four states: Florida, Georgia, Iowa and Nebraska. In total, its portfolio features 1,546 skilled nursing beds, 139 assisted living beds and 36 independent living units, and 2020 revenues reached approximately $100 million. The acquisition includes Trillium’s back office, which will be integrated with the current... Read More »
Lument Provides Financing for IL/AL Community in South Carolina
Lument Securities recently closed a $22.8 million bond placement through the 142(d) program, which allows for-profit developers to obtain tax-exempt debt so long as their project meets certain income requirements. The financing gives the borrower, in this case South Carolina-based Whitehall Senior Living, higher leverage, non-recourse debt, with a fixed rate. That allows them to allocate more equity to other projects. Kevin Oakley, director for Lument in the Southeast, led the transaction. The new community will feature 87 units of independent living, assisted living and memory care services. Upon opening, Phoenix Senior Living will then operate it. Read More »Schedule a demo
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