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 »
Seniors Housing Construction and Take-Out Financing: Slowing Down or Just Getting Started?
On January 18, 2018, we hosted a webinar titled “Seniors Housing Construction and Take-Out Financing: Slowing Down or Just Getting Started?” Our editor, Steve Monroe, moderated a 90-minute discussion among panelists Chris Fenton of Berkadia, Rich Malloy of BBVA Compass and Cary Tremper of Greystone, covering a range of topics from the current pace of seniors housing construction today to best practices in the current construction lending environment, and from take-out financing to their thoughts on the 2018 market, and beyond. But we also wanted to hear from our audience and posed three questions: Have you seen new development slowing down? Yes 35% No 65% Have you... Read More »
MidCap Financial Finances Georgia Portfolio Acquisition
Lawrence “Lory” Brin of MidCap Financial recently helped facilitate Artemis Real Estate Partners and Allegro Senior Living’s acquisition of three Atlanta-area assisted living communities by arranging an $18.25 million loan. The floating rate first mortgage will also enable the buyers to reposition the communities and invest $7 million of capital improvements to renovate the exteriors, common areas and unit interiors. Built from 1998 to 2000, the communities are located in Buckhead (46 assisted living and 22 memory care units), Alpharetta (48 AL and 24 MC units) and Marietta (28 AL and 27 MC units). The deal marks Allegro Senior Living’s entry into the state, and the company will also... Read More »
Solvere Senior Living Builds In Its Own Backyard
Solvere Senior Living is following up on a busy 2017 with a new 195-unit seniors housing development in Hamilton Township, New Jersey, at a cost of nearly $60 million, or just over $300,000 per unit. Opening next month, the community will feature 96 independent living, 75 assisted living and 24 memory care units, with a host of amenities and dining options. Despite Solvere’s being based in nearby Princeton, this will actually be the company’s first foray into the Garden State, with communities already in Virginia, West Virginia, New York, Maryland and Indiana. The opening comes on the heels of several other projects that Solvere has in its pipeline with a number of development partners. It... Read More »
Another Texas SNF For National Health Investors
National Health Investors added another Texas skilled nursing facility to its portfolio with the purchase of a 121-bed facility in Waxahachie for $14.4 million, or about $119,000 per bed. The acquisition is the second of four that NHI had previously committed to and will be added to the existing master lease with The Ensign Group at an initial rate of 8.2%, plus annual escalators based on inflation. This brings Ensign’s Texas total to 16 skilled nursing facilities. Explaining the high per-bed price is the facility’s age, having just opened in November 2016. NHI funded the deal with proceeds from its revolving credit facility. Read More »Schedule a demo
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