• Senior Care Leading Indicators

    There has not been a lot of good news, but given some leading indicators, the next development boom may be a bit further out than we had expected four months ago. Our focus for the past 12 months has been on the coronavirus pandemic and what it has done to seniors housing and care occupancy rates. We are also on record as stating that getting... Read More »
  • Walker & Dunlop Announces Georgia Portfolio Sale

    The Walker & Dunlop Investment Sales team including Joshua Jandris, Mark Myers, Brett Gardner and Jordyn Berger has closed the sale of an independent living portfolio in the Atlanta, Georgia metro area. Not only that, but Russ Dey of Walker & Dunlop secured acquisition financing through Freddie Mac on three of the properties.   More... Read More »
  • CIBC Bank USA Refinances Two Tennessee SNFs

    Two skilled nursing facilities in Tennessee recently refinanced their debt with the help of CIBC Bank USA. Totaling 340 licensed beds with an effective age of 20 years, the facilities have been run by a local operator for a number of years. Under that management, effective occupancy has been in the 70% range, with EBITDAR margins in the... Read More »
  • Tryko Partners Developing Pittsburgh Seniors Housing

    Selected by The Urban Redevelopment Authority of Pittsburgh to redevelop a former school in the city to serve the needs of both low-income and middle-income seniors, Tryko Partners just obtained a gap financing commitment from the Pittsburgh Housing Authority to help fund the project.   Formerly the Fairywood School in the city’s west... Read More »
  • LTC Properties Transitioning Senior Lifestyle Corp.

    LTC Properties reported fourth quarter and full year earnings late last week, and while there is some uncertainty, management appears to have a good handle on how they are dealing with it. This is especially true with the 23 communities leased to Senior Lifestyle Corporation (SLC), which we will get to below.   One... Read More »

A lot of building, but what’s the cost?

Taking a look at the NIC MAP® Construction Monitor as of Q2:15, which examines seniors housing construction in the Top 99 MSAs, we noticed on the AL side there were 22 MSAs with a construction vs. inventory ratio above 10%. If that doesn’t show a frothy development market, then what does? But, what is the cost to build in some of those MSAs? The Sarasota market, which has gotten a good amount of attention for its development pace, has eight assisted living properties under construction, and 893 units, representing a construction vs. inventory ratio of 30.7%. According to our data, which tracks senior living construction projects since 2013, majority-AL communities in the Sarasota market... Read More »

Seniors Housing Census Woes Continue

Brookdale Senior Living is not the only one with some recent census declines… The next few weeks will be very telling in terms of the direction of some of the major seniors housing companies. All eyes will be on Brookdale Senior Living next week as it announces second quarter results and whether it has reversed its downward occupancy trend. Brookdale’s stock price is down about 15% since June 1 and is at its lowest level in more than eight months. Those activist shareholders must be going nuts. We know NIC MAP indicated a tough second quarter in general, and we also know that the Atria Senior Living and Sunrise Senior Living properties in the Ventas stable posted a combined 40 basis... Read More »