• Private Equity And Nursing Homes

    There have been a lot of stories in the media about private equity and nursing homes, often by The New York Times, which seems to have a “thing” about the nursing home industry. All that we have seen has been negative in varying degrees, mostly dealing with cuts in staffing, declining quality of care and increased leverage.   But a... Read More »
  • Summit LTC Management Acquires East Texas SNF

    The Blueprint Healthcare Real Estate Advisors team worked together to sell a 112-bed skilled nursing facility located near the University of Texas Health, East Texas campus in Athens, Texas. Built in 1987, the facility has mostly semi-private rooms. It historically operated well while enrolled in QIPP, but a new local competitor put downward... Read More »
  • Monticello Funds Wisconsin Acquisition and Refinance

    MONTICELLOAM, LLC (Monticello) and its affiliates recently structured first lien debt for a portfolio of three senior care facilities in Wisconsin. The purpose of the debt was two-fold, with a portion going towards the acquisition of an assisted living/skilled nursing property and the remaining amount refinancing two skilled nursing facilities.... Read More »
  • Cambridge Realty Capital Lowers Rate On 16 Facilities

    Cambridge Realty Capital announced a slew of HUD loan modifications in the first half of 2020. The lender worked on behalf of borrowers with a combined 16 healthcare facilities that all had HUD mortgages. They are located in Illinois, California, Ohio, Texas, New Jersey and Iowa. In total, Cambridge funded over $200 million in loan modifications,... Read More »
  • Brookdale, Genesis Report Tough Quarters

    Brookdale Senior Living and Genesis HealthCare, the two largest providers, were not spared from COVID’s devastation in the second quarter. The two largest providers in their respective sectors, Brookdale Senior Living in seniors housing and Genesis HealthCare in skilled nursing, did not escape COVID’s wrath. No one expected they would.... Read More »
Regions Bank and Cushman & Wakefield Finance Auctus-Owned Community

Regions Bank and Cushman & Wakefield Finance Auctus-Owned Community

Regions Bank Healthcare Real Estate Group announced a balance sheet loan closing at the start of February for a client in northern California. Originally built in 1975 in Carmichael, the property being refinanced is a 98-unit independent living community. Auctus Capital Partners acquired it in 2015, with plans to invest in capital improvements. So, it underwent a significant renovation and conversion project in 2018, and is now in the final stages of lease-up. Auctus put an operating affiliate, Altum Senior Living, in place to manage the community. Working with a new customer for the bank, Chris Honn secured a $5 million loan, with a three-year term and three years of interest only, to... Read More »
Two Senior Living Communities Get Financing from Regions Bank

Two Senior Living Communities Get Financing from Regions Bank

Regions Bank closed a couple of transactions in recent weeks for both a to-be-built senior living community and an existing one whose owners were looking to get a small cash-out. The $29.2 million construction loan was arranged for a joint venture between a Midwest-based developer/owner and a Southeast-based operator. Located in a fast-growing Alabama market, the community will consist of 105 independent living and 27 memory care units in a three-story building. Jack Boudler and Chris Honn secured the $29.2 million, or $211,000 per unit, loan, which came with a five-year initial term, four years of interest only, and a staged reduction in loan repayment recourse. Also, at or prior to... Read More »
St. Louis-Area Acquisition Funded by Regions Bank

St. Louis-Area Acquisition Funded by Regions Bank

Regions Bank Healthcare Real Estate Group assisted a joint venture in obtaining acquisition financing for their purchase of two assisted living communities in the St. Louis MSA. Built in 2000 and 2006, these two Illinois communities featured a combined 135 assisted living units. Thanks to a $12.675 million, or $93,900 per unit, bank loan, they were acquired by a Florida-based investor and a Missouri-based management company. The non-recourse loan was structured with a five-year, floating-rate term and an interest-only period. Amber Crosby and Chris Honn of Regions closed the transaction. Read More »
Regions Bank Closes Ohio Bridge Loan

Regions Bank Closes Ohio Bridge Loan

Chris Honn of Regions Bank’s Healthcare Real Estate Group worked on behalf of an Ohio-based private owner to close a $16.8 million bridge loan with a floating interest rate and two-year term. The loan is also interest-only for the entire term, until maturity, when Regions plans to provide an agency refinance. The owner repaid construction debt with the transaction, in addition to getting cash out. They opened the 103-unit assisted living/memory care community in suburban Cleveland in the fall of 2018. It is already 65% occupied, but the interest-only payments should help the owner during the remaining lease-up period. Read More »
Regions Bank Repeats In Midwest

Regions Bank Repeats In Midwest

The Regions Healthcare Real Estate group closed yet another acquisition financing, following its recent Ohio deal that involved a joint venture buying a 100-unit assisted living/memory care community. The latest transaction saw Trilogy Health Services receive a $47.5 million three-year bridge loan to fund its purchase of four senior living campuses and over 400 beds in Kentucky, Michigan and Ohio. After a seasoning period, Regions Real Estate Capital will underwrite and permanently finance all the properties with HUD. Read More »