• Greystone Closes Large CLO

    Greystone closed a large collateralized loan obligation (CLO) composed solely of healthcare assets. Greystone CRE Notes 2025-HC4, LLC is a $451.6 million commercial real estate CLO backed exclusively by bridge loans provided by Greystone. The transaction marks the firm’s eighth overall CRE CLO and the industry’s fourth-ever CRE CLO composed... Read More »
  • Fortress Investment Group Divests Arizona Asset

    JLL Capital Markets has closed the sale of Inspira Arrowhead, a 165-unit seniors housing community in Glendale, Arizona. The community was under the ownership of Fortress Investment Group funds for just 18 months, but in that time occupancy rose from 89% to 94% and NOI improved by 35%. Fortress bought the asset in April 2024 in a joint venture... Read More »
  • Stacked Stone Makes Another Acquisition

    Stacked Stone Ventures, a real estate investment firm founded by Kent Eikanas, followed up on its October acquisition in Oklahoma with the purchase of two assisted living/memory care communities in Illinois, near the St. Louis MSA. Similar to the Oklahoma deal, Stacked Stone has made Illinois acquisition in a joint venture with the private equity... Read More »
  • Blueprint Handles Large SNF Deal in Pennsylvania

    Not-for-profit to for-profit are not easy, and it took a two-year process for Blueprint to successfully close the sale of a 250-bed skilled nursing facility in Philadelphia, Pennsylvania. The property appears to be Cheltenham Nursing & Rehabilitation, one of three skilled nursing facilities owned by Dublin, Ohio-American Health Foundation... Read More »
  • JDI Realty Buys Alpharetta Asset

    A partnership recently acquired Chapters Living of Alpharetta, a 79-unit assisted living/memory care community in Alpharetta, Georgia (Atlanta, MSA). Built in 2013, the high-quality community was previously known as Addington Place of Alpharetta. JDI Realty, in partnership with Purity Strategies and Chapters Senior Living, bought the community... Read More »
HJ Sims Underwrites Large Bond Issue For Massachusetts CCRC

HJ Sims Underwrites Large Bond Issue For Massachusetts CCRC

In the largest fixed-rate public bond issue for a single-site CCRC, HJ Sims served as underwriter with Bank of America Merrill Lynch on a $239.97 million financing on behalf of Hebrew SeniorLife. Located about 10 miles southwest of Boston in Dedham, Massachusetts, the CCRC was founded in 2009 and features 256 independent living units (including villas and cottages), 91 assisted living/memory care units and 268 skilled nursing beds. Sims has had a relationship with Hebrew SeniorLife since 1992 and also with the CCRC since its initial financing back in 2007. The new bonds will refund the CCRC’s outstanding debt and pay issuance costs, and are secured by a mortgage on the retirement... Read More »
Another Financing For Next Healthcare Group

Another Financing For Next Healthcare Group

HJ Sims showed its range of services in recapitalizing two skilled nursing facilities in Florida on behalf of a private healthcare real estate investment firm, Next Healthcare Group (NHG). Sims’ involvement with the facilities goes back to 2013, when it provided a $3.4 million HUD Plus™ subordinate loan to a related company of NHG, HBS Assets, to finance the acquisition of the two facilities located in Lake City and Bushnell, Florida. Built in the 1990s, which was relatively new for other northern Florida SNFs, the facilities were well occupied (at 92%) at the time of the sale with a high 40% Medicare census and 17% operating margin. HBS Assets had paid $20.86 million, or $139,100 per bed,... Read More »
Another Financing For Next Healthcare Group

HJ Sims & HUD Plus

With every seniors housing development project, it is always important to have a contingency plan. Having a trusted financing partner goes a long way, too. That is why when a joint venture led by Affinity Living Group ran into some unexpected problems during the lease-up stage of their portfolio of four newly developed assisted living/memory care communities in North Carolina, they turned to HJ Sims to arrange some additional capital. Built between August 2015 and January 2017, these communities combine for 120 assisted living and 152 memory care units, and were developed by the joint venture, with Affinity as the operator. The venture had contributed over $7 million of equity to the... Read More »
HJ Sims Leads San Diego CCRC Financing

HJ Sims Leads San Diego CCRC Financing

A not-for-profit CCRC in the Rancho Bernardo area of San Diego, California is planning a large expansion to its skilled nursing services, to include a brand-new 72-bed, three-story skilled nursing building, plus various improvements to the assisted living and memory care communities. The project is Phase II of a three-phase retooling of the 500-unit community, which is managed by Life Care Services. To fund the $51.6 million expansion, the CCRC provided $7.1 million of equity, reallocated about $5.5 million not used in the Phase I project, and turned to HJ Sims to facilitate a $39 million direct bank placement bond issue with City National Bank. The tax-exempt bonds were issued on parity... Read More »
HJ Sims Helps Out New North Dakota Joint Venture

HJ Sims Helps Out New North Dakota Joint Venture

HJ Sims helped finance a couple of the largest not-for-profit providers of senior care and health care in the country in order to team up and combine their services in the Bismarck/Mandan area of North Dakota. The Evangelical Lutheran Good Samaritan Society (ELGSS), which currently operates over 224 senior living and care communities, and Sanford Health, the largest rural, not-for-profit health care system with 45 hospitals and 289 other locations, each operate skilled nursing and assisted living facilities in the Bismarck area. In addition, Sanford Health operates an acute care hospital in the city. So, the organizations decided to form a joint venture to operate the facilities in the... Read More »