• 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 »
Genesis HealthCare & Capital Senior Living Put On Notice By NYSE

Genesis HealthCare & Capital Senior Living Put On Notice By NYSE

So far, two of the publicly traded senior care companies have received notices from the New York Stock Exchange warning them that they are out of compliance with the continued listing standard that requires a minimum average closing price of $1.00 per share over a consecutive 30 trading-day period: Capital Senior Living Corporation (April 10) and Genesis HealthCare (April 17). CSU dropped as low as $0.45 per share, while GEN fell to $0.78 per share. Genesis was still in compliance with the minimum market capitalization threshold of $50 million over a 30 trading-day period (at more than two times that level), but CSU’s average market cap did fall below the threshold.  Both companies will... Read More »
Capital Senior Living Stock Spreads

Capital Senior Living Stock Spreads

One day this week the spread between the bid and the ask for Capital Senior Living’s shares seemed way too wide, which got me thinking. I was a little surprised yesterday morning when I checked on the bid/ask spreads for Capital Senior Living, and saw a very wide discrepancy after the market opened. There was a bid for 4,000 shares at $3.48 per share, while a seller was asking for $3.98 per share for a smaller number of shares.  I had not seen such a large difference between what a buyer wanted and a seller. I checked Brookdale Senior Living, and the spread was two cents. So, I re-looked at Capital Senior Living’s third quarter earnings to see what shareholders might be concerned... Read More »
Inland Private Capital Corporation Makes First Seniors Housing Acquisition

Inland Private Capital Corporation Makes First Seniors Housing Acquisition

As part of its larger disposition/restructuring strategy, Capital Senior Living Corporation announced in its third quarter earnings report that it sold two non-core independent living communities in Peoria, Illinois and Springfield, Missouri, generating some healthy proceeds in the process. The communities sold for a combined $64.75 million, or nearly $205,000 per unit, resulting in $14.8 million of net cash proceeds and $44.4 million of mortgage debt off its books. Tim Cobb and Sabel Kaminski of Berkadia represented CSL in the transaction. Both built in the late-1990s and totaling around 215 units, these communities were both over 90% occupied, but rent growth was sluggish. They were in... Read More »
Did Capital Senior Living Reject Acquisition Offer From TPG?

Did Capital Senior Living Reject Acquisition Offer From TPG?

Fresh off closing its $3.7 billion opportunistic real estate fund this March, TPG may have to wait a bit to make its next big acquisition in the senior living space, as its rumored offers to acquire the struggling Capital Senior Living Corporation have all apparently been rebuffed by the company, according to Bloomberg. The approaches were supposedly made in the past few months. The news, however, caused the CSU share price to jump as much as 24% to $4.47. Considering the company’s four-year trend, falling from a peak of $27.50 in April 2015 to below $4.00 per share in May, there is still a long way to go. But at its current value, a buy-out has to be looking more and more attractive. And... Read More »
Berkadia’s Big End-of-Year Closing

Berkadia’s Big End-of-Year Closing

Berkadia headed out of 2018 with a bang, closing a credit facility that totaled more than $200 million. Secured by 19 senior living communities owned by Capital Senior Living Corporation, the facility came with both fixed and variable interest rates, a 10-year term and 30-year amortization schedule financed through Fannie Mae. Approximately $150.8 million of the debt had the fixed rate and over $50.2 million featured the variable rate. Berkadia’s Lisa Lautner originated the transaction, closing right before Christmas. Read More »