• Spotlight on Senior Care M&A, Seventh Edition

    The SeniorCare Investor is releasing a mid-year update of its key valuation statistics for the assisted living, independent living and skilled nursing sectors in its latest report: Spotlight on Senior Care M&A. Check out the average prices and cap rates, as well as analysis of industry headwinds and tailwinds. Read More »
  • PACS Gets Trading Period Extension

    PACS Group is trying to right the ship as it works to restate its prior financial statements amid an investigation into its Medicare billing practices, and return to providing regular quarterly earnings statements. The New York Stock Exchange Listing Operations Committee did agree to provide PACS with an additional trading period through November... Read More »
  • Outcome Healthcare Acquires Pennsylvania SNF

    Evans Senior Investments facilitated the sale of Mahoning Valley Nursing & Rehabilitation Center, a 142-bed skilled nursing facility in Lehighton, Pennsylvania. The seller, an independent owner, faced increasing financial and operational pressures in today’s skilled nursing environment. The selected buyer was a regional operator with a... Read More »
  • Full Continuum Community Obtains Refinancing

    CBRE National Senior Housing refinanced The Pointe at Meridian, a 100-unit seniors housing community in Meridian, Idaho. Built in 2022, The Pointe at Meridian was built in 2022 and consists of 60 independent living units, including 14 townhome units, 30 assisted living units and 10 memory care units. Grace Management took over management of the... Read More »
  • Arizona Seniors Housing Development Secures Construction Financing

    Fifty Stones Capital Group closed a $39.3 million construction loan for a seniors housing community in Chandler, Arizona. The proposed development comprises 147 units with 150 beds. The opportunity came to Fifty Stones Capital Group through a local broker.  The sponsor, an experienced local developer with a focus on multifamily and senior... Read More »
New York CCRC Development Receives Financing

New York CCRC Development Receives Financing

A major CCRC project being built on the campus of SUNY Purchase College in Purchase, New York just got a major boost after receiving a $398.1 million bond issue arranged by HJ Sims. The tax-exempt and taxable bonds were closed for Purchase Senior Learning Community, Inc., which was formed to develop the community with 68 assisted living/memory care beds and 220 independent living units and villas. Of those IL units, 20% will be reserved for local residents earning no more than 80% of the area’s median income. Integrated into the community will be a “learning commons” consisting of classrooms, studios, gathering and performance spaces utilized by the residents but also students for... Read More »

60 Seconds with Steve Monroe: Big-Time CCRC Development

For those of you who know me, you know I have been a big fan of the CCRC model, and have been for decades. And for those of you who still think the entrance-fee CCRC model is dead, well, think again when you hear this. HJ Sims recently closed on what may be one of the largest tax-exempt bond financings for a single-site CCRC new development, if not the largest. The total bond issuance comes to $398 million, or just over $1.5 million per unit, with maturities ranging from four years to 35 years. The interest rates range from 2.875% to 4.625%. It is located in Westchester County, New York. The community will be situated on the campus of Purchase College, State University of New York. There... Read More »
HJ Sims Provides Financing for Illinois CCRC

HJ Sims Provides Financing for Illinois CCRC

HJ Sims provided a not-for-profit CCRC with an $8.78 million taxable note in September. Clark Lindsey Village, located in Urbana, Illinois, comprises 147 independent living units, 12 assisted living and memory care units and 105 skilled nursing beds.  Clark Lindsey Village intends to use this financing to reposition its campus offerings. This is expected to be completed over a five-year period and include several phases to the project. Phase I will be the construction of eight independent living villas and site work dedicated to the next planned phase. Sims acted as the structuring agent for a taxable bridge financing via a draw-down bank note, capturing a taxable interest rate of 2.15%... Read More »
HJ Sims Arranges Financing for Two Pennsylvania Communities

HJ Sims Arranges Financing for Two Pennsylvania Communities

HJ Sims arranged two financings for Landis Communities in Lititz, Pennsylvania. The first was $25 million for Landis Place on King, a to-be-built affordable housing project, and the second was $53 million for Landis Homes Retirement Community (LHRC), which operates a CCRC.   Landis Place on King will contain 79 units, with Orrstown Bank providing draw-down capital financing for the property, with a 15-year commitment. There is a 30-year amortization period and a fixed rate of 2.35% for the first 10 years of the 15-year commitment.  LHRC serves 850 residents currently as of 2021 across residential, personal care, memory support and skilled nursing units. It refinanced three... Read More »
HJ Sims Refinances Benedictine Health System

HJ Sims Refinances Benedictine Health System

Benedictine Health System, a Minnesota-based not-for-profit organization affiliated with the Catholic church, recently obtained $132.4 million in financing arranged by HJ Sims. Historically, the organization and its affiliates were financed on a standalone basis, resulting in 36 separate series of outstanding debt for 19 different borrowers. Plus, the series were held by eight different banks or servicers with disparate terms, covenants and reporting requirements. As such, the board and executive leadership team wanted to restructure its capital framework, change its service mix and invest in improvements at existing campuses, and engaged HJ Sims in August 2020.   Sims built an initial... Read More »