Seniors Housing Business

APR 2018

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

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Finance 8 Seniors Housing Business n April 2018 Stock Snapshot REITs Stock Current 1 month 12 months symbol price change change 3/14/18 2/14/18 3/14/17 CareTrust REIT CTRE $13.89 -5.89% -7.03% HCP Inc. HCP $22.95 5.42% -22.23% Welltower Inc. WELL $53.53 -1.14% -18.96% LTC Properties Inc. LTC $39.13 4.88% -13.24% National Health Investors Inc. NHI $68.49 8.15% -1.17% New Senior Investment Group SNR $8.02 15.40% -16.02% Omega Healthcare Investors OHI $27.32 6.68% -11.47% Quality Care Properties Inc. QCP $19.47 56.26% 8.29% Sabra Healthcare REIT Inc. SBRA $18.09 13.35% -29.77% Senior Housing Properties Trust SNH $16.08 1.52% -16.64% Ventas Inc. VTR $49.68 0.12% -16.31% Publicly traded Stock Current 1 month 12 months owners and managers symbol price change change 3/14/18 2/14/18 3/14/17 Blackstone Group BX $33.98 0.59% 12.37% Brookdale Senior Living BKD $7.36 -20.35% -39.77% Capital Senior Living Corp. CSU $12.40 8.87% -10.86% The Ensign Group Inc. ENSG $28.13 10.18% 56.02% Five Star Quality Care FVE $1.25 -10.71% -43.18% BMO Harris provides $34 million refinancing for two communities Indianapolis — BMO Harris Bank's Healthcare Real Estate Fi- nance group was sole lender on a $34 million loan used to refinance two seniors housing communities in metro Indianapolis. The 212-unit portfolio includes Traditions at Solana and Traditions at Reagan Park. The communities feature independent living, assist- ed living and memory care. Traditions Management, an Indi- anapolis-based operator founded in 2007, manages the properties. Harborview arranges $24.6 million financing for two assisted living communities in Southeast Sebastian, Fla., and Macon, Ga. — Harborview Capital Partners, a commercial real estate finance, equity and advisory firm, has ar- ranged a total of $24.6 million in financing for assisted living com- munities in Sebastian and Macon. In the first transaction, Harbor- view arranged an $18.6 million con- struction loan for a 123-unit assisted living and memory care facility in Sebastian. The site encompasses nearly seven acres of land area. A Georgia-headquartered bank provided the capital to a joint ven- ture between a New Jersey-based developer and a Florida-based op- erator. The loan features interest- only payments for 42 months fol- lowed by a 25-year amortization. There are no pre-payment penal- ties. In the second transaction, Har- borview arranged a $6 million re- financing for an 81-unit assisted living and memory care commu- nity in Macon. The five-year, non- recourse loan features 12 months of interest-only payments. Harborview financed the bor- rower's acquisition of this facility in 2015, followed by $400,000 in capital improvements and a change of operator. This is the third trans- action Harborview has arranged for the Chicago-based borrower. Jeffrey Fuchs arranged both transactions. HJ Sims negotiates $19.5 million financing for CCRC in Pennsylvania Frederick, Pa. — HJ Sims has ar- ranged a $19.5 million financing package for Frederick Living, a continuing care retirement com- munity (CCRC) in the Philadelphia suburb of Frederick. The community is nearing com- pletion of an independent living expansion on the campus. The loans refinance approximately $15.8 million in debt and provide $3.7 million for further expansion and renovation. The financing includes a seven- year term and a balance sheet- based fixed rate of 3.15 percent, fully amortizing over 20 years. Sims partnered with Univest and Fulton as bank partners. KeyBank provides $15.5 million Fannie Mae financing for 65-unit community in North Carolina Mebane, N.C. — KeyBank Real Estate Capital has provided $15.5 million in Fannie Mae first mort- gage financing for Mebane Ridge Assisted Living, a 65-unit seniors housing property in Mebane. The one-story assisted living and memory care facility was built in 2014 and is situated on 7.9 acres of land. Mebane is approximately midway between Durham and Greensboro. Charlie Shoop of Key's Commer- cial Mortgage Group arranged the fixed-rate financing with a 10-year term, two years of interest-only payments and 30-year amortiza- tion schedule. The loan was used to refinance existing debt. Lancaster Pollard arranges $11.2 million HUD refinancing for 100-unit community in Illinois McHenry, Ill. — Lancaster Pol- lard has arranged an $11.2 mil- lion HUD refinancing for Heritage Woods of McHenry, a 100-unit sup- portive living facility in McHenry, located between Chicago and Mil- waukee. Supportive living is an Illinois program that allows government funding of assisted living services that are usually private-pay. The owners sought to reduce the interest rate on the original tax- exempt bonds used for construc- tion of the two-story community in 2007. The new FHA-insured mortgage provides a non-recourse loan with a fixed rate and 35-year amortiza- tion that nearly cut the cost of capi- tal in half, according to Lancaster Pollard. Brett Murphy led the transaction for Lancaster Pollard.

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