Seniors Housing Business

OCT-NOV 2017

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

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Page 7 of 47

Finance 8 Seniors Housing Business n October-November 2017 Stock Snapshot REITs Stock Current 1 month 12 months symbol price change change 10/13/17 9/13/17 10/13/16 CareTrust REIT CTRE $19.04 -1.19% 35.52% HCP Inc. HCP $26.37 -10.52% -20.60% Welltower Inc. HCN $68.20 -7.96% -2.42% LTC Properties Inc. LTC $47.23 -3.08% -5.99% National Health Investors Inc. NHI $77.49 -2.77% 0.05% New Senior Investment Group SNR $8.85 -3.49% -15.55% Omega Healthcare Investors OHI $31.69 -2.31% -5.12% Quality Care Properties Inc. QCP $15.92 11.17% 6.85% Sabra Healthcare REIT Inc. SBRA $21.10 -9.36% -10.40% Senior Housing Properties Trust SNH $19.56 -0.61% -11.33% Ventas Inc. VTR $63.36 -7.35% -5.04% Publicly traded Stock Current 1 month 12 months owners and managers symbol price change change 10/13/17 9/13/17 10/13/16 Blackstone Group BX $32.93 2.81% 38.13% Brookdale Senior Living BKD $10.22 -12.43% -33.42% Capital Senior Living Corp. CSU $12.14 -2.72% -24.36% The Ensign Group Inc. ENSG $21.50 5.24% 9.86% Five Star Quality Care FVE $1.50 -6.25% -45.65% CBRE secures refinancing for adaptive reuse project in Michigan Traverse City, Mich. — CBRE has arranged an undisclosed amount of financing for Cordia Senior Living and Cypress Partners. The money will be used toward Cordia at Grand Traverse Commons, a 110-unit independent living and assisted living community in Tra- verse City. The community is the last section of a massive, mixed-use historic preservation and adaptive reuse project called Village at Grand Tra- verse. The full property is an asylum that was built in 1883. The rede- velopment project began in 2003. Cordia and Cypress used historic tax credits to open the seniors housing portion of the project in 2014. The project is nearing stabili- zation now, according to CBRE. Aron Will of CBRE National Senior Housing secured the non- recourse, three-year, interest-only loan. The transaction is a refinanc- ing of the original construction loan. Cordia Senior Living will con- tinue to operate the community following the loan closing. Cordia is a Boston-based operator. Cypress is a real estate invest- ment management firm based in Michigan. Village at Grand Traverse is an adaptive reuse mixed-use project built from an asylum originally constructed in 1883. Ziegler arranges $67.1 million bond financing for 294-unit CCRC Shelburne, Vt. — Ziegler, a special- ty investment bank, has arranged $67.1 million in bond financing for Wake Robin, a continuing care re- tirement community in Shelburne, located along Lake Champlain just south of Burlington. The community is situated on 136 acres and features 212 independent living units, 31 assisted living units and 51 skilled nursing units. The nonprofit Wake Robin Corp. was incorporated in 1984 to develop, own and operate the community. It was the first CCRC in Vermont. Wake Robin is undergoing an ex- pansion that will add 54 units and renovate common areas. Capital One provides $551 million loan package for Kayne Anderson's acquisition of Sentio Boca Raton and Orlando, Fla. — Capital One has provided two loans — a $251 million bridge loan and a $300 million Freddie Mac seniors housing revolving credit facility — to Kayne Anderson Real Estate Advisors (KAREA). The loans will be used toward the planned $825 million acquisition of Sentio Healthcare Properties. The merger between KAREA, a Boca Raton-based private equity firm, and Sentio, a non-traded REIT based in Orlando, was announced in May. Since September 2013, KAREA has invested in 73 private-pay se- nior living communities. Represent- ing more than $2.6 billion in transac- tion value, these acquisitions made KAREA, at the time of the Sentio purchase, the 27th largest owner of seniors housing in the United States, according to Capital One. KeyBank arranges $28.5 million refinancing for 78-unit community Paoli, Pa. — KeyBank Real Es- tate Capital has arranged a $28.5 million Freddie Mac floating-rate mortgage loan for Daylesford Crossing in Paoli, approximately 16 miles northwest of Philadelphia. The Class A seniors housing fa- cility was built in 2015 featuring 64 assisted living units and 14 mem- ory care units. The property also contains a commercial space cur- rently occupied by Ciao Bella Salon and Spa Inc.

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