Greystone Secures Another HUD Refinance
Last week, Greystone announced two HUD refinances for senior care clients and followed up with a third, this time to refinance a 174-unit Section 8 senior apartment community in Pomona, California. Shana Daby of Greystone handled the transaction on behalf of AMCAL, a developer of multifamily properties in California, Texas and Washington. The $29.9 million loan comes with a fixed interest rate and 35-year term and amortization. Loan proceeds in hand, AMCAL will be able to make capital improvements and set up a debt service reserve. They will also take some equity out. AMCAL originally built the community in 2002 with six mid-rise buildings, with elevators, offering both one- and... Read More »
Lument Arranges ESOP Transaction
Lument Securities recently assisted one of the largest skilled nursing operators in the Midwest with the sale and transition of around 36 operating affiliates to a newly formed employee stock ownership plan, or ESOP. As a result, the company is now 100% employee-owned through its employee stock ownership trust. Laca Wong-Hammond and Dominic Porretta of Lument Securities served as investment banker and exclusive financial advisors in providing structuring and valuation services to the client in its negotiations with the Trustee. Across its more than 30 skilled nursing facilities (and some assisted living communities) across the Midwest, the company has over 4,000 licensed beds in its... Read More »
Recent Senior Care M&A Deals, Week Ending April 23, 2021
Senior care M&A is still chugging along this quarter, check out our recent deal chart. Long-Term Care AcquirerTargetPrice Symmetry Healthcare ManagementSouth Island Assisted Living$2.4 million Standard CompaniesBaltic Plaza Apartments$28 million Local buyerBrittany Manor$850,000 Avanath Capital ManagementOverlook at Anaheim Hills$87.5... Read More »
Chicago Pacific Founders Announces Arizona Acquisition
After three straight acquisitions in Florida, Chicago Pacific Founders has added another Sunbelt property to its portfolio, this time in Arizona. The Tucson community features 107 units of assisted living and memory care and a host of amenities, including a movie theater, bistro, sunrooms, sports lounge, hydro massage therapy, putting green, resident garden and dog park, to name just a few. It also boasts views overlooking the Catalina Mountains. Willis Development, in partnership with Dekel Capital, opened the community in mid-2018. Dekel Strategic Investors provided $8.4 million in equity and East West Bank provided a $17 million... Read More »
Ziegler Helps Finance Pennsylvania CCRC’s Expansion
Ziegler closed nearly $40 million in financing for a not-for-profit CCRC client in Palmyra, Pennsylvania, securing both institutional investor and bank support for the transaction. After originally opening the community in 1979, Lebanon Valley Brethren Home, dba Londonderry Village, is planning on expanding on a portfolio of a 40-acre tract of farmland it already owned south of the campus. It currently features 374 independent living units, 38 personal care/assisted living units and 88 skilled nursing beds, but the project would add 35 new IL units in 11 cottages/townhouses and two 12-unit buildings. There would also be a sales office and clubhouse added to the site. To fund the... Read More »
Two More HUD Deals From Greystone
Greystone announced its latest HUD activity with two loan closings for senior care facilities. The larger deal saw Fred Levine arrange a $24.9 million refinance for a 120-bed skilled nursing facility in Yonkers, New York. Built in 2000, it offers a certified respiratory and ventilator unit and also provides a range of services including short-term rehabilitation, occupational, physical and speech therapy, amputee rehab, wound care, neuro-rehabilitation, certified cardiopulmonary rehabilitation, dedicated Alzheimer’s and dementia care units, as well as stroke and traumatic brain injury rehabilitation. L&A RE Acquisitions, LLC acquired the facility in 2015 for... Read More »
ORIX Corporation USA Makes Preferred Equity Investment
A joint venture is developing a seniors housing community in Texas thanks to a preferred equity investment completed by ORIX Corporation USA’s Municipal and Infrastructure Finance business, led by Rob Wetzler. The actual investment amount was not disclosed, but it will help fund the construction and start-up costs of a 103-unit seniors housing community in Aledo (Fort Worth area). Civitas Senior Living, a developer, owner and operator of over 40 communities across the southern United States, and Journey Capital, a Dallas-based asset manager focused on seniors housing development and acquisitions, are responsible for the project. This will be Journey’s seventh... Read More »
Dwight Capital Refinances Twin Cities Community
Dwight Capital provided a HUD refinance for a senior living cooperative in Richfield, Minnesota, a Twin Cities suburb. Built in 2000, the community features 157 units in 12 stories and sits on a 1.7-acre site. Amenities include a library, fitness room, hair salon, community room, grocery store, individual storage space and exterior gardens. Josh Sasouness of Dwight Capital originated the transaction on behalf of the undisclosed borrower, providing a $22.2 million, or $141,400 per unit, loan for the property. The debt replaces a previous HUD loan and extends the borrower’s term. Read More »
Is Home Care The Answer?
The move toward more home health is upon us, and it is time for providers to engage. If President Biden’s $2.1 trillion “stimulus” bill goes through, you all have heard about that $400 billion for home and community-based services. Not $400 million, but billion. When nearly 20% of a so-called stimulus package is going towards home and community-based care, well, forgive me for getting nervous. It is the progressive political/academic/union complex trying to make a major change in care for the elderly, but with borrowed federal funds. We know that Medicaid doesn’t work well for most nursing homes, and that most assisted living providers want to remain private pay. That means there is... Read More »
Senior Care Centers/Abri Health Go Chapter 11
On April 16, both Senior Care Centers and Abri Health Services filed for Chapter 11 bankruptcy protection. This is the second time in a little more than two years that Senior Care has filed for BK. In March 2020, Senior Care debtors emerged from bankruptcy (great timing), and as part of the reorganization, Abri Health was formed as the parent company of the Senior Care debtors and became a co-tenant and co-obligor with Senior Care under LTC Properties’ master lease. The master lease includes 11 skilled nursing facilities in Texas with approximately 1,400 beds. LTC’s annualized revenue from the leases is about $15.0 million, representing 9.6% of LTC’s... Read More »Schedule a demo
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