• 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 »
HHC Finance’s Latest Closings

HHC Finance’s Latest Closings

Housing & Healthcare Finance finished 2019 with a bang, closing four HUD loans worth over $62 million. The package refinanced four skilled nursing facilities in Maryland (2), Pennsylvania and Arkansas, all totaling 597 beds. The Mid-Atlantic facilities were built in the mid-1970s, while the Arkansas one opened in the early 2000s. The loans, which refinanced higher rate conventional debt, came with interest rates in the low- to mid-3s and terms between 30 and 35 years. Housing & Healthcare Finance’s Capital Advisory Group, led by Isaac Haas and Neil Gamss, also impressed this December, placing 13 loans totaling over $172 million for clients in nine states. There were 10 bridge loans... Read More »
HHC Finance Wraps Up HUD Fiscal Year with Two Closings

HHC Finance Wraps Up HUD Fiscal Year with Two Closings

Housing & Healthcare Finance (HHC Finance) had an impressive fiscal year for HUD LEAN closings, wrapping up 26 transactions that totaled $336.4 million in volume, good enough for fifth place in both categories. It got to that level with two last closings for skilled nursing clients. The first transaction saw the firm arrange $15.8 million for a 174-bed skilled nursing facility in Georgia. Originally built in the mid-1960s but thoroughly renovated over the years, the facility was occupied in the low- to mid-90s. Then, HHC Finance went to Missouri to close a $4.7 million HUD loan for a 99-bed SNF. Also on the older side (having been built in the early 1980s), this facility was around 80%... Read More »
HUD Lean Volume Hits an All-Time High

HUD Lean Volume Hits an All-Time High

The HUD LEAN program had quite a fiscal year 2019, topping $3.7 billion in transaction volume across 288 transactions. The transaction number may be 1% down from the 292 closings in FY2018, but the dollar volume is up 3.6% to reach a record high for the program. HUD used to be the “lender of last resort,” but given the attractiveness of the debt (where else can you get a sub-3% rate for a 30+ year term?), it’s no wonder the program is growing like gangbusters. ORIX Real Estate Capital/Lancaster Pollard put their combined resources to work this year, closing an impressive $903.8 million in HUD closings, with 78 total transactions. That kind of dollar volume hasn’t been seen before, even... Read More »
Blueprint’s Deal Bonanza

Blueprint’s Deal Bonanza

Was it just us, or did it seem like every time we left a meeting at the NIC Conference in Chicago last week, there was another Blueprint Healthcare Real Estate Advisors announcement in our inbox? We exaggerate…a little. The firm announced four deals during the conference, starting with one that we had learned about last month that saw Regional Health Properties sell four skilled nursing facilities in Alabama, Georgia and Oklahoma to affiliates of MED Healthcare Partners for $28.5 million. The existing operators were retained at all locations. Brooks Blackmon, Trent Gherardini and Ben Firestone led the way on the deal. Then, in Inman, South Carolina, Blueprint sold two skilled nursing... Read More »
HHC Finance Closes Several SNF Loans

HHC Finance Closes Several SNF Loans

Housing & Healthcare Finance (HHC Finance) closed $24 million in HUD financing for a portfolio of three skilled nursing facilities with a total of 264 beds in Tennessee. The experienced borrower refinanced conventional debt with the transaction. Built in 1964, 1997 and 2007, the three properties ranged in occupancy from the low- to mid-80s. HHC Finance’s Capital Advisory Group also had an active August, placing close to $100 million in bridge loans for two portfolios of skilled nursing facilities in the Southeast. One of the portfolios consisted of 10 properties in Kentucky, while the other saw three facilities spread across Georgia, Alabama and Oklahoma. Read More »