Integral Senior Living, a company that manages senior living communities, announced on Jan. 19 that it has added managing fee based entrance CCRCs (continuing care retirement communities) to its roster of services. ISL has most recently begun managing Oakmont Senior Living’s CCRCs, Varenna Signature Living, Segovia Signature Living, Capriana Signature Living, and Cardinal Point Signature [...]
Most family members with loved ones in continuing care retirement communities (CCRCs) are very pleased with the services and care provided, and this influences their own future retirement living decisions, according to the 2011 National Survey of Family Members of Residents Living in CCRCs, released by Mather LifeWays Institute on Aging, Ziegler, and Brecht Associates, [...]
Ziegler announced the closing of a $31.2 million non-rated, fixed-rate bond issue for Peterborough Retirement Community at Upland Farm, Inc. RiverMead was formed in 1991 and the original continuing care retirement community campus at RiverMead opened in December 1995. RiverMead’s existing campus is situated on a 56-acre site in south central New Hampshire in the [...]
Bankruptcies, like many bad things, come in threes—at least that’s how it’s been lately for some Chicago-area continuing care retirement communities established by religious orders which have appeared in bankruptcy court three times in the past two months, most recently on Monday, Dec. 5. This time, it’s Clare Oaks, a Bartlett, Ill., CCRC founded by [...]
After missing its most recent debt-service payments and failing to reach an agreement with bondholders, an Ohio continuing care retirement community (CCRC) filed for Chapter 11 bankruptcy protection in late November, marking the second bankruptcy filing in the course of a month for the Franciscan Sisters of Chicago. Stepping in to assist the St. Mary [...]
For continuing care retirement communities (CCRCs), the recent 11.1% cut to Medicare reimbursements to skilled nursing that took effect in October will not derail ratings for the communities, Fitch Ratings reported Monday. The global ratings agency said that a material number of downgrades are not expected for the CCRCs that it rates, citing the composition [...]
Benchmark Senior Living announced on Tuesday that it has completed a transaction to acquire Edgehill Continuing Care Retirement Community (CCRC) from Stamford Health System for $71.5 million. Edgehill, located in Stamford, Conn., is Wellesley, Mass.-based Benchmark’s sixteenth Connecticut location. “We’re working closely with Benchmark to ensure this transition goes as smoothly as possible,” said Kathleen [...]
Specialty investment bank Zeigler announced Monday that it has closed a $62 million fixed-rate issue for Episcopal Senior Communities (ESC), a California non-profit public benefit corporation that provides housing, related facilities and services for elderly people on a non-profit, religious and charitable basis. “ESC is among the highest rated and strongest multi-site senior living systems [...]
Benefis Health System recently broke ground on its first continuing care retirement community, the Grandview at Benefis, in Great Falls, Mont. The 42-acre campus, which will have 140 units, will cost about $67 million. Construction is due to start imminently, and is expected to be finished in 2014. Residents will consist of a range of [...]
Are Private Equity Firms the Next Big Investor in Senior Housing?
Most will agree that 2011 was the year of the REITs, with healthcare real estate investment trusts going on a $20 billion spending spree, writes the National Real Estate Investor, but in 2012, private equity firms could be the “next big investors in seniors housing.” “Private equity will be active this coming year in seniors [...]
Healthcare M&A Spending Swells 11% in 2011 to $227 Billion
Last year saw $227.4 billion worth of healthcare merger, acquisition, and takeover activity, representing an 11% increase from the $205.6 billion spend in 2010, according to Irving Levin Associates, Inc. In terms of financing dollars, 2011 was the fourth-largest year of the past decade, although the actual number of deals announced in the year decreased [...]
Challenges and Prospects in Repurposing Old Buildings for Assisted Living
When various types of buildings end up vacant and in disuse, sometimes the next logical step is to repurpose them for senior housing, especially as the nation’s senior demographic grows at a rapid pace. Old hospitals, hotels, and schools are probably the three most common types of buildings that can be converted into an assisted [...]
Financing Senior Care Renovation: Less Risky Alternative to New Construction?
New construction starts remain significantly below peak 2007 levels, according to data from the National Investment Center for the Seniors Housing & Care Industry, and with financing largely unavailable for ground-up construction, is renovation or rehabilitation of senior care facilities a less-risky alternative for lenders? With nursing homes across the nation an average of nearly four [...]
Recent Senior Housing Finance Activity: Love, Ziegler, KeyBank
Love Funding Secures a $4.6 Million Loan Refinance for Illinois ALF Love Funding announced on Jan. 3 that it closed a $4.6 million refinancing through the Department of Housing and Urban Development’s 232/223(f) loan program for an assisted living and memory care center located in Milan, Illinois. Avonlea Cottage of Quad Cities is a 46-unit [...]
