Aron Will, Austin Sacco and Adam Mincberg of CBRE helped arrange acquisition financing on behalf of Angelo Gordon & Co. and Auctus Capital Partners to purchase an assisted living/memory care community in Oakland, California. Located in the affluent submarket of Rockridge, this 148-unit community was originally built in 1981 but recently underwent two multimillion-dollar renovations […]
A scathing article from The Washington Post discloses quality problems at HCR ManorCare before its sale to Welltower and ProMedica Health System. For those of you who missed the Thanksgiving weekend article from the Washington Post about poor care at HCR ManorCare’s nursing facilities in Pennsylvania, well, why ruin a great weekend? All kidding aside, it did not portray HCR ManorCare in […]
Switching around lending partners, a joint venture between Bourne Financial Group and Cascadia Senior Living recapitalized and refinanced their 138-unit assisted living/memory care property in Kennewick, Washington, with the help of CBRE’s Aron Will. The memory care portion was completed in 2015, with the assisted living finished in 2016, and since then, both acuities have […]
While the financial deterioration of HCR ManorCare continues, at least there was some good news in the past few weeks that may result in an agreement between it and its landlord, Quality Care Properties. Apparently, the DOJ has filed a notice to dismiss its case against HCRMC which was filed in April 2015 relating to […]
In every investment cycle, there are different factors that impact valuations and transaction volume. In the seniors housing and care acquisition market, there have been periods when public REITs came to dominate acquisition activity, then there were nontraded REITs that took center stage (at least for smaller transactions), and there has been the private equity […]
Quality Care Properties is taking its issues with HCR ManorCare (the lack of full rent payments) one step further. Late yesterday QCP announced that it is initiating a legal process to appoint an independent receiver to oversee the operation of the skilled nursing and assisted living properties that it owns which are leased to HCRMC. […]
While we are sure Carlyle would like to divest HCR, they may sell their German SNF company first. Okay, so is The Carlyle Group going to sell its HCR ManorCare portfolio company or not? Well, we may not know that answer for a few weeks, maybe days, but the large PE firm is on the […]
Quality Care Properties receives partial rent payment for the second month in a row, triggering a notice of default. In our June issue of The SeniorCare Investor, we laid out the issues in the battle between Quality Care Properties and HCR ManorCare, including the partial rent that HCRMC paid on June 1. The battle escalated […]
Timing is everything. In the April issue of The SeniorCare Investor, we wrote about what the decline in financial performance at HCR ManorCare (HCRMC) from the 12-month period ending September 30, 2016 to the 12-month period ending December 31, 2016. Annualized EBITDAR dropped by $5.5 million which, although not a big number, was enough to […]
Within weeks of being spun out of HCP, Inc. (NYSE: HCP), Quality Care Properties (NYSE: QCP) announced that it had agreed to a two-month temporary rent reduction for its major client, HCR ManorCare. December’s rent was reduced by $15.0 million, or nearly 40% below what it should have been, and January 2017’s rent will be […]