Housing & Healthcare Finance’s Flourishing Bridge Loan Program
The Capital Advisory Group at Housing & Healthcare Finance, led by Isaac Haas and Neil Gamms, has been hard at work closing over $100 million in bridge loans and a $7 million A/R line of credit in the last couple of months. The largest of the transactions took place in Ohio, where the firm closed a $57 million loan for a portfolio of five skilled nursing facilities and two assisted living communities totaling 854 beds. Four SNFs in Georgia with 560 beds received a couple of loans totaling $25.7 million. The firm also closed an $11 million loan for a 140-bed SNF in Pennsylvania, and three loans ranging from $3 million to $7 million for smaller facilities in Kentucky, Massachusetts and... Read More »Senior Care Stocks Remain in Doldrums
Seniors housing and care stocks remain in the dumps. There has been no Trump bump for them, as the rest of the market is up 16% since the beginning of this year. We should be only half as lucky. One would think that the skilled nursing dominated companies would have been the hardest hit, given all the talk of Medicaid block grants and census declines. But through mid-October, two of them have actually posted gains so far. Diversicare Healthcare Services is up 11% and The Ensign Group has eked out a small 2.2% gain so far this year. Meanwhile, National HealthCare Corporation has dropped nearly 15% this year, and Genesis HealthCare has plunged more than 75% and has settled in around $1.00... Read More »2017 HUD LEAN Rankings Are In
Total HUD LEAN loan volume hasn’t yet reached the heights of its FY2014, when the program closed over $4.2 billion in loans in 484 transactions, but it is getting there. In its FY2017, lenders closed just over $3.4 billion in 310 deals, up 20% from FY2016’s $2.84 billion volume (in 287 deals) and up 26% from FY2015’s $2.7 billion (in 291 deals). A total of 33 lenders closed at least one transaction, with Lancaster Pollard topping the list with 79 transactions. KeyBank came in second, with 33 loans, and Capital Funding was not far behind, closing 28 transactions. Housing & Healthcare Finance and First American Capital Group tied for fourth, each with 18 loans closed. Lancaster Pollard... Read More »
Care Investment Trust Partners With Phoenix Senior Living
Care Investment Trust joint ventured with Phoenix Senior Living for the second time this year, acquiring a 68-unit assisted living/memory care community in Albany, Georgia. Built in 1999, the community was formerly owned by the Phoebe Putney Health System, a not-for-profit health network in southwest Georgia. It now brings Phoenix’s operating portfolio to eight communities across the Southeast, not including three projects currently under construction. Jay Miele and Brady Stern of Hammond Hanlon Camp LLC advised Phoebe Putney on the transaction. Earlier this year, Care Investment Trust and Phoenix Senior Living partnered to acquired a 64-unit memory care community in Fayetteville, Georgia... Read More »Lancaster Pollard Lands Another HUD Loan
Lancaster Pollard didn’t rest on its laurels for long. After HUD announced that Lancaster Pollard beat out all other HUD LEAN lenders in both number of transactions (79) and loan volume (nearly $770 million), the firm closed another HUD loan on behalf of Premier Senior Living. A group of seven of its senior care facilities in the Southeast were previously financed with bonds from a national bank that were set to mature in the fall of 2017. So, Ross Holland and Jason Dopoulos of Lancaster Pollard arranged a $47.1 million loan to refinance the portfolio, which included orchestrating a master lease and debt allocation for four of the communities. The loan also funds replacement reserves for... Read More »
HJ Sims Leads San Diego CCRC Financing
A not-for-profit CCRC in the Rancho Bernardo area of San Diego, California is planning a large expansion to its skilled nursing services, to include a brand-new 72-bed, three-story skilled nursing building, plus various improvements to the assisted living and memory care communities. The project is Phase II of a three-phase retooling of the 500-unit community, which is managed by Life Care Services. To fund the $51.6 million expansion, the CCRC provided $7.1 million of equity, reallocated about $5.5 million not used in the Phase I project, and turned to HJ Sims to facilitate a $39 million direct bank placement bond issue with City National Bank. The tax-exempt bonds were issued on parity... Read More »
Time To Invest In Brookdale Senior Living?
Recent bad news had no impact on Brookdale Senior Living’s share price, leading me to believe that bottom may have been hit. Is now the time to finally invest in Brookdale Senior Living’s stock? This week, the company announced that it will take an EBITDA hit to 2017 earnings of up to $13 million as a result of the hurricanes in Texas and Florida. In addition, they expect to spend up to $14 million in total for capital remediation for some of the affected properties. On top of this, it was announced that their COO will be leaving at the end of the month. A good COO is exactly what the company needs most right now, so this may be problematic. But, from what we had been hearing, this... Read More »Capitol Seniors Housing Announces Two More Senior Living Projects
Capitol Seniors Housing’s development pipeline is growing fast, as luxury senior living communities continue to go up and down the Acela Corridor, and Chicagoland too. The firm has announced its two latest projects in Andover, Massachusetts and Glenview, Illinois, both scheduled to open in the fourth quarter of 2018. The Andover community will feature 96 units, at a cost of $36.5 million, or $380,200 per unit. The Northbridge Companies will take over management. And in Glenview, CSH is building an 83-unit assisted living community for $28.4 million, or $342,200 per unit, which will be managed by Atria Senior Living. The community will complement CSH’s 95-unit community in nearby... Read More »
The Skilled Nursing Investors Speak
On October 12, we hosted a webinar called “Investing in Skilled Nursing Facilities,” where our editor, Steve Monroe, and a panel of experts, including Joseph Deans of Diversicare Healthcare Services, Steve LaForte of Cascadia Healthcare and Talya Nevo-Hacohen of Sabra Health Care REIT, discussed the skilled nursing M&A environment today. That spanned from who is buying SNFs and why, the discrepancy between record-high values and current industry headwinds, and whether SNFs will win the battle against LTACs and IRFs for the post-acute patient, among several other topics. But we also brought in the audience to get their opinion on a few issues too, and here are the results: Do... Read More »
Greystone Refinances Queens Facilities
Greystone seems to have specialized in Queens financings, as the firm went back to the New York borough to close two more HUD loans for a couple of large skilled nursing facilities. This summer, Fred Levine, working out of the firm’s Monsey, New York office, arranged a $60 million HUD refinance for a 302-bed SNF and a $29 million HUD loan to refinance a 227-bed facility. He didn’t stop there, however, and originated nearly $55 million in HUD financing for two other SNFs. First, Mr. Levine originated a $21.92 million loan for a 298-bed facility that offers short-term rehab, long-term care, bariatric weight loss services (a specialized 90-day in-patient program with both counseling and... Read More »Schedule a demo
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