• Carnegie Capital Announces Latest Closings

    JD Stettin of Carnegie Capital has certainly had his hands full recently, having closed a couple of refinances in the Pacific Northwest, no easy task in the early days of COVID-19, we’re sure.   Mr. Stettin first sourced and structured a cash-out refinance of a 60-unit memory care community near Eugene, Oregon. Featuring a roughly 50-50 mix of... Read More »
  • PGIM Refinances Tennessee Senior Living Community

    PGIM Real Estate announced its latest transaction, with Executive Director Chris Fenton leading the way. It involved a $10.6 million HUD refinance of a senior living community in Ashland City, Tennessee. Built in 2015 with 100 beds in 80 units, the community provides assisted living and memory care services in a four-story building.   Thunderhawk... Read More »
  • Greystone Arranges HUD Construction Debt

    Working through HUD, Lisa Fischman of Greystone facilitated construction financing for an assisted living community to expand its Buffalo, New York-area campus. Originally built in 2003 with 110 beds in 84 units, the community is located on a 20-acre campus. Onsite amenities including a theater, physician’s office and beauty salon certainly... Read More »
  • Genesis HealthCare’s Shares Double in Value

    Leading up to Genesis HealthCare’s first quarter earnings release and conference call, the company’s share price took off. The rise started on May 22 when it jumped by 22% on high volume, but then it added another 35% on volume that was 10 times the average. In the course of four days, the price more than doubled, from $0.63 per share to $1.37... Read More »
  • Looking for Answers in the Lending Market: A Q&A with Alec Blanc of Monarch Advisors

    To get a sense of what is going on in the capital markets in this immediate post-COVID-19 world, we turned to Alec Blanc of Monarch Advisors for his own thoughts.   How has the lending environment changed from the beginning of the second quarter to now?  Overall, there is less debt capital available than there was prior to the COVID-19 crisis. ... Read More »
Capital Health Group and AEW Capital Management Sell Florida Communities

Capital Health Group and AEW Capital Management Sell Florida Communities

We just learned of the sellers in Sino-Ocean Capital and Meridian Senior Living’s acquisition of two seniors housing communities in Florida. After funding the land acquisition and development of the two communities, Capital Health Group and AEW Capital Management are selling the properties for an undisclosed amount. The deal involved a 106-unit community in Fort Lauderdale built in 2016 and a 132-unit community in Boca Raton just opened last year, both operating under the “Symphony” brand. They were both well occupied. The buyers engaged Capital One to serve as administrative agent for a large multi-purpose financing package. The $108.9 million loan will be used to... Read More »
White Oak Healthcare REIT Makes First Acquisition

White Oak Healthcare REIT Makes First Acquisition

Earlier this year, White Oak Healthcare Finance announced that it was forming a new REIT to invest up to $500 million in seniors housing and skilled nursing acquisitions. To do that, they hired a new team consisting of Jeff Erhardt, Paul Nevala, Mike Treiber and John Brussard, all of whom founded Capital Healthcare Investors, a wholly owned subsidiary of MTGE Investment Corp., a publicly traded hybrid REIT. Now, the REIT, appropriately named White Oak Healthcare REIT, is making its first acquisition, involving a four-property senior living portfolio. Located in Arkansas (2), Florida and Pennsylvania, the portfolio features a total of 104 independent living, 230 assisted living and 103... Read More »
Capital Health Group Divests Four Pennsylvania Properties

Capital Health Group Divests Four Pennsylvania Properties

Just two years after acquiring four seniors housing properties totaling 534 beds in southeastern Pennsylvania, Capital Health Group is turning around and selling them. After CHG’s operating affiliate Milestone Retirement Communities took over management of the portfolio, occupancy has averaged 93% and the operating margin consistently surpassed 38%. In today’s operating environment, that’s quite a feat. A national REIT was the buyer. CHG sold the communities on behalf of its sponsored operating community, CHH Senior Housing, LP, which is capitalized by Akard Street Partners, an investment venture with the Teacher Retirement System of Texas. Read More »
Capital Health Group Kicks Off Northeast Strategy

Capital Health Group Kicks Off Northeast Strategy

Nearly a decade on from its last New England acquisition, Capital Health Group added three senior living communities in Rhode Island to its portfolio. The private equity firm has big plans for the properties, expecting to reposition them through $14.9 million in extensive renovations and a change to the programming mix to better meet market demand. Totaling 371 units and 385 beds, the communities currently offer independent living, assisted living and memory care units at locations in East Greenwich, Johnston and Riverside. Capital Health Group’s affiliated management company, Milestone Retirement Communities, will take over operations and oversee the repositioning project. This deal... Read More »
Buyers See Potential In Wildwood Independent Living Community

Buyers See Potential In Wildwood Independent Living Community

Joint venture partners Harrison Street Real Estate Capital, REDICO and American House Senior Living Communities clearly eyed potential at a newly built independent living community in Wildwood, Florida (near The Villages). Built in 2013, the community features 173 units ranging in size from 500 to 1,090 square feet. Based on a 30% operating margin on approximately $5.3 million of in-place revenues, and occupancy of 90% at the time of sale, we have estimated the cap rate to be about 5.2%.  Both occupancy and margins could be improved, with a good amount of hard work, of course. Since assuming management, American House has added private duty personal care services through Allegiance Home... Read More »