As the credit crisis worsens, many developers are having to turn to non-traditional lenders to finance their projects.  Metro Funding Corp. (MFC), a private asset-based lender, headquartered in Paramus, N.J., recently announced the funding of a $1,300,000 loan for the construction of an assisted living facility in Big Bear, CA. The loan was cross-collateralized with […]

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Last week the CEO of Sunwest Management filed for personal bankruptcy as part of an effort to restructure the company.  The turnaround consulting firm, Hamstreet and Associates of Portland, Ore., took over Sunwest Management and filed the Chapter 11 bankruptcies last week for different entities affiliated with Sunwest Management.  The most interesting part of this […]

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Last month, the board of the New York State Housing Finance Agency (HFA) approved $10.3 million in financing for the construction of Birches at Chambers, a 67-unit affordable senior citizen housing development in the Town of Ulster in Ulster County. The Ulster approval was included in a total package of $64.2 million in funds approved […]

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Will lenders look at senior housing projects that have only sold half of their inventory thus far half empty or half full in 2009?  Crain’s Chicago Business ran an article about foreclosure proceedings on a north shore senior housing project that had sold approximately half its inventory.  The article outlined the history of the project […]

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Brookdale Senior Living Inc, (NYSE:BKD) announced on December 30th, 2008 after the markets closed that its Board of Directors has voted to suspend the Company’s quarterly cash dividend indefinitely.  The company is looking to retain capital for financial flexibility.  The company had been paying a quarterly dividend of 25 cents per share this year.  “Given […]

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Earlier this month, Steven D. Bell & Company, on behalf of Bell Fund II LLC, has recently purchased senior living communities in both Charlotte, N.C. and Charleston, S.C., bringing to 26 the number of senior living properties in the Bell Senior Living portfolio.  For a combined cost of approximately $15 million, the Bell company has […]

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