Altercare Grows With Greystone
Ohio-based Altercare Integrated Health Services is significantly expanding operations in its home state, taking over management of eight skilled nursing facilities and 541 total licensed beds. Owned by Greystone Healthcare Management (who also previously operated them), these facilities are located in the towns of Adena, Cambridge, Coshocton, Newark, Somerset, Thornville and Zanesville. The deal expands Altercare’s coverage in Ohio to 27 facilities, in addition to its one location in Michigan. Six of the facilities are expected to sell on February 1, with the remaining two to close in the next several months. Read More »
Clearwater Living Develops In Familiar Territory
Cushman & Wakefield Capital Markets Group arranged $20.6 million in construction financing on behalf of Clearwater Living to build a 90-unit/104-bed assisted living/memory care community in Rohnert Park, California. PNC Bank provided the financing, which was arranged by C&W’s Richard Swartz, Aaron Rosenzweig, Timothy Hosmer and Alex Petrosian. The new community will feature amenities including a community pub, display kitchen, outdoor dining, theater and dog park, and is located next to a 207-unit 55+ community that was developed by Clearwater Living’s CEO, Tony Ferraro, back in the early 2000s. Clearwater clearly knew the area well. Read More »
NorthMarq Capital Finances Washington Seniors Housing Community’s Past and Future
NorthMarq Capital continued its long-standing relationship with a 130-unit seniors housing community in Lynnwood, Washington, arranging Freddie Mac financing for the new owner. The community was developed by a joint venture between Living Care Lifestyles (the operator) and Morningside Development Group in late 2013 thanks to a $17.19 million four-year construction loan arranged by Stuart Oswald of NorthMarq. It included 85 independent/assisted living and 45 memory care units in a three-story building in the affluent Seattle suburb of Lynnwood. Lease-up went quickly, and in the middle of that process, ownership obtained a cash-out refinance totaling $32.5 million with a three-year term and... Read More »
HFF Sells Austin-Area Post-Acute Care Facility
The team at HFF, including David Fasano, Ryan Maconachy and Chad Lavender, represented Meridian Realty Advisors in their sale of a 140-bed post-acute care facility in Bee Cave, Texas (Austin MSA). Built in 2013, which makes the property new among other post-acute care facilities, the facility was the only one of its kind in a four-mile radius, but was just 68% occupied. It also recently housed some 90 skilled nursing and assisted living patients from Rockport, TX, which was evacuated due to Hurricane Harvey. In fact, the 18 assisted living residents stayed in the temporarily outfitted therapy gym for one night before being transferred to another facility. The other 72 skilled nursing... Read More »
Monticello Asset Management Assists New York SNF With Bridge Financing
One of New York City-based Monticello Asset Management’s investment vehicles originated $8.03 million in first lien debt on behalf of the new owner of a 140-bed skilled nursing facility in New York. Leroy Operating, LLC (the borrower) used the funds to purchase the 40-year old facility, which currently has a five-star rating from CMS. In addition to traditional long-term care, the facility also features a 40-bed non-secure memory care unit and a 28-bed short-term or sub-acute therapy unit on its 8.2-acre campus. Ancillary services include physical, occupational and speech therapies too. The borrower expects to refinance through HUD in the coming years. Read More »
Cain Brothers Finances CCRC Construction On College Campus
Many have extolled the advantages of senior care communities partnering with universities. Through collaborative programming, the relationship helps keep seniors engaged with other generations, and students in turn can benefit from the residents’ years of wisdom and experiences. With that in mind, a partnership between an affiliate of Arizona State University (ASU) and Pacific Retirement Services (PRS) is building a 20-story CCRC on ASU’s main campus in Tucson. Under PRS’s “Mirabella” high-rise CCRC brand, this community will have four levels of care and around 252 total units. The first floor will feature a public restaurant and retail space, while three restaurants will likely be placed... Read More »
Elmcroft Senior Living Portfolio Completes Transition
Ventas has officially transitioned management of its Elmcroft portfolio to newly-formed Eclipse Senior Living. It is now official. The operations of the Elmcroft Senior Living portfolio of 76 properties, with the real estate owned by Ventas, has officially been transferred to Kai Hsiao’s new company, Eclipse Senior Living. Ventas has acquitted a 34% interest in Eclipse, with the remaining 64% being held by Eclipse management, which now includes Shamim Wu, Kai’s former colleague at Holiday Retirement Corporation. She recently did a 10-month stint as president and COO of Silverado. This will be an interesting test, since the Elmcroft portfolio was obviously having some financial problems... Read More »
All Hands On Deck For CBRE’s Latest Sale
CBRE had their hands full in a large Dallas-area CCRC sale, representing one of the selling entities and the buyer in the transaction, in addition to arranging a two-part acquisition financing totaling over $120 million. Totaling 1,104 rental units, which is separated out into 37% skilled nursing, 28% independent living, 24% assisted living and 11% memory care units, this portfolio was owned by Fortress Investment Group and Life Care Services, which held a lease-hold interest and operated (and will continue to operate) the communities. Properties ranged from 153 units to 267 units and were approximately 35 years old, all located in the Dallas MSA. Aspect Investment Partners, a global... Read More »
Meridian Capital Group Closes Almost $200 Million In Three Financings
Meridian Capital Group made news this month, closing nearly $200 million in financings in three separate transactions. The largest, by far, was a $136 million acquisition loan that financed the purchase of 10 skilled nursing facilities located throughout Ohio. A balance sheet lender provided the loan, which came with a five-year term, 25-year amortization schedule and six months of interest only. And the team of Ari Adlerstein, Ari Dobkin, Josh Simpson and Corey Schwartz of Meridian worked with multiple lenders to close the deal within 52 days, and before the end-of-year deadline. The same team also secured a $42 million bridge-to-HUD loan, with a 36-month term, on behalf of a company... Read More »
CIT Funds CommuniCare Acquisition
CIT’s Healthcare Finance business closed on a $136.9 million senior secured credit facility on behalf of CommuniCare Health Services. An active skilled nursing facility acquirer in recent years, with large portfolio purchases in Maryland, Ohio, West Virginia and Virginia, CommuniCare currently operates 73 facilities in seven states. It’s looking to expand further, however, and acquired 10 skilled nursing facilities in Ohio, with the help of the $121.9 million term loan secured by CIT. Making up the rest of the credit facility was a $15 million revolving asset-based line of credit, which provides CommuniCare ongoing working capital financing. CIT served as the administrative agent on the... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
