The senior living industry is still a real estate sector with high risk in the U.S. municipal bond market, even as the broader market is showing signs of turning around. Total municipal bond default disclosures dropped to 38 in the first quarter of 2023, down from 73 in 4Q2022, according to new data from Moody’s […]
Moody’s
Senior living facilities represented the largest portion of delinquencies reported by municipal bond issuers in the first quarter of 2022, highlighting the sector’s struggles during the Covid-19 pandemic. The majority of the 83 credit events in the first quarter of 2022, mostly among small, unrated borrowers – particularly senior living communities. In fact, the industry […]
Thirty-one senior living borrowers have missed a payment on their municipal bond debt for the first time in 2021, representing about $1.6 billion of muni bonds in default and tying the record number of senior housing defaults set last year. That’s according to the latest statistics from Municipal Market Analytics (MMA). The findings build on […]
No other U.S. public finance sector has been hurt more by the Covid-19 pandemic than senior housing and care, according to Moody’s Investor Service. “While many hospitals, entities with bonds secured by taxes frozen during the economic shutdown, and other types of enterprises are seeing some pinch, no other sector has seen the singular confluence […]
Real estate investment trusts (REITs) with significant exposure to senior housing could be facing a “sharp, prolonged deterioration in credit metrics,” rating agency Moody’s stated in a report issued Wednesday. In particular, these REITs run the risk of rent deferrals and other types of restructurings if shelter in place restrictions related to the coronavirus pandemic […]
After years of being out of favor following the Great Recession, collateralized loan obligations (CLOs) — pools of below-investment grade loans sold in pieces to investors — are growing in popularity. Now, New York City-based real estate lender Greystone has closed on a $300 million CLO backed by bridge loans on senior housing and care assets. It’s […]
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