Despite entering into an agreement last month to be acquired by private equity firm TPG for $278.8 million, Assisted Living Concepts (NYSE:ALC) isn’t out of the woods yet. The Menomonee Falls-based assisted living provider reported a net loss of $2.6 million in the fourth quarter ended Dec. 31, 2012, compared to a net income of $7.3 […]
Category: Finance & Development
The Groves in Lincoln, Inc., the not-for-profit owner and operator of a 168-unit independent living community in Lincoln, Mass., filed for Chapter 11 bankruptcy protection on Monday after defaulting on $88.4 million of tax-exempt bonds. Masonic Health System (MHS) of Massachusetts, Inc. and New England Deaconess Association – Abundant Life Communities, Inc. (DALC) are the […]
Prudential Mortgage Capital Closes Two Senior Housing Loans Totaling 19.8 Million Prudential Mortgage Capital Company recently closed two senior housing loans totaling nearly $20 million. The first was a $2.8 million, 20-year, fixed-rate loan to refinance Camino Retirement Apartments, a 98-bed assisted living and independent living community in Albuquerque, N.M. The second was a $17 […]
Federal Housing Administration commissioner Carol Galante sent a letter on Monday to Department of Housing and Urban Development (HUD) lenders telling them to expect sequester-related delays in healthcare and multifamily lending. “At this time, the Department of Housing and Urban Development is taking every step to mitigate the effects of these cuts, but based on […]
Toll Brothers, Inc. (NYSE:TOL), a leading national builder of luxury homes, announced last Friday that it had contracted to acquire 387 lots at Anthem Ranch, an active adult community in the metro Denver, Colorado market. The lot acquisition represents Toll Brothers’ first expansion of its active adult brand to the Western U.S. since entering the […]
Aviv REIT, Inc. announced on Monday it had commenced an initial public offering of 13.2 million shares of its common stock, with an estimated price range between $18.00 and $20.00. Underwriters have the option to purchase up to an additional 1.98 million shares of common stock to cover over-allotments, if necessary. The REIT’s common stock has […]
CapitalSource, a commercial lender to small and mid-sized businesses, has launched a new national financing program to help skilled nursing providers upgrade their physical plants and keep up with healthcare trends. The Healthcare Construction Finance program is designed to provide funding for the replacement or substantial renovation of skilled nursing facilities, which will allow the facilities […]
The competition for distressed deals is heating up among entrepreneurial capital in the quest for high returns, but while it could get much hotter before new developments come online, more operators may look to shore up existing portfolios in 2013. “The number of properties with occupancy issues, or serious physical plant needs where capital needs […]
Senior housing transactions may have reached a fever pitch toward the end of last year as sellers tried to beat the capital gains tax increase, but more acquisitions are continuing to close in 2013 and industry executives say still more opportunities are in the pipeline. “The deal pipeline is quite robust,” said Jay Flaherty, chairman and […]
National Church Residences has completed the sale of $52,405,000 in bonds and invested another $10 million to allow First Community Village, a continuing care retirement community it sponsors, to emerge from Chapter 11 bankruptcy, the not-for-profit announced last week. The bond proceeds will also be used to fund the construction of more manor homes along […]
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