• 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 »
National Health Investors Announces Acquisitions

National Health Investors Announces Acquisitions

National Health Investors wasted no time in making news this 2020. The REIT first announced that it was the buyer in Evans Senior Investments’ latest deal in Minnesota. Built in 2011 next to a lake about 20 miles from Minneapolis and St. Paul, the 48-unit assisted living/memory care community was previously owned by Coventry Senior Living and operated by Ebenezer. They left it in good shape, with occupancy around 90% and more than 80% of its census derived from private pay residents. In the trailing-12 months, it was also bringing in more than $660,000 in EBITDAR on more than $3.0 million of revenues, a healthy figure that also offers some room for improvement. NHI, with 41... Read More »
CCRC With Potential Sells in Northern Virginia

CCRC With Potential Sells in Northern Virginia

The team at IPA Seniors Housing highlighted a CCRC’s highly desirable location in the affluent Washington, D.C. suburb of Fairfax, Virginia, to sell the asset to an affiliate of Focus Healthcare Partners. Andrew Hilding, Mark Myers and Joshua Jandris represented the seller, Thompson Associates, in the sale, which did not disclose a price. The property, built in phases from 1980 to 1986, consisted of 306 total beds, including 96 skilled nursing beds and the rest coming with either independent living or assisted living services. Age apparently is holding the community back from competing well in the high-income market, so Focus plans to complete a substantial renovation of it. It has the... Read More »
Cushman & Wakefield Sells CCRC Portfolio

Cushman & Wakefield Sells CCRC Portfolio

It is amazing what patience, capital, expertise and desire can do to change things around for a few bankrupt entrance-fee CCRCs. We are referring to Sedgebrook in Lincolnshire, Illinois and Monarch Landing in Naperville, Illinois that fell into bankruptcy in 2010 and were sold in an auction process for a combined total of about $39.25 million. They had been built by the former Erickson Retirement Communities, which itself filed for bankruptcy protection after problems with too much debt and too many new units to fill during the Great Recession, although these two CCRCs were outside the corporate bankruptcy. Monarch Landing was supposed to be built with 1,498 IL units, 84 AL units and 132... Read More »
All Hands On Deck For CBRE’s Latest Sale

All Hands On Deck For CBRE’s Latest Sale

CBRE had their hands full in a large Dallas-area CCRC sale, representing one of the selling entities and the buyer in the transaction, in addition to arranging a two-part acquisition financing totaling over $120 million. Totaling 1,104 rental units, which is separated out into 37% skilled nursing, 28% independent living, 24% assisted living and 11% memory care units, this portfolio was owned by Fortress Investment Group and Life Care Services, which held a lease-hold interest and operated (and will continue to operate) the communities. Properties ranged from 153 units to 267 units and were approximately 35 years old, all located in the Dallas MSA. Aspect Investment Partners, a global... Read More »
HJ Sims Leads San Diego CCRC Financing

HJ Sims Leads San Diego CCRC Financing

A not-for-profit CCRC in the Rancho Bernardo area of San Diego, California is planning a large expansion to its skilled nursing services, to include a brand-new 72-bed, three-story skilled nursing building, plus various improvements to the assisted living and memory care communities. The project is Phase II of a three-phase retooling of the 500-unit community, which is managed by Life Care Services. To fund the $51.6 million expansion, the CCRC provided $7.1 million of equity, reallocated about $5.5 million not used in the Phase I project, and turned to HJ Sims to facilitate a $39 million direct bank placement bond issue with City National Bank. The tax-exempt bonds were issued on parity... Read More »