All Business For Berkadia
The closings keep on coming from Berkadia, which recently facilitated two Freddie Mac financings and a bridge-to-HUD loan for several clients. Heidi Brunet and Chris Honn teamed up to arrange a 10-year, $30 million Freddie Mac loan to refinance a 120-unit independent living community in the Columbus, Ohio area. Recently built in 2015, the community was nearly stabilized, prompting the new client to pay off its existing construction debt with this transaction. Ms. Brunet also assisted an older senior living community to refinance with a 10-year, $44 million Freddie Mac loan. Located in South Florida, the property consists of four buildings with 268 independent living and 55 assisted living... Read More »Meridian Capital’s Latest Closing
The team at Meridian Capital Group popped over to the Bronx to close their latest transaction. Ari Adlerstein, Ari Dobkin, Josh Simpson and Isaac Lifshitz, all based in Meridian’s New York City headquarters, arranged a two-year $34 million loan to facilitate the acquisition of a 256-bed/120-unit assisted living community in the Bronx. The balance sheet loan, provided by a debt fund, is highly levered and will provide a large earn-out if the client achieves its operating goals. Built in the 1960s, the property was in the process of expanding its license, which was contingent on certain capital expenditure measures. Those plans went into effect post-closing, thanks to the team at... Read More »
An Unprecedented Bull Market For Senior Care Acquisitions
The end of June marks the seventh full year of this unprecedented bull market for seniors housing and care acquisitions. We have hit yet another milestone, as the end of June will represent the seventh consecutive year of a bull market for seniors housing and care acquisitions. Not all bulls, however, are created equal, as six months into 2017 it still does not seem as strong as 2015 and parts of 2016. There is certainly more caution in the air, and many people have been waiting for the correction in pricing that just never seems to come. Is the demographic tsunami so strong that a major correction will never happen? Unlikely. Many of us thought rising interest rates would put a damper on... Read More »Big Deals Are Back
Big seniors housing and care companies are back in vogue as acquisition targets, and they are all occurring with the specter of a Brookdale Senior Living buyout looming over the market. First came Kayne Anderson Real Estate Advisors’ $825 million acquisition of Sentio Healthcare Properties and its portfolio of 34 seniors housing and medical office properties. Then, we learned of Sabra Health Care REIT and Care Capital Properties’ all-stock merger valued at nearly $4 billion. Now, in the midst of rumors that Brookdale is in exclusive talks with a Chinese investor (Zhonghong Zhuoye Group) for a potential sale valued at $3.0 billion, we learned of another major deal in the works. Columbia... Read More »
A Couple of Acquisition Loans From Harborview Capital Partners
Harborview Capital Partners has been in the business of financing large acquisitions of senior care properties lately. Just last month, the firm arranged the sale and $37.4 million in HUD financing for a senior living portfolio in Arizona, and then days later, Harborview also sold a skilled nursing portfolio in Ohio and arranged a $20.7 million bridge loan to finance the deal. The team of Eli and Jonathan Kutner continued this impressive form in arranging a $20.71 million bridge loan to fund the acquisition of a skilled nursing facility in Westchester, New York (New York City MSA). The loan, provided by a national lender, featured a LIBOR-based rate and a three-year, interest-only term. In... Read More »
HHC Finance Hard At Work
HHC Finance headed to the greater Los Angeles area to close its latest transaction, a $6 million HUD refinance of a 99-bed/38-unit skilled nursing facility. The loan features a fixed interest rate below 3.5% and a 30-year term, and it comes on the heels of a $32 million refinance, arranged by HHC Finance, of two senior care facilities located outside of New Orleans. Owned by the Archdiocese of New Orleans, the two properties have a total of 437 beds and 318 units of skilled nursing, assisted living and memory care services. Recently, a 30-unit post-acute rehab center was added, and the construction loan to fund it was taken out by the refinance. More renovations are planned to both... Read More »Recent Senior Care M&A Deals, Week Ending June 16, 2017
Check out our recent senior care M&A transactions! Long-Term Care AcquirerTargetPrice Care Investment TrustThe Villages at Palmerton & The Willow$13 million Private developer/operatorShalom Village$16.1 million MIMA Healthcare8 skilled nursing facilitiesN/A MedEquities Realty Trust, Inc.Woodlake at Tolland Nursing & Rehab Center$10... Read More »Blueprint Booms In June
Adam Sherman of Blueprint Healthcare Real Estate Advisors brought several parties together to arrange the capital for a $30 million assisted living/memory care development in Kissimmee, Florida. Located on a 3.4-acre site in the Osceola Corporate Center, a 900+ acre master planned mixed use development, the community will feature 104 units/114 beds of assisted living and 24 private memory care units, in addition to multiple dining venues and amenities. The developer, Providence One Partners, LLC, and the operator, Watercrest Senior Living, expect to open the three-story community by late summer of 2018. Construction began immediately after Mr. Sherman arranged the capital stack, which... Read More »Inspirit In Pennsylvania
Inspirit Senior Living just doubled its portfolio (to four properties), expanded its joint venture partnership with Care Investment Trust and grew its geographic reach with the acquisition of two personal care communities in Pennsylvania. Since being founded in 2015 by Greenfield Senior Living veteran David McHarg, Inspirit has taken a slow and steady approach to its growth, acquiring its first property in November 2016 (a 75-unit assisted living community in Winchester, Virginia for $9.38 million, or $125,070 per unit) and its second in February 2017 (a 120-unit AL/memory care community in Bartlett, Tennessee for $10 million, or $83,330 per unit). The two communities were considered... Read More »
Monticello Finances Massachusetts Portfolio Deal
Monticello Asset Management successfully originated nearly $70 million in bridge-to-HUD financing to facilitate the purchase of a four-property skilled nursing portfolio in Massachusetts. Consisting of 616 total beds (100 of which are for assisted living), the four facilities each average about 70,000 square feet and have an average age over 20 years old. The buying entity’s principals have over 15 years of experience owning and operating SNFs, and they plan to leverage that knowledge to improve operations at the facilities. Monticello, which was founded in 2014 by principals Thomas Lally, Alan Litt and Jonathan Litt, arranged $69.3 million in first lien debt financing to fund the... Read More »Schedule a demo
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