• 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 »
CBRE Returns to Harleysville for Supplemental Freddie Mac Financing

CBRE Returns to Harleysville for Supplemental Freddie Mac Financing

Fresh off their closing of a portfolio financing for three California senior living communities owned by Carlton Senior Living, the CBRE team of Aron Will, Austin Sacco and Tim Root has closed another transaction, this time across the country in Harleysville, Pennsylvania.   Mr. Will was already familiar with this property, having funded its 2016 acquisition with a $39.9 million Freddie Mac financing on behalf of the buyer, Green Courte Partners (GCP). Built in two phases in 2006 (151 units) and 2014 (125 units), the independent living community filled up quickly and has performed well since then.   It was originally operated by Heritage Senior Living, then by GCP’s wholly owned... Read More »
CBRE Closes Financing For Carlton Senior Living Portfolio

CBRE Closes Financing For Carlton Senior Living Portfolio

The CBRE team has certainly kept busy lately, closing a number of transactions since the outbreak of COVID-19 including a $200+ million cash-out refinance of three luxury senior living communities in lease-up, a non-recourse construction loan for a to-be-built community in California, and four agency loan closings. More recently, the team that included Andrew Behrens, Aron Will, Austin Sacco and Adam Mincberg refinanced a portfolio of three senior living communities in the San Francisco Bay area on behalf of Carlton Senior Living. The three communities consist of 315 total units, split between 251 assisted living and 64 memory care units. Two of the communities are located in Pleasant... Read More »
M&T Realty Finances King County Senior Living Community

M&T Realty Finances King County Senior Living Community

Following a recent expansion of its senior living community in King County, Washington, a family owner turned to Steve Muth of M&T Realty Capital Corporation to secure Freddie Mac financing for it. The borrower originally built the property (located in Enumclaw about 35 miles southeast of Seattle) in 1986 with just 45 units, but in February 2018, they completed an expansion and renovation that brought the total number of units to 108, with 50 independent living, 37 assisted living and 21 memory care units.   This was the owner’s first Freddie Mac transaction, which consisted of a $16.8 million loan arranged through the agency’s Optigo® program to pay off the construction loan from... Read More »
Two Industry Veterans Launch New Finance Firm

Two Industry Veterans Launch New Finance Firm

Seniors housing industry veterans Kass Matt and Steve Kennedy, formerly of Lancaster Pollard, have launched a new finance venture, VIUM Capital. It probably wasn’t the timing they were picturing, but a new lender in the senior care world can only help right now.  The company is an independent financial service firm that will be exclusively focused on providing capital to the seniors housing and healthcare sectors, offering HUD/GNMA financing, bridge loans, Fannie Mae/Freddie Mac loans (as a corresponding lender) and advisory services. The business is up and running across all product lines, and their bank partner will support VIUM’s bridge loan offering. Municipal advisory services for... Read More »
M&T Realty Finances King County Senior Living Community

M&T Realty Refinances Seattle-Area Senior Living

M&T Realty Capital Corporation closed the refinance of an 87-unit seniors housing community in the Seattle suburb of Bothell, Washington. Managing Director Steve Muth, in collaboration with Christopher Tesla in M&T’s Seattle office, went through Freddie Mac’s OptigoSM program, which provides cash loans, bond credit enhancements, tax-exempt loans, and other financing options to affordable housing properties. The $12.3 million loan was structured with a 10-year term and fixed rate, with a full term of interest-only payments. It closed at 49% loan-to-value, putting the value of the community above $25.1 million, or $288,500 per unit. Read More »