Reposition and refinance
HJ Sims recently helped Cross Keys Village, the ninth-largest single-site not-for-profit CCRC in the country, obtain two bank loans, totaling $42.5 million, in order to both refinance a bridge line of credit and fund an expansion of its campus. Founded in 1908, the CCRC currently features 444 independent living units (in apartments, cottages and country homes), 91 assisted living units and 270 skilled nursing beds. The sponsor, the Southern District of the Pennsylvania Church of the Bretheren, together with architectural firm SFCS, Greenbrier Development and Sims, decided on a campus expansion project, which would include expanding its health center facilities (particularly its skilled... Read More »Bank Leumi finances CCRC sale
When a 234-unit CCRC in St. Charles, Missouri managed by Innovative Management Associates, a Chicago-based seniors housing owner/operator, was acquired for $17 million, or $72,650 per unit, the buyer enlisted the help of Bank Leumi to finance the transaction. Built in 1977, with expansions in 2011 and 2013, the community features 138 independent living units, 32 memory care units, 27 assisted living units (recently converted from IL) and 66 skilled nursing beds. Overall occupancy was around 76%, but that was brought down by the struggling IL component, which was just 51% occupied. So, the buyer will have their hands full with this community, but by increasing IL occupancy to 80%, annual... Read More »CCRCs to Become LPCs?
Leading Age announced this week that they are proposing a new name for CCRCs: Life Plan Communities. What is it about all these name changes? First we have Health Care REIT becoming Welltower, followed by ALFA becoming Argentum. Now Leading Age, which already changed its name several years ago, has proposed that the industry adopt a new name for CCRCs, coming up with “Life Plan Communities.” A lot of people have had a desire to get away from the alphabet soup acronyms that are so common (ALFA, ASHA, AHCA, AAHSA), but these acronyms do make it easier at times. Will the new name become LPCs? That sounds a bit clinical to me, but who... Read More »Expansion project receives funding
A retirement community in Dallas, Oregon originally planned to expand its campus in 2007, but had to put in on hold during the Great Recession (bet that’s not the first time you’ve heard that). But now, the project is off the ground thanks in large part to a $27.6 million bond issue underwritten by Cain Brothers. Already with 45 independent living garden homes, 73 IL units, 65 assisted living units, 20 memory care units and 121 skilled nursing beds, the community, sponsored by the not-for-profit Mennonite Retirement Community, Inc. and operated by Life Care Services, was looking to add 40 new lodge-style IL apartments, a 21,000 square foot clubhouse and various new amenities. The proceeds... Read More »Schedule a demo
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