• PACS Gets Trading Period Extension

    PACS Group is trying to right the ship as it works to restate its prior financial statements amid an investigation into its Medicare billing practices, and return to providing regular quarterly earnings statements. The New York Stock Exchange Listing Operations Committee did agree to provide PACS with an additional trading period through November... Read More »
  • Outcome Healthcare Acquires Pennsylvania SNF

    Evans Senior Investments facilitated the sale of Mahoning Valley Nursing & Rehabilitation Center, a 142-bed skilled nursing facility in Lehighton, Pennsylvania. The seller, an independent owner, faced increasing financial and operational pressures in today’s skilled nursing environment. The selected buyer was a regional operator with a... Read More »
  • Full Continuum Community Obtains Refinancing

    CBRE National Senior Housing refinanced The Pointe at Meridian, a 100-unit seniors housing community in Meridian, Idaho. Built in 2022, The Pointe at Meridian was built in 2022 and consists of 60 independent living units, including 14 townhome units, 30 assisted living units and 10 memory care units. Grace Management took over management of the... Read More »
  • Arizona Seniors Housing Development Secures Construction Financing

    Fifty Stones Capital Group closed a $39.3 million construction loan for a seniors housing community in Chandler, Arizona. The proposed development comprises 147 units with 150 beds. The opportunity came to Fifty Stones Capital Group through a local broker.  The sponsor, an experienced local developer with a focus on multifamily and senior... Read More »
  • National Health Investors Sends Default Notice to NHC

    National Health Investors is addressing violations under its longstanding lease agreement with one of its largest tenants, National HealthCare Corporation. In July, NHI notified NHC/OP, L.P., an affiliate of National HealthCare Corporation and the tenant of 32 of NHI’s skilled nursing/senior care facilities and three independent living... Read More »
Ziegler Closes Financing For Not-For-Profit Owner/Operator

Ziegler Closes Financing For Not-For-Profit Owner/Operator

Ziegler has closed a series of bonds for Otterbein SeniorLife to acquire Kendal at Granville, a CCRC located in Granville, Ohio. Now renamed Otterbein Granville, the not-for-profit owner/operator will use proceeds from Series 2021B bonds to acquire the community and subsequently use the proceeds from the acquisition to refund the community’s Series 2015 bonds, acquire certain leased property on the campus and pay the cost of issuance.  The bonds consist of $24.5 million of tax-exempt Series 2021B bonds and $20.5 million of tax-exempt forward delivery Series 2023 bonds scheduled to close in April 2023. Proceeds of the Series 2023 bonds will be used to refund Otterbein’s... Read More »
Radiant Senior Living Sells AL Community in Washington

Radiant Senior Living Sells AL Community in Washington

Ziegler announced its role as exclusive sell-side advisor to Radiant Senior Living in the sale of South Pointe Assisted Living, a 42-unit independent living and assisted living community located in Everett, Washington. Radiant, a West-Coast-based family-owner and operator of senior care communities, acquired the community in 2020 as part of a larger portfolio transaction including one other community in the Greater Seattle area as well as another community in Bozeman, Montana. The portfolio, which featured a majority of assisted living units, reportedly sold for just under $200,000 per unit.   Prior to acquiring the community from the previous lessor, Radiant... Read More »
Ziegler Closes Financing for Texas Owner/Operator

Ziegler Closes Financing for Texas Owner/Operator

Ziegler has closed $116.1 million of Series 2021 bonds for Methodist Retirement Communities (MRC), a not-for-profit based in Texas which currently owns and operates 13 seniors housing communities throughout the state. Once the bonds are closed, two communities will join four MRC-affiliated communities currently comprising the MRC Obligated Group. Proceeds of the bonds, which are being privately placed with Truist Bank and Hancock Whitney Bank, will be used to refinance the existing indebtedness of the two communities.  Ziegler implemented a “Cinderella” refunding structure where Series 2021 taxable bank bonds (which convert to tax-exempt bonds at the first call date) advance refunded the... Read More »
Ziegler Closes Financing for Philadelphia Operator

Ziegler Closes Financing for Philadelphia Operator

Ziegler arranged $39.4 million in bond financing for Simpson, a nonprofit operator based in Bala Cynwyd, a suburb of Philadelphia. Formerly known as Methodist Episcopal Home for the Aged, the borrower operates three CCRCs in the region: Simpson House in Philadelphia, Simpson Meadows in Downington and Jenner’s Pond in West Grove. In total, the portfolio includes 482 independent living, 56 personal care, 118 assisted living and 178 skilled nursing units. As a result of this financing, Simpson’s entire capital structure now comprises all public, fixed-rate bonds. Proceeds from this deal will refinance existing bonds from 2015 and fund capital expenditures, among other uses.  Read More »
Ziegler Closes Financing for Florida CCRC Operator

Ziegler Closes Financing for Florida CCRC Operator

Ziegler closed a $16.645 million bond series for Oak Hammock at the University of Florida, Inc. (Oak Hammock), a not-for-profit corporation formed in 1998 to own and operate a large CCRC in Gainesville, Florida. The 135-acre campus consists of 269 independent living units, 46 assisted living units, 24 memory support units and 73 skilled nursing beds. All of the skilled nursing beds are Medicare certified and currently maintain a five-star CMS rating.  The proceeds of the Series 2021 bonds will be used, together with other available funds, to refinance outstanding Series 2017B Notes, finance approximately $1.876 million of capital expenditures, and fund a debt service reserve... Read More »