Capital One Closes Holiday Transaction
Holiday Retirement recapitalized two of its seniors housing communities with a single $65 million adjustable-rate loan provided by Capital One. One community, with 241 independent living units, plus a separate wing with 12 assisted living units that is managed by Superior Home Care, is located in Cincinnati, Ohio. The other, with 159 IL and AL units was built in 1989. The loan amount comes to about $157,700 per unit. With this transaction (one of many between Holiday and Capital One over the years), Holiday will be able to add other assets to the loan in the future. Read More »
Griffin-American and Greystone
A month ago, we learned of a couple of large divestments by New Senior Investment Group, in a move to bring its share price up to where management believes it should be, by increasing the share of its independent living portfolio, decreasing its Holiday Retirement exposure, and reducing its concentration in the three states of Florida, Texas and California. We have also just learned that Cody Tremper and Mike Garbers of Greystone represented SNR in the transaction. Spread out across Central Florida, the portfolio consists of nine properties and were all formerly operated by Holiday Retirement. However, operations have dropped off since Holiday stopped having live-in managers at its... Read More »
Lancaster Pollard Nets Fannie Mae Financing for Oregon Assisted Living Community
When BPM Senior Living Company decided to permanently finance its assisted living/memory care community in Milwaukie, Oregon, Lancaster Pollard had the solution. Matt Lindsay and Doug Harper of Lancaster Pollard successfully arranged a $5.3 million loan from Fannie Mae, going from engagement to closing in under 60 days. Making that timeframe even more impressive is that a planned change in management from third-party to in-house occurred during the underwriting process. BPM was also able to extract significant equity from the transaction, which comes 12 years after its original purchase of the community. Built in 1979 as a 79-unit independent living community, BPM purchased the community... Read More »Two Assisted Living Sales Close in Florida
Brad Clousing of Senior Living Investment Brokerage is starting strong this year, selling three assisted living communities in two transactions for a combined $23 million. Partnering with Patrick Burke, Mr. Clousing first sold a 37-unit assisted living community in Martinsville, Virginia, a transaction that was a long time coming. In July 2015, the same selling partners sold the adjacent 300-bed skilled nursing facility for $28.5 million, or $95,000 per bed, in a sale/leaseback transaction to Omega Healthcare Investors. The long-term lease came with an initial yield of 9.25%. Awaiting TPA approval, the assisted living community eventually sold to Omega as well at a price of $7.5 million,... Read More »