Equity LifeStyle Properties, Inc. (NYSE:ELS) reported a net loss of $0.2 million, translating to $0.00 per share, available to common stockholders on a fully-diluted basis for the fourth quarter ended Dec. 31, 2011, as the company continues to encounter costs associated with an acquisition made in May 2011. Overall net income for the year was [...]
CNL Properties Trust, a real estate investment trust (REIT) based in Orlando, Fla., plans to acquire five senior living communities from affiliates of Primrose Retirement Communities LLC for approximately $84 million. The transaction, which is not expected to close until the first quarter of 2012 and is subject to due diligence completion and other factors, [...]
Stanford University has launched an interdisciplinary research center focused on financial fraud targeted toward seniors. Thus far, its experts say that the victims may not be who you would expect. “The factors that go into making people vulnerable are not well understood…Even people who did everything right are finding themselves in situations where those savings [...]
The Crown Group Inc., Evergreen Realty Services and Pathway Senior Living will break ground on Thursday for Oak Hill, a 94-unit licensed supportive living community in Round Lake Beach, Ill. The community, slated to open in December 2012, will offer older adults deluxe accommodations in private studio and one-bedroom apartments, along with access to a [...]
In recognition of the growing senior housing industry, one West Coast school is bolstering its course offerings to suit the needs of those looking to enter the field in a professional capacity. Washington State University recently added a Senior Living Management class to its undergraduate curriculum, taught by executives and other professionals from four top [...]
Verba HealthCare Promotions is jumping into the senior living, home health and long-term care industries as the nation’s senior population booms. The Texas-based company facilitates outreach and marketing research for its customers, enabling them to reach a wider audience and build more business. Verba promotes products for distribution through meeting with doctors and families at [...]
Sunrise Senior Living Investments, Inc. recently entered into a purchase and sale agreement with Master MorSun Acquisition LLC to purchase MorSun’s 80% ownership interest in a joint venture that indirectly owns seven senior living facilities. Sunrise already owns the other 20% of the ownership interest in these facilities, and purchased the remainder for approximately $52 [...]
KPS Capital Partners recently announced it has entered into a definitive agreement to sell its portfolio company, Attends Healthcare, Inc. to Domtar Corporation (NYSE:UFS) for $315 million in cash. KPS specializes in constructive investing and restructuring as well as turnarounds, usually accomplished by financially restructuring a company’s liabilities. Attends, headquartered in Greenville, N.C., is a [...]
Brookdale Senior Living Inc. (NYSE:BKD) recently announced it has obtained a 7-year, $437.8 million first mortgage credit facility from Oak Grove Capital through the Fannie Mae Delegated Underwriting and Servicing program. Three quarters of the facility bears a fixed interest rate of 4.25%, with the remaining 25% at a variable rate of 30 day LIBOR [...]
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 [...]
