Despite hurdles presented by the government shutdown in October, the landscape for Department of Housing and Urban Development senior housing and healthcare lending is looking much brighter, though a crossroads is expected ahead. The hurdles were not inconsequential, say those in the HUD lending space, as the shutdown on October 1 came just days after […]
Category: Finance & Development
Frustrations with variable-rate demand structures have birthed a new, preferred fixed-rate borrowing structure for many continuing care retirement communities (CCRCs), however, this short-term financing vehicle has its risks, reports a Financial Times article. Rather than competing over liquidity with banks that provider letters of credit (LOCs) that back variable-rate demand notes (VRDNs), investors in occupancy-dependent deals […]
Aviv REIT Acquires Five SNFs for $42 Million Aviv REIT, Inc. (NYSE: AVIV) announced this week that it has acquired five post-acute and long-term care skilled nursing facilities (SNFs) located in Ohio and Arkansas in two separate transactions for $42.2 million. Four of the properties are triple-net leased to new Aviv operator Peregrine Health Services […]
Health Care REIT (NYSE:HCN) saw profits drop 37% to $33.6 million compared to the prior year following $1.2 billion of investments for the third quarter ended Sept. 30, 2013. Net income attributable to common stockholders plummeted 44% to $20.7 million or $0.07 per basic and diluted share, down from $37.3 million a year ago. However, gross revenues […]
Real estate services firm Marcus & Millichap, Inc. (NYSE: MMI) announced last week its initial public offering, but kept details regarding the company’s senior housing business segment on the hush. The national real estate investment services firm announced Thursday its IPO of 6,000,000 shares of its common stock at a price to the public of […]
Ventas, Inc. (NYSE: VTR) today reported record profitability for the third quarter ended September 30, 2013, as funds from operations (FFO) increased 8% to $307.2 million, or $1.04 per diluted share, compared to the same period in 2012. Net income attributable to common stockholders for the third quarter was $118.3 million, or $0.40 per diluted […]
National HealthCare Corporation (NYSE: NHC) announced this week the renewal of a $75 million credit line with Bank of America that the company plans to use toward future expansion in senior living services including assisted living, skilled nursing, home care and hospice. The company currently provides services to 68 long term care communities spanning 9,450 […]
The Department of Housing and Urban Development reached its highest level of senior housing lending through its Section 232 program in fiscal year 2013, according to data released by the agency and analyzed by Lancaster Pollard this week. HUD insured $5.82 billion in loan volume, outpacing the previous year’s total by more than 6%. The […]
In a rising interest rate environment, senior housing lenders who work with the Department of Housing and Urban Development’s LEAN 232 program say they are anticipating fewer transactions in the coming year. But it could lead to more opportunity for new construction loans under HUD, which has comprised just a small percentage of HUD lending […]
Cushman & Wakefield Arrange $12 Million Acquisition Financing for LCB Cushman and Wakefield’s Senior Housing Capital Markets Group has arranged $12.3 million of capital for LCB Senior Living’s acquisition of a memory care community in Lincoln, Rhode Island. The acquisition financing was provided by Wells Fargo Bank, with joint venture equity provided by Prudential Real […]
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