Thursday, November 21, 2024
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Finance

Brian-Chandler_Partner-Valuation-Advisors
AcquisitionsAssisted LivingFeaturesFinanceIndependent LivingIndustry VoicesInvestmentMemory Care

Seasoned Appraiser: Buyer-Seller Standoff Eases, Transaction Activity Picks Up

by Hayden Spiess

For over two years, a persistent bid-ask spread between buyers and sellers of seniors housing properties prevented many deals from getting done.  Seniors Housing Business (SHB) caught up with Brian Chandler, senior managing director and national practice leader for seniors housing for Raleigh, N.C.-based Partner Valuation Advisors. As an appraiser in the seniors housing and care sector, he is privy to in-progress deals months before closing, including transaction data.  He says a growing number of buyers and sellers are agreeing to close transactions and shares more here.  SHB: Some experts say a growing number …

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Plano, Texas Hotel Property
Assisted LivingDevelopmentFinanceMemory CareNewsTexas

Eastern Union Secures $20.4M Financing for Assisted Living Conversion Project in Plano, Texas

by Hayden Spiess

PLANO, Texas — Eastern Union has secured two loans totaling $20.4 million to finance the conversion of a former hotel property in Plano, Texas, into an assisted living community. Totaling 137 room across six stories, the building was most recently operated as a Deluxe Inn and was previously a Comfort Inn. Built in 1984 and renovated in 2005, the property has been owned and operated by Maheshbhai Patel since 2022.  Meir Abrahamson of Eastern Union arranged the transaction, which included a construction loan, as well as the refinancing of an existing …

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AcquisitionsFinanceFloridaMarylandNewsSkilled Nursing

CFG Provides $207.1M Bridge-to-HUD Loan for Skilled Nursing Portfolio in Florida

by Hayden Spiess

BALTIMORE — Capital Funding Group (CFG) has provided a $207.1 million bridge-to-HUD loan to 980Investments to support the partnership buyout of a portfolio of skilled nursing facilities in Florida. Together, the facilities total 1,423 beds across 13 properties. Additionally, Capital Finance LLC, a subsidiary of CFG Bank, provided $15 million in accounts receivable financing to support the working capital needs of the facilities.  Andrew Jones and Ava Julio of Baltimore-headquartered CFG originated the bridge-to-HUD loan, and Jeffrey Stein of Capital Finance originated the accounts receivable working capital line of credit. 

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Kevin Giusti Walker & Dunlop quote on seniors from article
Active AdultAffordable HousingAssisted LivingCCRCContent PartnersDevelopmentFeaturesFinanceIndependent LivingIndustry ContentInvestmentMemory Care

With Seniors Housing Positioned for Growth, Financing Activity Begins to Stir

by Sarah Daniels

Slowly but surely, the performance of seniors housing assets is improving. While rent growth in 2022 in the sector represented a period of catch-up after the pandemic stymied the ability of operators to raise lease rates, continuing rent increases in 2023 began contributing to more meaningful net operating income recovery, according to Walker & Dunlop’s recently released Senior Housing Outlook report. Now, seniors housing owners are positioned for a sustained period of significant revenue expansion amid improving occupancy and a shortfall of new inventory, reports the Bethesda, Maryland-based commercial real …

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Caravel_Columbus-Ohio
Affordable HousingDevelopmentFinanceNewsOhio

KeyBank Arranges $93M in Construction Financing for Affordable Seniors Housing Development in Columbus, Ohio

by Hayden Spiess

COLUMBUS, Ohio — KeyBank Community Development Lending and Investment (CDLI) has arranged a total of $93 million in construction financing for a new affordable seniors housing community in Columbus.  Dubbed The Caravel, the community will feature 234 units for residents age 55 and older who earn at or below 50, 60 and 70 percent of the area median income (AMI). Of the garden-style apartments, 25 will be fully accessible, and all units will be adaptable for residents with ADA needs.  KeyBank provided a $43.3 million construction loan and $23.8 million in …

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FinanceNewsSkilled NursingTexas

Berkadia Secures $13M Bridge-to-HUD Financing for Skilled Nursing Facility in Eagles Pass, Texas

by Hayden Spiess

EAGLES PASS, Texas — Berkadia has secured a $13 million bridge-to-HUD loan for the financing of a 104-bed skilled nursing facility located in Eagles Pass on the Mexican border. The name of the lender was not disclosed. The undisclosed borrower has operated the property since 2019 and will use the 18-month, interest-only financing to cover the cost to purchase the leased fee interest. Jay Healy of Berkadia Seniors Housing & Healthcare arranged the loan for a Fort Worth, Texas-based owner and operator of nursing homes.  Berkadia also plans to secure the …

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FinanceFloridaNewsSkilled Nursing

MonticelloAM Provides $87M Bridge and Working Capital Financing for Skilled Nursing Portfolio in Florida

by Hayden Spiess

NEW YORK CITY — Multifamily and seniors housing bridge lending platform MONTICELLOAM LLC (MonticelloAM) has provided $87 million in bridge and working capital financing for a portfolio of skilled nursing facilities located in Florida.  Proceeds from the loan, which features a 24-month term and two six-month extensions, were used to refinance existing debt on the properties.   The portfolio comprises 450 skilled nursing beds across four properties. A $7 million working capital revolver will fund day-to-day operational expenses for the facilities. The borrower was not disclosed. 

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Corso Atlanta in Atlanta
FinanceGeorgiaNews

Newmark Arranges $140M Recapitalization for Seniors Housing Community in Atlanta

by Channing Hamilton

ATLANTA — Newmark has arranged the $140 million recapitalization of Corso Atlanta, a seniors housing community in Atlanta. Located at 3200 Howell Mill Road, the property features 203 units. Sarah Anderson, Chad Lavender, Ryan Maconachy, Mills Poynor and Ben McElroy secured a 10-year Freddie Mac senior loan and a preferred equity investment from the Kayne Anderson Real Estate Debt platform on behalf of the owner, Galerie Living. The Freddie Mac loan features five years of interest-only payments. Amenities at Corso Atlanta include a bistro and creperie, heated pool, fitness center, salon, …

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Clearfield Apartments in Philadelphia
Affordable HousingDevelopmentFinanceNewsPennsylvania

Berkadia Secures $13.6M Financing for Affordable Seniors Housing Development in Philadelphia

by Channing Hamilton

PHILADELPHIA — Berkadia has secured a $13.6 million Low-Income Housing Tax Credit (LIHTC) equity investment for the development of Clearfield Apartments, a 48-unit affordable seniors housing community in Philadelphia’s Allegheny West neighborhood.  Chris McGraw, senior vice president based in Berkadia’s Charlotte, N.C. office, secured the equity investment on behalf of the sponsor, NewCourtland.  When completed, Clearfield Apartments will consist of 48 one-bedroom units in one four-story, elevator-serviced building serving seniors age 62 and above. All 48 units will operate under a project-based rental subsidy through the Faircloth-to-Rental Assistance Demonstration (RAD) program. …

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Preference and Perception Gaps
FinanceMassachusettsNewsOperations

Boomers’ Plans to Age in Place May Be Driven by How They Want to Eat, Survey Reveals

by Channing Hamilton

BOSTON — Older adults aspire to be “ageless wonders” and prioritize food and nutrition as the No. 1 factor affecting their health and well-being, according to a newly released survey. The majority of today’s baby boomer population (69 percent) plan to age in place, the “Great Expectations” survey conducted by Age of Majority for Restaura found. A key factor in their desire to stay in their homes could be the significant gap the survey uncovered between how and what they like to eat and the perceived ability of senior living communities …

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