Jump start deliverable sr. housing competitor profiles

FrontLine Partners Viewpoint Series

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JumpStart Working Session

Senior Housing Lenders – Competitor Profiles

2011

www.frontlinepartners.net
Company Overview and Capabilities 1

Aviv REIT, Inc.
The real estate investment trust (REIT) invests in health care properties
consisting primarily of skilled nursing facilities (SNFs). Aviv leases its Public
Company/
facilities to local, regional, and national operators throughout the US. Location
Product Private
The REIT has a portfolio of 156 properties with 15,187 licensed beds in
Profile
20 states.

Geographic Location of Deals – Texas, California, Missouri Estimated
Number of 10 20 30 50
Employees
Type of Lender Direct Intermediary Both Revenue

$M
FHA/HUD Fannie Mae/ Conventional 5 10 15 20 25 50+
Type of Estimated
Freddie Mac Mortgage
Product/ Financing Financials
Typical Deal Size
Offering Sale/Lease Acquisitions/ Bridge/ Term
Profile Back Equity/JV Loans $M
5 10 15 20 25 50+

Nursing Home Assisted Living Psychiatric
Type of Degree of Competitive Threat
Properties

Rehab Apartments Others
What is Interesting About This Company
Hospitals
The REIT was recently Formed in 2008
but has been in the business of financing
operators of SNF's for more than 25
Key Customers – Big Wins years through predecessor entities.

Daybreak
Key Cathedral Rock
Deals Sunbridge

Overall
Company
Viability Market Leader Emerging Player Niche Player Visionary Player

Document for Discussion CONFIDENTIAL AND PROPRIETARY 2

Affinity Bank, www.affinitybank.com
Affinity Bank provides specialized financing programs for healthcare
organizations as well as loans and lines of credit, including home equity Public
Company/
lines of credit, for businesses and consumers in their market areas. Location
Product Private
Affinity Bank’s Healthcare Financial Solutions program provides
Profile
healthcare organizations with an effective tool for increasing financial
flexibility to meet the challenges the business.
Geographic Location of Deals – California Estimated
Number of 10 20 30 50
Employees

$M
Type of Estimated
Typical Deal Size
5 10 15 20 25 50+

Properties

Hospitals
Affinity’s Healthcare Financial Solutions
division extends to acute care clinics,
ambulatory surgery centers, diagnostic
Key Customers – Big Wins imaging centers, DME companies and
physician practices.
Not Available
Key
Deals

Overall
Company


Capital Funding Group, www.capfundinc.com/
Capital Funding Group, Inc. is a full service provider of comprehensive
financing solutions for healthcare facilities nationwide, focusing Public
Company/
exclusively on the long-term care, assisted living and hospital sectors. Location
Product Private
Profile
Geographic Location of Deals – Tennessee, Maryland

Estimated
Number of 10 20 30 50
Employees

$M
Type of Estimated
Typical Deal Size
5 10 15 20 25 50+

Properties

Hospitals
Capital Funding Group's only focus is
healthcare loans, while other lenders do a
variety of different types of FHA loans,
Key Customers – Big Wins such as apartments and mobile home
parks.
Life Care Centers of America $493 MM
Key SAVA Senior Care $1.0 B
Deals

Overall
Company


CapitalSource Inc. www.capitalsource.com
CapitalSource is a real estate investment trust (REIT) with segments
devoted to commercial finance, healthcare leasing, residential mortgage Public
Company/
investing, and banking. Its healthcare unit provides lease financing to Location
Product Private
skilled-nursing facilities and invests in long-term care facilities.
Profile
Geographic Location of Deals – Florida, Pennsylvania
Estimated
Number of 10 20 30 50
Employees

$M
Type of Estimated
Typical Deal Size
5 10 15 20 25 50+

Properties

Hospitals
In July 2008 CapitalSource completed the
formation of the formation of
CapitalSource Bank, a wholly-owned
Key Customers – Big Wins CapitalSource Bank has 22 branch
locations throughout the southern and
Hosted Solutions $95MM central valley regions of California.
Key Falls Center $23MM Establishing the bank marks the
Deals Washington Crossing $20MM realization of a well-planned strategy to
pair CapitalSource’s commercial lending
business with a robust depository.
Overall
Company


Capmark Financial Group, Inc. www.capmark.com
The company originates, services, and invests in mortgages for
commercial real estate including retail, office, health care, hospitality, Public
Company/
and multifamily properties. Location
Product Private
Profile
Geographic Location of Deals – Global

Estimated
Number of 10 20 30 50
Employees

$M
Type of Estimated
Typical Deal Size
5 10 15 20 25 50+

Properties

Hospitals
The company represents the commercial
mortgage business sold off in 2006 by
GMAC, the financial arm of General
Key Customers – Big Wins Motors (GM)

The company originates more than $20 billion in commercial
Key mortgages each year and its servicing portfolio is worth more
Deals than $300 billion. The investment business has more than
$10.3 billion in assets under management.

