• Berkadia Secures Large Portfolio Refinance

    Berkadia closed $627.2 million in agency financing for Project Raven. Project Raven is a 35-asset seniors housing portfolio with 4,395 independent living, assisted living and memory care units. The portfolio spans 15 states. Austin Sacco, Steve Muth, Garrett Sacco and Alec Rosenfeld handled the financing on behalf of an institutional borrower.... Read More »
  • What Does Brookdale’s Proxy Fight Cost?

    It seems that hardly a day goes by without yet another SEC filing by Brookdale Senior Living detailing why its slate of Board candidates is far better for shareholders than the slate submitted by activist investor Ortelius Advisors. But how much are they spending on this? It would be nice to know, and we are sure shareholders would rather have... Read More »
  • Do We Hear $30 Per Hour as the New Minimum Wage?

    We know we have the People’s Republic of California, and after New York’s Democratic Party primary, we may have the People’s Republic of New York City by November. The surprise winner of the primary was 33-year-old Zohran Mamdani. He is a self-professed Socialist, and more. In addition to free bussing, freezes on apartment rents, higher taxes on... Read More »
  • BMO and TCG Refinance Florida CCRC

    BMO’s Healthcare Real Estate Finance group acted as sole lender on a real estate term loan refinancing for La Posada, a Class-A, 333-unit CCRC in Palm Beach Gardens, Florida. Originally opened in 2014 and with a major renovation and addition completed in 2018, the campus offers independent living (245 units), assisted living (30 units), memory... Read More »
  • The Lenders Roundtable: A Capital Markets Update

    On Thursday, June 26th, Managing Editor of The SeniorCare Investor Ben Swett sat down with a group of expert panelists to dive into the evolving financing process of M&A deals. Panelists included Dave Boitano, EVP & CIO of LTC Properties, Cary Tremper, President & CEO of Tremper Capital Group, and Patrick Gilbreath, Sr. Relationship... Read More »
The Portopiccolo Group Acquires Michigan SNF Portfolio

The Portopiccolo Group Acquires Michigan SNF Portfolio

Northland Networks, a debt placement agent that finances senior living projects through a large network of community banks, arranged acquisition financing for a portfolio of three skilled nursing facilities in southeast Michigan with 250 beds. The loan represents a 65% loan-to-“as is” value. The attractive terms of the loan are indicative of community banks’ swelling cash deposits amid COVID-19 stimulus. Participating in senior living loans is an attractive option for many of these banks who have had minimal exposure to this asset class in the past, as such loans offer strong yields and diversification benefits. The Portopiccolo Group, a family-owned investment management firm, acquired... 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 »
The Portopiccolo Group Makes Another Virginia Purchase

The Portopiccolo Group Makes Another Virginia Purchase

Many skilled nursing owners are exiting the business these days, but family-owned private equity firm The Portopiccolo Group has been actively buying in the last couple of years. Its latest acquisition was the third Virginia property to join its portfolio so far this year, after purchases in Roanoke (February) and Dunn Loring (August). Portopiccolo’s latest target was a 120-bed skilled nursing facility in the rural, southern Virigina town of Emporia. Built in 1971, this facility seems to have been a part of every major SNF deal between institutional investors over the years. Before Portopiccolo’s acquisition, it was acquired by Sabra Health Care REIT in 2017 in the REIT’s takeover of Care... Read More »
Capital Funding Group Funds Portopiccolo Purchase

Capital Funding Group Funds Portopiccolo Purchase

The Portopiccolo Group picked up another two skilled nursing facilities, following its acquisition of a North Carolina SNF earlier this summer. The most recent targets included a 130-bed pediatric and geriatric rehab facility in Dunn Loring, Virginia (Washington, D.C. MSA), and a 74-bed skilled nursing facility in Silver Spring, Maryland (also D.C. MSA). Accordius Health, an operating platform of Portopiccolo, will take over management of the facilities. To fund the acquisition, Portopiccolo obtained several tranches of financing, arranged, agented and participated by Capital Funding Group (CFG). Tim Eberhardt originated the transaction, which includes a $30.6 million senior loan, a $3.8... Read More »
The Portopiccolo Group Makes Another Virginia Purchase

Portopiccolo Makes Another SNF Acquisition

The Portopiccolo Group just made its third skilled nursing acquisition of the year, making it one of the most prolific buyers in that space in 2019. Its most recent target was a 150-bed skilled nursing facility in Virginia Beach, Virginia. To fund the acquisition, Portopiccolo turned to Contemporary Healthcare Capital to closed $1.97 million in mezzanine financing in addition to receiving a senior loan from United Community Bank. About $2.7 million in capital upgrades will also be funded. The transaction is similar to Portopiccolo’s acquisition earlier this year of a 130-bed skilled nursing facility in Roanoke, Virginia that included a 24-bed accredited ventilator unit. That always... Read More »