Future Unknown as AdCare Seeks ‘Strategic Alternative’

A former senior housing operator with a troubled past is taking steps to arrive in greener pastures. AdCare Health Systems, Inc.’s (NYSE: ADK) board of directors is reviewing strategic alternatives for the company with the help of St. Louis-based financial advisory firm Stifel, the self-managed health care real estate investment company announced Tuesday. “AdCare is at […]

Senior Living Veteran Charged with $190 Million Investment Scam

Christopher Brogdon stands accused of defrauding investors in senior care properties. An industry veteran, Atlanta-based Brogdon is the current president and director of Global Healthcare REIT and until recently served on the board of AdCare Health Systems (NYSE MKT: ADK). Since 1992, Brogdon has raised $190 million from investors through municipal bond and private placement […]

Senior Housing Investments & Acquisitions: Atria, Global Healthcare REIT, Fortress

Cahill Group Buys $250 Million Senior Care Portfolio Cahill Group recently announced it has completed the $250 million acquisition of the Rosewood skilled nursing and health care portfolio, based in St. Louis, Missouri.  The acquisition includes skilled nursing facilities, senior living, home health, and other related management and service companies in St. Louis and Illinois, […]

AdCare Regroups After Accounting Woes, Expects More M&A

After accounting errors forced AdCare to redo its financial statements for all of 2012, delay earnings reports in 2013, and freeze its M&A program, the company has taken several steps to improve its systems and financial controls moving forward including a new chief financial officer and external auditor.  The company’s second quarter earnings call featured […]

Movers & Shakers – People and Positions for May

Senior living professionals have been moving on up the ladder, with several promotions in this edition of Movers & Shakers along along with new appointments and hires.  Are you looking to shake up your own career? Look for senior housing jobs nationwide on SHN’s job board. Employers: Take advantage of our job board to look for some of […]

Senior Housing Investments & Acquisitions (1/13/13)

Platinum Healthcare Sells Six-Property Ill. Skilled Nursing Portfolio for $48.5 Million Platinum Healthcare recently sold a six-property skilled nursing portfolio for $48.5 million in a transaction handled by Senior Living Investment Brokerage, Inc. The 822-bed portfolio had been owned and operated by a Midwest operator of long-term care properties. The senior care communities are located […]

AdCare Buys Three Ala. Senior Care Facilities for $9.5 Million

AdCare Property Holdings, LLC, a subsidiary of AdCare Health Systems, Inc., has agreed to purchase three Alabama senior care facilities for $9.5 million.  AdCare will acquire Park Place Nursing & Rehabilitation Center located in Selma; Homewood of Selma; and Homewood of Greenville.   In accordance with the agreement, AdCare Holdings deposited $250,000 into escrow, which […]

Senior Housing Finance: Love Funding, Ziegler, NCR, AdCare

Ziegler Closes $51.6 Million Financing for Pa. CCRC Group Ziegler recently closed a $51,640,000 tax-exempt, fixed-rate Series 2012 Bond issue for Asbury Pennsylvania Obligated Group issued through the Cumberland County Municipal Authority.  Asbury Pennsylvania Obligated Group consists of Bethany Village and Springhill, two CARF/CCAC accredited CCRCs located in Pennsylvania. Both communities are operating segments of […]

Senior Housing Finance Activity: Ziegler, Walker & Dunlop, More

Walker & Dunlop Secures $381.8 Million Refinance for REIT SNF Portfolio Walker & Dunlop recently secured a $381.8 million refinance for healthcare REIT Extendicare Health Services’s 51-property portfolio of skilled nursing facilities, reports Globe St. The deal was complex due to its structure as separately obtaining refinancing each property using the Department of Housing and […]

Senior Housing Acquisition and Investment Roundup (10/22/12)

Health Care REIT Sells Fla. Nursing Home for $9.16 Million Toledo, Ohio-based Health Care REIT sold a nursing home in September to Sarasota SNF Real Estate Investors, LLC, a subsidiary of Life Care Centers of America, for $9.16 million, according to the Herald Tribune. The REIT purchased the land for the 64,000-square-foot building for $560,000 in […]