• 60 Seconds with Swett: Getting Realistic with New Development

    The positive mood at the NIC Fall Conference was contagious, as dealmakers were looking forward to a potential record-breaking fourth quarter. We at LevinPro are also gearing up to cover a new elevated level of M&A activity and pricing in the coming months, with our updated valuation tool better accounting for today’s market and the estimated... Read More »
  • NHC Responds to NHI

    National Healthcare Corporation, the tenant of 32 of National Health Investor’s skilled nursing/senior care facilities and three independent living communities, is disputing NHI’s determination of default after the landlord formally notified the operator that it was in default and must cure the default within 30 days to avoid an Event of... Read More »
  • REIT Acquires High-Quality Continuum of Care Community

    Blueprint facilitated the sale of a Class-A seniors housing community in Jasper, Georgia. Built in 2022, The Lodge at Stephens Lake includes 83 units of independent living cottages, assisted living and memory care. It is adjacent to a large active adult development and benefits from significant planned residential and commercial growth. At the... Read More »
  • Legend Senior Living Adds Allentown-Area Asset

    A Class-A, well performing property outside of Allentown, Pennsylvania, traded to a joint venture between Legend Senior Living and a new capital partner. Alex Florea and Kevin Lukehart of Blueprint handled the transaction. Legend previously operated The Vero at Bethlehem, which opened in July 2023 and stabilized within 18 months. At the time of... Read More »
  • CFG’s Senior Care Financing Activity

    Capital Funding Group financed more than $86 million across six transactions from early to mid-August. The transactions supported two memory care communities, four skilled nursing facilities, and one psychiatric hospital in Missouri, California, Tennessee, Texas and Virginia on behalf of nationally recognized borrowers, one of which is a... 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 »