Capital One Annual Survey Results
We have been pretty gloomy about the state of the seniors housing market recently. It has not been without reason, with the industry still mired in low occupancy, persistent discounting and labor difficulties, both finding it and paying for it. On top of that, October’s low M&A count (just 24 publicly announced deals) did not make us feel any better. That was true in both the senior care sector and in health care M&A in general. At the same time, private equity capital keeps pouring into the healthcare services space (including home health care, behavioral health, physician medical groups, etc…), showing us that investors still view the industry incredibly favorably and may keep... Read More »
Sino-Ocean Capital and Meridian Senior Living Acquire Two More Properties
A joint venture between Sino-Ocean Capital and Meridian Senior Living engaged Capital One to serve as administrative agent for a large multi-purpose financing package. The $108.9 million loan will be used to both finance the purchase of two seniors housing communities in Florida and refinance a previous Capital One loan that the JV used to acquire three communities in California. All five assets are cross-collateralized and cross-defaulted (which helps provide for competitive pricing and terms), plus the transaction was structured to allow other assets to be added to the existing portfolio in the future. The Florida acquisition involved a 106-unit community in Fort Lauderdale and a... Read More »
Capital One Finances Caddis Construction Project
A large senior living community being developed by Caddis in partnership with operator Solvere Senior Living is going up in Venice, Florida thanks in part to a construction loan provided by Capital One. Totaling $35.7 million, the loan will finance the 181-unit project, which will feature independent living, assisted living and memory care services upon completion in Summer 2020. Although managed by Solvere, the three-story community will operate under Caddis’ “Heartis” brand. It boasts water views, and will feature large common areas, a beauty/barber shop and game rooms, among other amenities. Read More »
Capital One Secures Refinance of Illinois Assisted Living Community
Five years after acquiring a 154-bed assisted living community in Park Ridge, Illinois, Cascade Capital Group (with Legacy Healthcare as its operating partner) is refinancing with the help of Capital One. Joshua Rosen originated the HUD loan, which totaled $15.1 million, came with a 35-year term and replaced conventional bank debt. In the years since acquiring the facility, Cascade had extensively renovated the community, which now has a five-star rating from CMS. The transaction recoups capital expenditures and partner debt, and frees up cash for Cascade to pursue other projects. Read More »