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 […]
Freddie Mac
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
In the event that they’d move, America’s older renters are much more likely to rent again than to buy—which could bode well for the rent-heavy senior housing industry. Added to that, the proportion of renters who say they are likely to relocate to a retirement community is greater than the proportion who plan to move […]
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 […]
Capital One Appoints SVP, Chief Underwriter for Multifamily Finance Capital One announced the appointment of Cortney Mauldin as senior vice president and chief underwriter for multifamily finance. In this role, Mauldin will be responsible for the oversight and quality control of all underwriting functions related to Federal Housing Administration (FHA) insured transactions, including health care and senior […]