New Proposal for Capital Senior Living
As we get closer to the voting date for shareholders to approve of the recapitalization proposal of Capital Senior Living by Conversant Capital, with the full support of Cap Senior’s management and board, at long last an alternative plan has been put forward. We didn’t think that Ortelius Advisors had much of a leg to stand on in their proxy fight without any alternative for shareholders to consider. Now we have one, as loosey-goosey as it may be. Ortelius has proposed a new equity rights offering, which they will backstop and subscribe to well beyond their current pro rata holdings of about 12.7%. They believe that raising up to $70 million of new... Read More »
Capital Funding Group Closes Loan For SNF Portfolio
Capital Funding Group’s standout year continues with another large term loan closed for a 29-asset skilled nursing portfolio. Located in Colorado, California and Wyoming, the properties include 28 skilled nursing facilities and one SNF with assisted living units as well, all totaling 3,410 beds. Capital Funding Group worked on behalf of the owner, a private real estate investment group, to close a $262.6 million term loan that refinanced the portfolio. In addition, CFG underwrote the transaction of operations from SavaSeniorCare to four new regional operators. Erik Howard and Director Tim Eberhardt originated the transaction. This brings CFG’s bridge-to-HUD loan closings to $2.3 billion... Read More »
SLIB Facilitates SNF Closing in Florida
A few months after selling a an 87-unit assisted living community in Lakeland, Florida, Brad Clousing and Daniel Geraghty of Senior Living Investment Brokerage returned to the campus to represent the same buyer of the adjacent skilled nursing facility. The buildings are actually only separated by a set of fire-rated doors. The campus, which previously had two different real estate owners and two different operators, will now be owned by one company, Mainstay Senior Living. The skilled nursing facility has 120 beds and was delicensed by the state in 2017. However, with the onset of the pandemic, the facility was allowed to reopen in early 2020 to accommodate... Read More »
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 »Schedule a demo
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