Grandbridge’s Agency Financing Activity
Grandbridge Real Estate Capital announced a slew of agency financings across the country, all for seniors housing clients. First, Richard Thomas secured a $19.5 million refinance of an 84-unit assisted living/memory care community in Temecula, California. Highgate Senior Living built the community in 2018, and occupancy was already at 94% by the time of closing. They obtained a non-recourse loan from Freddie Mac that has a 10-year term and fixed interest rate. Mr. Thomas also worked with Thomas Wiedeman (based in Grandbridge’s Atlanta office) to arrange acquisition financing for an 89-unit assisted living/memory care community in Pensacola, Florida. Built in 2016 and now close to full... Read More »
HJ Sims Closes Three Transactions
After a COVID-19-related change, HJ Sims closed the refinance of a CCRC in Atlanta, Georgia, along with a couple other transactions. After refinancing in 2016 and obtaining a 2018 pre-development financing, the community recently broke ground on an expansion that will add 53 independent living residences scheduled to open in 2022. The $107 million project comprises 39 units in a five-story building and three buildings each with four or five units, all ranging between 1,700 and 3,200 square feet. It will bring the campus’ total number of units to 479, including independent living, assisted living and skilled nursing services. On behalf of the borrower, HJ Sims coordinated a request for... Read More »
The Media Still Gets It All Wrong
It must have been very frustrating for seniors housing operators, and especially assisted living providers, to have watched the news these past several weeks when they have all been thrown in with nursing facilities. Not to throw nursing homes under the bus, but most of the reported deaths in “long-term care facilities” have been in nursing facilities, not assisted living, even though the latter has had its unfortunate share. But the media rarely distinguishes between the two. So, one recent night, just to get our blood boiling, we tuned into Erin Burnett’s nightly CNN show. In the segment, a “nursing home director” explained how her facility in Oregon was able to stave off the... Read More »
Blueprint Wraps Up LTC Properties Portfolio Sale
Blueprint Healthcare Real Estate Advisors announced the final three phases of LTC Properties’ portfolio sale that sold to multiple buyers and closed from late-2019 to the first quarter of this year. It was revealed that seven skilled nursing facilities and about 550 beds in Iowa sold to a private owner/operator. Five of the facilities were located around Des Moines, and all seven offered upside to the new owner if they focused on certain geographical and management-level efficiencies. Humair Sabir and Jacob Gehl of Blueprint handled the deal, which closed in the first quarter. That same pair then sold three skilled nursing facilities in Colorado, with two located in the Denver MSA and one... Read More »
Walker & Dunlop Finances New Seniors Housing Development
A former community health center in Washington, D.C. is being redeveloped into a mixed-income senior apartments community thanks to HUD financing arranged by Rob Rotach of Walker & Dunlop. Originally built in 1925 as The Hebrew Home, the building served as a skilled nursing facility until 1968 when it was purchased by the District of Columbia to convert it to a community health center. However, it has stood vacant since 2009, and is now being redeveloped into an affordable senior apartment community with 185 total units, 88 of which will benefit from an adaptive reuse rehabilitation loan. It is also being designed to achieve a LEED certification. The project’s capital stack will... Read More »
Recent Senior Care M&A Deals, Week Ending May 22, 2020
There are still some deals being announced these days, check out our recent senior care M&A deal chart! Long-Term Care AcquirerTargetPrice Joint ventureAssisted living/memory care community in TXN/A MBK Senior LivingKirkwood... Read More »
Capital Senior Living Reports, Again
After Capital Senior Living filed an 8-K recently talking about “going concern” issues, we have to admit we were a little nervous about the delayed first quarter earnings release. Let’s just say, it could have been worse. They included the “going concern” clause, which basically says the current conditions raise “substantial doubt about the company’s ability to continue as a going concern for the 12-month period following the issuance of its financial statements” for the first quarter of 2020. Well, after reading the financial statements, it seems like there is definitely room to “continue” for the next 12 months, given some of the steps it has taken. They will have... Read More »
MBK Senior Living Buys Orange County Community
California-based MBK Senior Living just acquired an assisted living/memory care community near its Orange County headquarters, with the Cushman & Wakefield team of Richard Swartz, Jay Wagner, Aaron Rosenzweig, Dan Baker and Bailey Nygard handling the deal. Originally built in 1999 with a $1.1 million renovation completed in 2019, the community features 48 units and 59 beds of assisted living and memory care. Since the capital improvements, it has since stabilized and experienced a competitive bidding process. The seller, a joint venture between Cadence Living and an institutional equity partner, previously acquired this community from the not-for-profit HumanGood in 2017. Back then,... Read More »
Synovus Bank Announces Series of Closings
Synovus Bank has not shied away from the lending market recently, closing five transactions and more than $115 million in commitments in the second quarter, so far. That follows 13 loans closed in the first quarter and more than $300 million in volume. It’s true that most of these transactions were largely worked out before COVID-19 really hit the country in March, but the parties still all had to agree on terms in the end. And the deals that were all but closed pre-COVID-19 had little to no changes to the final terms. April and May’s activity consisted of two construction loans, two acquisition loans and one refinance of a matured Fannie Mae loan that also included funds for some... Read More »
Berkadia Arranges Supplemental HUD Financing
Berkadia’s Ed Williams secured supplemental financing through HUD for a skilled nursing facility in Florida. Owned by an Indiana-based sponsor, the 165-bed facility was built in 2010 (relatively new for SNFs) with a mix of skilled nursing and assisted living beds. Occupancy was strong at 90%, and its owner wanted to build a new skilled nursing wing with 20 private units. So, they increased licensed bed capacity by 12 and plan on converting some semi-private units to private. To cover 90% of the project cost, Berkadia arranged a $5.08 million HUD supplemental loan that will run coterminous with the original HUD loan with a term of 30 years. The addition is expected to open this summer.... Read More »Schedule a demo
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