The next most active market for reverse mortgages in the world is Australia and the signs of the global credit crisis are affecting the availability of their “equity release” products. Australian financial firm Canstar Cannex announced last month it would no longer rate reverse mortgage products, citing that eight lenders had left the market or […]
Category: Finance & Development
CWCapital, LLC, recently announced that it has provided $23.2 million in financing for the construction of a 100-unit Assisted Living facility in Gig Harbor, Washington. The Lodge at Mallard’s Landing is the first construction loan to be closed using the FHA’s LEAN processing program. LEAN, introduced in June 2008, is now fully implemented across all […]
As more seniors are looking for cash, alternative funding programs are being marketed as more mainstream options for facilitating their lifestyle transitions. Reverse Mortgages and life settlement vendors have been spending enormous amounts of money promoting their services through various advertising channels that focus on providing educational materials on their services. These services, once thought […]
Sunrise Senior Living, filed an SEC 8-K stating that on March, 5, 2009, Sunrise and some of its subsidiaries entered into a binding letter agreement to sell its outstanding stock, membership interests and partnership interests of Greystone Communities, Inc., Greystone Development Company, LLC and Greystone Development Company II LP and the seed capital partnerships for […]
Capital Senior Living, NYSE:CSU, announced its results for the fourth quarter of 2008 and its full year results that showed an increase in year over year revenues by 2% and a small decrease in net income between 2007 and 2008. Some of the expenses incurred that led to lower profitability were the result of discontinuation […]
As consumers complain about the government bailing out wall street, is “bail out nation” heading towards the senior housing market. An interesting article in the San Jose Mercury News entitled, San Jose developers want $603K for project that won’t likely start until 2013, discusses a request from a pair of senior housing developers for funds […]
Christian Living Communities (CLC), which operates three senior-living centers in Denver, announced last week that it successfully issued $30 million in bonds to help finance redevelopment of its Clermont Park community. Stifel, Nicolaus & Co. Inc. and Ziegler Capital Markets sold $30 million in Series 2009 bonds for CLC and individual investors reportedly purchased about […]
Interested in learning more about a publicly traded REIT that specializes in senior housing? HealthCare REIT released an investor presentation last week that discusses its portfolio of properties and outlines its business in 2009. The company feels that its diversification of operators creates a lower risk profile against any down turns or problems that any […]
As the economic data continues to paint a bleak picture, the the National Investment Center for the Seniors Housing & Care Industry (NIC) released its third quarter 2008 data which tracks loan performance and capitalization rates in seniors housing and care appears to be weakening. According to NIC, loan volume in the third quarter of […]
Love Funding recently announced that it has closed an $11,467,400 refinance loan for nine assisted living facilities located throughout the Boise, Idaho area. The borrower, The Cottages II, LLC, closed the transaction with the HUD 232/223(f) loan program where terms of the deal included a 6.47 percent fixed interest rate at a 35-year amortization. The […]
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