• 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 »
NIC Data Shows Slow Occupancy Recovery

NIC Data Shows Slow Occupancy Recovery

According to most recent aggregated NIC data, occupancy in the third quarter rose to 80.1%, after having stagnated in the previous two quarters at 78.7%. It’s great to see this positive movement, but we are still a long way away from pre-pandemic occupancy levels, and we would have hoped to see more growth heading into the holiday and flu season. This average is also not an indicator of how other institutional operators and REITs are performing, or the industry as a whole, but there are just no other comprehensive sector-wide statistics out there. As we reported last month, Sabra Health Care REIT, Inc. disclosed a 716-basis point increase in occupancy between February and July 2021. Senior... Read More »
ER Senior Living CEO Steps Down

ER Senior Living CEO Steps Down

Chris Coates, the President and CEO of Abilene, Texas-based ER Senior Living, will be stepping down from those roles and retiring, effective July 1. He will remain a Principal and Board Member in the Evergreen Companies going forward, but Brian Dowd will add CEO to his title, already being the COO and CFO of the company. Mr. Coates founded the management company with Mr. Dowd in 2021 and has grown it to now include communities in Texas, Illinois, and Pennsylvania. Mr. Coates is a veteran of the senior care industry, having previously served as the Chairman of both the American Senior Housing Association and of the Assisted Living Federation of America (now... Read More »
Promising Census Signs From National Health Investors Update

Promising Census Signs From National Health Investors Update

We are still waiting for that first sign that the seniors housing and care recovery has truly begun. There were some encouraging signs from Welltower’s SHOP portfolio when its census started to rise in the later weeks of March. But so far, that is it. Earlier this month, NIC reported that average occupancy at seniors housing communities fell to a new record low in the first quarter, to 78.8% from 80.6% in the fourth quarter.  National Health Investors also recently provided an update regarding its average occupancy and monthly contractual cash collections. Even though the REIT did not report an increase in census at its three major seniors housing operators, the decline has slowed... Read More »
NIC Acquires VisionLTC

NIC Acquires VisionLTC

The National Investment Center for Seniors Housing & Care (NIC) announced March 11 that it has acquired VisionLTC, a North Carolina-based data analytics platform serving the senior care industry. Together, they are creating a new company called NIC MAP Vision, which will be a for-profit affiliate of not-for-profit NIC and will be majority owned by NIC, with the VisonLTC investors owning the remainder.  NIC MAP Vision will be led by VisionLTC’s CEO Arick Morton, while Brian Jurutka will remain as CEO of NIC. The two organizations are complementary, as NIC MAP’s product deals with the supply side of seniors housing... Read More »
Average Occupancy Falls To (Yet Another) New Low

Average Occupancy Falls To (Yet Another) New Low

Most of us saw it coming, but the seniors housing industry hit new occupancy lows in the fourth quarter of 2020, according to new data from NIC MAP. The sector experienced a drop of 130 basis points from the third quarter average of 82.0% to 80.7%, based on the reporting communities in 31 primary markets. Across the entire industry, including those properties that do not report their occupancy figures, the average census could be lower.  The assisted living market continues to feel the pain of higher move-out rates and fewer move-ins because of the lockdowns, impacts to demand and, of course, the holiday season. That dropped the sector’s average occupancy by 1.3 percentage points to 77.7%,... Read More »