• 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 »
Evans Senior Investments Represents Receiver in First Phase of Ohio Sale

Evans Senior Investments Represents Receiver in First Phase of Ohio Sale

The closings keep on coming from Evans Senior Investments, with the firm announcing two seniors housing deals in the last week. Those make the sixth and seventh properties sold by Evans since the pandemic started.  The first deal was a small one, but certainly wasn’t straightforward. Evans represented the court-appointed receiver of a six-unit independent living community that sits on a larger 171-bed senior care campus with mostly skilled nursing beds, and assisted living units too. Built in phases from 1963 to 2006, the campus had been owned and operated by a second-generation family member for over 30 years, until they decided to sell in 2016 in order to focus on their existing assisted... Read More »
Evans Senior Investments Completes CareTrust’s Metron Michigan Exit

Evans Senior Investments Completes CareTrust’s Metron Michigan Exit

Evans Senior Investments has done it again, announcing the closing of a skilled nursing portfolio sale in the state of Michigan just a couple of days after another SNF sale in Rhode Island. The deal first rose to the surface in November 2019, when the seller, CareTrust REIT, announced the intended sale after the operator, Metron Integrated Health Systems, had stopped paying rent and decided to exit the buildings in the midst of Medicaid fraud allegations involving millions of dollars of improper payments. The news came as quite a shock to CareTrust at the time, and a sale was pursued.  The portfolio was about 86% occupied across the 496 licensed beds at the time of marketing and was... Read More »
Evans Senior Investments Closes SNF Sale in Rhode Island

Evans Senior Investments Closes SNF Sale in Rhode Island

The recent senior care deal drought mercifully ended with a closing from Evans Senior Investments, which seems to have figured out how to get a deal across the finish line these days, closing four SNF transactions so far since the onset of the pandemic. The most recent target was a 57-bed skilled nursing facility in East Providence, Rhode Island. Originally built in 1962, it was acquired by the seller, an East Coast owner/operator, with the intent of moving the licensed beds to another county in the state. However, regulatory hurdles prevented that plan from going forward, so an exit was pursued.   At the time of the sale, the facility was 89% occupied, with a 14% quality mix, but was... Read More »
Evans Senior Investments Closes Two Seattle-Area SNF Sales

Evans Senior Investments Closes Two Seattle-Area SNF Sales

Selling a SNF in Washington State (let alone near Seattle) these days seems like a fruitless task, yet Evans Senior Investments sold two of them (yes, two) in early April. First, in Seattle itself, an East Coast capital group formed a joint venture with a Los Angeles-based operator to acquire a 165-bed facility for $10.5 million, or $64,000 per bed. To add to the deal’s complexity, the facility was placed into receivership in June 2019 after the local not-for-profit owner defaulted on their existing HUD loan.   At the time of the sale, the facility, which was built in 1974, was 77% occupied and was losing over $500,000 in annual NOI. An abundance of contracted staff at the facility... Read More »
California-Based REIT Buys in Fresno Market

California-Based REIT Buys in Fresno Market

Evans Senior Investments handled the sale of a 112-unit senior living community in the Fresno, California market, representing its independent owner in the transaction. Built in 2005 in the town of Madera, the community presented an opportunity to improve operations through synergies and expense management. It offers independent living, assisted living and memory care services, and was 87.6% occupied in the 12 months prior to the sale, with a 100% private pay census. A California-based REIT stepped in as the buyer, paying an undisclosed price. The transaction comes amid a flurry of activity from Evans Senior Investments, which recently closed deals in Georgia, Indiana, Utah, Minnesota and... Read More »