NEW YORK CITY — Berkadia Seniors Housing & Healthcare, a New York-based financial services firm, has arranged $177 million in financing across seven deals completed from July 15 through the end of October. Bianca Andujo, Ed Williams, Jay Healy, Rafael Nobo and Chris Cain of Berkadia Seniors Housing & Healthcare completed the financings. In mid-July, Williams arranged a $13.7 million loan for a 100-unit assisted living and memory care property in Arizona through HUD’s 232/223(f) refinance program. The HUD loan was limited to 70 percent of value to qualify for …
Macroeconomic conditions are slowing the pace of seniors housing transactions and squeezing the availability of capital. Inflation and rising interest rates are making deals more expensive to finance. Debt providers are tightening their underwriting terms, while equity investors sit on the sidelines worried about shrinking margins. Overall, the outlook for the upcoming year looks choppy, according to investors and lenders speaking at France Media’s sixth annual Interface Seniors Housing Midwest conference. But they’re still bullish on the long-term prospects of the seniors housing market, with demand set to pick up …
ORO VALLEY, Ariz. — Ziegler has arranged bond financing for La Posada, a continuing care retirement community (CCRC) owner in metro Tucson. La Posada was incorporated in 1996 to acquire the CCRC known as La Posada at Park Centre in Green Valley, approximately 30 miles south of Tucson. Originally constructed in 1987, Park Centre has grown to include 490 independent living apartments, 34 freestanding Park Centre homes, 17 freestanding Pavilion homes and 135 assisted living apartments. La Posada at Pusch Ridge will be the second location for this emerging system …
DALLAS — CBRE National Senior Housing has arranged a refinancing of a seniors housing portfolio on behalf of Brookdale Senior Living Inc. The portfolio comprises 24 communities with 2,377 total units that include 720 independent living units, 1,205 assisted living units, 386 memory care units and 66 skilled nursing units located across 12 states. Aron Will and Matthew Kuronen of CBRE National Senior Housing arranged the financing. A syndication between Capital One National Association and Synovus Bank provided the three-year, $220 million, floating-rate loan. The debt carries a variable interest …
NEW YORK CITY — BHI, a New York City-based commercial bank, has closed on a $42.5 million term loan for TL Management, a company that owns skilled nursing facilities across the country. “This transaction is part of BHI’s continuous growth in the category and our strategy for further expansion in the healthcare sector going forward,” says Tami Antebi, senior vice president and head of healthcare for BHI. Further details on the transaction were not disclosed.
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Steps to Help Small Seniors Housing Owners Prepare for a Sale
The seniors housing market has had its fair share of well-documented struggles, including plunging occupancies during COVID-19 and continuing labor challenges. Like the rest of the commercial real estate market, the sector is now confronting higher interest rates and recession. Despite those headwinds, investor demand for seniors housing assets remains strong, says Dawn Davis, an advisor specializing in seniors housing and skilled nursing with NAI Greywolf in Milwaukee. But sellers are only now grudgingly coming to terms with the fact that, because capital has become more expensive, the price buyers …
ALEXANDRIA, Va. — Oxford Finance LLC, an Alexandria-based finance firm, closed over $347 million in financing transactions through its healthcare real estate group during the second and third quarters of 2022. Oxford provided a $26.2 million term loan and $3 million revolving line of credit to finance the acquisition of three skilled nursing facilities containing 391 beds in Texas for a Texas-based operator. Oxford supplied a $9 million revolving line of credit to finance working capital needs for seven skilled nursing facilities for an expanding California-based operator. Oxford provided a …
BEAUFORT, S.C. — Live Oak Bank and Locust Point Capital have arranged a $15.2 million loan for Georgia-based Phoenix Senior Living. The financing retired the existing construction debt of a 75-unit assisted living and memory care community in Beaufort, South Carolina. Further details were not disclosed.
NEW YORK CITY — Dwight Capital and its affiliate REIT, Dwight Mortgage Trust, financed $192.3 million in seniors housing and healthcare financing during third-quarter 2022. Dwight provided a $42 million bridge loan to facilitate the acquisition of a three-property skilled nursing portfolio in New Hampshire: Epsom Healthcare Center, Maple Leaf Healthcare Center and Villa Crest Nursing and Retirement Center. The facilities comprise 387 beds and approximately 195,860 square feet. Josh Sturm, originated this transaction. Dwight also financed a $27 million bridge acquisition loan for a portfolio of four assisted living …
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Webinar: Let’s Talk About the Outlook for Seniors Housing Investment and Finance
Is there room for optimism in seniors housing? What does investor interest look like now? Learn about how interest rate increases are impacting seniors housing valuations, what a flight to quality means for different sectors, financing concerns and more. Watch the webinar here. Timestamps of major topics covered: (5:25) Impact of rising interest rates on seniors housing valuations (7:54) Effects broken down by sector: active adult, skilled nursing, assisted living (11:07) Financing in the current environment (13:21) Acquisition opportunities, plus deal flow and closing (18:10) Outlook for the market …