Cambridge Realty Capital Refinances NJ Facility
Cambridge Realty Capital Companies provided a $10.7 million HUD loan for an undisclosed borrower to refinance its skilled nursing facility in New Jersey. Pine Acres Healthcare & Rehabilitation Center, a 102-bed SNF in Madison, is approximately 40 miles west of Manhattan. It offers long-term care and rehabilitation services, with a variety of post-operative services and amenities, including private and semi-private rooms. This follow’s Cambridge’s refinance of a 107-unit affordable senior apartment community in Evanston, Illinois, announced earlier in March. Built in 1976, Ebenezer Primm Towers has 107 units in nine stories. Its Illinois-based corporation owner received a $7.4 million... Read More »Sonida Refinances Its Near-Term Debt
Sonida Senior Living is still climbing back from the bottom, and its recent refinance of all near-term debt maturities is a big step forward. The Greystone Senior Housing Capital Markets team acted as exclusive advisor in arranging the financing for Sonida. The transaction includes an initial term loan of $80 million and up to $50 million of additional capital, including an uncommitted $40 million accordion, to fund future growth initiatives. Secured by 10 Sonida communities, the term loan addresses all debt maturities through mid-2024 and reduced the company’s total debt by $38.5 million. There is an interest rate of one-month SOFR plus 3.50%, subject to a SOFR floor of 0.25% and a... Read More »The Springs Living Group Buys Oregon and Montana Portfolio
Harrison Street has sold a portfolio of five senior housing communities to The Springs Living Group. Valued at $193.5 million, or $311,100 per unit, the portfolio consists of 622 independent living, assisted living and memory care units. Among the properties in the sale are The Springs at Greer Gardens in Eugene and The Springs at Veranda Park in Medford, Oregon, as well as properties in Butte and Billings, Montana. As of December 2021, the properties had an average occupancy rate of 93%. Since first partnering in 2011, the firms have acquired 14 properties together with over 2,000 senior living units. The properties were held across several of Harrison Street’s United States... Read More »Three Class-A Active Adult Communities Sell in Oklahoma City MSA
Blueprint Healthcare Real Estate Advisors recently handled the sale of three, fully stabilized Class-A active adult communities in Moore, Mustang, and Edmond, all in the Oklahoma City MSA. Owned and developed by Oklahoma City-based Walters Construction Company, the “Thunder Portfolio” was constructed in phases between 2010 and 2021 and contains 350 total units. This includes a newly constructed 35-unit component on the Moore campus which will provide the buyer an opportunity to realize a significant increase in EBITDAR. The portfolio maintained stable occupancy and cash flows throughout the COVID pandemic, and operations even continued to strengthen during marketing and throughout... Read More »Valeo Recapitalizes South Carolina Community with MidCap Financial
MidCap Financial closed a first mortgage loan for Vineyard Bluffton, a newly built seniors housing community in Bluffton, South Carolina. Owned by Valeo Groupe Americas, LLC, the Class-A community consists of 96 assisted living and memory care units. It was one of five projects in the works for Valeo and opened in October 2020. To recapitalize the property, Valeo received a $20.55 million floating rate first mortgage loan from MidCap. Peter Martz arranged the transaction for MidCap (its first with Valeo), while Noam Kaminetsky of Meridian Capital Group also handled the transaction. Read More »Activists Strike Again, But Fall On Deaf Ears
You have to hand it to Jonathan Litt of Land & Buildings, he has not given up on the senior care sector. After going after a few provider companies in the pre-COVID past, he recently set his sights on Ventas. But, Big Deb did not quake in her heels. She never does. As is his way, Litt tried to get a position on the Ventas Board, and after meeting with two separate groups of directors, he apparently thought that he made a good impression and had swayed them. Wrong. Right after his March 7 letter to Ventas shareholders, Ventas announced the appointment of a new board member, but his name was not Litt. Extremely qualified, yes, but not Litt. In Litt’s letter, he indicated his “tremendous... Read More »A Conversation on the Bridge Lending Market with Oxford Finance
The industry is emerging from the pandemic, but new issues are always arising, so how are lenders reacting and how do they distinguish pandemic problems from provider problems? Ben Swett sat down with Kevin Harbour and Tracy Maziek of Oxford Finance to discuss the state of the bridge lending market in a rising interest rate environment. Read More »Brookdale Provides Update
Brookdale Senior Living just released its occupancy update for February, and our first take was that things need to be better than that. Then, we remembered our late 2020 analysis which showed that assisted living occupancy has never increased in the first quarter for each of the past 10 years. Therefore, we should not expect too much this quarter. In this light, Brookdale’s census outlook is not too bad. From January to February, the weighted average occupancy dropped just 10 basis points to 73.3%. Even better, the month-end occupancy increased by 20 basis points from the end of January to 74.4%. The problem is that census at the end of September was 74.2%, so we have seen little overall... Read More »Behavioral Health Provider Buys Hometown Senior Living
A national behavioral health provider acquired a Minnesota-based assisted living/memory care provider and its seven locations in the Minneapolis-St. Paul metro area. Yet again, we are seeing a combination of these healthcare service sectors, as several of the senior care REITs announced plans to grow their behavioral health holdings in their recent earnings announcements. The target was Hometown Senior Living, a family-owned and operated provider that has grown over the past 10 years to be one of the largest memory care operators in the Minneapolis area. It was acquired by Beacon Specialized Living, one of the biggest behavioral health providers in the country with over 190 locations.... Read More »CIBC Finances Texas SNFs
CIBC Bank USA recently closed on a $1.5 million revolving line of credit that provides working capital to support three recently acquired skilled nursing facilities in Texas totaling 316 beds. The seller was local and looking to divest some of their skilled nursing assets. The facilities performed with good operating margins despite census being between 55-60% throughout 2020 and 2021. The buyer identified a significant opportunity to improve operations and quality of the homes, with a focus on increasing census while maintaining healthy margins. Read More »Schedule a demo
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