NIC Takeaways
Record NIC attendance hints at continued investor and lender interest in seniors housing and care. It was yet another record crowd at the NIC Conference, which brings up a point I kept on making. If the headwinds are so strong, on many fronts, why are there still so many more people who want to invest, lend or operate in this business? The simple answer is good returns and an even better future, at some point. What were my takeaways? First, that there is just too much equity capital available. Think about that. Ten, 15 and 20 years ago, that statement would have been laughed at. Second, the skilled nursing sector appears to be primed to turn around before seniors housing. Why? There is... Read More »
CBRE Closes Freddie Mac Green Advantage Loan
The Reliant Group is going green with its latest acquisition in Fresno, California, thanks to financing arranged by Aron Will, Austin Sacco, Andrew Behrens and Jesse Weber of CBRE. Built in 1989 and since then, the target features 200 units of independent living and assisted living spread across seven buildings, including one main three-story building. It is located in an affluent neighborhood of Woodward Park in Fresno and is within two miles of three healthcare facilities. Reliant and its operating partner of the deal, Cadence Senior Living, will execute a significant capital improvements project to upgrade the common areas, units and exterior as well as reduce the property’s... Read More »
HJ Sims Closes Comprehensive Refinance of Maryland CCRCs
HJ Sims was engaged by Asbury Atlantic, Inc. to refinance two of its CCRCs in Maryland with a combination of taxable and tax-exempt financing. Located in Gaithersburg and Solomons, the two communities were already saddled with higher-rate, tax-exempt bonds and other non-callable bonds with a balloon maturity. Sims successfully extended a taxable bank loan that was used to pay the termination fee for a swap that remained outstanding after the underlying bonds were refunded. The team then closed $96.12 million in tax-exempt bonds, which include proceeds to fund capital expenditures and free up operating cash to partially repay the taxable bank loan to make the swap termination payment. The... Read More »
Multicultural Senior Community Under Construction in Midwest
A unique senior living community is nearing completion in the Chicago suburb of Schaumburg Township, Illinois, under the guidance of active adult developer Aman Living. Designed to appeal to varying cultures, including Indian, Asian and American, this community will feature a continuum of care that includes 55 townhomes in 12 buildings, 75 condominiums in a five-story building, an 80-unit assisted living/memory care building and a 20,000-square foot clubhouse, all on an 11-acre campus. It is being built at a cost of $43 million, or around $200,000 per unit. The townhomes, 11 of which have already presold, are expected to be completed next year. The condo building and the assisted living... Read More »
Recent Senior Care M&A Deals, Week Ending October 19, 2018
Check out our recent senior care M&A deals! Long-Term Care AcquirerTargetPrice Gryphon Senior LivingNorth Georgia Assisted Living$5.8 million Partnership buyerForest View CenterN/A Chevalier International Holdings Ltd.5 senior living... Read More »
SLIB Seals the Deal
Brad Clousing of Senior Living Investment Brokerage successfully sold a 32-unit assisted living community in Dawsonville, Georgia to a private partnership that includes affiliates of Gryphon Senior Living. Also helping to facilitate the deal was the Proprietary Loan Group at Hunt Real Estate Capital, which kicked off its balance sheet lending program with a $6.2 million loan to fund not only the $5.8 million, or $181,250 per unit, acquisition but also an expansion project. Originally built in 2015 with 32 units and 37 operating beds, the community has been consistently fully occupied and now is set to expand with another 12 private units of either assisted living or memory care. About... Read More »
Greystone’s Part-II Portfolio Deal
Greystone made news at NIC when it announced it sold a five-property senior living portfolio to Hong Kong-based Chevalier International Holdings Ltd. Previously owned by a publicly-traded REIT, the portfolio consists of 570 total units in New Mexico and Washington state that were built or renovated between 1989 and 2003. It was part of a larger portfolio, which saw four other properties sold in July in Nebraska (1) and Oregon (3), also to Chevalier. In both transactions, The Avamere Family of Companies was brought in to lease the properties, which may include one more property expected to sell next month. Mike Garbers and Cody Tremper of Greystone represented the REIT seller in... Read More »
Lancaster Pollard Closes Two HUD Transactions
The ever-prolific team at Lancaster Pollard closed two more HUD financings on the back of their impressive $610.4 million haul during the 232 Lean program’s fiscal year 2018, which placed them second in terms of volume among the Lean lenders. The first closing was in Greentown, Indiana for an 84-bed skilled nursing facility and a 43-unit assisted living community. Both are owned by Putnam County Hospital (a 25-bed critical access hospital in town) and managed by Exceptional Living Centers. The hospital purchased the property in January 2018 with the help of a $6 million bridge loan provided by Lancaster Pollard Finance Co. that was underwritten concurrently with the HUD refinance. Now, the... Read More »
Blueprint Sells In Ohio and Florida
Blueprint Healthcare Real Estate Advisors has been anything but a wallflower this year in seniors housing and care deal making and continued their 2018 haul with two more transactions announced at the start of NIC. First, in Dayton, Ohio, Connor Doherty and Michael Segal sold an 87-bed skilled nursing facility that came with a lot of upside. Situated in a desirable, urban infill location adjacent to a local medical center, the facility maintained a five-star rating from CMS. Pretty good. But there were restrictive admissions criteria and a vacant floor that meant census was below market. Taking on the challenge (for an undisclosed price) will be a newly-formed, opportunistic... Read More »
Cambridge’s Cahokia Closing
Cambridge Realty Capital Companies provided a $3.9 million HUD loan to refinance the a 150-bed skilled nursing facility in Cahokia, Illinois. The fully amortizing, 35-year term loan was arranged for the property’s owner, an Illinois limited liability company, and the interest rate was not disclosed. Read More »Schedule a demo
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