NASHVILLE, Tenn. — Brookdale Senior Living Inc. (NYSE: BKD), a Nashville-based owner-operator with the largest seniors housing portfolio in the United States, has appointed Dr. Jordan Asher to its Board of Directors. Asher is now one of nine directors, eight of them independent, and his term is scheduled to expire at the company’s 2020 annual meeting of stockholders. Asher has more than 20 years of experience in large, mission-based healthcare systems. Since 2018, he has served as the chief physician executive and senior vice president of Virginia-based Sentara Healthcare, a …
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Singh Senior Living Names Brian O’Hara Executive Director of Waltonwood Cary Parkway in North Carolina
by Jeff Shaw
CARY, N.C. — Singh Senior Living has named Brian O’Hara as the new executive director of Waltonwood Cary Parkway, an independent living, assisted living and memory care community in Cary, a suburb of Raleigh. O’Hara brings more than 20 years of senior living experience to his new role. He started on the non-clinical side of senior living before making a career move to pharmaceuticals. He returned to the industry and worked his way up to area director of operations for a senior living company. Missing the one-on-one relationships with associates …
Capital Funding, Bank Leumi Fund $27.8M Loan for Acquisition of Skilled Nursing Facility in New Jersey
by Jeff Shaw
WANAQUE, N.J. — Capital Funding LLC and Bank Leumi USA have closed a $27.8 million loan for the acquisition of Wanaque Center for Nursing and Rehabilitation in Wanaque, approximately 30 miles northwest of Manhattan. The borrower and buyer, Philosophy Care Group, has rebranded the property as the Phoenix Center for Rehabilitation and Pediatrics. The facility features 92 pediatric skilled nursing beds and 135 geriatric skilled nursing beds. Capital Funding and Bank Leumi partnered to run a joint diligence process and co-funded the term loan, with Capital Funding, serving as agent …
Monticello Provides $46.8M Financing for 407-Bed Skilled Nursing, Adult Day Care Portfolio in New York
by Jeff Shaw
NEW YORK — Monticello has provided $46.8 million in first lien debt financing to refinance one skilled nursing property and two adult day care properties totaling 407 beds in New York. The transaction also includes a $3 million working capital loan to the operator of the properties provided by Monticello’s asset-based lending group, Monticello Commercial Capital LLC. The borrower is an experienced owner and operator with a current portfolio of 4,570 licensed beds and has an established relationship with Monticello. Prior to this deal, Monticello financed the acquisition of a …
WEATHERFORD, Texas — Civitas Senior Living and PremCap Senior Living have opened West Fork at Weatherford, located west of the Dallas-Fort Worth Metroplex. The 75,800-square-foot community offers 70 assisted living apartments and 19 memory care suites. The community is located near Weatherford’s historic downtown and directly adjacent to Medical City Weatherford.
KeyBank Arranges $270M Financing, $125M Credit Facility for New Senior Investment Group
by Jeff Shaw
NEW YORK CITY — KeyBank Real Estate Capital (KBREC) has arranged a new $270 million Freddie Mac loan to New Senior Investment Group (NYSE: SNR), a New York-based REIT. The 10-year loan is secured by 14 independent living assets and provides New Senior with a lower spread and extended maturity compared to the company’s previous financing. The Freddie Mac financing is part of New Senior’s strategic transaction that included the sale of its entire assisted living portfolio, which included an amendment and restatement of the company’s $125 million credit facility …
MADISON, N.J. — PGIM Real Estate has completed its capital raise for Senior Housing Partners VI (SHP VI), with a total of $996 million in commitments, primarily from institutional investors. PGIM Real Estate, based in Madison, is the real estate investment business of PGIM, the $1.3 trillion global investment management businesses of Prudential Financial Inc. (NYSE: PRU). SHP VI is the latest in PGIM Real Estate’s series of dedicated, closed-end funds designed to capitalize on investment opportunities in the seniors housing sector. The capital raise — the largest to date …
Lancaster Pollard Provides $7.2M Financing for Rosewood Courte Memory Care in Edmonds, Washington
by Jeff Shaw
EDMONDS, Wash. — Lancaster Pollard has provided $7.2 million in refinancing for Rosewood Courte Memory Care in Edmonds, approximately 15 miles north of downtown Seattle. The Fannie Mae loan provides long-term, fixed-rate financing. The borrower will use the funds for capital improvements. Although the borrower was not disclosed, the property is listed on Northwest Care Senior Living’s website. Grant Goodman, Casey Moore and Doug Harper led the transaction for Lancaster Pollard.
Live Oak Funds $5.8M Refinancing for Home of the Good Shepherd Community in Upstate New York
by Jeff Shaw
SARATOGA SPRINGS, N.Y. — Live Oak Bank has provided a $5.8 million loan to refinance Home of the Good Shepherd Saratoga in Saratoga Springs, approximately 30 miles north of Albany. Home of the Good Shepherd is a faith-based, nonprofit operator with four communities in Upstate New York. The loan will refinance the Saratoga location’s 42-unit memory care facility. The property was temporarily closed and extensively renovated in 2017, and has since reopened, leased up and fully stabilized. The five year, floating-rate, balance-sheet loan allowed the borrower to consolidate debt and …
ALEXANDRIA, RICHMOND and COLONIAL BEACH, Va. — Tryko Partners has acquired three skilled nursing facilities in Virginia as part of a planned geographic expansion in the Mid-Atlantic for the Brick, N.J.-based private equity investment firm. The facilities, which were part of the Cambridge Healthcare Portfolio, include the 307-bed Woodbine Rehabilitation & Healthcare in Alexandria, the 190-bed Lexington Rehabilitation & Healthcare in Richmond, and the 66-bed Westmoreland Rehabilitation & Healthcare in Colonial Beach. Each property provides post-hospital care, short-term rehabilitation and long-term residential care. Tryko plans to invest nearly $9 million …