Senior Housing Lending Picks Up, But Debt Market Still ‘Out of Whack’ In Some Ways

Lenders in the senior housing space are becoming increasingly active and confident, but the Covid-19 pandemic is still affecting the debt markets in some significant and unusual ways. For instance, the relationship between loan-to-value (LTV) and debt service coverage is “kind of out of whack,” Steven Schmidt, national director and production manager for seniors housing […]

Lenders, REITs See Ongoing Transformation and Uncertainty in Senior Housing

Occupancy and expense pressures related to Covid-19 will continue to adversely affect senior housing investment in the coming year, and are even tempering refinancing opportunities. And the pandemic will force more smaller owners and operators to exit the sector, frustrated by the operational intensiveness of the product type, compressed net operating income (NOI) and tighter […]

Transactions & Financings: Brookdale Closes $250M Credit Facility; Lancaster Pollard’s $58M Deal Volume

Brookdale terminates $250M credit facility; refinances assets Brookdale Senior Living (NYSE: BKD) secured $267 million of non-recourse mortgage debt and terminated its $250 million revolving credit facility. The debt was obtained from Capital One, through Freddie Mac’s Capital Markets Execution Program. The financing includes $191 million of 2.89% fixed rate notes and $76 million of […]

Movers & Shakers: Front Porch’s New Board Members

Front Porch Elects 3 New Members to Board of Directors Front Porch, a Glendale, California-based not-for-profit senior services provider with 10 full-service retirement communities, elected three new members to its board of directors. Joining the board on Jan. 1 are Deborah A. Proctor, Oliver W. Wesson Jr. and Marion McGovern. Proctor recently retired as the […]

Editor’s Picks: $145 Million False Claims Settlement

This week, our most read stories revolved around a record-high False Claims Act settlement for a Tennessee-based skilled nursing provider; newly launched digital shadow boxes for memory care communities; and a new entrant into the senior housing lending business. Here in the newsroom, we enjoyed listening to a 92-year-old comedian do a stand-up routine at […]

SunTrust Enters Senior Housing Lending Business

A major name in U.S. banking has now joined the ranks of senior housing lenders through a recently announced acquisition. SunTrust Banks, Inc. (NYSE: STI) announced Thursday it has entered into a definitive agreement to acquire substantially all of the assets of the operating subsidiaries of Pillar Financial, LLC, a direct lender for health care and […]

Senior Housing Finance Activity: Grandbridge, Lancaster Pollard

Grandbridge Facilitates Funding of $125 Million Seniors Housing Portfolio Grandbridge Real Estate Capital’s Seniors Housing and Healthcare Finance Group recently facilitated the purchase of a $125 million seniors housing portfolio secured by four independent living seniors housing communities in four states. Funding for the assumption and supplemental loans was funded via Fannie Mae’s DUS® Seniors […]

Movers & Shakers: Lifespace Communities’ New Senior VP of Business Development

Lifespace Communities Appoints Senior VP of Business Development Lifespace Communities, one of the nation’s largest not-for-profit senior living providers, hired Joe Anderson as senior vice president of business development. In the role, Anderson will drive the Des Moines, Iowa-based company’s growth through mergers and acquisitions. He comes to the role with almost 30 years of […]

Movers & Shakers: Mainstreet’s 3 New Hires

Mainstreet Announces 3 New Hires Mainstreet, a Carmel, Indiana-based development and investment company, announced three new hires for the month of April. Scott Juetten has been named Mainstreet’s new vice president of financial operations for Mainstreet Health. He previously worked for Kindred Healthcare, where he was vice president and controller of the nursing center division. Mainstreet […]