Ventas Inc. (NYSE:VTR) saw its net income balloon in the first quarter ended March 31, 2012 to $90.6 million, an 85% increase over the previous year’s $49 million, thanks to pumped up revenue from favorable acquisitions. “Ventas continues to reap the benefits from executing on our strategy of growing and diversifying our portfolio, increasing private [...]
Healthcare REIT Senior Housing Properties Trust (NYSE:SNH) reported a net income of $32.4 million for the quarter ended March 31, 2012, a slight increase from the previous year’s $31.8 million. However, net income per share actually decreased from $0.22 in the first quarter of 2011 to $0.20, due to a non-cash impairment of assets charge [...]
The Department of Housing and Urban Development (HUD) recently revised a January 6, 2012 provision that had ended the authorization of construction starts prior to a loan commitment for new construction, substantial rehabilitation, and 241(a) projects, which insure mortgage loans to finance repairs, additions, and improvements to healthcare facilities with FHA-insured first mortgages or HUD-held mortgages. [...]
In the past 30 years, Capital One has transformed itself from “just” a credit card company into one of the U.S.’s top banks. And as part of its lending arm, Capital One Bank says it has a significant focus on its commercial and specialty finance business, which encompasses senior housing and care lending. Last Fall, [...]
RED CAPITAL Closes $125.8 Million of Seniors Housing Loans in March RED CAPITAL GROUP, LLC’s Seniors Housing Group completed 15 seniors housing transactions for a total of more than $125.8 million in closed loan proceeds in the month of March. Loan types ranged from Ginnie Mae/FHA new construction, refinances, and acquisition/refinances, to Fannie Mae MBS/DUS [...]
Prudential Real Estate Investors, the real estate investment and advisory business of Prudential Financial, Inc. (NYSE:PRU) recently completed the final close for its fourth senior housing fund, Senior Housing Partners IV, after securing $568 million of discretionary capital from institutional investors. This marks the largest senior housing fund ever for the firm. “There is a [...]
A newcomer to the Chicago-area affordable senior housing scene has arrived in the form of billionaire investor Warren Buffet, who recently launched a new venture to finance low-income housing projects, reports Crain’s. The first project, St. Anthony Supportive Living Facility, located in the city’s south suburbs, is a nearly $29 million center for Medicaid-supported seniors. [...]
Grandbridge Real Estate Capital Facilitates $7 Million Financing for ALF Renovation Grandbridge Real Estate Capital recently facilitated the financing for an affiliate of The Carlyle Group’s joint venture with Atlanta-based Formation Development Group to acquire and renovate The Renaissance on Peachtree, an assisted and independent living community located in the Buckhead neighborhood of Atlanta, Ga. [...]
Sabra Health Care REIT, Inc. (NASDAQ:SBRA) recently acquired two skilled nursing facilities located in Pennsylvania for $29.9 million, and also funded a mezzanine loan investment for Meridian Equity Investors. The nursing facility acquisitions were a sale-leaseback transaction with affiliates of the sellers; the purchase prices was funded with available cash. Each facility has 60 licensed [...]
On the Record: Steven Insoft, CFO & COO of Aviv REIT
While publicly traded healthcare real estate investment trusts (REITs) like HCP, Inc., Ventas, Inc., and Health Care REIT Inc. grab a lot of headlines, privately traded ones like Aviv REIT often seem to fly under the radar. But as Senior Housing News recently discovered after speaking with Aviv’s Steven Insoft, who holds dual roles of [...]
On the Record: Majd Alwan, Executive Director of LeadingAge CAST
With technological advancements tied so closely to the future of senior care, Senior Housing News recently interviewed Majd Alwan, Ph.D., the Senior Vice President of Technology and Executive Director of the Center for Aging Services Technologies (CAST) at LeadingAge, an association of not-for-profit, long-term care providers of senior services. At any given time, CAST is [...]
On the Record: Keith Reuben, EVP of Commercial & Specialty Lending at Capital One Bank
In the past 30 years, Capital One has transformed itself from “just” a credit card company into one of the U.S.’s top banks. And as part of its lending arm, Capital One Bank says it has a significant focus on its commercial and specialty finance business, which encompasses senior housing and care lending. Last Fall, [...]
On the Record: Adam Kane, SVP of Corporate Affairs at Erickson Living
In 2009, the company known as Erickson Retirement Communities, headquartered in Baltimore, Md., filed for Chapter 11 bankruptcy protection. In December of that year, Hanover, Md.-based Redwood Capital Investments LLC bought most of the bankrupt company’s assets for $365 million, out of which emerged Erickson Living. Senior Housing News recently caught up with Adam Kane, [...]
On the Record: David Reis, CEO of Senior Care Development
After seeing that Senior Care Development, LLC had placed a stalking-horse bid on the bankrupt Clare at Water Tower, in Chicago’s Gold Coast, Senior Housing News tracked down its chief executive officer David Reis for an exclusive interview. Reis has extensive experience in senior living development, and specializes in ground-up development of large-scale continuing care [...]
