Seniors Housing Business

AUG-SEP 2015

Seniors Housing Business is the magazine that helps you navigate the evolution of the seniors housing industry.

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Page 9 of 87

10 Seniors Housing Business n August-September 2015 In addition, HFF secured a $33.2 million foating-rate loan on behalf of the buyer through Investors Bank and TIAA Direct. Completed in 2004, Heritage Pointe of Teaneck is a four-story independent living prop- erty that has 45 one-bedroom, 94 two-bedroom and three three-bedroom units averaging 1,045 square feet each. The property was 97.2 percent occupied at the time of sale. Managing directors Ryan Maconachy and Chad Lavender along with senior managing direc- tor Jose Cruz, managing director Kevin O'Hearn and associate director Michael Oliver led the HFF team representing the seller. Managing director Steven Klein led HFF's debt placement team. Based in Los Angeles, Lowe Enterprises Investors provides real estate investment management services. HFF operates out of 22 offces nationwide and provides commer- cial real estate and capital markets services. Ziegler arranges $109.4 million bond fnancing to expand The Buckingham CCRC in Houston Houston — Ziegler, a specialty investment bank, has arranged $109.4 million in tax-exempt, fxed-rate bonds for The Bucking- ham, a 323-unit continuing care retirement community (CCRC). Nonproft operator Senior Qual- ity Lifestyles Corporation (SQLC) manages The Buckingham, which is located on a 23-acre plot in the affuent Memorial/Tanglewood neighborhoods of Houston. The community currently comprises 204 independent living apartments, 43 assisted living units, 16 memory support units, and a health center with 60 nurs- ing beds. The bonds will be used to expand The Buckingham to include a new tower featuring 106 addi- tional independent living units, 27 additional assisted living units, 18 additional memory care units, 32 additional skilled nursing beds, an underground parking garage with 111 total spaces and an addi- tional 292 surface level spaces. SQLC operates fve communi- ties in Texas with a total of 1,586 units. Lancaster Pollard secures $6.7 million refnancing of community in Oklahoma Bartlesville, Okla. — Lancaster Pollard has arranged a $6.7 million refnancing for Green Country Vil- lage, a seniors housing community in Bartlesville. Green Country Village is a non- proft community that was opened in 1990 by three local churches. It is managed by Life Care Services and comprises 97 units of inde- pendent living, 30 units of assisted living and 28 memory care beds. Lancaster Pollard privately placed a $6.7 million tax-exempt note with a regional bank. The fnal fxed interest rate was below 3.75 percent and generated more than $70,000 a year in annual savings. Because the fnal negotiated terms included no cash escrows, approximately $250,000 was released at closing to Green Coun- try Village. Bill Wilson led the transaction for Lancaster Pollard. Finance Continues from page 8 Stock Snapshot REITs Stock Current 1 month 12 months symbol price change 1 change 1 8/20/15 7/20/15 8/20/14 HCP HCP $40.51 7.37% -4.75% Health Care REIT HCN $69.37 3.03% 4.54% LTC Properties LTC $44.19 1.40% 7.89% National Health Investors NHI $66.08 -7.18% -6.49% New Senior Investment Group SNR $11.68 -11.98% NA 2 Omega Healthcare Investors OHI $36.73 1.97% -5.04% Sabra Healthcare REIT SBRA $26.58 -2.53% -6.04% Senior Housing Properties Trust SNH $17.03 -3.13% -27.96% Ventas VTR $60.55 -5.85% -8.12% Publicly traded Stock Current 1 month 12 months owners and managers symbol price change change 8/20/15 7/20/15 8/20/14 Blackstone Group 3 BX $34.51 -17.04% 4.96% Brookdale Senior Living BKD $28.87 -11.85% -14.99% Capital Senior Living Corp. CSU $21.72 -4.74% -4.36% Five Star Quality Care FVE $3.38 -26.84% -27.47% 1 Adjusted for stock splits. 2 New Senior Investment Group was listed on the New York Stock Exchange on November 7, 2014. 3 Blackstone Group is recognized as one of the 10 largest owners of seniors housing properties. Life Care Services manages Green Country Village, which features 97 units of independent living, 30 units of assisted living and 28 memory care beds. Continued on page 12

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