Seniors Housing Business

MAY-JUN 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 May-June 2018 Stock Snapshot REITs Stock Current 1 month 12 months symbol price change change 5/8/18 4/9/18 5/8/17 CareTrust REIT CTRE $14.01 4.32% -18.26% HCP Inc. HCP $23.52 1.64% -21.94% Welltower Inc. WELL $55.14 1.19% -19.61% LTC Properties Inc. LTC $34.47 -7.51% -26.57% National Health Investors Inc. NHI $70.33 4.21% -2.50% New Senior Investment Group SNR $8.57 4.13% -12.46% Omega Healthcare Investors OHI $27.80 4.79% -13.83% Quality Care Properties Inc. QCP $21.43 8.18% 21.76% Sabra Healthcare REIT Inc. SBRA $19.48 10.74% -23.03% Senior Housing Properties Trust SNH $16.06 2.75% -39.67% Ventas Inc. VTR $52.84 6.08% -16.83% 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 $31.64 3.03% 5.05% Brookdale Senior Living BKD $7.68 15.14% -39.24% Capital Senior Living Corp. CSU $10.89 3.52% -21.37% The Ensign Group Inc. ENSG $32.79 21.35% 65.52% Five Star Quality Care FVE $1.25 -3.85% -35.90% Monticello provides $45.3 million financing for three-property portfolio in New York Nesconset, N.Y. — Monticello Asset Management has provided $45.3 million in bridge-to-HUD fi- nancing to Nesconset Property NY. The borrower will use the funds to acquire two adult daycare fa- cilities and a 242-bed skilled nurs- ing facility in New York State. Al- though the names and locations of the properties were not disclosed, the borrower is named for Nescon- set, a town on Long Island. The adult daycare facilities can house up to 165 seniors and were built in 1993 and 1994. The skilled nursing facility was built in 1984. The borrower plans to convert the financing to HUD debt before the end of the loan term. Lancaster Pollard arranges $23.4 million HUD refinancing for skilled nursing facility Papillion, Neb. — Lancaster Pol- lard has arranged $23.4 million in HUD financing for Hillcrest Health Services. The funds will refinance The Cottages at Hillcrest Country Estates, a community in the Omaha suburb of Papillion. The Cottages at Hillcrest Coun- try Estates features 126 skilled nursing beds and 12 independent living units. It's part of the Hillcrest Country Estates development, a 44-acre community offering the full continuum of seniors housing. The Hillcrest Country Estates campus was designed and man- aged specifically to allow for the individual components, such as the Cottages, to be financed separately. The Cottages at Hillcrest Coun- try Estates was developed as a household model featuring eight cottages that are home to 13 resi- dents each and a ninth cottage that features 22 private suites for post- acute rehabilitation. The loan features a fixed rate and 25-year term. Quintin Harris led the transaction for Lancaster Pollard. Walker & Dunlop provides $17 million loan to refinance community near Phoenix Gilbert, Ariz. — Walker & Dun- lop Inc. has provided $17 million in Freddie Mac financing for Ameri- can Orchards, an assisted living and memory care community in the Phoenix suburb of Gilbert. Completed in June 2016, Ameri- can Orchards consists of two dis- tinct buildings: The Sapwood Building with 38 assisted living suites and The Heartwood Build- ing with 35 memory care suites. The 10-year, non-recourse, fixed- rate financing features two years of interest-only payments. The trans- action will allow the borrower — American Care Concepts — to pay off existing bank debt while cash- ing out equity for future projects. Walker & Dunlop's team includ- ed Kevin Giusti, Jeff Ringwald and Bill Jackson. CBRE arranges $37 million refinancing for 170-unit community in Arizona Scottsdale, Ariz. — CBRE has ar- ranged a $37 million refinancing for Andara Senior Living, a 170- unit independent living and assist- ed living community in the Phoe- nix suburb of Scottsdale. The borrower is The Reliant Group, which acquired the commu- nity in 2013 from the original devel- oper. At that time, Reliant brought in Senior Lifestyle Corp. as operator and implemented a capital improve- ment plan, leading to an occupancy rate regularly above 90 percent. The Freddie Mac loan includes a seven-year term, fixed-rate and 36 months of interest-only payments. Aron Will, Andrew Behrens and Jesse Weber arranged the financing. American Orchards was completed in June 2016 and offers assisted living and memory care.

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