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 […]
Category: Finance & Development
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 […]
The Department of Housing and Urban Development (HUD) is making $25 million available to help convert multifamily apartment buildings into assisted living communities or service-enriched housing for low-income senior citizens. The funding comes from HUD’s Assisted Living Conversion Program and will provide grants for the physical conversion of eligible multifamily assisted housing projects (or parts […]
AdCare Health Systems, Inc. (NYSE Amex:ADK) reported revenues of $45.4 million in the fourth quarter ended Dec. 31, 2011, up 76% from the previous year’s $25.8 million. The company attributed this increase to its acquisitions completed since the end of 2010 as part of its aggressive merger and acquisition program. For the full year, AdCare […]
Carlsbad, Calif.-based Continuing Life Communities, a developer and operator of several continuing care retirement communities (CCRCs), recently signed a $250 million construction loan for its newest CCRC, Stoneridge Creek Pleasanton in Pleasanton, Calif. The loan represents one of the largest non-governmental construction loans signed since the beginning of the economic downturn, according to Justin Wilson, […]
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