• 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 »
Oxford Finance Expands Credit Facility

Oxford Finance Expands Credit Facility

It’s a tough time out there for senior care owners and operators, dealing with the pressure of keeping their residents safe and healthy only to emerge from the crisis and likely deal with a census and cash crunch. Lenders will play a big role in helping the industry through the crisis, and Oxford Finance was there for one of its senior care clients, upsizing a credit facility for one of its skilled nursing owner/operator clients.   Oxford Finance closed a $19.8 million add-on term loan and revolving credit facility, bringing the whole facility to more than $75 million. The borrower has now used the entire credit facility commitment, and used the additional proceeds to finance the... Read More »
Portopiccolo Group Adds to Its Skilled Nursing Portfolio

Portopiccolo Group Adds to Its Skilled Nursing Portfolio

The Portopiccolo Group has been one of the most active investors in the skilled nursing space in the last couple of years, with four acquisitions in 2019 and three in 2018. It looks like that growth is continuing in a big way into 2020, with the New Jersey-based private equity firm announcing the acquisition of three skilled nursing facilities in North Carolina (2) and Maryland. The acquisition consisted of a total of 450 skilled nursing and 50 assisted living beds. It did not disclose a purchase price, but Oxford Finance secured a $64.6 million term loan and a revolving line of credit. This was the second transaction between Oxford and Portopiccolo, and it may not be the last. Just last... Read More »
Senior Housing Properties Trust Divests More Five Star SNFs

Senior Housing Properties Trust Divests More Five Star SNFs

Senior Housing Properties Trust (SNH) continued its Five Star Senior Living (FVE) portfolio restructuring with the sale of 15 skilled nursing facilities in the Midwest. Mike Segal, Ben Firestone and Steve Thomes of Blueprint Healthcare Real Estate Advisors handled the transaction for SNH, which made a strategic decision to sell the entire portfolio in one deal to one buyer. The sale was part of SNH’s previously announced disposition plan to sell up to $900 million of assets in connection with the FVE restructuring. The portfolio consists of 10 facilities in Nebraska, four in Iowa and one in Kansas, and sold for a combined $8 million. According to FVE’s 2018 Annual Report, the Nebraska... Read More »
Oxford Finance Funds Sterling Senior Care Acquisition

Oxford Finance Funds Sterling Senior Care Acquisition

Maryland-based operator of senior care facilities across the Mid-Atlantic, Sterling Senior Care, acquired another Maryland skilled nursing facility, following its 2018 acquisition of a 129-bed Boonsboro facility for $15.55 million. The most recent transaction featured a 129-bed facility in Belkamp, located in northeast Maryland. To fund the deal, Sterling turned to Oxford Finance, which closed a term loan and a revolving line of credit for the company. With that financial flexibility going forward, we expect to hear of more acquisitions from Sterling Senior Care. Read More »
Cascade’s building blocks

Cascade’s building blocks

New entrant Cascade Capital Group recently acquired three skilled nursing facilities in Colorado and Utah, as reported in the February issue of The SeniorCare Investor, and turned to Oxford Finance to fund it. Formed in January 2016 by the leadership team that built Illinois-based Legacy Healthcare, Cascade is a private equity firm that invests in long-term care facilities, with Legacy managing. The three acquired facilities were relatively new, being built between 1999 and 2013, but operated at a 12% margin and were just 58% occupied overall. Cascade paid approximately $31.8 million in total for the two Utah facilities and the one Colorado facility, or about $70,000 per bed. Ryan Saul and... Read More »