• 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 »
Love Funding Takes Out Bridge Loan

Love Funding Takes Out Bridge Loan

Eric Forguson of Love Funding helped the owner of a senior care campus in Arnold, Missouri (St. Louis MSA) take out bridge debt on the property and replace it with a $12.9 million HUD refinance. Built in phases over the last 30 years, most recently adding a 52-unit assisted living building in 2019, the community features a mix of independent living, assisted living, memory care and skilled nursing services, with 202 units/beds total. Its operations were strong, and it produced stabilized cash flow over a three-year period.  Mr. Forguson had originally secured a short-term bridge loan in April from Love Funding’s parent company, Midland States Bank. More than half of the loan’s proceeds... Read More »
Love Funding Secures HUD Construction Financing For New Jersey Projects

Love Funding Secures HUD Construction Financing For New Jersey Projects

Love Funding arranged financing for the construction of two new senior apartment buildings in Paterson, New Jersey. Love’s Leonard Lucas (say that five times fast) secured the HUD loans which totaled $55.6 million and came with low rates for the duration of construction and for a subsequent 40-year term. One location will feature 81 units in four stories, with two elevators, that will also offer a community room with a kitchen, on-site management and maintenance offices, lounge areas, an outdoor patio and garden space. A central laundry facility will be located on each floor. Social services will also be provided on-site via the Housing Authority of the City of Paterson, as well as... Read More »
People on the Move, January 2020

People on the Move, January 2020

There were a few high-profile moves in the senior care world in the last month. JLL announced the addition of a new advisory and investment transaction services practice, to be led by Deborah Street. Coming from CBRE, where she was previously the Vice President of the National Senior Housing group, Ms. Street will join JLL as a Senior Vice President and leader of the new practice, which will provide on-demand underwriting, strategic planning, transaction structure/return analysis, transaction management, and due diligence, as well as ongoing asset management services. She will work with Managing Directors Brian Chandler and Bryan Lockard, JLL’s Co-Leads for the Seniors Housing Valuation... Read More »
Love Funding Takes Out Bridge Loan

Love Funding Funds Florida Development

A new assisted living community will open in New Smyrna Beach, Florida, thanks to a $16.3 million HUD loan secured by Ken Charbauski of Love Funding. Located at the site of the former Alba Court Inn Hotel, which was built in 1895 and demolished in 2010, the community will feature 88 assisted living and 21 memory care beds in 93 total units. Adjacent to the four-story building will also be a 4,000-square foot adult day care center being renovated from a shuttered church. Urbanus Development, based in San Juan, Puerto Rico, is the project’s developer, with Miami Beach-based MIA Senior Living coming in as the operator. The non-recourse loan featured a 40-year term following the construction... Read More »
Love Funding Takes Out Bridge Loan

Love Funding Closes Construction Bridge Loan

Leonard Lucas of Love Funding closed a $10.5 million bridge-to-HUD construction loan for a transitional rehab facility in Yuma, Arizona. The new facility will have 32,000 square feet and 41 private rooms. It will be 100% Medicare and managed care with no Medicaid patients. The bridge loan was placed with Love Funding’s parent company, Midland States Bank. This is the second bridge-to-HUD construction loan obtained through Love Funding in the developer/operator’s portfolio. Read More »