


Independent Living Market Outperforms
First quarter data from NIC MAP shows IL occupancy again exceeding assisted living, but with less new development. What is it about the independent living community market that keeps occupancy more stable than assisted living, yet sees a much lower level of new development? In the latest NIC MAP data on the first quarter, the IL market outperformed the AL market again, even though IL occupancy did slip a bit sequentially and year over year. I have a hard time understanding why there is not more development in the IL side of the business. Yes, they are larger properties that require more capital and a longer fill time, but it just seems they can be more tailored to any market’s particular... Read More »HJ Sims Helps Volunteers of America
Volunteers of America partnered with HJ Sims to issue $39.73 million in tax-exempt bonds to refinance its 268-unit/bed CCRC in Anoka, Minnesota. Originally built in 2012 with 120 skilled nursing beds and 59 assisted/independent living units, this community added 65 IL units and 24 memory care units to the campus, in addition to converting the 59 AL/IL units to all-assisted living. The borrower is an affiliate of Volunteers of America, an interdenominational church and Christian human services organization that has been in operation since 1896. Series 2011 and Series 2014 bonds financed the development of both phases of the community, and the Series 2017 bonds will advance refund only the... Read More »Berkadia Serves Up Agency Financings
Berkadia’s Seniors Housing and Healthcare team, led by Chris Honn, has been working at a furious pace since the end of last year, closing $288 million in financings in the past two months. First up on the agency side, Berkadia arranged a $36.7 million Freddie Mac loan, with a 10-year fixed-rate term, for a recently stabilized 131-unit independent living community in Birmingham, Michigan. Through Fannie Mae, the team also closed a $98 million, seven-year loan (with a fixed rate) on behalf of the owners of a 605-unit entrance-fee CCRC in Florida who were looking to cash out their equity. For a portfolio of five skilled nursing facilities, and 222 beds, in Arizona, Colorado and Utah, Berkadia... Read More »