The Scooter Store announced Tuesday that it will move to “transform its business model” through the sale of substantially all of its assets under section 363 of the United States Bankruptcy Code. As part of these efforts, the company has entered into a voluntary chapter 11 case in the United States Bankruptcy Court for the […]
Category: Finance & Development
Capital One Closes $19.5 Million Loan for Revera Health Systems Capital One Bank announced on Monday it had provided a three-year, $19.5 million secured term loan to Revera Health Systems, Inc., a long-term care and rehabilitation provider with multiple skilled nursing centers across the U.S. Proceeds of the loan were used to refinance existing senior […]
Proposed budgets released Wednesday by President Obama and the Department of Housing and Urban Development (HUD) include pros and cons for senior housing and care: cuts to Medicare providers and Social Security beneficiaries, but millions in funding for supportive housing for the elderly. Obama’s fiscal year 2014 budget seeks to trim $1.8 trillion from the […]
MBK Senior Living Sells Two Properties to Brookdale for $56.1 MIllion Brookdale Senior Living recently purchased two Spokane, Washington properties from MBK Senior Living for $56.1 million. The properties, built between 1999 and 2003, include a combination of assisted living and memory care units, with an additional 20 independent units in one of the […]
Chicago-based real estate investment trust Ventas Inc. (NYSE:VTR) is “looking hard” at hospital real estate as a new investment sector, CEO Debra Cafaro said in an interview with Crain’s Chicago Business. Public companies only own 10% of the $1 trillion, “highly fragmented” healthcare real estate market. Cafaro expects a continued transfer of properties from the […]
Kandu Capital, LLC and its operating company Bloom Senior Living announced on Monday the acquisition of two senior living communities in Bluffton and Hilton Head, S.C. for $7.2 million from Brookdale Senior Living. “These acquisitions follow our strategic approach of selectively acquiring and managing well-located, value-add communities that fit within our existing portfolio,” said Bradley Dubin, […]
Coming off a big year for agency financing in the senior living lending environment, 2013 looks to be no different in terms of the participation of the Federal Housing Administration, Fannie Mae and Freddie Mac in the market. Some areas may even be positioned for growth. Last year, the Department of Housing and Urban Development […]
Mainstreet Property Group announced today that the board of trustees of its affiliated REIT has approved the acquisition of 13 senior housing and care properties. HealthLease Properties Real Estate Investment Trust (TSX: HLP.UN) will acquire properties located in North Carolina, Pennsylvania and Virginia totaling 978 beds for an aggregate purchase price of $141.7 million. The […]
Sabra Prices 5 Million Shares of Series A Stock Sabra Health Care REIT, Inc. (Nasdaq:SBRA) announced last Thursday the pricing of an underwritten public offering of 5,000,000 shares, or $125.0 million, of 7.125% Series A Cumulative Redeemable Preferred Stock (the “Series A Preferred Stock”) at a price of $25.00 per share, pursuant to an effective […]
After snapping up several large ‘Class A’ senior living portfolios between 2011 and the present, real estate investment trusts (REITs), hungry to keep their margins healthy, are casting wider nets that may include off-market deals, other asset types, and new development. “The biggest challenge the REITs are currently facing is a shortage of quality properties […]
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