ACTS Acted Again
Acts Retirement-Life Communities (ACTS) has added another LPC (CCRC) to its stable of communities, bringing the total to 23 LPCs in nine states serving approximately 9,700 residents. The latest community to join the largest not-for-profit owner, operator and developer of LPCs is The Evergreens, located in New Jersey. Founded in 1919 by the Episcopal Diocese of New Jersey, the community now has 200 independent living units, 66 assisted living beds and a 34-bed skilled nursing center on 32 acres. The “affiliation” agreement, which means that The Evergreens has become a member of ACTS, was effective last February 5. The Evergreens’ board hired Ziegler in September 2016 to... Read More »
Ziegler Zeroes In On Savings
The owner of two assisted living communities wasn’t in the mood to settle for second-best when it worked with Ziegler to refinance its existing permanent financing and receive a lower interest rate. The two communities are located in Redding, California, and include a stand-alone assisted living community with 60 units and an 85-unit assisted living/memory care community. Together, they had approximately $14.1 million in outstanding HUD debt originally financing by another HUD lender in 2014. However, the interest rate was in the mid-4s, which the borrower believed they could improve upon. Ziegler stepped in to arrange $14.7 million if HUD financing, locking in a lower interest rate and... Read More »
Ziegler Closes Big HUD Deal
Most people think of the HUD 232 program as a financing tool used by for-profit entities. But not-for-profits can take advantage of the low rates as well. A case in point was the recent $94.3 million HUD loan arranged by Bill Mulligan and Ashley Wilkens of Ziegler for a senior living campus in North Central Florida. With more than 639 units, the loan came in around $147,500 per unit and had an interest rate just under 3.5%. The large campus has 511 unlicensed independent living/board and care units, plus 128 units licensed for assisted living and memory care. The Ziegler team was able to convince HUD that the large IL portion met the HUD parameters because although they were “independent... Read More »
Griffin American Goes To Wisconsin
Griffin-American Healthcare REIT IV gained a foothold in the state of Wisconsin by acquiring two senior care facilities that include independent living, assisted living and also skilled nursing beds. Located in the Madison suburbs of Waunakee and Sun Prairie, the facilities total 254 beds, with the seniors housing portion featuring 100% private pay, and the skilled nursing portion having a 67% quality mix. In addition, nearly $10 million in renovations have been completed at the properties since 2006. Griffin-American purchased the facilities for $22.6 million, or about $89,000 per bed, and leased them to Integro Healthcare Consulting under an absolute net master lease structure through... Read More »Schedule a demo
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