Greystone Takes Over Rosewood Care Centers Portfolio
Greystone Healthcare Management Corp. formally took over ownership of a portfolio of 13 senior care facilities in Illinois and Missouri, and entered two new states as a result. Before February 3, the skilled nursing owner/operator managed over 30 long-term care and rehab facilities, all in Florida. But it has expanded into two new states in a big way. Comprising 1,662 total beds, there are 11 skilled nursing facilities and one supportive living community in Illinois, and one SNF in St. Louis, Missouri, all of which have been renamed. They were formerly operated by Rosewood Care Centers but were taken over by HUD after Rosewood defaulted on $146 million in FHA-backed loans. The default made... Read More »
PGIM Simplifies Capital Stack at NOLA Facility
Refinancing a complicated capital stack, PGIM Real Estate Finance secured a $10.7 million HUD loan for a 112-bed skilled nursing facility in New Orleans, Louisiana. The facility was built by the not-for-profit St. Margaret’s Foundation in 2013 on the site of the former Lindy Boggs Medical Center, which was devastated by Hurricane Katrina in 2005. Its $33 million construction was initially funded using New Market Tax Credits, Historic Tax Credits, OCD Loan Funds, FEMA grant money, a bank loan and sponsor equity. PGIM simplified things and significantly reduced the amount of debt with the HUD loan. Located within five miles of seven acute-care hospitals, the facility features 100 units in... Read More »
Monticello Finances Two Tennessee SNFs
Monticello Asset Management and its affiliates provided $16.7 million in first lien debt to refinance two skilled nursing facilities in Tennessee. Totaling 303 beds, the facilities are owned by an experienced owner/operator with a portfolio of more than 4,630 licensed beds. They were built in 1969 and 1977, respectively. Monticello also had an established relationship with the borrower, having financed its acquisition of a number of facilities in the past several years across multiple transactions. This transaction also included a $3 million working capital loan to the properties’ operating companies. Monticello’s asset-based lending group, Monticello Commercial Capital, provided that... Read More »
People’s United Bank Grows Its Presence
People’s United Bank has been on a roll lately. After closing around $445 million in loans across 48 separate transactions in 2019, including eight loans and $132.5 million in volume in the fourth quarter, the bank kept the activity going with a late January refinance closed on behalf of its client, a joint venture between Benchmark Senior Living, the operator’s equity partner, Kuwait Finance House, and Broadshore Capital. Located in Bedford, New Hampshire and featuring 54 memory care units, with 85 beds, the community received a $23.7 million senior mortgage, with a five-year term and 30 years of amortization. This was People’s first transaction with Benchmark since Matt Huber and Ginger... Read More »
X-Caliber Closes Four Financings
The team at X-Caliber Capital has been putting in the hours lately, with three bridge loans and a HUD refinance to show for the hard work. First, the firm closed a $40 million bridge loan, with a three-year term, for an undisclosed borrower to acquire a 10-facility, 700-bed skilled nursing/assisted living portfolio in Illinois. Next, X-Caliber arranged $32 million in four-year financing to support the acquisition of seven assisted living/independent living communities in four states, with over 650 units across the portfolio. The third bridge loan totaled $1.6 million and came with a three-year term. That was also arranged for an acquisition, this time for a 39-unit assisted living... Read More »
Truist Announces Construction Financing for Charleston CCRC
SunTrust Bank, now Truist, just announced its first loan under its new name. The bank provided $50 million in financing to support the renovation and expansion of a large, not-for-profit CCRC in Charleston, South Carolina, which is affiliated with the Episcopal Church. Originally developed in 1987, with a skilled nursing center added in 1992 and independent living, assisted living and memory care units built in 1999 and 2015, the campus is located on James Island, just south of downtown Charleston. The planned renovation to the assisted living portion will result in 81 one- and two-bedroom units being refurbished. The larger project will see the CCRC add a new 156,000-square foot... Read More »
Recent Senior Care M&A Deals, Week Ended January 31, 2020
Check out our recent senior care M&A deals! Long-Term Care AcquirerTargetPrice Experienced owner/operatorSkilled nursing facility in Rural Retreat, VAN/A Illinois-based SNF operatorSt. Pauls HouseN/A Private equity owner/operatorSkilled nursing/assisted living facility in OH$8.5 million Not disclosedElmcroft of... Read More »
Newmark Sells Sarasota Senior Living Community
The Newmark Knight Frank team of Ryan Maconachy, Chad Lavender, David Fasano and Ross Sanders handled the sale of an assisted living community in southwest Florida. Featuring 108 assisted living and 39 memory care units, the community was built in 1994 in downtown Sarasota. More than 20 years ago, the property sold to Merrill Gardens for nearly $13 million, or $75,000 per unit. But back then, it featured 170 independent living and assisted living units. So, we assume a number of units have been combined to make larger ones, in addition to converting some to memory care. Although it is situated in the heart of Sarasota just blocks away from Sarasota Bay and two miles from St. Armands... Read More »
Ohio Owner/Operator Exits the Senior Care Industry
After more than 30 years in the business, a local owner/operator in Ohio exited the senior care industry with the help of Connor Doherty and Ryan Kelly of Blueprint Healthcare Real Estate Advisors. Located in the northeast part of the state, the property features 152 total units, with 99 for skilled nursing and 53 for assisted living. It was built in 1976, with a major renovation in 2002. Operations had been declining during the due diligence period, with occupancy falling 15% from the time it was put under LOI. So, Blueprint worked with the incoming owner, a private equity owner/operator with extensive operating experience in the local market, to limit those declines. In the end, the... Read More »
Monticello Refinances New SNF in Virginia
Monticello Asset Management headed to Rural Retreat, Virginia in the southwest part of the state to arrange first lien debt financing for a 120-bed skilled nursing facility. Working on behalf of the experienced owner/operator, which currently operates 26 facilities in five states (including seven facilities and 915 total licensed beds in Virginia), Monticello and its affiliates provided a $13.5 million loan. It came with a five-year term. The facility was built in 2014, which is quite new for skilled nursing, especially in rural communities. Assuming a standard 70% loan-to-value, that means the per-bed value of the facility surpasses $110,000 per bed. Given its age, that makes... Read More »Schedule a demo
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