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ArizonaCCRCDevelopmentFinanceNews

Ziegler Structures $136.8M in Financing for Royal Oaks CCRC Expansion in Sun City, Arizona

by Jeff Shaw

SUN CITY, Ariz. — Ziegler has arranged $136.8 million of public bonds and bank capital for People of Faith Inc. The borrower has planned an expansion project known as Inspirata Pointe at its existing continuing care retirement community (CCRC), Royal Oaks, in Sun City. The financing comprises $90.8 million in tax-exempt bonds and $46 million in variable-rate entrance fee redemption bonds. Royal Oaks was established in 1981 on approximately 50 acres 22 miles northwest of Phoenix. The CCRC currently offers 258 independent living apartments, 102 independent living private residential garden …

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AcquisitionsMassachusettsNewsSkilled Nursing

Blueprint Brokers Sale of Two Skilled Nursing Facilities in Massachusetts

by Jeff Shaw

LEOMINSTER and GARDNER, Mass. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Keystone Center and Wachusett Manor, skilled nursing facilities located, respectively, in Leominster and Gardner. Both located north of Worcester near the New Hampshire border, Keystone Center is licensed for 106 beds while Wachusett Manor is licensed for 96 beds. Acquired as part of a larger portfolio transaction in 2016, the private equity owner and its operator partner decided to pursue a strategic exit. The buyer was an in-state ownership group and its operating partner, both …

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FinanceNewsSkilled Nursing

Monticello Arranges $507M Financing Package for Skilled Nursing Portfolio Acquisition in Southeast

by Jeff Shaw

NEW YORK CITY — Monticello, a New York-based lender, has arranged a total of $467 million in financing for the acquisition of a skilled nursing portfolio in the Southeast. The financing package from Monticello included $368 million in first-lien debt and $99 million in mezzanine debt. Lastly, Monticello provided a $40 million working capital loan, resulting in a total financing for the acquisition of $507 million. The borrower is an experienced skilled nursing owner-operator. Details on the properties and seller were not disclosed.

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DevelopmentFinanceNewsNorth Carolina

Live Oak Bank Provides $8.5M Construction Financing for Project in Reidsville, North Carolina

by Jeff Shaw

REIDSVILLE, N.C. — Live Oak Bank has provided an $8.5 million construction loan for development of a 58-unit independent living and assisted living project in Reidsville, located north of Greensboro near the Virginia border. The borrower, ALG Senior, has controlled a Certificate of Need necessary to operate assisted living within the county for many years. Following an extensive search, ALG identified and acquired a 12.5-acre site for development.

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NewsPeople

Claiborne Senior Living Adds Cory Rogers, Amber Thomas to Corporate Management Team

by Jeff Shaw

HATTIESBURG, Miss. — Claiborne Senior Living has hired Cory Rogers and Amber Thomas to its corporate management team. Rogers assumes the role of regional director of operations and is responsible for communities in Mississippi, Georgia and Louisiana. He comes to Claiborne from a seven-year stint with Enlivant Senior Living, where he oversaw management of 12 to 16 assisted living communities in Pennsylvania and West Virginia. Thomas joins the team as regional nurse consultant with nearly a decade of management experience in the healthcare field. Prior to joining Claiborne, she served …

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FinanceNewsOregon

CBRE Arranges Refinancing for 217-Unit Springs at Greer Garden in Eugene, Oregon

by Jeff Shaw

EUGENE, Ore. — CBRE National Senior Housing has arranged a cash-out refinance for The Springs at Greer Garden, a 217-unit independent living, assisted living and memory care community in Eugene. This transaction represents CBRE’s second financing of the property. CBRE originally secured construction financing for the community in 2015. Aron Will, Austin Sacco and Tim Root of CBRE National Senior Housing arranged the refinance on behalf of a joint venture between The Springs Living and Harrison Street. The amount of the loan was not disclosed. The developers completed construction in …

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FinanceIllinoisNews

Ziegler Structures $49.4M Acquisition Financing for Skilled Nursing Portfolio in Illinois

by Jeff Shaw

ILLINOIS — Ziegler served as exclusive capital structuring advisor in a $49.4 million debt placement on behalf of Symphony Care Network to finance the acquisition of a portfolio of four skilled nursing properties and one assisted living property in Illinois. Symphony has operated the Portfolio since 2012, which consists of 616 licensed skilled nursing beds and 109 assisted living units. Symphony’s overall portfolio totals 29 properties throughout Illinois, Indiana, Wisconsin and Michigan. The financing consists of two tranches: a $44.4 million senior secured term loan and a $5 million asset-backed …

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NewsOperationsTexas

Blueprint Negotiates Lease of 143-Bed Skilled Nursing Facility in San Antonio

by Jeff Shaw

SAN ANTONIO —Blueprint Healthcare Real Estate Advisors has negotiated a new lease for Blanco Villa Nursing and Rehabilitation, a 143-bed skilled nursing and long-term care facility in San Antonio. Built in 1967 and situated near San Antonio International Airport, the facility has the highest CMS rating in the area and is within 10 miles of three regional hospitals. As part of a larger portfolio, the REIT owner formerly had the property under a master lease with the previous tenant. The landlord sought a replacement operator to improve census and performance …

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Assisted LivingFeaturesNews

Survey: Over Half of Assisted Living Providers Won’t Survive Financially Another Year at Current Operating Pace Due to COVID-19

by Jeff Shaw

WASHINGTON, D.C. — More than half of assisted living providers say they won’t survive another year at the current operating pace due to the COVID-19 pandemic’s impact on both occupancy and expenses. That’s according to a recent survey by the American Health Care Association/National Center for Assisted Living (AHCA/NCAL), a Washington, D.C.-based association of healthcare providers. The survey polled 240 assisted living operators nationwide. Of the respondents, 56 percent said they would not survive another year, while 55 percent said they are currently operating at a loss. Nearly 80 percent …

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