• Genesis HealthCare’s Legacy Liabilities Lead to Bankruptcy Filing

    Genesis HealthCare has filed for Chapter 11 bankruptcy protection, listing its 298 affiliated holding companies, ancillary businesses and insurance vehicles in its submission to the U.S. Bankruptcy Court for the Northern District of Texas Dallas Division. It is one of the largest skilled nursing operators in the country and operates 218... Read More »
  • Cindat Capital Management Invests in Colorado Community

    Cindat Capital Management, a middle-market real estate private equity platform focused on seniors housing and opportunistic investments, announced its first investment from its Senior Housing Credit Platform. It was a unitranche debt investment in The Pearl at Boulder Creak, a 116-unit, Class-A independent living and assisted living community... Read More »
  • MedCore Divests to Publicly Traded Healthcare REIT

    Ziegler announced its role as exclusive sell-side financial advisor to MedCore on the sale of Parkview on Hollybrook, a 189-unit rental CCRC in Longview, Texas. The property has been on a long road to stabilization. It was originally bought in a bankruptcy auction in 2016 for $20.7 million by Thrive FP when it was in the middle of development. 12... Read More »
  • Forbright Bank’s H1 Activity

    Forbright Bank reported its activity for the first half of the year from its healthcare and HUD lending teams, announcing more than $500 million in loans closed for acquisitions, recapitalizations, working capital, and HUD financings for healthcare providers across the country. One of the largest transactions was a $60 million revolving loan to... Read More »
  • Large SNF Portfolio Secures Financing

    MONTICELLOAM, LLC announced the closing of $218.3 million in combined bridge, mezzanine, and working capital financing for 18 skilled nursing facilities across Kentucky. The transaction includes a $179.3 million senior bridge loan and a $29 million mezzanine loan, which the sponsor plans to use to restructure and upsize the existing debt on the... 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 »