Lument Finds New Owner for Philly CCRC
A CCRC outside of Philadelphia, Pennsylvania, changed hands with the help of Laca Wong-Hammond and Dominic Porretta of Lument Securities. In addition to facilitating the confidential sale, the Lument team also handled the assumption of the property’s HUD mortgage. Built in 1967 but renovated multiple times over the years, including a major refurbishment in 2014, Bryn Mawr Terrace is located about 10 miles from downtown Philly on the Main Line. It features 109 functional skilled nursing beds (with a license for 120 beds), 25 memory care units and eight personal care units. It had operated well historically, but the pandemic caused cash flow to fall, and there was no positive NOI by the... Read More »
HHC Finance Wraps Up HUD’s FY21
Housing & Health Finance (HHC Finance) is finishing up HUD’s fiscal year 2021 with a few transactions. First, the firm closed a $13 million refinance of an existing HUD loan for a 200+ bed skilled nursing facility in Illinois. In the transaction, HHC Finance substantially lowered the interest rate. HHC Finance also closed on a new $8 million HUD loan for a 90-bed skilled nursing facility in northern California. Lastly, the firm added to its tally of loan modifications for the year by lowering the interest rate on a $4 million loan for one of its clients. Read More »
Missouri Seniors Housing Development Goes Ahead with Regions Bank Loan
Shelburne Healthcare Development, an undisclosed REIT and a Missouri-based developer/operator are collaborating on a new seniors housing construction project, and the venture now has financing in hand from Regions Bank. Two of those three parties have worked with Regions in the past, helping ensure a smooth transaction process. Chris Honn and Jack Boulder originated the loan on behalf of the bank. Located in Chesterfield, the community will feature 96 independent living, 37 assisted living and 17 memory care units. The $35.9 million construction loan, resulting in about $239,000 per unit of debt, comes with a five-year initial term, four years of interest only and a staged reduction in... Read More »
Berkadia Adds New Hire to Investment Sales Team
Berkadia has added Director Simona Wilson to the Seniors Housing & Healthcare team, serving on the investment sales platform led by Tim Cobb. Ms. Wilson has 19 years of industry experience, previously founding Crescent Capital LLC where she advised seniors housing capital providers and operators on investment and portfolio strategies. She also spent 15 years on the Healthpeak investment team, serving as Vice President of Strategy & Business Development and Vice President of Acquisitions & Valuations. Ms. Wilson graduated with an accounting degree from the University of Southern California, and spent two years at PricewaterhouseCoopers before moving to a career in healthcare... Read More »
Blueprint Teams Close Two Transactions
M&A continues at a steady clip, and Blueprint Healthcare Real Estate Advisors obliged with a couple of recent closings. First was the sale of a skilled nursing facility located just outside of Cleveland, Ohio. Totaling 120 beds, the facility was built in the 1960s and thoroughly renovated in the 1990s. Historically, it did bring in stable cash flow, and it showed well for a facility last fully renovated more than 20 years ago. However, it did not fit into the regional Ohio-based owner’s operating model. That’s where Blueprint came in, approaching a New York-based private equity group that has an existing presence in Ohio. They saw an opportunity to add value... Read More »
New York Times Hits SNFs, Again
The New York Times hit one of its favorite punching bags again with an article titled “Phony Diagnoses Hide High Rates of Drugging at Nursing Homes.” In it, the Times alleges that a loophole not requiring nursing homes to report antipsychotic prescriptions for three uncommon conditions, including schizophrenia, has led doctors associated with the facilities to false diagnose schizophrenia in patients with dementia. Since these patients require much more time and attention from an already overworked and underpaid staff, the Times reasons that SNFs would rather drug them than provide real dementia care. Some of the stats seemed damning. An analysis of Medicare data showed that schizophrenia... Read More »
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 »Schedule a demo
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