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 […]
Category: Finance & Development
Sun Healthcare Group, Inc. (NASDAQ: SUNH) last week announced results for the fourth quarter and year ended Dec. 31, 2008 that showed that total net revenue for the quarter ended Dec. 31, 2008, was $467.0 million, up 5.5 percent compared to $442.5 million for 4th quarter 2007. The company’s net income for the fourth quarter […]
The U.S. Department of Housing and Urban Development (HUD) recently announced the addition of the Home Equity Conversion Mortgage (HECM) for purchase. As part of the Housing and Economic Recovery Act of 2008, approved lenders now may offer senior home buyers a reverse mortgage to aid in the purchase of a new property. Traditional reverse […]
Five Star Quality Care, Inc. (NYSE Alternext US: FVE) recently announced its financial results for the quarter and year ended December 31, 2008 showing a net loss for the fourth quarter of 2008 was $7.4 million compared to net income of $6.7 million for the same period last year. The company earned $.01 per share […]
The Sisters of the Most Precious Blood of O’Fallon held its groundbreaking ceremonies for a renovated senior living facility and multiple-use development last month. The Sisters and McEagle Properties partnered for the joint venture to develop the Village of St. Mary’s which includes senior living apartments and patio homes, skilled care, and the development of […]
Brookdale Senior Living Inc. (NYSE: BKD) (the “Company”) reported financial results for the fourth quarter of 2008 earlier this week with a net loss, including a non-cash impairment charge of $220.0 million in the fourth quarter, for the quarter and twelve months ended December 31, 2008 was $(278.8) million and $(373.2) million, respectively, or $(2.75) […]
Recently released information from the Federal Housing Administration is showing that reverse mortgage borrowers are getting younger. The average age of a borrower in 2008 was 73 years old whereas in 1990 the average age was 76 years. The reverse mortgage has been most popular among single females but according to the 2008 data, this […]
Late last month Cherry Gardens, a 42-unit apartment community dedicated to serving seniors with low incomes, celebrated its groundbreaking in Charlotte, North Carolina. The Affordable Housing Group of North Carolina, Inc. and StoneHunt, LLC have teamed up to provide this senior apartment complex as parts of their efforts to implement a neighborhood revitalization strategy, which […]
Ventas, Inc. (NYSE:VTR) recently announced that closed on the sale of Samaritan acute care hospital to affiliates of the University of Kentucky (“UK”) for $35.0 million in an all cash transaction. The property is located in Lexington, Kentucky and is currently operated by UK. The purchase price represents a 6.8 percent capitalization rate on cash […]
Senior Housing Properties Trust announced its year end results last week that showed net income for the fourth quarter was $32.4 million or $.28 a share. For the full year, the company showed a net income of $106.5 million dollars compared to $85.3 million in 2007. The results for 2008 include impairment charges of $8.4 […]
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