Financial Times: Occupancy Woes Risky for Short-Term CCRC Financing

Frustrations with variable-rate demand structures have birthed a new, preferred fixed-rate borrowing structure for many continuing care retirement communities (CCRCs), however, this short-term financing vehicle has its risks, reports a Financial Times article. Rather than competing over liquidity with banks that provider letters of credit (LOCs) that back variable-rate demand notes (VRDNs), investors in occupancy-dependent deals […]

Manpower a Key Component to Relaunching Stalled Luxury Brands Post-Downturn

Condominium units at Fox Hill, a luxury, Sunrise-managed senior living community in Bethesda, Md., are back on the market after a year-long marketing hiatus as multiple involved parties attempt to bring the community from the brink of foreclosure to stabilized occupancy. With the real estate market headed toward recovery, success in relaunching struggling luxury retirement communities […]

Senior Housing Finance Activity: Berkadia, Lancaster Pollard, Oak Grove, HJ Sims

Berkadia Originates $14.4 Million Acquisition Loan for Chevalier Berkadia Commercial Mortgage LLC recently originated a $14.4 million, three-year floating rate acquisition loan to finance Chevalier International Holdings Limited’s acquisition of an 18-property portfolio of assisted living communities operated by Meridian Senior Living. Christopher Fenton, vice president at Berkadia, arranged the loan through the firm’s proprietary […]

Senior Housing Finance Activity: Sunrise, HCN, GE Capital, Lancaster Pollard

Sunrise Stockholders Approve Acquisition by Health Care REIT, Completed Jan. 9 Sunrise stockholders voted at a special meeting on Monday to approve the company’s previously-announced merger with Health Care REIT, Inc. (NYSE:HCN). A majority (98.3%) of the votes case by Sunrise stockholders were in favor of this proposal, representing 69.4% of the shares of common […]