• Diversified Healthcare Trust Raises Expensive Debt, Ventas Makes Cuts

    by | Jun 1, 2020 4:42 am | Financings | 0 comments

    Diversified Healthcare Trust Raises Debt Diversified Healthcare Trust tapped the debt markets with a $1.0 billion, five-year senior note offering with a yield of 9.75%. That puts the spread over the 5-year Treasury at about 940 basis points. That has to be the widest spread by a healthcare REIT we have seen in years, if not a decade or two.... Read More »

  • Carnegie Capital Announces Latest Closings

    by | May 29, 2020 4:41 pm | Financings | 0 comments

    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

    by | May 29, 2020 4:38 pm | Financings | 0 comments

    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

    by | May 29, 2020 4:37 pm | Developments, Financings | 0 comments

    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

    by | May 29, 2020 4:48 am | Opinion | 0 comments

    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 »
PGIM Closes HUD Refinance for Maryland SNF Portfolio

PGIM Closes HUD Refinance for Maryland SNF Portfolio

by | Apr 16, 2020 3:57 pm | Financings | 0 comments

PGIM Real Estate successfully closed a scattered site refinance through HUD of a portfolio of assisted living communities in Maryland. Operated by Rose Hill Management, the three communities total 64 units, with one property in Annapolis featuring two 16-unit buildings (plus memory care services) and the communities in Pasadena and Odenton each featuring just one 16-unit building. Occupancy was around 90% across the 1990s-vintage portfolio.   To consolidate the debt across the three sites, Chris Fenton of PGIM led the way on securing a single $5.5 million HUD loan with a 35-year term.  Read More »
PGIM Simplifies Capital Stack at NOLA Facility

PGIM Simplifies Capital Stack at NOLA Facility

by | Feb 4, 2020 4:22 pm | Financings | 0 comments

Refinancing a complicated capital stack, PGIM Real Estate Finance secured a $10.7 million HUD loan for a 112-bed skilled nursing facility in New Orleans, Louisiana. The facility was built by the not-for-profit St. Margaret’s Foundation in 2013 on the site of the former Lindy Boggs Medical Center, which was devastated by Hurricane Katrina in 2005. Its $33 million construction was initially funded using New Market Tax Credits, Historic Tax Credits, OCD Loan Funds, FEMA grant money, a bank loan and sponsor equity. PGIM simplified things and significantly reduced the amount of debt with the HUD loan. Located within five miles of seven acute-care hospitals, the facility features 100 units in... Read More »
Newmark Closes Out 2019 With A Bang

Newmark Closes Out 2019 With A Bang

by | Dec 30, 2019 6:00 am | Acquisitions | 0 comments

We told you that the folks at Newmark Knight Frank were going to have a big year end, and in the days just before Christmas they closed four transactions worth about $550 million in total. Not a bad way to end the year, and we hope they are all off on vacation until January 5. In the largest transaction, Ryan Maconachy and Chad Lavender sold a portfolio of three Discovery Senior Living-operated assets on behalf of Kayne Anderson. The three communities with 483 units are located in Virginia, Pennsylvania and Delaware and average about 45% independent living, 34% assisted living and 21% memory care units. Overall occupancy is a solid 94%. The buyer was Partners Group, an international... Read More »
Harrison Street Picks Up PGIM-Owned Portfolio

Harrison Street Picks Up PGIM-Owned Portfolio

by | Dec 13, 2019 6:00 am | Acquisitions | 0 comments

In last month’s SeniorCare Investor we mentioned that the team at Newmark Knight Frank would have approximately $1.2 billion in closings in December. They may have reached half of that in one deal. Although no price is being disclosed on the transaction, we did get a sneak look at parts of the offering memorandum from one of the other bidders. PGIM sold a portfolio of Brightview Senior Living-managed communities with a total of 11 communities in Maryland, New Jersey and Massachusetts. Based on our internal records, PGIM purchased 10 of these communities from Brightview in 2014 for about $360 million, or $350,000 per unit and an estimated cap rate of 7%, according to our Deal Search Online... Read More »