• Diversified Healthcare Trust Raises Expensive Debt, Ventas Makes Cuts

    Diversified Healthcare Trust Raises Debt Diversified Healthcare Trust tapped the debt markets with a $1.0 billion, five-year senior note offering with a yield of 9.75%. That puts the spread over the 5-year Treasury at about 940 basis points. That has to be the widest spread by a healthcare REIT we have seen in years, if not a decade or two.... Read More »
  • 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 »
Contemporary Secures Another Mezz Loan

Contemporary Secures Another Mezz Loan

Contemporary Healthcare Capital helped finance another acquisition this month for a 50-bed skilled nursing facility in Gastonia, North Carolina. Ivy Senior Living was the borrower, obtaining both a senior loan from Millennium Bank and Alliance Bank, and a $504,750 mezzanine loan from Contemporary. The combined loans will fund the acquisition, a $200,000 working capital line of credit and $200,000 for facility renovations. This is the second acquisition mezzanine financing Contemporary has closed in the last month. In September, the firm helped affiliates of Opal Senior Living acquire a 115-bed assisted living/memory care community in Nashville, Tennessee. Opal received a $500,000 mezzanine... Read More »
Contemporary Nails Nashville Acquisition Financing

Contemporary Nails Nashville Acquisition Financing

Contemporary Healthcare Capital helped affiliates of Opal Senior Living to acquire a 115-bed assisted living/memory care community in Nashville, Tennessee. Opal received a $500,000 mezzanine loan from Contemporary and an accompanying senior loan from CoastalStates Bank. In addition to funding the acquisition, the combined financing also provided for about $300,000 in additional property renovations and upgrades. Previously a skilled nursing facility until it was substantially renovated and converted to assisted living, the community features 60 AL beds and 55 MC beds, and it is one of only two senior living properties in the Nashville metro area to accept Medicaid waiver... Read More »
Contemporary Healthcare Capital’s Latest Mezz Closings

Contemporary Healthcare Capital’s Latest Mezz Closings

Contemporary Healthcare Capital (CHC) closed two more mezzanine financings, working with bank partners to round out the capital stacks in the two transactions. CHC first returned to Wenatchee, Washington, where it had originally closed a $6.8 million construction loan and a $1.35 million mezzanine loan in December 2014 to fund Regency Pacific Management’s development of a 55-bed skilled nursing facility. After opening in 2016, the time has now come to refinance, and CHC was tapped to provide a $2.4 million mezzanine loan. CoastalStates Bank of Hilton Head, South Carolina provided the senior portion of the total $8.4 million uni-tranche loan. Then, in Mesquite, Nevada, CHC closed a $2.5... Read More »
Ryders Health Management Secures Financing For Connecticut Acquisition

Ryders Health Management Secures Financing For Connecticut Acquisition

Ryders Health Management acquired a 90-bed skilled nursing facility in eastern Connecticut, thanks to financing provided by both Contemporary Healthcare Capital and CoastalStates Bank of Hilton Head, South Carolina. Located in the town of Windham, the facility was previously owned by Affinity Healthcare but went into receivership following Affinity’s bankruptcy filing in 2016, its second in just six years. Now, the facility will complement Ryders’ six other SNFs located throughout Connecticut. To acquire the property and invest $1.55 million in capital improvements, Ryders obtained a $1.454 million mezzanine loan from Contemporary and a $4.725 million senior loan from CoastalStates... Read More »