Despite a huge year for REIT deals in the senior housing space, REITs may be gearing up for even more growth, according to REIT publication REIT.com. Based on input from panelists are this year’s REITWorld annual convention, REIT.com reports that these trusts are still in the “sweet spot” for health care mergers and acquisitions. The […]
Category: Finance & Development
Tampa, Fla.-based CLW Senior Housing recently represented a court-appointed receiver in the $23 million sale of an Ohio continuing care retirement community. Concordia of Ohio, a subsidiary of Concordia Lutheran Ministries, acquired Sumner on Ridgewood, a ‘Type C’ CCRC built in 2003, from Jeffrey T. Heintz of Brouse McDowell. The 64-acre property’s overall occupancy was at […]
McMinnville, Ore.-based senior living operator The Springs Living recently acquired a four-property portfolio in the Portland area from Grayco LLC for $65 million. The Springs Living partnered with Harrison Street Real Estate Capital LLC, a Chicago-based private equity firm, to purchase the properties and used $56 million in financing arranged by Holliday Fenoglio Fowler LP, also […]
A spectacular $229 million bond default in 2011 by The Clare, a luxury senior living community sponsored at the time by the Franciscan Sisters of Chicago Service Corporation, hasn’t deterred an affiliated Catholic senior living organization from seeking $160 million in tax-exempt bond financing. Like many other senior living providers, both non-profit and for-profit, Franciscan Communities […]
Some senior housing holdings may go the way of the Star Wars franchise and get sold off prior to January 2013’s expected hike on the tax rate for capital gains. With President Barack Obama’s re-election and the surety of continued implementation of the Obama administration’s tax policy, the senior housing and care industry may see […]
After a $4 million loss in the third quarter in 2012 and a stock value marred by a damaged reputation and far below its 2006 debut level, Assisted Living Concepts (NYSE:ALC) may be on the road to privatization. The troubled assisted living operator is strategizing a turnaround, but due to the company’s dual class structure […]
Mergers and acquisitions is the way to go for growth in 2013, according to a GE Capital Healthcare Financial Services survey of senior housing and care industry executives. Two-thirds (66%) named mergers and acquisitions as their primary growth strategy in 2013, while 27% plan to grow organically by upgrading and repositioning existing properties. “Despite lingering […]
Ziegler Closes $51.6 Million Financing for Pa. CCRC Group Ziegler recently closed a $51,640,000 tax-exempt, fixed-rate Series 2012 Bond issue for Asbury Pennsylvania Obligated Group issued through the Cumberland County Municipal Authority. Asbury Pennsylvania Obligated Group consists of Bethany Village and Springhill, two CARF/CCAC accredited CCRCs located in Pennsylvania. Both communities are operating segments of […]
Net income for Health Care REIT, Inc. (NYSE:HCN) rose 1.8% in the third quarter ended Sept. 30, 2012 to $37.3 million following the company’s $845 million acquisition of Sunrise Senior Living (NYSE:SRZ) announced in August. However, net income applicable to shareholders fell to $0.16, down 24% compared to last year’s $0.21. HCN’s revenues jumped to […]
Construction: Planned Life Care Services to Manage Planned Fla. CCRC An affiliate of the Jewish Federation of South Palm Beach County, Fla., is developing a not-for-profit CCRC, The Sinai Residences of Boca Raton, reports the local Fox News channel. The upscale development will have 236 independent living units, 48 assisted living apartments, 60 skilled nursing […]
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