Prudential Real Estate Investors, the real estate investment and advisory business of Prudential Financial, Inc. (NYSE:PRU) recently completed the final close for its fourth senior housing fund, Senior Housing Partners IV, after securing $568 million of discretionary capital from institutional investors. This marks the largest senior housing fund ever for the firm. “There is a […]
Category: Finance & Development
A newcomer to the Chicago-area affordable senior housing scene has arrived in the form of billionaire investor Warren Buffet, who recently launched a new venture to finance low-income housing projects, reports Crain’s. The first project, St. Anthony Supportive Living Facility, located in the city’s south suburbs, is a nearly $29 million center for Medicaid-supported seniors. […]
Grandbridge Real Estate Capital Facilitates $7 Million Financing for ALF Renovation Grandbridge Real Estate Capital recently facilitated the financing for an affiliate of The Carlyle Group’s joint venture with Atlanta-based Formation Development Group to acquire and renovate The Renaissance on Peachtree, an assisted and independent living community located in the Buckhead neighborhood of Atlanta, Ga. […]
Sabra Health Care REIT, Inc. (NASDAQ:SBRA) recently acquired two skilled nursing facilities located in Pennsylvania for $29.9 million, and also funded a mezzanine loan investment for Meridian Equity Investors. The nursing facility acquisitions were a sale-leaseback transaction with affiliates of the sellers; the purchase prices was funded with available cash. Each facility has 60 licensed […]
Berkadia Originates $62 Million in Senior Housing Financing in Three Transactions Berkadia Commercial Mortgage recently originated a total of $61.7 million in financings for seniors housing properties located in California, Oregon, Texas, and Virginia. Berkadia Arranges $17.5 Million of Refinancing for Two Emeritus-Operated Communities For two communities operated by the Emeritus Corp., Berkadia arranged a […]
Excellent communication, a good reputation, and solid financials are crucial to senior care operators’ ability to get financial support in the current economic and reimbursement environment, said a panel of financiers during a session on how lenders are responding to Medicare rate cuts at NIC’s 2012 Skilled Nursing Investment Forum. Key Considerations for Developing Operator-Lender […]
Cambridge Realty Capital Closes $7.7 Million HUD Refinance for Ill. Senior Living Center Cambridge Realty Capital Companies closed a $7.7 million HUD Lean loan to refinance an Illinois assisted living facility in Springfield, Ill. The 40-year, fully-amortized loan was for the Springfield Supportive Living Center’ and was arranged for the property’s owner through HUD’s Section […]
The Department of Housing and Urban Development (HUD) has officially “busted through” the infamous queue for its Section 232 program, it revealed at the Eastern Lenders Association Conference held in New York in early March. Michael Vaughn, the acting director of HUD’s LEAN Section 232 program, “dropped a bomb” on attendees regarding the status of […]
The financial crisis that began in 2008 was like a large-magnitude earthquake, its aftershocks can still can be felt today by lenders and borrowers. It dramatically changed funding opportunities for both for-profit and nonprofit senior-living providers. So after this seismic shake-up, what does the financing landscape look like for 2012? For starters, although interest rates […]
Enterprise Homes Gets Approval to Build 72 Affordable Senior Housing Units Enterprise Homes recently got approval from the Baltimore County Council to build 72 affordable senior housing units in Baltimore Highlands, Md., reports the Baltimore Sun. The development would be called the Greens at English Consul, and would be located on 4.53 acres of land […]