Bondholders for Clare Oaks, a continuing care retirement community in Bartlett, Ill., will lose about $23 million as a result of a new bond issue, unanimously approved by the Illinois Finance Authority, to restructure the bankrupt community’s debt. The IFA voted 11-0 to approve a $90 million bond issuance to restructure the debt obligations of […]
Category: Finance & Development
Cain Brothers Arranges $11.2 Million Loan for Ore. Senior Care Facility Cain Brothers Funding arranged an $11,212,000 taxable loan insured under the FHA Section 232-223(a)7 LEAN program for Dallas Health Care Center, a 161-unit skilled nursing, assisted living, and memory care facility located in Dallas, Oregon. The proceeds of the new loan were used to […]
Capital Senior Living Corporation recently reached a significant milestone with the acquisition of its 100th senior living community and is in the process of completing the purchase of another one for a combined $32.8 million. The communities are in Missouri and Ohio and offer independent living, assisted living, and memory care with an average occupancy […]
LTC Properties Inc. (NYSE:LTC) will acquire six properties from Juniper Communities, LLC for $94 million in a sale-leaseback transaction set to close before the end of the year. Juniper, a privately held company based in New Jersey, will continue to operate the communities under a lease with an initial 15-year term with two five-year renewal […]
Ventas Sells $925 Million of Senior Notes Ventas Inc. (NYSE:VTR) subsidiaries Ventas Realty, Limited Partnership and Ventas Capital Corporation recently announced the issuance and sale of $700 million aggregate principal amount of its 2.00% senior notes due 2018 and $225 million principal amount of their 3.25% senior notes due 2022. View the 8-K. Cambridge Closes […]
While the past year has been characterized by robust senior housing financing activity, uncertainty related to the fiscal cliff and tax changes has amped up transactional pace prior to 2013—even though the new year is not expected to be substantially different in terms of financing availability. The fiscal cliff is affecting many areas of the […]
Stabilized financial performance and independent living occupancy have contributed to a brighter ratings outlook for continuing care retirement communities in 2013, but communities will have to make some capital investments in order to maintain that, says a new FitchRatings Outlook Report. Fitch revised its ratings outlook for the nonprofit CCRC sector from “Negative” to “Stable” for […]
The time is ripe for foreign investors to break into the Chinese senior care market and build their brand, but that doesn’t mean they’ll have an easy path to widespread cultural acceptance. A couple different American investors and senior living providers are currently working on some senior care projects in China, including a joint venture […]
Lancaster Pollard Closes $107.4 Million of Loans in November Lancaster Pollard closed 16 senior living transactions for a total loan amount of $107.4 million. The 16 facilities, all located in the Midwest, contained a total of 1,239 skilled nursing beds and 416 assisted living units. All the financings used the FHA Sec. 232/223(f) to refinance […]
A senior housing community in Lake Barrington, Ill. was recently sold by a joint venture between Chicago-based Senior Lifestyle Corp. and Walton Street Capital LLC to Health Care REIT (NYSE:HCN) in a $81.7 million transaction, according to Crain’s Chicago Business. Lake Barrington Woods is a 192-unit property that provides both independent and assisted living. The […]