• Public REIT Lands Portfolio in Competitive Sale

    A portfolio of Class-A seniors housing communities sold in the Southeast to an undisclosed publicly traded REIT. Featuring six assets in Georgia and South Carolina, the portfolio totaled 156 independent living, 200 assisted living and 70 memory care units. The communities were built between 2017 and 2022 by a Southeast-based developer. Occupancy... Read More »
  • Regional Owner/Operator Acquires Ocala AL Community

    The third and final asset in the Hampton Manor portfolio has sold with the help of Brad Clousing and Dan Geraghty of Senior Living Investment Brokerage. Hampton Manor Deerwood in Ocala, Florida, was built in 2005 and expanded in 2016 to now feature 61 units of assisted living. The property is stabilized, so the new owner can hit the ground... Read More »
  • Second Generation Operator Divests SNF Portfolio to PE Firm

    A Northeast-based private equity firm engaged Daniel Morris of Plains Commercial Real Estate in its plan to enter a new state. The firm has an existing skilled nursing footprint, and had specific acquisition criteria, which narrowed the focus down to a few potential targets.  The company ultimately acquired a five-facility, 506-bed skilled... Read More »
  • CIBC Springs Ahead with Deal Flow

    CIBC has been hard at work this Spring, successfully closing several acquisition financings for senior care clients across the country. The largest was a $51.5 million term loan that supported the purchase of four skilled nursing facilities in Illinois totaling 586 beds. Historical performance trended positively over the last two years across the... Read More »
  • National Healthcare Properties Kicks Off IPO Push

    National Healthcare Properties, Inc. launched its public offering of 38.5 million shares of its Class A common stock pursuant to a registration statement on Form S-11 filed with the SEC. The initial public offering price is expected to be between $13.00 and $16.00 per share, and the company expects to grant the underwriters a 30-day option to... 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 »

2016 HUD Rankings

We reported a few weeks ago that Lancaster Pollard was the most active HUD 232 LEAN lender with 60 transactions with a total value of $554.4 million, but KeyBank was close behind at 54 loans worth $521.8 million. In third place was Housing & Healthcare Finance with 28 deals and $355.9 million. HHC also closed the largest loan of the fiscal year, an $80.7 million loan on a 520-bed skilled nursing facility in New York. Berkadia Commercial Mortgage came next with 26 deals worth $180.5 million and Capital Funding followed them with 21 financings worth $261.0 million, including the second-largest closing of the year: a $43.4 million loan for a 314-bed skilled nursing facility in New York.... Read More »

Capital Funding’s closings

Capital Funding Group closed a couple of transactions recently for SNFs up and down the East Coast. Starting in New York, the lender provided a $19.1 million bridge-to-HUD loan for a borrower to acquire a 167-bed skilled nursing facility. The loan covered over 90% of the $20.87 million, or $125,000 per bed, purchase price. Craig Casagrande originated the transaction, which was funded through a combination of senior and mezzanine debt and included a turnaround component based on projected improvements to the facility’s performance. Plus, Chip Woelper originated a $3 million working capital loan for the borrower to finance operations. In a separate transaction, Capital Funding served as sole... Read More »

HUD’s top lenders

We will be profiling the top 10 HUD LEAN lenders in the coming issue of The SeniorCare Investor, but here is a little snapshot. We already mentioned last week that Lancaster Pollard finished well ahead of the pack, with 65 transactions totaling $531 million. Coming in second place, dollar-wise, was Housing & Healthcare Finance. The Chevy Chase, Maryland-based firm closed 22 transactions, for a total of $264.2 million. Loan sizes ranged from as low as $3.96 million up to $28.78 million. Coming in third was Capital Funding, which actually closed 28 loans (second place) totaling $257.8 million. Good job to all. Read More »