HJ Sims Secures HUD Loan For Brooklyn Apartment Community
Sims Mortgage Funding, a subsidiary of HJ Sims, secured a $7.035 million HUD loan for Marien-Heim of Sunset Park, a 169-unit Section 8 senior apartment community in Brooklyn, New York. It is owned by a local, not-for-profit community development organization. That owner had previously obtained an $8.313 million HUD loan in 2012 that refinanced its Section 202 Direct Loan, funded capital reserves and repairs, generated annual debt service savings and earned them a development fee. But the current low interest rate environment prompted another refinance on Sims’ recommendation. HUD approved the interest rate reduction proposal in about 75 days, and the loan closed 29... Read More »
PGIM Refinances Senior Care Facility Debt in Ohio
The owner of a 108-unit senior care facility in Brook Park, Ohio, refinanced its HUD debt with the help of PGIM’s Seniors Housing and Healthcare Group, lowering its annual debt service costs by more than $65,000. David Strachan and Troy Buckley originated a $5.5 million loan, which came with a new rate of 2.78%, which is well below the previous rate of 4.2% (hence that notable debt service savings). Plus, the term returned to 30 years, and the borrower, North Park Properties LLC, also increased the funding to their reserve for replacement account. Built in 1967 with additions in 1994 and 2010, the community was over 90% occupied. It has 30 skilled nursing beds and 78 assisted living beds... Read More »
JCH Senior Housing Closes Numerous Sales on the West Coast
Jim and Cindy Hazzard of JCH Senior Housing Investment Brokerage announced a series of successful sales on the West Coast. They started out by selling an 80-unit assisted living/memory care community in Stockton, California. In the deal, they represented the family-owned owner/operator who was looking to retire from the business. The team fielded several competitive offers and ultimately chose a local owner based in the area that was looking to grow their portfolio. It won’t be a piece of cake, but what is these days? The facility struggled after COVID and was under a lot of scrutiny from licensing. This, coupled with the strict lending requirements imposed for SBA... Read More »
Scarp Ridge Real Estate Partners Is Launched
If you believe that the worst of the pandemic is behind us, and that after all the distress of the past 15 months opportunity abounds, then you want to be an investor in seniors housing. That is just part of the thinking of the partners in a new $300 million fund, Scarp Ridge Real Estate Partners, that will be looking at value-add, opportunistic and distressed real estate investment opportunities in seniors housing and hospitality. We hope it is more on the seniors housing side. The fund will acquire non-performing loans to help both the lender and provider move a project along, and will purchase individual properties and portfolios. Partner Rick Shamberg has a few decades of... Read More »
Capital Senior Living Lives Another Day
It isn’t often that a company gets to report good news on two different fronts on the same day, especially in this environment. Capital Senior Living announced that June occupancy reached an average of 79.1%, up 380 basis points from its pandemic low of 75.3% this past February. We have been hearing a lot of that lately, and it is great news. Perhaps that is what Conversant Capital LLC had its eye on these past few months as it was mulling over a major investment in Capital Senior Living. It is obviously looking at the future and counting on these occupancy increases to continue. Maybe not at the same pace, but continue nonetheless. What we do not know... Read More »
Greystone Secures Bridge Loan For SNF Campus in Pennsylvania
Greystone Managing Director Fred Levine recently provided a $15.8 million bridge loan for the acquisition of a skilled nursing, memory care and personal care campus in Erie, Pennsylvania. The purchase of Saint Mary’s East, now known as Nightingale Nursing and Rehab Center, was handled by Toby Siefert and Ryan Saul of Senior Living Investment Brokerage and made possible by a two-year floating rate, interest-only loan. Greystone plans to convert the debt to a permanent HUD loan. Six buildings house 139 skilled nursing beds (39 of which are reserved for memory care patients), 131 certified personal care beds, and 91 independent living units. The original St. Mary’s East building was... Read More »
CBRE Finances New Senior Housing Construction in North Carolina
The Village on Morehead, a to-be-built, Class-A, 199-unit senior living complex in Charlotte, North Carolina, has secured construction financing courtesy of CBRE Senior Housing’s Aron Will, Austin Sacco and Tim Root. CBRE arranged this loan on behalf of a joint venture between Bridgewood Property Company and Harrison Street. This 12-story independent and assisted living community will be operated by Retirement Center Management (RCM), Bridgewood’s wholly-owned management group. The Carolinas Medical Center, North Carolina’s largest hospital, is located less than a mile from the community. CBRE originated a four-year, floating-rate loan with full term of interest only and... Read More »
The Mogharebi Group Handles Seniors Housing Sale
Bryan LaBar and Otto Ozen of The Mogharebi Group arranged the sale of an independent living community in San Bernardino, California. Built in 1984, the four-story building has 71 one-bedroom units and a total of 36,200 square feet on a one-acre site. Messrs. LaBar and Ozen represented the seller, a Los Angeles-based private investment group, in the deal. Another private investment group based in the San Gabriel Valley paid $7.24 million, or $102,000 per unit, for the property. The Mogharebi Group specializes in multifamily property sales throughout California, but it is not often we see them in seniors housing. Read More »
Blueprint Closes SNF Sale in Virginia
Blueprint Healthcare Real Estate Advisors continued its recent surge in closings with the sale of a rural Virginia skilled nursing facility. Located just off I-81 in the southwest Virginia town of Rural Retreat, the 120-bed facility was built in 2015 with 20 private and 50 semiprivate units. Shortly after it achieved stabilization, its operator, Traditions Senior Management, decided to execute its below-market purchase option on the facility’s real estate. Occupancy remained strong until the pandemic when the facility like many others saw census dip. Being one of the newest facilities in the area, it was still able to attract a healthy quality mix. But financials could certainly be... Read More »
60 Seconds with Ben Swett: National Health Investors Issues Another Positive Occupancy Update
Transcript Inflation worries and fears surrounding the delta variant took the stock market and publicly traded senior care companies on a bit of a roller coaster the last couple of days, but we were also delighted to see some positive news come from National Health Investors. From May to June, the REIT saw its occupancy jump across its three major operating partners. The nine SLC properties rose 50 basis points to 79.1%, Bickford’s 42 properties saw a 90-basis point increase to 78.2%, and the 26 properties operated by Holiday Retirement saw census rise by a more modest 20 basis points to rest at 74.1%. Still a long way to go, and we’re not sure what kind of rent discounts are being... Read More »Schedule a demo
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