• Diversified Healthcare Trust Raises Expensive Debt, Ventas Makes Cuts

    Diversified Healthcare Trust Raises Debt Diversified Healthcare Trust tapped the debt markets with a $1.0 billion, five-year senior note offering with a yield of 9.75%. That puts the spread over the 5-year Treasury at about 940 basis points. That has to be the widest spread by a healthcare REIT we have seen in years, if not a decade or two.... Read More »
  • 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 »
Newmark Closes Out 2019 With A Bang

Newmark Closes Out 2019 With A Bang

We told you that the folks at Newmark Knight Frank were going to have a big year end, and in the days just before Christmas they closed four transactions worth about $550 million in total. Not a bad way to end the year, and we hope they are all off on vacation until January 5. In the largest transaction, Ryan Maconachy and Chad Lavender sold a portfolio of three Discovery Senior Living-operated assets on behalf of Kayne Anderson. The three communities with 483 units are located in Virginia, Pennsylvania and Delaware and average about 45% independent living, 34% assisted living and 21% memory care units. Overall occupancy is a solid 94%. The buyer was Partners Group, an international... Read More »
Capitol Seniors Housing Flips Ann Arbor Assisted Living Community

Capitol Seniors Housing Flips Ann Arbor Assisted Living Community

It’s only been two years since Capitol Seniors Housing acquired a 75-unit assisted living/memory care community in Ann Arbor, Michigan, but the time has come to sell. Richard Swartz, Jay Wagner, Sam Dylag and Chris Remeika of Cushman & Wakefield found a buyer in Kayne Anderson Real Estate, with Provision Living staying on as the operator. No purchase price was disclosed. Originally built in 2000, the community features 63 assisted living and 12 memory care units. When CSH purchased the community from Provision Living in January 2017, they committed to investing in resident care technology, additional common areas and unit renovations. Those projects also eventually included a brand-new... Read More »
NHI Acquires Discovery Senior Living Portfolio from Kayne Anderson

NHI Acquires Discovery Senior Living Portfolio from Kayne Anderson

National Health Investors, Inc. entered into a joint venture with Discovery Senior Living to acquire six senior living communities in Pennsylvania, Maryland and Indiana from affiliates of Kayne Anderson Real Estate Advisors. The venture, of which NHI is a 97.5% owner, spent close to $126.850 million, or about $212,800 per unit, on the portfolio that totaled 145 independent living, 356 assisted living and 95 memory care units. Discovery, the existing operator, leased the portfolio under a 10-year agreement, with a 6.5% initial annual cash yield, a CPI-based escalator with a 2% floor and 3% cap beginning in year-two, and two five-year extension options. In addition to the base purchase... Read More »
Kayne Anderson Closes on Three California Communities

Kayne Anderson Closes on Three California Communities

Kayne Anderson Real Estate Advisors has joint ventured with Watermark Retirement Communities to add three more California senior living communities to its portfolio thanks to financing provided by SunTrust Bank. Two of the communities were located in the Los Angeles market (in Whittier and Riverside). Averaging about 20 years in age, they had previously been owned by Bridge Investment Group, and Watermark will take over operations. Meanwhile, the third property was up north in the Oakland MSA town of Emeryville. It was previously owned by Welltower and managed by Watermark, which will stay on as operator. To fund the acquisition, SunTrust Bank provided $69.5 million in financing. Following... Read More »
Private Equity Firms Trade New Jersey Assisted Living Community

Private Equity Firms Trade New Jersey Assisted Living Community

Ownership of a luxury senior living community in Marlboro, New Jersey flipped from one private equity firm to another. Developed by Capitol Seniors Housing and joint venture partners Formation Development Group and Shelbourne Capital several years ago, the 79-unit community features both assisted living and memory care services under the operation of Chelsea Senior Living. Already located in an affluent area of the county, the community is also near shopping and a number of amenities. Kayne Anderson Real Estate Advisors stepped in as its buyer, retaining Chelsea Senior Living as the operator as well. Richard Swartz, Jay Wagner and Sam Dylag of Cushman & Wakefield handled the... Read More »