Chevalier International Holdings Limited, an investment holding company based in Hong Kong, recently announced plans to acquire a U.S. portfolio of senior housing properties for $124 million (USD), according to ETnet.com.hk. The properties are located in North Carolina and have an aggregate 441,584 square feet. “With the growing aged population and steady rise in healthcare expenditure […]
Category: Finance & Development
The drought that’s been going on in America doesn’t just apply to agriculture: it extends to senior housing development, too, and there’s been a noticeable dearth of new construction projects despite a rapidly aging population. In the third quarter of 2012, construction as a share of existing inventory decreased twenty basis points to 2.0% compared […]
AdCare Health Systems, Inc. (NYSE MKT:ADK) has entered an agreement to sell six assisted living communities in Ohio for $22.3 million to a long-time Ohio assisted living operator. The transaction is expected to close before the end of the year. The long-term care provider will use the proceeds from the sale to finance its ongoing […]
Healthcare real estate investment trusts (REITs) investing in senior housing and medical office building acquisitions are continuing to outpace other REIT categories in raising capital with record-setting numbers through mid-year 2012, according to data compiled by the Healthcare Capital Markets group at Jones Lang LaSalle. Capital raised by healthcare REITs through the middle of 2012 set […]
A federal judge has dismissed the Securities and Exchange Commission’s (SEC) request to slap Sunwest Management Inc.’s former chief executive officer Jon Michael Harder with at least $180 million in civil penalties. The SEC accused Harder of overseeing a corporate fraud scheme that caused investors to lose more than $130 million, but U.S. District Court Judge […]
Kindred Healthcare Expands Credit Capacity by $200 Million Kindred Healthcare Inc. (NYSE:KND) announced the successful completion of amendments to increase its senior secured term loan facility by $100 million, and expand the borrowing capacity under its senior secured asset-based revolving credit agreement by the same amount. Net proceeds of the additional term loan borrowings, issued at […]
NewCourtland Plans $5.6 Million Senior Housing Conversion Project Nonprofit community services provider NewCourtland recently broke ground on a $5.6 million conversion project that will turn a vacant suit factory into a senior housing and care campus. The LIFE (Living Independently for Elders) center, in Philadelphia, Pa., will be located in a five-story former suit plant on […]
Providing a continuum of care services outside of the traditional bricks-and-mortar setting can be way to increase utilization and occupancy at senior living communities, but it’s paramount for providers interested in starting these types of programs to do their homework, said Sarah Spellman, a director at top-ten accounting firm CliftonLarsonAllen LLP during an interview with not-for-profit […]
Ziegler Closes $12 Million Financing for Ind. CCRC Ziegler recently announced the closing of a $12,175,000 non-rated, fixed-rate Series 2012 Bond issue for Westminster Village Terre Haute, a not-for-profit, single-site continuing care retirement community (CCRC) located in Terre Haute, Ind. The CCRC has 309 units comprised of 173 independent living apartments, 20 independent living cottages, […]
Sunrise Senior Living Investments, Inc. (SSLII), a wholly-owned subsidiary of Sunrise Senior Living (NYSE:SRZ), has completed two buy-outs of joint venture holdings for a total $171 million, according to an 8-K filed Wednesday. On Oct. 1, 2012, SSLII completed its approximately $53 million purchase of an 80% interest held by HVP Sun Investor II LLC, […]
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