Love Funding Takes Out Bridge Loan
Eric Forguson of Love Funding helped the owner of a senior care campus in Arnold, Missouri (St. Louis MSA) take out bridge debt on the property and replace it with a $12.9 million HUD refinance. Built in phases over the last 30 years, most recently adding a 52-unit assisted living building in 2019, the community features a mix of independent living, assisted living, memory care and skilled nursing services, with 202 units/beds total. Its operations were strong, and it produced stabilized cash flow over a three-year period. Mr. Forguson had originally secured a short-term bridge loan in April from Love Funding’s parent company, Midland States Bank. More than half of the loan’s proceeds... Read More »
CBRE Returns to Harleysville for Supplemental Freddie Mac Financing
Fresh off their closing of a portfolio financing for three California senior living communities owned by Carlton Senior Living, the CBRE team of Aron Will, Austin Sacco and Tim Root has closed another transaction, this time across the country in Harleysville, Pennsylvania. Mr. Will was already familiar with this property, having funded its 2016 acquisition with a $39.9 million Freddie Mac financing on behalf of the buyer, Green Courte Partners (GCP). Built in two phases in 2006 (151 units) and 2014 (125 units), the independent living community filled up quickly and has performed well since then. It was originally operated by Heritage Senior Living, then by GCP’s wholly owned... Read More »
Lancaster Pollard Finances SNF Construction in California
Lancaster Pollard Mortgage Company, a division of ORIX Real Estate Capital, just closed on a HUD construction loan for a to-be-built skilled nursing facility in Oceanside, California. Featuring 120 beds in 62 units, the project is already underway by a partnership between RangeComm Development and Providence Group, along with the contractor ARCO Construction. It will specialize in short-term rehabilitation, and we imagine by the time the project opens, elective surgeries will be somewhat back to normal and drive much of this facility’s census. Despite delays and challenges related to COVID-19, Brett Murphy of Lancaster Pollard was able to lead the way on a $25 million HUD loan ($208,000... Read More »
Recent Senior Care M&A Deals, Week Ending May 15, 2020
Amid the COVID-19 crisis, deals are still getting announced in the seniors housing and care market. Here are some recent transactions. Long-Term Care AcquirerTargetPrice Regional owner/operatorThe Stilley House$12.125 million Pacifica Senior LivingAtria Meridian$12.35 million Royal Senior CareHarbor at Harmony CrossingN/A Twin Light CapitalHudson... Read More »
Twin Light Capital Acquires in Florida
After completing its first acquisition in Minnesota, a 13-property assisted living portfolio, Twin Light Capital headed south and recently closed on a smaller community in Florida. But as they say, it is all about location. Twin Light, a private equity investment management firm that focuses on seniors housing and care, purchased Hudson Manor Assisted Living in the Davis Islands neighborhood of Tampa, Florida. The island (it used to be two islands that some landfill turned into one) has a population of just 6,000, but Hudson Manor gets about 50% of its residents from the island and 50% from south Tampa. It is a relatively posh area (Tom Brady just bought a house there as he joins the... Read More »
Blueprint Finds Buyers For LTC Properties’ Preferred Care Sale
Blueprint Healthcare Real Estate Advisors has announced its involvement in the first two phases of LTC Properties’ sale of its Preferred Care portfolio, with three more to go. In the end, the whole portfolio, including approximately 2,500 beds across five states, provided a combined $78 million in net proceeds for LTC. And there were multiple buyers involved in the deal. The first closing was for a 160-bed skilled nursing facility in Mesa, Arizona. Located near regional medical centers such as Banner Baywood and Banner Gateway, the facility was also recently expanded and renovated. Its new owner has an existing footprint in the market, which should help improve census, especially now. The... Read More »
CIBC Closes Cash-Out Refinance of California SNF
CIBC is not slowing down, having just announced its second and third senior care transactions in the last two weeks. At the end of April, we first heard of the bank’s refinance of a Phoenix, Arizona area memory care community. This week, CIBC closed another refinance, this time for a 70-bed skilled nursing facility in the San Francisco Bay area. The $5.6 million cash-out loan was provided to a local owner/operator who has managed the property for a number of years. The property itself has an effective age of 20 years. Census was in the high-80s, and the EBITDAR margin was about 10%. The loan came with a five-year term. Matthew Tyler and Neal Netzel handled... Read More »
Oxford Finance Expands Credit Facility
It’s a tough time out there for senior care owners and operators, dealing with the pressure of keeping their residents safe and healthy only to emerge from the crisis and likely deal with a census and cash crunch. Lenders will play a big role in helping the industry through the crisis, and Oxford Finance was there for one of its senior care clients, upsizing a credit facility for one of its skilled nursing owner/operator clients. Oxford Finance closed a $19.8 million add-on term loan and revolving credit facility, bringing the whole facility to more than $75 million. The borrower has now used the entire credit facility commitment, and used the additional proceeds to finance the... Read More »
CBRE Closes Financing For Carlton Senior Living Portfolio
The CBRE team has certainly kept busy lately, closing a number of transactions since the outbreak of COVID-19 including a $200+ million cash-out refinance of three luxury senior living communities in lease-up, a non-recourse construction loan for a to-be-built community in California, and four agency loan closings. More recently, the team that included Andrew Behrens, Aron Will, Austin Sacco and Adam Mincberg refinanced a portfolio of three senior living communities in the San Francisco Bay area on behalf of Carlton Senior Living. The three communities consist of 315 total units, split between 251 assisted living and 64 memory care units. Two of the communities are located in Pleasant... Read More »
Bashing Our Senior Care
Getting tired of the media and politicians bashing the senior care sector. Is anyone else tired like I am. I don’t know whether it is the worry about the economy, being infected with COVID-19, having no social life, wondering when the next wave will hit. I could go on. But what I am really tired of is CNN’s relentless bashing, and the politicians who are piling on, looking for someone to blame, like they always do. But what really ticked me off was the April 29 letter that Senators Elizabeth Warren and Ed Markey, along with Congresswoman Carolyn Maloney, sent to the leaders of a half dozen of the largest senior living providers. They had a laundry list of more than 50 questions they... Read More »Schedule a demo
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