• Diversified Healthcare Trust Raises Expensive Debt, Ventas Makes Cuts

    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

    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 »
PGIM Closes HUD Refinance for Maryland SNF Portfolio

PGIM Closes HUD Refinance for Maryland SNF Portfolio

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

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

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

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 »