• 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 »
CCRC Development Set to Break Ground in North Carolina

CCRC Development Set to Break Ground in North Carolina

A large, not-for-profit CCRC that is home to 300 residents in Wilmington, North Carolina is set to break ground on an expansion project to the tune of nearly $57 million. Opened in 1988 on property donated by retired railroad executive Champion “Champ” McDowell Davis, Plantation Village sits on 58 acres. It is managed by Iowa-based Life Care Services, which will help oversee the expansion. The project will include 44 new homes in four new buildings, with two-bed/two-bath and two-bed/2.5-bath options starting at 1,515 square feet that include under-building garage parking. There will also be new indoor and outdoor dining venues and services. CJMW Architecture and Frank L Blum Construction,... Read More »
LCS Hires Joe Weisenburger from Welltower

LCS Hires Joe Weisenburger from Welltower

LCS has picked up a noteworthy hire from Welltower, welcoming Joe Weisenburger as their new vice president, senior director of business development.  Mr. Weisenburger brings 23 years of industry experience to LCS, one of the country’s largest senior care operators with over 130 properties in its portfolio. He has developed multibillion-dollar senior housing deals and previously served as Welltower’s senior vice president of business development.   At Welltower, he worked on the management team that brought the company’s assets from $1 billion to $30 billion dollars. He will now be tasked with creating business development strategies aimed at increasing revenue across all LCS... Read More »
BMO Harris Bank Finances New Jersey Development

BMO Harris Bank Finances New Jersey Development

BMO Harris Bank’s Healthcare Real Estate Finance group announced that it led and closed a $73.4 million construction financing for a joint venture between LCS and an institutional partner to develop a 220-unit senior living community in Florham Park, New Jersey. People’s United Bank was also a $30 million participant in the deal.  Set to open in March 2023, the community will feature 128 independent living units (53 one-bedroom and 75 two-bedroom options), 58 assisted living units (10 studio, 40 one-bedroom and eight two-bedroom options) and 34 memory care units (32 private and two semi-private units).  Read More »
LCS’ Westchester Development Hits 60% Presales

LCS’ Westchester Development Hits 60% Presales

A massive independent living development in the works on the campus of Purchase College SUNY in Purchase, New York is already 60% presold. And the ground has yet to be broken. Set on a 40-acre neighborhood, the development is expected to cost around $320 million. That’s nearly $1.5 million per unit. This isn’t Manhattan real estate, but building on a college campus in Westchester County must come at a cost.   It was originally conceived back in 2008, when the state legislature approved a plan for the college to lease some of its land for senior living purposes. The governor at the time, David Paterson, vetoed the bill, but current Governor Andrew Cuomo signed the bill into law in... Read More »
Truist Finances Connecticut CCRC, Benchmark Doubles Down

Truist Finances Connecticut CCRC, Benchmark Doubles Down

One of the top CCRCs in Connecticut, Meadow Ridge in Redding, was developed nearly 20 years ago by Senior Care Development (SCD) and continues to thrive. Occupancy remained reasonably steady during the pandemic, and while the health center lost census in April and May (who didn’t?), it is back to pre-COVID levels. During the pandemic they separated the residents in the healthcare center into a COVID wing and a non-COVID wing.  The big news, however, is twofold. First, SCD completed an $80 million refinancing of the community with Truist at a much lower interest rate than was on the books, providing a nice annual savings. After an interest rate swap, the... Read More »