• Genesis HealthCare’s Legacy Liabilities Lead to Bankruptcy Filing

    Genesis HealthCare has filed for Chapter 11 bankruptcy protection, listing its 298 affiliated holding companies, ancillary businesses and insurance vehicles in its submission to the U.S. Bankruptcy Court for the Northern District of Texas Dallas Division. It is one of the largest skilled nursing operators in the country and operates 218... Read More »
  • Cindat Capital Management Invests in Colorado Community

    Cindat Capital Management, a middle-market real estate private equity platform focused on seniors housing and opportunistic investments, announced its first investment from its Senior Housing Credit Platform. It was a unitranche debt investment in The Pearl at Boulder Creak, a 116-unit, Class-A independent living and assisted living community... Read More »
  • MedCore Divests to Publicly Traded Healthcare REIT

    Ziegler announced its role as exclusive sell-side financial advisor to MedCore on the sale of Parkview on Hollybrook, a 189-unit rental CCRC in Longview, Texas. The property has been on a long road to stabilization. It was originally bought in a bankruptcy auction in 2016 for $20.7 million by Thrive FP when it was in the middle of development. 12... Read More »
  • Forbright Bank’s H1 Activity

    Forbright Bank reported its activity for the first half of the year from its healthcare and HUD lending teams, announcing more than $500 million in loans closed for acquisitions, recapitalizations, working capital, and HUD financings for healthcare providers across the country. One of the largest transactions was a $60 million revolving loan to... Read More »
  • Large SNF Portfolio Secures Financing

    MONTICELLOAM, LLC announced the closing of $218.3 million in combined bridge, mezzanine, and working capital financing for 18 skilled nursing facilities across Kentucky. The transaction includes a $179.3 million senior bridge loan and a $29 million mezzanine loan, which the sponsor plans to use to restructure and upsize the existing debt on the... Read More »
Grandbridge Provides Permanent Refinancing

Grandbridge Provides Permanent Refinancing

Speaking of backyards, Grandbridge Real Estate Capital arranged $35 million in Freddie Mac financing for a one-year old assisted living and memory care community in Norwalk, Connecticut. The 10-year, fixed-rate loan has a 30-year amortization. The community is located a mile from our main office. The property was developed by The Shelter Group and its affiliate, Brightview Senior Living, is the manager. We know it well because we had a tour when it opened and attended the first open house. It was built on a very tight piece of land, but they were able to take advantage of the topography for some unique outdoor areas. We assume it is at or close to stabilization otherwise Freddie Mac would... Read More »
New Owner For New Pond Village

New Owner For New Pond Village

Benchmark Senior Living, the largest seniors housing provider in the Northeast, just added its fourth CCRC, and 54th overall location, to its impressive portfolio. In a partnership with investment firm Farallon Capital Management, Benchmark acquired New Pond Village, a 199-unit entrance-fee CCRC in Walpole, Massachusetts (Boston MSA), for an undisclosed price. Built in 1992, it currently features 167 independent living and 32 assisted living units. The 90-bed skilled nursing facility was split off from the community in the mid-1990s, but residents at the CCRC have a priority admissions agreement with the SNF. This transaction comes 13 years after the seller, The Shelter Group, originally... Read More »
Connecticut CCRC Changes Hands

Connecticut CCRC Changes Hands

A large for-profit CCRC in North Branford, Connecticut recently sold. Purchased in 2006 by a joint venture between The Shelter Group and Herbert J. Sims & Company for $72 million, 10 years later it sold for approximately $69.5 million. National Health Investors (NYSE: NHI) was the buyer, and its all-in acquisition cost was about $74 million, which included closing costs, various escrows/deposits, and other fees. The CCRC, which has 227 independent living units, 22 assisted living units and 50 skilled nursing beds, was originally developed in the early-1990s in two phases on 88 acres. Occupancy had been on an upward trend and was just over 88% in 2015. NHI will be leasing the community... Read More »