• Genesis HealthCare’s Legacy Liabilities Lead to Bankruptcy Filing

    Genesis HealthCare has filed for Chapter 11 bankruptcy protection, listing its 298 affiliated holding companies, ancillary businesses and insurance vehicles in its submission to the U.S. Bankruptcy Court for the Northern District of Texas Dallas Division. It is one of the largest skilled nursing operators in the country and operates 218... Read More »
  • Cindat Capital Management Invests in Colorado Community

    Cindat Capital Management, a middle-market real estate private equity platform focused on seniors housing and opportunistic investments, announced its first investment from its Senior Housing Credit Platform. It was a unitranche debt investment in The Pearl at Boulder Creak, a 116-unit, Class-A independent living and assisted living community... Read More »
  • MedCore Divests to Publicly Traded Healthcare REIT

    Ziegler announced its role as exclusive sell-side financial advisor to MedCore on the sale of Parkview on Hollybrook, a 189-unit rental CCRC in Longview, Texas. The property has been on a long road to stabilization. It was originally bought in a bankruptcy auction in 2016 for $20.7 million by Thrive FP when it was in the middle of development. 12... Read More »
  • Forbright Bank’s H1 Activity

    Forbright Bank reported its activity for the first half of the year from its healthcare and HUD lending teams, announcing more than $500 million in loans closed for acquisitions, recapitalizations, working capital, and HUD financings for healthcare providers across the country. One of the largest transactions was a $60 million revolving loan to... Read More »
  • Large SNF Portfolio Secures Financing

    MONTICELLOAM, LLC announced the closing of $218.3 million in combined bridge, mezzanine, and working capital financing for 18 skilled nursing facilities across Kentucky. The transaction includes a $179.3 million senior bridge loan and a $29 million mezzanine loan, which the sponsor plans to use to restructure and upsize the existing debt on the... Read More »
Healthpeak Properties Completes More Sales

Healthpeak Properties Completes More Sales

As the healthcare REITs start their quarterly reporting season, of course all eyes will be on the occupancy trend, which for most of them will not be so great. But one aspect about what is happening, and often little noticed, is that the news is showing that the demand for seniors housing assets is still quite strong, pandemic be damned.   Obviously, Healthpeak Properties would rather not be selling off its seniors housing portfolios, especially if they had been performing well, since in years past they provided the highest yield to support the REIT’s dividend and growth. But performance had suffered, and the decision was made to sell. No one is crying for them,... Read More »
Confluent Senior Living Sells, and Grows

Confluent Senior Living Sells, and Grows

Confluent Senior Living announced the sale of three of its senior living communities in Iowa, Oregon and New Mexico, hiring CBRE to close the deal. All three communities were, and will continue to be, operated by MorningStar Senior Living. The West Des Moines, Iowa property opened in March 2018 with 85 assisted living and memory care units, and the Beaverton, Oregon (Portland MSA) property opened later that year in November with 104 AL and MC units. In January 2019, the Santa Fe, New Mexico community was completed with 85 AL/MC units. All three were still in lease-up, but with no change in operator, that should continue unabated. Just last month, Confluent also sold its 66-unit assisted... Read More »
Confluent/HRA Enters Connecticut Senior Living Market

Confluent/HRA Enters Connecticut Senior Living Market

Confluent Senior Living and Harbor Retirement Associates are entering the Connecticut market with their development of a 113-unit assisted living/memory care community in the greater Hartford area. Set to break ground this month, the project is set on a 5.8-acre site in the town of South Windsor and will feature 65 assisted living and 48 memory care units. It is located a half-mile from a high-end, outdoor mall with specialty shops and restaurants and one mile from The Shoppes at Buckland Hills, which feature big-box retail, dining and entertainment. Amenities will be plentiful at the property, including a barber and beauty salon, fitness and wellness center, bar/lounge, club room,... Read More »
Ambitious 2018 Ahead For Harbor Retirement Associates

Ambitious 2018 Ahead For Harbor Retirement Associates

Florida-based senior living developer/operator, Harbor Retirement Associates, has a plan to open a new assisted living/memory care community nearly every month in 2018, a tall order for any operator or developer. HRA will start the year by opening a community each in Jacksonville, Florida, and Long Grove, Illinois (Chicago MSA) in January. Then, throughout the year, the company has grand openings planned in Delaware, Ohio, South Carolina, Florida and Virginia, bringing the 2018 total to 10 new communities. And that’s following the three communities HRA opened recently in McKinney and Southlake, Texas and Palm Beach Gardens, Florida. Operationally, opening 10 communities in a year is hard... Read More »

Bourne Financial Group makes push into seniors housing

Founded in 2014 by Robert and R. Kyle Bourne, Bourne Financial Group (BFG) is set to open its first 10 assisted living communities across the country by the end of 2016, representing an investment of over $200 million. Not short on experience, BFG’s leadership, all formerly of CNL Financial Group, has over 90 years of combined of experience in seniors housing, health care, and real estate finance and investments. In their first two funds, BFG has raised over $45 million in equity, which will go towards building eight communities in various locations across the country. Typically, in a secondary market, their development costs will start around $200,000 per unit, and go up to $240,000 in... Read More »