• 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 »
Live Oak Bank Provides Bridge Loans To Stabilizing Properties

Live Oak Bank Provides Bridge Loans To Stabilizing Properties

Live Oak Bank ended 2021 by closing three loans for senior care clients totaling over $50 million. First, Mississippi-based Claiborne Senior Living received a $33.5 million loan to facilitate a partner buyout for a Class-A, 213-unit independent living, assisted living, and memory care community built in 2017 in Baton Rouge, Louisiana. Claiborne took over management in early 2021 and added net 41 residents YTD through November 2021, or more than three residents per month. Locust Point Capital partnered with Claiborne to complete the capital stack. Approximately $1.8 million in loan proceeds will support capex improvements, enhanced programming, and a marketing campaign to rebrand the... Read More »
Live Oak Bank Branches Out with Two Financings

Live Oak Bank Branches Out with Two Financings

Live Oak Bank announced its latest closings for a couple of construction projects. First, to build a high-quality, 68-unit assisted living community in Fairbanks, Alaska, the bank provided $15 million in debt for the borrower and developer, Frontier Partners, LLC, which has familiarity in the market. The debt was structured into two loans utilizing the SBA 504 program, including an interim construction loan totaling $10.2 million to be held by Live Oak and a second bridge loan prior to the 504 Debenture totaling $4.8 million.  Next, Live Oak closed a $5 million SBA 7a construction loan with a $3.4 million conventional pari-passu loan for Lotus Senior Living to... Read More »
Live Oak Bank and HJ Sims Team Up

Live Oak Bank and HJ Sims Team Up

Sometimes to get a deal done you have to get creative and be flexible. It appears that was the case for a recent sale of a 55-unit assisted living and memory care community located in Utah. Of the total, 42 units are assisted living and 13 are memory care. Even though capital sources have opened up, to get maximum leverage, if that is what you want or need, your lending groups can get flexible.  Live Oak Bank and HJ Sims teamed up to provide the financing solution for the buyer of this community, a regional owner/operator with 15+ years of experience that currently manages more than 1,600 units in more than 25 communities across five states in the Mountain West... Read More »
Columbia Pacific Secures Construction Financing for Virginia Project

Columbia Pacific Secures Construction Financing for Virginia Project

Live Oak Bank closed a $26.1 million construction loan for the development of a 126-unit assisted living (90 units) and memory care (36 units) community located in Chesapeake, Virginia. The loan came with a five-year term, but no other details were disclosed.  Columbia Pacific Real Estate Fund III, LP is developing the project, which is situated on 6.63 acres. Leisure Care, a consistent partner of CPA, will operate it going forward. This represents Live Oak Bank’s second loan closing with CPA in the last six months.   Read More »
Lument Arranges Bank Loan For Watercrest Community

Lument Arranges Bank Loan For Watercrest Community

Lument arranged bank financing for Watercrest Senior Living’s newly built senior living community in Tarpon Springs, Florida. Steve McGee, managing director at Lument since joining the team in 2020 to head its debt syndication group, led the transaction, which took out construction debt at the property. Opened in 2018, Market Street East Lake has 64 units of memory care and joined Watercrest’s growing portfolio, which currently numbers 13 properties across the Southeast.  The new bridge-to-agency loan totals $12.3 million and covers about 70% of the property’s value. That puts the community at around $275,000 per unit in value. The debt came with a floating interest rate for a five-year... Read More »