• 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 »
Chicago Pacific Founders Acquires Again

Chicago Pacific Founders Acquires Again

Chicago Pacific Founders appears to be wrapping up 2019 with its sixth acquisition of the year, and eighth added property. The target was a 113-unit assisted living/memory care community in Naples, Florida, located just three miles from the city’s Fifth Avenue District and near shopping centers, medical facilities and entertainment venues. It was previously owned by Prevarian Senior Living and operated by Visiting Nursing Management Company. Terms of the deal weren’t disclosed, but CPF will invest in improvements at the property and will have Grace Management take over as operator. Chicago Pacific’s previous acquisitions this year included two in Arizona, two in Texas and a three-property... Read More »
Chicago Pacific Founders Acquires Pittsburgh Portfolio

Chicago Pacific Founders Acquires Pittsburgh Portfolio

Chicago Pacific Founders announced its second acquisition for July, following up on its purchase of a senior living community in Scottsdale, Arizona by picking up three senior living communities in the Pittsburgh, Pennsylvania market. One of the communities, in North Versailles, was opened in 2009 and is fully stabilized. The other two were opened more recently, in April 2017 for the Bethel Park community and just earlier this year for the community in Pittsburgh. So, cash flow was uneven across the portfolio. The two older properties are independent living communities, while the newest property also features personal care units. As usual, Chicago Pacific Founders’ operating subsidiary,... Read More »
Chicago Pacific Founders Acquires Again

Chicago Pacific Founders Acquires Again

A week after it was announced that Chicago Pacific Founders acquired a new senior living community in Conroe, Texas, the firm followed it up with another purchase, this time in Scottsdale, Arizona. Featuring 101 units of independent living and assisted living, the community will now be managed by CPF’s operating subsidiary, Grace Management. The community was originally built in 1998 and is located close to numerous shopping and medical centers. Chicago Pacific Founders plans to invest in improvements to the community in addition to renaming it. The final purchase price came to $27 million, or about $267,300 per unit. Steve Gebing, Hamid Panahi, Cliff David and Tony Cassie of Institutional... Read More »
CBRE Finances Willows of Easley

CBRE Finances Willows of Easley

Chicago Pacific Founders turned to Aron Will of CBRE to arrange financing for its latest acquisition in Easley, South Carolina. We reported last month that Evans Senior Investments had represented the independent owner/operator in its sale of a 100-unit independent/assisted living community. Originally built by the seller in 1997 and expanded in 2004, the Easley property was 96% occupied with 100% private pay and operated at a 36% EBITDAR margin. CPF bought it for $14.5 million, or $145,000 per unit, with the help of a $10.2 million Freddie Mac loan that featured a seven-year floating rate term and 42 months of interest only, arranged by Mr. Will. Grace Management will take over management... Read More »
CBRE Does Deal Double

CBRE Does Deal Double

The CBRE National Senior Housing group flexed its muscles this week, closing two acquisition financings and an asset sale. First, Lisa Widmier represented HCP in its divestment of a 159-unit independent living/assisted living community in Beaumont, Texas, for an undisclosed price. Featuring a majority of independent living units, the community was built in 1996. Under management by Atria Senior Living, it was 93% occupied as of February. Chicago Pacific Founders stepped in as the buyer, through its affiliate CPF Living Communities, and hired Grace Management to operate. Then, in comes CBRE’s Aron Will, who secured a seven-year floating rate loan, with 24 months of interest only, through... Read More »