Berkadia Arranges $40 Million Financing for Va. Senior Housing Property Berkadia Commercial Mortgage LLC recently originated $39.7 million in financing through Fannie Mae for a senior living community located in Richmond, Va. Heidi Brunet, vice president at Berkadia, worked with the borrower, Smith/Packett, to secure a 10-year, fixed-rate financing with features including a 70% loan-to-value […]
Category: Finance & Development
President Obama’s 2013 Federal Budget, released in February, included plans to raise the mortgage insurance premiums (MIP) on many of the Department of Housing and Urban Development’s (HUD) loan programs, including those for healthcare facility lending, and the increased rates will soon be going into effect, the department recently reminded program users in an email. […]
In the wake of Sunrise Senior Living (NYSE:SRZ) agreeing to be bought by Health Care REIT (NYSE:HCN), senior living investors are riding a wave of interest in the industry as boosted stock prices reflect favorable occupancy trends and payment rates along with other factors, according to the Tenneseean.com. The senior living industry—including independent living, assisted […]
And so it begins: Backed with financing from Health Care REIT (NYSE:HCN), Sunrise Senior Living (NYSE:SRZ) is starting to buy out its joint venture partners’ interests in some senior living portfolios, according to an 8-K that was filed today. Two of the national chain’s entities have entered into purchase and sale agreements, one with HVP Sun […]
When Toledo, Ohio-based Health Care REIT (NYSE:HCN) announced on Wednesday that it was acquiring all of the approximately 58.3 million outstanding shares of national senior living provider Sunrise Senior Living (NYSE:SRZ) for $14.50 a share, it didn’t exactly get a bargain—but it did make a smart long-term investment, analysts agree. Despite the steep price tag, […]
On Wednesday, Toledo, Ohio-based Health Care REIT, Inc. (NYSE:HCN) and McLean, Va.-based Sunrise Senior Living (NYSE:SRZ) announced a mammoth merger and acquisition deal with a real estate value of $1.9 billion—a figure that has the potential to grow substantially bigger in upcoming years—but there are still plenty of details that need to be hammered out. For one, […]
Benchmark Senior Living Gets $50 Million Investment for Recapitalization, Development Wellesley, Mass.-based Benchmark Senior Living has secured a $50 million investment from Och-Ziff Capital Management, according to CoStar.com, for the purpose of recapitalizing existing senior living assets and financing the development of new senior living communities in the New England and Mid-Atlantic regions. Cushman & […]
Three men have agreed to collectively pay more than $5 million after being busted for misleading the Department of Housing and Urban Development (HUD) in order to get HUD-insured mortgage refinancing for three Oklahoma nursing homes, says the Department of Justice. Philip Green and Jerry Max Jiles, the owners of Bartlesville Health Care Center, Inc., […]
Health Care REIT, Inc. (NYSE:HCN) announced on Wednesday that it will acquire all of the approximately 58.3 million outstanding common stock of national senior living chain Sunrise Senior Living (NYSE:SRZ) for $14.50 per share in an all-cash transaction, totaling about $845 million. The Toledo, Ohio-based REIT will acquire Sunrise’s 20 wholly-owned senior housing communities along […]
In July, news surfaced that the Department of Housing and Urban Development (HUD) was thinking about changing its guidelines for financing senior living care-continuum campuses. During SHN’s Senior Housing Summit held last month in Chicago, Tim Gruenes of HUD’s Office of Healthcare Programs addressed the rumors. Traditionally, HUD has placed limits on the use of its […]
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