• 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 »
CBRE Secures Acquisition Financing For HJ Sims/Voralto Living Purchase

CBRE Secures Acquisition Financing For HJ Sims/Voralto Living Purchase

The CBRE National Senior Housing team arranged acquisition financing for a North Texas assisted living/memory care community. A joint venture between HJ Sims and Voralto Living was the buyer, obtaining a four-year, floating-rate loan with 24 months of interest only from a national bank. Featuring 60 units, the community was a newer vintage and will join Voralto’s six other communities in Texas, and one in Georgia. Aron Will, Austin Sacco and Adam Mincberg handled the transaction for CBRE.  It’s been a busy year already for CBRE’s Senior Housing Debt and Structured Finance team, which has closed over $515 million in debt and equity originations across 15 separate transactions. In the months... Read More »
HJ Sims Expands Its Investment Banking Team

HJ Sims Expands Its Investment Banking Team

HJ Sims announced a major expansion to its Investment Banking Team, adding two senior bankers and opening new offices in the Midwest and on the West Coast. Lynn Daly joined the firm as Executive Vice President in the new Chicago location, bringing over 30 years of experience working with not-for-profit organizations in financing. Previously, she was acting head of Senior Living Investment Banking at BB&T Capital Markets, and also spearheaded the Catholic Initiative within senior living investment banking at Ziegler.  Brady Johnson also joined the HJ Sims team as Senior Vice President in the new West Coast office in Orange County, California. Previously at Hunt Real Estate Capital,... Read More »
HJ Sims Secures Bond Financing for Tennessee CCRC

HJ Sims Secures Bond Financing for Tennessee CCRC

A new life plan community (or continuing care retirement community, as we still call them) is going up in Collierville, Tennessee (Memphis MSA) thanks to a large $219.25 million bond placement arranged by HJ Sims. Situated on 36 acres with 176 independent living apartments, 63 independent living garden homes, 52 assisted living units, 32 memory support units and 60 skilled nursing units, the community will also feature an impressive array of amenities. For dining, there will be five venues, an outdoor kitchen, a pub and sports bar. There will also be an athletic club, massage therapy, Jacuzzi, day spa, beauty shop, barber shop, performing arts center, movie theater, library, bank, gift... Read More »
HJ Sims Closes Financing for Connecticut SNF

HJ Sims Closes Financing for Connecticut SNF

HJ Sims headed back to familiar territory, arranging a refinance for a client it has been working with since 1988. On behalf of The Mary Wade Home, a skilled nursing/assisted living facility that also offers adult day care, physical rehab and transportation services in New Haven, Connecticut, the firm secured $45.8 million in both taxable and tax-exempt bonds. A portion of the financing will fund the construction of a new assisted living/memory care building on parcels of land that have been acquired over several years. The taxable financing supported those land acquisitions. Sims obtained approval from the CT Health and Educational Facilities Authority to issue the bonds, which came with... Read More »
HJ Sims Heads to Hawaii for Latest Financing

HJ Sims Heads to Hawaii for Latest Financing

Two skilled nursing facilities in Hawaii refinanced their debt and lowered their interest rate by about 60% in a transaction led by HJ Sims. The facilities, both located in Honolulu, consisted of 92 beds and 75 beds, respectively. Before this refinancing, they were collateralized with a single, high-interest rate bridge loan that had both a short term and expensive extension provisions. Sims Mortgage Funding (SMF) underwrote a $14.08 million loan through HUD to take out as much of the bridge debt as possible, resulting in a loan at about 80% of the estimated market value. The loan came with a 35-year term and a 2.05x debt service coverage ratio. In addition, to round out the capital stack,... Read More »