VIUM Capital Raises Its HUD Activity
Fresh off celebrating its four-year anniversary on April 1, VIUM Capital announced its first quarter transaction activity, which included 14 debt financings closed for 31 total properties. In total, the firm arranged $337 million in total financing during the quarter. Located across nine states from North Carolina to Oregon, 16 of the properties were seniors housing communities, two were rental CCRCs and 13 were skilled nursing facilities. VIUM closed nine HUD 232/223f refinancings, taking out VIUM bridge debt in all but one of the transactions. That marked the first quarter that VIUM’s HUD closings exceeded their bridge loan closings, and we know there are many more bridge loans... Read More »
CareTrust Acquires Three California CCRCs For $60 Million
CareTrust REIT, Inc. announced that it purchased three CCRCs in Los Angeles, Orange and San Diego counties. Together, the communities comprise 475 assisted living, skilled nursing and memory care beds/units. The incoming operator for each is Bayshire Senior Communities, an existing CareTrust tenant based in Southern California. The investments were funded using cash on hand and came to around $60 million, or $126,900 per bed/unit. Torrey Pines Senior Living is in San Diego, California, and was acquired for a total investment amount of approximately $32.3 million, inclusive of transaction costs. Annual cash rent for the first year is about $2.6 million, increasing to around $3.0 million in... Read More »
CBRE Secures Acquisition Financing For Florida SH Community
CBRE Capital Markets secured acquisition financing for a seniors housing community in Ponte Vedra Beach, Florida, on behalf of Starling, a regional senior living development and management company based in Jacksonville, Florida. Built in 2015, Starling at Ponte Vedra features 86 assisted living and memory care units. The borrower will use a portion of loan proceeds to effectuate a capital expenditure program. CBRE secured this three-year, $16.2 million loan through Live Oak Bank. Aron Will, Phil Rachels and Michael Cregan arranged the financing, while Brad Clousing and Daniel Geraghty of Senior Living Investment Brokerage handled the sale. Read More »
Helios Handles Sale, Recap and Financing
Helios Healthcare Advisors structured the sale and recapitalization of an assisted living and memory care provider in Wisconsin. Through the provider’s lender, a publicly traded regional bank with $23 billion in assets, Helios was brought into the process to advise all stakeholders on a viable path to exit the credit and assets associated with the organization. The first step was divesting the non-performing assets to regional operators including behavioral health providers in Wisconsin, which Helios handled. Then, they repackaged the remaining performing assets, brought in a new operator, and arranged the debt to recapitalize the portfolio, keeping the existing financial partner involved... Read More »
Partnership Adds Another Georgia Asset
Scribner Capital, LLC and William James Group, LLC (WJG) added to their Georgia holdings by acquiring Insignia of Newnan, a 40-unit assisted living/memory care community in Newnan, located between Atlanta and Columbus. Bradley Clousing and Daniel Geraghty of Senior Living Investment Brokerage handled the transaction. The community will be rebranded as The Haven at Newnan and added to an existing joint venture that previously acquired two Georgia seniors housing communities. Those assets included River Place (40 units) in Forsyth and Sunny Grove (34 units) in Barnesville. Scribner and WJG had purchased them in July 2022 for an undisclosed price. In that deal, Scribner provided... Read More »
Florida SNFs Secure $17.4 Million in HUD Loans
Capital Funding Group announced the closing of two HUD loans totaling $17.4 million, which supported the refinancing of two skilled nursing facilities in Florida. The facilities feature a total of 261 beds. The financing was on behalf of a nationally recognized borrower. Tim Eberhardt and Ava Julio originated the transaction. This financing follows CFG’s recent announcement of the closing of two HUD loans totaling $13.55 million. The loans supported the refinancing of two skilled nursing facilities in Illinois. The facilities comprise a total of 173 beds. The financing was on behalf of a nationally recognized borrower. Read More »
Meridian Reports First Quarter Transaction Volume
The first quarter is in the books, and Meridian Capital Group’s Senior Housing and Healthcare platform, led by Ari Adlerstein and Josh Simpson, closed $575 million in transaction volume in the first three months of the year, following more than $5 billion closed by the platform in 2023. Most recently, the team sold six skilled nursing facilities comprising 517 beds in Indiana for $37.5 million, or $72,500 per bed, and arranged $34.8 million in financing from a finance company along with an $8.5 million A/R line for the acquisition. They also arranged $29.5 million in financing from a commercial bank to refinance a New Jersey property totaling 85 assisted living and 34 memory care... Read More »
60 Seconds with Stephen Monroe: What History Can Tell Us
As many of you know, I like history. And I like looking back in time at our industry. That is how in October 2020 we concluded that we would not get back to pre-pandemic occupancy levels until 2024 to 2025. It was an analysis no one wanted to hear, but the smart ones removed their rose-tinted glasses. In this month’s issue of The SeniorCare Investor, we will take a 10-year lookback at the three largest owners of seniors housing assets: Welltower, Ventas and Brookdale Senior Living. If you had to guess, when do you think occupancy peaked before the pandemic? How about operating margins? How far are they from getting back to “normal?” While progress has been made, what is keeping them from... Read More »
Interview with Bryan Lockard of JLL Value and Risk Advisory
Ben Swett, Managing Editor of The SeniorCare Investor, sat down with Bryan Lockard of JLL Value and Risk Advisory to discuss JLL’s 2024 Seniors Housing and Care Investor Survey and Trends, which you can download here. Read More »Wow…Sonida Senior Living
The last company in our sector, Sonida Senior Living, finally reported fourth quarter and full-year 2023 earnings, and while pretty good, that was not even the story. The story started four weeks ago. In February, the company announced a series of capital transactions which reduced their debt, raised some equity, and provided liquidity to take the company on to the next stage. It must have taken a few weeks to sink in, or at least to get investors thinking about the future of the company instead of thinking about survivability. And a year ago, there was a question as to how long the company would stay afloat. In January, the share price averaged between $8 and $9, increasing to a range of... Read More »Schedule a demo
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