CreativCap Closes Two Financings
CreativCap secured debt for two clients, including a bridge loan and a lifeco refinance. The $53 million bridge loan was closed on behalf of a new client, Inspired Living, and facilitated the refinancing of two assisted living/memory care communities. Each community consisted of 127 units (81 AL and 46 MC), with one located in Florida and the other in Louisiana. Both communities were well-occupied, with occupancy rates in the upper 80s and lower 90s, but needed additional time to improve margins to desired levels, primarily through rent increases. However, because lenders favor projects that are already achieving the desired margin or communities with upside in occupancy, margin... Read More »
CIBC Refinances Improving AL Community
CIBC Bank USA provided a $17.5 million term loan to refinance a 67-unit assisted living community in Oregon. The community has been operated by the owner for over a year, and it caters towards residents with behavioral needs. Performance has trended well over the last 12 months through occupancy improvements (75% in Q4:23 to over 90% currently) and improved margins (currently in the mid-30% range), and it is expected to improve even further. Fritz Kieckhefer and Kyle Doran handled the transaction for CIBC Bank USA. Read More »
Greystone Provides Bridge Financing
Greystone provided $40.5 million in bridge financing to Kalesta Healthcare Group for the acquisition and refinance of two skilled nursing facilities with 219 beds in Menlo Park and Los Banos, California. The interest-only, non-recourse bridge loan carries a 24-month term with two six-month extension options, enabling Kalesta to complete the acquisition and fund capital improvements while Greystone works to secure permanent HUD financing later this year. The financing was originated by Christopher Clare and David Young. Ben Rubin, Ryan Harkins, Peter Nielson and Liam Gallagher assisted on this transaction. Grant Goodman of G Capital served as Kalesta’s capital advisor on the... Read More »
California and Illinois Turnkey Communities Are Up for Bid
Hilco Real Estate announced June 12 as the bid deadline for two assisted living communities, The Courte at Citrus Heights (Citrus Heights, California) and The Landing on Dundee (Wheeling, Illinois). Each community is being sold individually. Bids must be received on or before the deadline of June 12 at 5:00 pm (CT) and must be submitted on the LOI available for review and download from Hilco’s website. Built in 2016 and zoned Restricted Density Multiple Dwelling, The Courte features 48 memory care units with an occupancy rate of 87%. The community is in a region with a robust healthcare network, as healthcare and social assistance account for 13.7% of Sacramento’s workforce. It is... Read More »
Silverado Welcomes New CEO
Silverado announced the appointment of Wayne Sanner as Chief Executive Officer Designate, effective April 28. Sanner will work closely with Co-Founder and current CEO, Loren Shook, as he transitions to the new position. With over two decades of executive leadership in senior living and skilled nursing operations, Sanner brings a proven track record of excellence in scaling multi-side healthcare organizations, improving patient outcomes and fostering purpose-driven cultures. Most recently, Sanner served as Chief Operating Officer of Prestige Healthcare, where he oversaw 80 SNFs caring for 7,000 residents across five states and led a team of more than 10,000 members. Sanner’s... Read More »
Brookdale Occupancy Gains
Continuing a steady stream of small occupancy increases, Brookdale Senior Living bucked the historical norm of first quarter census declines for the seniors housing industry. In the first quarter, the monthly weighted average occupancy increased by 20 basis points to 79.5% in March. In addition, month-end occupancy hit a five-year high of 80.9%, ending above 80% for eight straight months. While this is all good news, Brookdale continues to lag the rest of the industry in terms of post-pandemic census growth. We previously reported on an investor activist group that is unhappy with Brookdale’s share price performance and has nominated a slate of six new board members. Now, another investor,... Read More »
CareTrust and Real Estate Investor Acquire in California
Nick Stahler, Michael Mooney and Hap Knowles of the Knapp-Stahler Group at Marcus & Millichap closed the sale of a senior care campus in Los Alamitos, California. The campus includes a 150-bed skilled nursing facility (Alamitos West Health and Rehabilitation) and a 68-unit/140-bed RCFE (Katella Senior Living Community). The skilled nursing component serves as a natural feeder to the RCFE, enhancing resident retention and streamlining care transitions. The buyer was a joint venture between CareTrust REIT and a third-party healthcare real estate owner. The acquisition presents an advantage to the joint venture through economies of scale, operational synergies and opportunities to... Read More »
Alta Senior Living Expands in California
Alta Senior Living has expanded its portfolio with the acquisition of a seniors housing community in Sacramento, California, through a joint venture with its capital partner, Brasa Capital Management. Built in 2017, The Village at Heritage Park features 162 total units, with 54 independent living, 60 assisted living and 48 memory care units. The community has already been rebranded as Rose Arbor Village. Alta Senior Living was engaged in October by the previous owner to rebrand and stabilize an underperforming operation. Confident in strengthening its commitment to the community’s success, the company executed an acquisition that officially closed in February. An aggressive repositioning... Read More »
Lee & Associates Closes Seniors Transaction
Lee & Associates’ Senior Housing team, led by Robert Black, was engaged by Sugar Creek Capital, which specializes in tax credit investments nationwide, in its divestment of an outlier asset. Built in 1985 with a renovation and expansion of 48 units in 2016, Terrace Retirement Community comprises 178 independent living units in Columbia, Missouri. The occupancy rate was 78% at the time of sale. There were multiple groups interested in the community, with Unbridled Living selected as the best fit and ultimate buyer. This marks the company’s first seniors housing acquisition, with plans to continue expanding its portfolio through the addition of performing, value-add and... Read More »
Interview with Bryan Lockard of JLL Value and Risk Advisory
The SeniorCare Investor’s Ben Swett sat down with JLL’s Bryan Lockard to discuss the firm’s latest investor survey and any surprising results in it. The conversation also covered prices and cap rates seen for the different property groups in 2025, so far. Read More »Schedule a demo
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