Diversified Closes Revolving Credit Facility
Diversified Healthcare Trust announced the closing of a new $150 million secured revolving credit facility. The facility is secured by 14 seniors housing communities with 2,632 living units managed by Five Star Senior Living, the operating division of AlerisLife Inc. DHC has already paid its 2025 notes in full with refinancing and asset sale proceeds, so this revolving credit facility provides the company with enhanced liquidity and financial flexibility to support its general business needs. The revolving credit facility has an initial term of four years, with two six-month extension options, subject to certain conditions, and bears interest at a rate equal to SOFR plus a spread of 250 to... Read More »Kandu Capital Recaps Indiana Purchase
Bloom Senior Living and Kandu Capital recently refinanced an Indianapolis, Indiana property that it acquired in October 2023 and already added value to it. Formerly owned and operated by Enlivant, Bloom at Kessler was in a distressed state when Bloom took over operations, with occupancy at 39% and an annual loss of around $1 million. It was purchased for $2.135 million, or just $35,000 per unit. Since the purchase, Kandu and Bloom have spent just over $200,000 in capex and $600,000 in working capital, bringing occupancy to 84% and raising rates to $5,100 per unit. Revenues and EBITDA keep improving, as well, with stabilized EBITDA estimated between $1.0 million and $1.2 million. Using a... Read More »
Tremper Capital Group Secures Multiple Financings
Tremper Capital Group has hit a rich vein of activity, with four closings since the start of May and several more planned in June. The firm kicked things off with an agency refinance closed for a 133-unit seniors housing community in the Pacific Northwest. Opened in 2022, the community featured independent living, assisted living and memory care services and was a strong performer, with nearly 100% occupancy. The operator, Merrill Gardens, has clearly done a great job at the location. The borrower wished to take out the original construction debt and had received quotes from life insurance companies and banks. But Freddie Mac offered the best combination of terms and provided a $42.9... Read More »
Canyon Partners Provides Refinance
Canyon Partners Real Estate provided a $47 million senior loan to refinance American House Oak Park, a 174-unit seniors housing community in Chicago. Affiliates of AEW Capital Management and REDICO were the joint venture borrowers. Newmark arranged the financing. Located in the Oak Park neighborhood, the property comprises 74 independent living, 65 assisted living and 35 memory care units. Amenities at the community include a rooftop lounge, roof terraces, a fitness center, salon, game room, art studio and theater. Read More »
CIBC Bank Funds Illinois Acquisition
CIBC Bank USA provided a $3.4 million loan for the acquisition and capital improvements of an assisted living community in Illinois, along with a $1 million working capital revolving line of credit. The seller is exiting the industry, and the borrower sees significant room for improvement upon completion of renovations and adjustments to the resident mix, which will help grow occupancy and operating margins. Read More »
Lument Announces Latest Activity
Lument closed a $60 million Freddie Mac loan to refinance Park Terrace, a 180-unit assisted living/memory care community in Rancho Santa Margarita, California. Kisco Senior Living owns and operates the property, which was built in 2000 with extension renovations and additions from 2023 to 2025. Lument’s Chris Cain, managing director based in Dallas, led the transaction. The Freddie Mac loan has a fixed interest rate, 10-year term with seven years interest only, 30-year amortization, and allows for cash-out proceeds. It refinanced an existing agency loan. The firm followed that with a $26.8 million HUD loan for a three-site, non-contiguous, 203-unit affordable senior apartment community in... Read More »
Wisconsin Communities Secure Bridge Financing
MonticelloAM, along with a firm affiliate, closed $28 million in bridge financing for two seniors housing properties in Wisconsin. Karina Davydov originated the transaction through the firm’s bridge lending platform. The floating-rate senior bridge loan has a 24-month initial term with two extension options. The sponsor is an experienced Midwest operator and repeat client of MonticelloAM that plans to use the loan proceeds to refinance the existing debt on two assisted living communities near Madison and Milwaukee, comprising 170 beds. Read More »
Brookdale Making A Run?
Brookdale Senior Living just announced that May’s occupancy levels jumped quite impressively. Nothing like a proxy challenge to get things moving in the right direction. If only they had worked it two to three years ago, Cindy Baier might still have her job. But heck, she still has a lot of equity in the company, which is now increasing in value. Finally. May’s month-end occupancy increased by 50 basis points over April’s to land at 81.5%, or 200 basis points higher than last May. The weighted average occupancy in May was 80.0%, or 190 basis points above last May’s. Same-community weighted average occupancy in May jumped to 80.6%, up 20 basis points sequentially, while month-end... Read More »
SLIB Closes Transaction Trio
Senior Living Investment Brokerage announced a slew of closings in the western United States, starting with a senior care campus in Douglas, Wyoming, in the rural eastern part of the state. Originally built in 1968, the skilled nursing portion (Douglas Care Center) was renovated in 2010, and the assisted living/memory care portion (Mountain Lodge) was added in 2018. The adjacent properties feature 74 units and 96 beds of assisted living, memory care and skilled nursing on nearly five acres. Occupancy was around 70%. Its local mom & pop seller decided to retire and divested the campus to a Utah-based regional owner/operator expanding its presence in Wyoming. Vince Viverito and Jason... Read More »
Sonida Senior Living Grows in Florida and Georgia
Sonida Senior Living acquired two seniors housing communities through separate transactions. In May, Sonida acquired a memory care community in Tarpon Springs, Florida. It was built in 2017 and features 64 units. This community complements Sonida’s recently acquired central Florida assets, bringing its Florida portfolio total to eight assets. The company will implement its Magnolia Trails personalized memory care services to activate the community while leveraging its regional sales and marketing support to drive occupancy. The purchase price was $11 million, or $171,900 per unit, funded with cash on hand and a new $9 million non-recourse mortgage from the asset’s existing lender.... Read More »Schedule a demo
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