Grandbridge Gains Investment Sales Team
Grandbridge Real Estate Capital is making a big jump into seniors housing investment sales with the addition of three veterans highly experienced in the space. Cushman & Wakefield’s Tampa, Florida team, led by Allen McMurtry, David Kliewer and Jay Jordan, made the move to Grandbridge’s Seniors Housing and Healthcare Finance Group, which is headed by Richard Thomas in Atlanta, Georgia. They will bring experience representing sellers of seniors housing communities across the country, spanning over 190 properties in 35 states. Recently, the former C&W team arranged the $105 million sale of The Clare in downtown Chicago in December 2019, cementing its status... Read More »
Plante Moran and Retirement Dynamics Release Sentiment Survey
Plante Moran Living Forward and Retirement Dynamics announced the results of its COVID-19 Sentiment Report, and the results are a mixed bag for the senior living industry. Surveying more than 23,000 independent living residents, prospects on waiting lists and staff, and receiving more than 5,000 responses, the partnership found out how sentiment has changed in regard to living and working at an independent living community, and how respondents thought the sector had dealt with the pandemic. The good news is that a majority responded positively to each question. The bad news is that the margins do not bode well for an industry that is already struggling to raise its penetration rate, let... Read More »
Ziegler Funds CCRC Expansion Project in North Carolina
With financing in hand from Ziegler, a not-for-profit CCRC in North Carolina is embarking on an expansion project to increase both its independent living and transitional care offerings. Set on 72 acres in High Point, Pennybyrn at Maryfield’s currently consists of 180 independent living units split between 131 apartments and 49 cottages, 24 assisted living units, 24 memory care units and 125 skilled nursing beds. It is owned and operated by Maryfield, Inc., which was incorporated in 1947 by the Congregation of the Poor Servants of the Mother of God, an order of the Roman Catholic Church. This is not the first time Ziegler has worked with Maryfield, Inc., having a relationship with the... Read More »
HHC Finance Secures Several HUD Refinances
Housing & Healthcare Finance (HHC Finance) is wrapping up HUD’s fiscal year with several transactions closed through the agency. First, the firm arranged a $19 million loan for a 200-bed skilled nursing facility in New York, then followed up with a $20 million HUD refinance of a 155-bed skilled nursing facility in Ohio. Continuing with financing large SNFs, HHC Finance also closed a $22 million loan for a 225-bed facility in Ohio. All three facilities were built in the 1970s but have received numerous capital improvements over the years. Each HUD loan came with interest rates in the very low 2s. What a deal. HHC Finance next closed a $6.8 million HUD supplemental loan for an... Read More »
Welltower Portfolio Sold
Since last March, we have been wondering what happened to Welltower’s large sale of a prominent seniors housing operating portfolio of western senior living properties. It would have been the largest deal of the year so far at the original $740 million price, but it fell apart, as we assume many deals did once the coronavirus pandemic unleashed its terror. We had heard through the grapevine that it was still in the market, but it wasn’t until late last week that we saw in some local publications out West that a few of the pieces of the portfolio were closed, according to the local real estate filings, including identifying Merrill Gardens as the operator. That would... Read More »
Revenue Write-Downs for Omega, and Maybe Sabra
On back-to-back days last week, both Omega Healthcare Investors and Sabra Health Care REIT provided investors with updates on their revenue recognition accounting policies for the same two tenants, Genesis Healthcare and Agemo Holdings (dba Signature Healthcare). While the news sounded ominous, it was not entirely unexpected. Both operators have announced that there is a question as to whether they can make it past the next 12 months without significant relief and increases in census and cash flow. This is the dreaded “going concern” letter. When that happens, lenders and landlords have to make adjustments to their accounting policies... Read More »
Monticello Secures Working Capital Loan
MONTICELLOAM, LLC and its affiliates (Monticello) closed yet another working capital loan. Typically, in the last couple of years, the firm has arranged the working capital on top of first lien debt financing too. But in this deal, Monticello did not place the senior loan. Receiving the $2.0 million working capital financing were the operating companies of two skilled nursing facilities totaling 338 beds in Montana. The deal follows a couple of August deals closed by Monticello, including both a $14.0 million acquisition/refinance loan and another $2.0 million working capital loan for a portfolio of two skilled nursing facilities and a skilled nursing/assisted living... Read More »
Waco Seniors Housing Project Gets Variety of Funding
Construction just started on a 90-unit seniors housing community in Waco, Texas, and a variety of financing sources have already been announced. Mears Development and Construction Inc. and Harris284 Team Inc. are developing the project to include 11 market-rate units and 79 units set aside for low-income seniors. Six of the units will cater to the mobility impaired and three others will be for either hearing or visually impaired residents. Amenities include a business center, clubhouse, fitness center, picnic area and swimming pool, while Meadowlake Medical Center, Heart Hospital and Ascension Providence, a specialty care hospital, are all located nearby. Completion is expected for... Read More »
Recent Senior Care M&A Deals, Week Ending September 25, 2020
September has not seen many deals announced in the senior care sector, but here are the most recent ones in our M&A deal chart. Long-Term Care AcquirerTargetPrice Atlas Senior Living3 assisted living communitiesN/A Avanath Capital ManagementCascades Village Senior Apartments$27.15 million SE-based owner/operatorSterling Meadows$2.85... Read More »
Southern California CCRC Refinances and Expands with Truist Financing
To support the refinance and expansion of a not-for-profit CCRC in southern California, Truist Financial Corporation announced that it served as the sole lender of a $42.4 million loan. Originally developed in 1947, the community has grown on its 50-acre campus in La Verne, California to include 226 independent living units, 48 assisted living units, 24 memory care units and 59 licensed skilled nursing beds. However, Brethren Hillcrest Homes, Inc., the owner associated with the Church of the Brethren, will expand the community by adding 14 independent, one-floor cottage and duplex units, consisting of 24,000 square feet on a 1.4-acre parcel. Each home will feature an attached two-car... Read More »Schedule a demo
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