CCRC

Webinar: Tips for How Operators Can Thrive in the Evolving Seniors Living Market

by Sarah Daniels July 28, 2020

On July 23, Seniors Housing Business hosted a panel discussion called “Tips for How Operators Can Thrive in the Evolving Seniors Living Market” where four seniors housing industry experts joined to talk about how they are addressing COVID-19 challenges, adapting and promoting communities in spite of obstacles. Click here to watch this engaging webinar. The seniors housing world has shifted dramatically in the past few months, explains Steve Lampa, Founding Parter at Kensington Living, a Washington D.C.-based operator. “The number of leads is definitely down, but on the other hand a lot …

July 28, 2020

CCRC Development Finance News North Carolina

HJ Sims Arranges $6.6M for Phase II of SearStone Development in Cary, North Carolina

by Jeff Shaw July 23, 2020

CARY, N.C. — HJ Sims has arranged $6.6 million in financing for Samaritan Housing’s continued expansion plans at SearStone, a continuing care retirement community in Cary. Following the original Phase I development, SearStone consists of 131 independent living apartments, 38 independent living estate homes, 14 assisted living units and 25 skilled nursing beds. Sims financed the first phase of SearStone with a $117.5 million non-rated, fixed-rate bond issue in June 2012 and an expansion of the healthcare center in 2016 with an $8 million issue. Sims provided the original seed …

July 23, 2020

CCRC Finance News

Ziegler Arranges $199.4M Bond Financing for Acts Retirement-Life Communities

by Jeff Shaw July 22, 2020

FORT WASHINGTON, Pa. — Ziegler has arranged $199.4 million in bond financing for Acts Retirement-Life Communities. Based in Fort Washington, Acts is the third largest nonprofit seniors housing operator in the country. The company operates 26 communities in nine states with a total of 9,671 total units. The portfolio involved in this specific financing includes 20 communities in seven states, with eight locations in Pennsylvania, four locations in Florida, three locations in Delaware, two locations in North Carolina, one location in South Carolina, one location in Georgia, and one location …

July 22, 2020

CCRC Finance News Virginia

Ziegler Arranges $18M Financing for Warm Hearth Village CCRC in Blacksburg, Virginia

by Jeff Shaw July 21, 2020

BLACKSBURG, Va. — Ziegler has completed an $18 million taxable bank placement for Warm Hearth Village, a continuing care retirement community in Blacksburg. Warm Hearth was founded in 1974 and provides housing, health care and other services to seniors on its 220-acre campus through the operation of 259 independent living units, 55 active adult units, 150 assisted living units and 60 skilled nursing beds. The financing will be used to consolidate three existing bank placements and pay for $2 million in campus improvements. National Bank of Blacksburg provided the funds, …

July 21, 2020

CCRC Development Finance Michigan News

Ziegler Arranges $22.5M Financing for Beacon Hill at Eastgate CCRC Expansion in Michigan

by Jeff Shaw July 15, 2020

GRAND RAPIDS, Mich. — Ziegler has arranged $22.5 million in bank bonds for an expansion project at Beacon Hill at Eastgate, a 300-unit continuing care retirement community in the Eastgate neighborhood of Grand Rapids. The borrower is Michigan Christian Home. The financing package includes a $9.8 million long-term component with a 30-year amortization and a $12.7 million short-term loan with a three-year amortization that will be retired with initial entrance fees from the project. Built in 1960, the property currently features 170 entrance fee independent living units, 20 rental independent …

July 15, 2020

CCRC Development Finance News Pennsylvania

Ziegler Places $53M Bank Financing for Pleasant View Communities Expansion in Pennsylvania

by Jeff Shaw June 30, 2020

MANHEIM, Pa. — Ziegler has arranged $53 million in financing for Pleasant View Communities, which operates a continuing care retirement community in the South Central Pennsylvania borough of Manheim. Originally built in 1954, the community currently features 152 independent living apartments and cottages, 95 personal care units and 115 skilled nursing beds. The loans will fund two expansions. The first project, West Lawn Apartments, will consist of two buildings containing 18 independent living units located on Pleasant View’s existing campus. The second project, the Lofts at Lititz, will consist of …

June 30, 2020

CCRC Development Georgia News

Greenbrier Development Opens CCRC on Berry College Campus in Rome, Georgia

by Jeff Shaw June 26, 2020

ROME, Ga. — Greenbrier Development has opened the first units at The Spires at Berry College, a continuing care retirement community (CCRC) in Rome. The property, first announced in 2018, is located on the campus of Berry College, a private liberal arts school approximately 60 miles northwest of Atlanta. The first 55 apartment units, as well as 26 freestanding cottage homes, are now accepting residents. The community will feature 144 apartments upon full build-out, and the units are 70 percent pre-sold. The Berry College Board of Trustees conceived of the …

June 26, 2020

CCRC Development Finance News Texas

Ziegler Arranges $110.9M Financing for Westminster CCRC Expansion in Austin

by Jeff Shaw June 23, 2020

AUSTIN, Texas — Ziegler, acting as bank placement agent, has arranged $110.9 million in financing for Westminster, a nonprofit continuing care retirement community (CCRC) in West Central Austin. LCS has managed the property since 1981. Located on approximately 9.3 acres, the community comprises 327 independent living units, 22 assisted living units, 30 memory care units and 55 skilled nursing beds. The financing is a combination of $63.9 million in bank bonds and a $47 million short-term loan. The borrower expects to retire the short-term loans using entrance fees from an …

June 23, 2020

CCRC Finance News Tennessee

Ziegler Arranges $45.2M Refinancing for The Village at Germantown in Tennessee

by Jeff Shaw June 16, 2020

GERMANTOWN, Tenn. — Ziegler has arranged $45.2 million in financing for The Village at Germantown, a continuing care retirement community in the Memphis suburb of Germantown. The community is located on a 27.5-acre site and features 230 independent living units, 32 assisted living units, 16 memory care units and 50 skilled nursing beds. The financing is a “Cinderella refunding,” meaning that taxable bank debt will convert to non-bank-qualified, tax-exempt debt in September 2022. The transaction refinances a previous bond issue from 2012. First Horizon provided the taxable loan with a …

June 16, 2020

CCRC News People

Lifespace Communities Hires Nicholas Harshfield as CFO

by Jeff Shaw May 20, 2020

WEST DES MOINES, Iowa — Lifespace Communities, a West Des Moines-based owner-operator of 15 continuing care retirement communities, has hired Nicholas Harshfield as chief financial officer effective July 1. Harshfield brings more than 30 years of financial experience to the role, 15 years of which are in senior living. He will replace Larry Smith, who plans to retire after serving Lifespace for more than 17 years. Harshfield held executive leadership positions in four senior living organizations with a focus on developing and implementing strategic plans, integrating technology systems, securing financing …

May 20, 2020

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