• 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 »
Holliday Fenoglio Fowler Handles Atlanta-Area Sale

Holliday Fenoglio Fowler Handles Atlanta-Area Sale

Ryan Maconachy, Chad Lavender and Jason Nettles of Holliday Fenoglio Fowler (HFF) sold a brand-new senior living community in the Atlanta MSA, working on behalf of the previous owner, Village Park Senior Living. Built in 2017, the community features 66 independent living, 43 assisted living and 18 memory care units, with four housing options available for residents, including cottages, bungalows, flat-style apartments and dedicated memory care units. Its location is superb, within 20 miles of downtown Atlanta (in the suburb of Alpahretta), five miles of two medical centers and near a mixed-use, 86-acre development. Harbert Management Corp. acquired the community for an undisclosed price,... Read More »
More Seniors Housing in Sarasota

More Seniors Housing in Sarasota

Sarasota, Florida, is getting another seniors housing development, set to open in 2019. The resort-style community will feature 82 independent living, 56 assisted living and 34 memory care units, along with a host of amenities that include a variety of dining options, a clubroom with a fireplace, a spa and fitness center with an outdoor pool, a theater and massage/exam rooms for rotating wellness providers. Ryan Companies is developing the property, with Grand Living as the operator. The team of David Fasano, Sarah Anderson, Ryan Maconachy and Chad Lavender of Holliday Fenoglio Fowler worked on behalf of Ryan Companies to arrange a $16.7 million joint venture equity partnership with Eagle... Read More »
Buyers See Potential In Wildwood Independent Living Community

Buyers See Potential In Wildwood Independent Living Community

Joint venture partners Harrison Street Real Estate Capital, REDICO and American House Senior Living Communities clearly eyed potential at a newly built independent living community in Wildwood, Florida (near The Villages). Built in 2013, the community features 173 units ranging in size from 500 to 1,090 square feet. Based on a 30% operating margin on approximately $5.3 million of in-place revenues, and occupancy of 90% at the time of sale, we have estimated the cap rate to be about 5.2%.  Both occupancy and margins could be improved, with a good amount of hard work, of course. Since assuming management, American House has added private duty personal care services through Allegiance Home... Read More »

Sentio Healthcare Properties Agrees To Sell

In breaking news, Kayne Anderson Real Estate Advisors announced that it entered into a definitive merger agreement to buy Sentio Healthcare Properties, which is partly owned by KKR (NYSE: KKR), in a transaction valued at $825 million.  Kayne is paying $14.37 per Sentio share in cash about 11.5 million shares) with some upward adjustments that will most likely take the price to $14.65, with the deal expected to close in the third quarter. Sentio is a public, non-traded REIT that owns a mix of seniors housing properties and MOBs. Citigroup Global Markets and Holliday Fenoglio Fowler (nice month they are having) were the financial advisors to Kayne, and Robert A. Stanger & Co. and UBS... Read More »
Acquiring in the Acela Corridor

Acquiring in the Acela Corridor

As we are about to travel from the New York City area to Washington, D.C. for the upcoming NIC Fall Conference, we must take note of two teams that did that trek probably a number of times recently. Grandbridge Real Estate Capital provided through its proprietary lending platform, BB&T Real Estate Funding, a $43.5 million non-recourse acquisition/bridge loan for a joint venture between Blue Vista Capital Management and Meridian Senior Living. Owned by Holladay Corp., a D.C.-based real estate developer/owner, the targets included an 88-unit assisted living/independent living/respite care community built in 1976 in Yorktown Heights, New York and a 131-unit (147 units post-renovation)... Read More »