Seniors Housing Business

JUL 2018

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

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Page 8 of 40

Finance 8 Seniors Housing Business n July 2018 Stock Snapshot REITs Stock Current 1 month 12 months symbol price change change 6/7/18 5/7/18 6/7/17 CareTrust REIT CTRE $16.64 18.10% -8.72% HCP Inc. HCP $24.28 2.10% -22.68% Welltower Inc. WELL $57.59 3.37% -21.30% LTC Properties Inc. LTC $41.62 10.72% -14.34% National Health Investors Inc. NHI $74.19 6.75% -2.38% New Senior Investment Group SNR $7.62 -11.81% -20.71% Omega Healthcare Investors OHI $30.36 12.07% -2.79% Quality Care Properties Inc. QCP $21.11 -3.12% 25.36% Sabra Healthcare REIT Inc. SBRA $20.84 6.49% -8.92% Senior Housing Properties Trust SNH $17.56 8.33% -17.05% Ventas Inc. VTR $54.56 2.27% -18.25% Publicly traded Stock Current 1 month 12 months owners and managers symbol price change change 5/8/18 4/9/18 5/8/17 Blackstone Group BX $32.66 2.45% -1.89% Brookdale Senior Living BKD $8.76 22.01% -36.06% Capital Senior Living Corp. CSU $11.19 6.47% -20.36% The Ensign Group Inc. ENSG $36.89 11.38% 95.50% Five Star Quality Care FVE $1.40 16.67% -29.65% Ziegler closes $72.6 million bond refinancing for two-property HumanGood portfolio Des Moines, Wash. and Phoenix — Ziegler, a specialty investment bank, has closed $72.6 million in bond financing for nonprofit owner-operator HumanGood. The bonds will combine two Hu- manGood communities — The Ter- races of Phoenix in Phoenix and Judson Park in Des Moines — into one financing package. The new en- tity is known as the HumanGood National Obligated Group, and will represent all the company's proper- ties not located in California. In connection with forming the National Obligated Group, the bor- rower will refinance two outstand- ing tax-exempt bank placements, one at each community, and will refinance a portion of subordinate debt owed to HumanGood Nor- Cal. The financing consists of two tax-exempt, fixed-rate bond issues, a tax-exempt variable rate bank placement, and a taxable, variable- rate bank placement. The two fixed-rate bonds will be issued through the Washington State Housing Finance Commission and The Industrial Development Authority of the City of Glendale, Arizona. The two variable-rate bank placements will be purchased by one lending institution, Wash- ington Federal Bank, with a tax- exempt series being issued through the Industrial Development Au- thority of the City of Glendale. The new capital structure will be com- prised of roughly 50 percent vari- able-rate and 50 percent fixed-rate debt, partially hedged by an inter- est rate cap purchased in 2015. Kayne Anderson closes $1.8 billion equity fund Boca Raton, Fla. — Kayne An- derson Real Estate, a Boca Raton- based private equity investor, has closed its fifth opportunistic equity fund, Kayne Anderson Real Estate Partners V. The fund was oversubscribed, and reached its hard cap of $1.8 billion, not including capital from Kayne Anderson and its affiliates. It is the largest Kayne Anderson fund to date, with investors includ- ing pension funds, foundations, en- dowments, corporate institutions, high-net-worth individuals and family offices. The new fund will seek invest- ments across the seniors housing, student housing and medical office sectors. To date, more than 20 per- cent of the fund has already been deployed. CBRE arranges $34.5 million Freddie Mac refinancing for community near Houston Conroe, Texas — CBRE has ar- ranged a $34.5 million refinancing for Woodhaven Village, a 157-unit independent living, assisted living and memory care community in the Houston suburb of Conroe. The borrowers are Padua Realty Company and Paradigm Senior Living, the joint-venture develop- ers of the property. The Freddie Mac loan features a 10-year term, floating rate and five years of in- terest-only payments. Aron Will of CBRE National Senior Housing ar- ranged the transaction. Opened in January 2017, Wood- haven Village is located one mile from Conroe's largest medical cen- ter. It was more than 90 percent oc- cupied at the time of the refinanc- ing. Judson Park is a HumanGood community located in Des Moines, Iowa.

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