South Florida CCRC Funds Multi-Phase Expansion Project
HJ Sims secured long-term, fixed-rate bond financing for a CCRC in Pompano Beach, Florida (Fort Lauderdale MSA). Set on 70 acres, not-for-profit John Knox Village has been serving the local community for more than 50 years. It features nearly 1,000 units of mostly independent living, with a 64-unit assisted living community and a 194-bed skilled nursing facility. It is continuing to grow, with a $3.9 million welcome center with sales, marketing and discovery rooms, in addition to conference rooms and a nearly 2,500-square foot open-air space for communal gatherings, going up this spring. A massive aquatic center is replacing a small pool area with a resort-style... Read More »
Regions Banks Secures Balance Sheet Loans
Regions Bank announced a couple of balance sheet refinances for senior care clients. The first was closed for an 84-unit assisted living/memory care community in the suburbs of Honolulu, Hawaii, and we hope a site visit (or two) was required. Developed in 2016 by a large, senior living owner/operator based in southern California, the community was about 92% occupied at closing. It received a $29 million non-recourse balance sheet loan, which comes out to approximately $297,000 per unit, to repay an existing HUD loan and provide low leverage loan proceeds for an adjacent land parcel. It came with a floating rate and initial term of three years, plus an interest-only period... Read More »
Commonwealth Senior Living Adds to Dominion State Portfolio
Commonwealth Senior Living expanded its Virginia portfolio with the addition of a 72-unit senior living community in Chesapeake, located near the North Carolina border. This represents the 27th community in Virginia for Commonwealth and 33rd overall in its portfolio. There are eight communities in the Norfolk MSA, so the company should be able to take advantage of some economies of scale. Chesapeake Regional Healthcare built the property in 2001, and it currently features 60 assisted living and 12 memory care units. However, Commonwealth will immediately begin renovations to the building, expand its capacity to 68 assisted living and 32 memory care beds, and rebrand the property as... Read More »
Ziegler Brokers Another Bank Bond Financing
Ziegler has been on a roll lately, closing one bank bond financing after another for CCRC clients across the country. Its latest closing, working with Truist and Hancock Whitney, was for a not-for-profit CCRC in Fort Myers, Florida. Founded in 1995, the community has grown over the years to include 333 independent living units, 44 IL villas, 44 assisted living units, 44 memory care units and a 64-bed/unit skilled nursing facility. It sits adjacent to HealthPark Medical Center and close to both Estero Bay Preserve State Park and Fort Myers Beach. To replace outstanding debt, reimburse and fund certain capital expenditures and fund a debt service reserve... Read More »
Being Thankful In A Bummer Year
With a pandemic and too many other problems, it is hard to be thankful at the end of 2020. But there are reasons to be. There is no question, it has been a bummer of a year on many fronts. Without trying to be too cute, however, there are many things to be thankful for in this year of trauma. First of all, if you are reading this, you are alive, and presumably well, so that is a good start. You are not in a hospital on a ventilator at death’s door where far too many have been this year. You still have a job when so many are without. Hopefully, you have not lost a family member to COVID, or a close friend, which we can be thankful for. But I am sure many of you have lost residents and... Read More »
PGIM Closes Freddie Mac Financing For Colorado Community
A Denver-area senior living community refinanced with a Freddie Mac loan arranged by PGIM Real Estate. Spectrum Retirement Communities developed the community in 2009 and has been operating it ever since. It currently features 130 independent living, 60 assisted living and 18 memory care units. Amenities include a beauty sale, bistro, fitness center, lounges and a movie theater. To take out a previous PGIM loan, Trace Wilson, who led the transaction on PGIM’s behalf, secured a $60 million loan with a 10-year term, five years of interest only and a 30-year amortization period. There was also a floating rate. Read More »
Bridge Loan Closed in Boonville, New York
Greystone has provided a $10.37 million bridge loan for the refinance of a skilled nursing facility in Boonville, New York, about 25 miles north of Utica. Opened in 1947 but expanded in 1958, 1964 and 1985, the facility features 120 beds and an outpatient occupational therapy program. It was renovated in 2008 and now consists of 54 semiprivate and 12 private units in one story. It is the only skilled nursing facility in a 15-mile radius. The facility’s third-generation family owner/operator wished to refinance existing recourse senior debt and eventually obtain a permanent mortgage, so they worked with Greystone’s Fred Levine to secure a $10.37 million bridge loan. That came with a... Read More »
Truist Provides Refinance to National Senior Campuses
The Obligated Group of National Senior Campuses, Inc. (Obligated Group), which consists of five large CCRCs located throughout the Mid-Atlantic and New England, is currently embarking on a $517 million refinancing that will replace existing debt with long-term financing. Truist Financial Corporation announced that it provided a $136 million loan as part of the package. The communities feature a total of 7,731 independent living, assisted living, memory care and skilled nursing units and are located in New Jersey (Pompton Plains and Tinton Falls), Pennsylvania (Warminster), Massachusetts (Peabody) and Virginia (Springfield). They are owned by the... Read More »
Senior Care Stocks Stay High After Vaccine News
After Pfizer’s vaccine announcement on November 9, pretty much every publicly traded senior care provider and REIT saw their share prices jump significantly. We believe that much of the exuberance was mainly from the removal of uncertainty surrounding both the vaccine and the election, but as we said earlier this month, it is not like no one thought a vaccine would not be available in the months ahead. And there was still the fact that the Pfizer vaccine needs to go through the FDA approval process, not to mention manufacturing tens of millions of doses, and then distributing them. But we also wondered if investors had gotten a little ahead of themselves,... Read More »
CareTrust REIT Adds Skilled Nursing Portfolio
The skilled nursing portfolio deals keep on coming, this time from a familiar source. CareTrust REIT announced its acquisition of four skilled nursing facilities in Texas, around the Dallas-Fort Worth metro area. Totaling 554 skilled nursing beds and 24 assisted living beds, they are currently leased to operating affiliates of The Ensign Group, and have been since Ensign took over operations more than a year ago from Senior Care Centers, which was going through bankruptcy proceedings at the time. The facilities include Beacon Harbor Healthcare & Rehabilitation in Rockwall, Rowlett Health & Rehabilitation Center in Rowlett, Crestwood Health & Rehabilitation in Wills Point and... Read More »Schedule a demo
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