Will lenders look at senior housing projects that have only sold half of their inventory thus far half empty or half full in 2009? Crain’s Chicago Business ran an article about foreclosure proceedings on a north shore senior housing project that had sold approximately half its inventory. The article outlined the history of the project […]
Category: Finance & Development
Brookdale Senior Living Inc, (NYSE:BKD) announced on December 30th, 2008 after the markets closed that its Board of Directors has voted to suspend the Company’s quarterly cash dividend indefinitely. The company is looking to retain capital for financial flexibility. The company had been paying a quarterly dividend of 25 cents per share this year. “Given […]
Earlier this month, Steven D. Bell & Company, on behalf of Bell Fund II LLC, has recently purchased senior living communities in both Charlotte, N.C. and Charleston, S.C., bringing to 26 the number of senior living properties in the Bell Senior Living portfolio. For a combined cost of approximately $15 million, the Bell company has […]
Over the weekend, the San Francisco Chronicle provided a good article on how the credit crunch has impacted the market for tax credits and their use in financing various housing projects with a specific focus on California. The article entitled, Lack of tax-credit market hurts building trade, profiles a Napa Valley Senior Housing Project that […]
The Los Angeles Times ran an interesting article last week entitled, City stuck with a South L.A. eyesore but has few options, that discussed a stalled, affordable / low income senior housing project that has been vacant for over a year. The Buckingham Palace project was constructed on Marlton Square, a mixed use development that […]
Earlier this week, Emeritus Senior Living announced that it closed on the purchase of five communities from affiliates of Ventas, Inc. (NYSE: VTR). The five communities were formerly leased by the Company and were acquired for a purchase price of $62.5 million, plus transaction costs of approximately $3.3 million and are comprised of 432 units […]
Bailout nation gets another group asking for money, this time in the property developer segment. Large commercial property developers are now standing on the steps of capitol hill asking lawmakers for a piece of the bailout pie as they are concerned that many commercial mortgages that are coming due will not be able to be […]
The Washington Post ran an article today entitled, Sunrise Hopes Dawn Is Near, on Sunrise Senior Living and talks about how the company got started and goes into an analysis of its debt position. The company has stated that it has enough cash to operate through the end of January and some analysts think that […]
Over the last 18 months, the ratings agencies have been criticized for the lack of transparency and more importantly, accuracy, in their ratings of mortgage backed securities. Fitch Ratings last week released its ratings guidelines for CCRCs to explain their logic and criteria for rating individual projects that are associated with their bond offerings. The […]
Mortgage brokers and lenders have been busy this week. The good news is that borrowing is getting cheaper, unfortunately not easier. The same is true for developers that have existing, performing loans with lenders with the drop in the prime lending rate. With the 10 year treasury note around 2.10%, the market for conventional fixed […]
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