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Amy Novotney

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Business briefs for Friday, Oct. 9

COVID-19 relief standstill could spell doom for long-term care facilities … Nearly half of economists don’t see U.S. recovering lost jobs until 2023 … Omega announces pricing of $700M in senior notes offering … Ziegler closes $47.9M in Series 2020AB bond financing for Michigan senior living community

Memo sign PPP Loan Paycheck Protection Program on the black piece of paper.

SBA clarifies how to handle outstanding PPP loans amidst mergers and acquisitions

As merger and acquisition activity continues to pick up within senior housing after a significant drop-off during the COVID-19 pandemic’s earliest days, some buyers and sellers have been struggling with how to structure transactions when one or both are recipients of still-outstanding Paycheck Protection loans. Loan forgiveness on the $525 billion pandemic relief plan began only this week, so many senior living and care borrowers are likely to have loans outstanding if a proposed transaction were to arise soon.

Business briefs for Thursday, Oct. 8

New trends suggest senior living applicant pool may be changing: survey … Fitch assigns ‘BBB-‘ rating to Omega’s proposed senior unsecured notes … LCS Development begins construction on $75M senior living community expansion in North Carolina … Pinnacle secures $30.8M in financing to build an affordable housing development for seniors near Miami … JLL assists Livingston Street Capital in $9.6M purchase of Portland, OR-area seniors housing property

Graphs and a pen

Concerns over skilled nursing REITs ‘overblown’: Mizuho

The qualified audits of skilled nursing operators Genesis Healthcare and Signature Healthcare have raised concern about the sector among some investors. But one investment banking firm is predicting strong third-quarter earnings for skilled nursing focused real estate investment trusts such as Omega Healthcare Investors and Sabra Health Care REIT. That’s according to an analysis in GlobeSt.com this week.

Total value of investment-grade seniors housing and care property market close to $475B in 2019: NIC

The total value of the investment-grade seniors housing and care property market is estimated at $474.5 billion, assuming an average $210,000 price per unit for seniors housing properties and an average $81,000 price per bed for nursing care properties. That’s according to the latest edition of the National Investment Center for Seniors Housing & Care NIC Investment Guide, released this week. The guide provides an overview of the seniors housing and care sector based on year-end 2019 time-series data, before the COVID-19 pandemic hit.

Business briefs for Wednesday, Oct. 7

Ziegler closes $27.8M in Series 2020 Bond financing for Ohio Living Communities … Lancaster Pollard helps secure $11.5M refinancing loan for Providence Place Senior Living via the Fannie Mae Seniors Housing program … Healthcare REITs post 7.8% return last week: Nareit … Methodist Retirement Communities celebrates groundbreaking of $140M senior living community in Fort Worth, TX … Five Star Senior Living to close Massachusetts-based assisted living community

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