Bondholders Lose $23 Million in Restructuring of Bankrupt CCRC

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 […]

Senior Housing Finance Activity: Cain Brothers, Ziegler, Beech Street Capital

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 […]

LTC Properties to Acquire Six Juniper Communities for $94 Million

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 […]

Senior Housing Finance Activity: Ventas, Cambridge, Lancaster Pollard, More

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 […]

Cap-Ex Key for CCRCs to Maintain Stable Occupancy, Ratings

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 […]

Senior Lifestyle Corp., Walton Street JV Sells Senior Property for $82 Million

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 […]