Berkshire Seniors Housing Fund I Makes First Acquisition
In addition to its active investment in development, Berkshire Residential Investments, through its Berkshire Seniors Housing Fund I, has made its first purchase of an existing seniors housing community. The Senior Housing Investments Group, which Matthew Whitlock joined as Chief Investment Officer in May 2019, currently has six projects currently under construction and two others that have recently opened. But this is its first acquisition of an open community, and likely not the last. Set on 11.4 acres in Clearwater, Florida, the community has 57 assisted living and 25 memory care units. A not-for-profit organization built it in 2012 and included an impressive array of... Read More »
Live Oak Bank and HJ Sims Team Up
Sometimes to get a deal done you have to get creative and be flexible. It appears that was the case for a recent sale of a 55-unit assisted living and memory care community located in Utah. Of the total, 42 units are assisted living and 13 are memory care. Even though capital sources have opened up, to get maximum leverage, if that is what you want or need, your lending groups can get flexible. Live Oak Bank and HJ Sims teamed up to provide the financing solution for the buyer of this community, a regional owner/operator with 15+ years of experience that currently manages more than 1,600 units in more than 25 communities across five states in the Mountain West... Read More »
60 Seconds with Steve Monroe: How Many Waves Can There Be?
Just when we thought we were emerging from the pandemic crisis, the news seems to be getting worse about this Delta variant. The good news, at least for seniors housing providers, is that it is a much younger population that is getting hit, not senior care residents because they are almost all vaccinated. Hellooooo. A few months ago, we wrote that the southern, and maybe southeastern region would lead the census charge from the lows in March. Unfortunately, the positivity and hospitalization rates with the Delta variant have been the highest in the southern states, with Florida, Louisiana, Arkansas and Missouri leading the way, and not in a good way. The region also suffers from some of... Read More »
Oxford Finance Closes Senior Loan for California ALF
AvantGarde Senior Living received a $28 million senior loan from Oxford Finance LLC. The funds will be utilized to refinance existing debt on a Tarzana, California assisted living community. AvantGarde, which was founded in 2008, owns and manages two high-quality assisted living communities in California, including the subject property, which was purchased as a 100-unit senior living hotel in 2010 and converted to a 138-bed licensed assisted living community. It provides AL, memory care and independent living services. Oxford also recently backed the acquisition of four Texas SNFs with a senior credit facility totaling $27.5 million. With that debt, Cascades Healthcare was able to purchase... Read More »
Ziegler Provides Financing For New Texas CCRC
Ziegler announced a $56.85 million bond closing for Westminster, a Texas-based not-for-profit corporation, to expand and renovate its Type-A CCRC in Austin. Set on 9.3 acres, the campus currently comprises 324 independent living units, 22 assisted living units and 85 skilled nursing beds, of which 30 are utilized for memory care. Life Care Services has managed the property since 1981. LCS will also be providing development services for the expansion, which started in July 2020 and will feature a new five-story building with 43 IL, 36 AL and 38 MC units and another new five-story building with 18 IL units and a wellness center with a fitness center, PT/OT space and clinic. In addition,... Read More »
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 »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
