• 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 »
Helios Healthcare Advisors Heads to Houston For HUD Deal

Helios Healthcare Advisors Heads to Houston For HUD Deal

Helios Healthcare Advisors successfully closed a HUD refinance of a 124-bed skilled nursing facility in the Houston, Texas metro area. Recently built in 2015, the facility was placed on the SFF list soon after opening. As soon as the developer/landlord brought in a new operator, things turned around, and the facility was quickly stabilized, cash flowing and occupancy in the 90s. It graduated from the SFF list, but as of closing the facility still maintained a one-star rating from CMS, which we imagine will soon rise.  Working with HUD, Bill Janis and Mario Wilson of Helios structured an $8.5 million loan with a 35-year term and fixed interest rate below 3%. That makes for a happy borrower,... Read More »
HHC Finance Impresses & Lerner Will Chair Englewood Health Boards

HHC Finance Impresses & Lerner Will Chair Englewood Health Boards

Housing & Healthcare Finance impressed in the last week of April, closing $117 million in HUD loan modifications for nine skilled nursing facilities in Illinois, Massachusetts and Pennsylvania. That is one area in the financing world that seems to have not slowed down as a result of COVID-19. That still took HHC Finance to react quickly to improving capital market conditions to lower their clients’ loan rates with almost no out-of-pocket expenses for them. The facilities receiving the rate modifications totaled 1,238 beds.  The good news kept on coming for HHC Finance, as Richard Lerner, Co-Owner and Executive Vice Chairman at the firm, was appointed Board Chairman at Englewood Health... Read More »
Sabra Health Care REIT Exits Montana SNF Market

Sabra Health Care REIT Exits Montana SNF Market

Sabra Health Care REIT announced the divestment of two skilled nursing facilities in Montana, finalizing its complete exit from the state. The two facilities, located in Great Falls (278 beds) and Deer Lodge (60 beds), were operated and leased by Genesis HealthCare, the only two for the large provider in the state.    As a result of the sale, the total annual rental obligation from Genesis decreased by about $1.1 million. According the Sabra’s press release, the purchase price came to $14.4 million, or $42,600 per bed, which included the assumption of $14.2 million in HUD debt encumbering the facilities. The team of Christopher Hyldahl, Gideon Orion, Michael Segal and Ben Firestone from... Read More »
Two Industry Veterans Launch New Finance Firm

Two Industry Veterans Launch New Finance Firm

Seniors housing industry veterans Kass Matt and Steve Kennedy, formerly of Lancaster Pollard, have launched a new finance venture, VIUM Capital. It probably wasn’t the timing they were picturing, but a new lender in the senior care world can only help right now.  The company is an independent financial service firm that will be exclusively focused on providing capital to the seniors housing and healthcare sectors, offering HUD/GNMA financing, bridge loans, Fannie Mae/Freddie Mac loans (as a corresponding lender) and advisory services. The business is up and running across all product lines, and their bank partner will support VIUM’s bridge loan offering. Municipal advisory services for... Read More »
Dwight Capital Closes Two HUD Refinances

Dwight Capital Closes Two HUD Refinances

At the end of March, Dwight Capital announced a HUD refinance of a senior care campus in Andover, Kansas. Built in 2004 and 2010, respectively, the assisted living and skilled nursing buildings feature 164 total beds on 7.2 acres. Clint Miller of Dwight Capital originated a $14 million loan with a 35-year term and amortization to refinance the facility.  Earlier in the month, Dwight Capital’s Kevin Lifshitz also got a HUD financing closed in West Jordan, Utah (Salt Lake City MSA). The target was a Beehive Homes community built in 1996 and 2007 on over 1.5 acres. It currently consists of 50 beds in 50 units and is located less than a mile from Jordan Valley Medical Center. The license... Read More »