Overall
Company


Contemporary Healthcare Capital LLC., www.contemporarycapital.com
Leading provider of senior mortgage, mezzanine debt and equity to
healthcare companies. Public
Company/
Product Location
Geographic Location of Deals – Primarily in Southeast and Midwest Private
Profile

Estimated
Number of 10 20 30 50
Employees

$M
Type of Estimated
Typical Deal Size
5 10 15 20 25 50+

Properties

Hospitals
The five funds that they have are
managed and underwritten by the same
team, allowing for a seamless program
Key Customers – Big Wins for each borrower.

45% of their loan activity is to Skilled Nursing Facilities
Key
Deals

Overall
Company


Dominion Partners LLC, www.dominionpartnersllc.com
Dominion Partners develops, owns and operates campus-style Senior
Residential Communities providing housing, related care and other Public
Company/
services for older Americans. Under the trade name Somerby®. Location
Product Private
Profile
Geographic Location of Deals – Virginia, North Carolina, Alabama

Estimated
Number of 10 20 30 50
Employees

$M
Type of Estimated
Typical Deal Size
5 10 15 20 25 50+

Properties

Hospitals
Dominion does not serve as either an
intermediary or direct lender. Instead it
develops and operates facilities in the
Key Customers – Big Wins following markets; senior living,
multifamily, condominiums, urban mixed-
Somerby of Alpharetta use and office.
Key Guardian Place I
Deals Somerby of West Mobile

Overall
Company


GE Healthcare Financial Solutions, www.gehealthcarefinance.com
GE delivers a full range of financing products to a wide variety of
healthcare providers including equipment financing, corporate, real Public
Company/
estate, practice solutions, and vendor financing. Location
Product Private
Profile
Geographic Location of Deals – International

Estimated
Number of 10 20 30 50
Employees

$M
Type of Estimated
Typical Deal Size
5 10 15 20 25 50+

Properties

Hospitals
GE Healthcare Financial Services offers a
variety of products, from fixed or floating
rate first mortgages structured as interim
Key Customers – Big Wins or permanent debt, to senior secured
revolvers, sale leasebacks, construction
Catholic Medical Center lending arrangements and equity
Key VisEn Medica partnerships.
Deals SeaVest Inc.

Overall
Company


Greystone Servicing Corporation, Inc. www.greystoneusa.com
Greystone Servicing Corporation, Inc. (GSC), a member of the
Greystone Financial Group of affiliated companies, is one of the top- Public
Company/
ranked Fannie Mae and Federal Housing Administration (FHA) lenders in Location
Product Private
the country. We offer a broad variety of loan products—both taxable and
Profile
tax-exempt—to facilitate the building, rehabilitation and repositioning of
multifamily housing, seniors housing and healthcare facilities.
Geographic Location of Deals – National Estimated
Number of 10 20 30 50
Employees

$M
Type of Estimated
Typical Deal Size
5 10 15 20 25 50+

Properties

Hospitals
Limited Insight

Key Customers – Big Wins

Not Available
Key
Deals

Overall
Company


Key Bank, www.key.com
For more than two decades, KeyBank Real Estate Capital's Healthcare
Group has been committed to providing its healthcare clients with Public
Company/
capital, innovative ideas and solutions, and broad access to the capital Location
Product Private
markets. Key's healthcare clients include providers of seniors housing,
Profile
long term care services, acute care services, developers of medical
office and outpatient care facilities and healthcare REITS
Estimated
Number of 10 20 30 50
Employees

$M
Type of Estimated
Typical Deal Size
5 10 15 20 25 50+

Type of )
Degree of Competitive Threat
Properties

Hospitals
Key is one of the largest senior housing
lenders in the United States with over $1
billion in commitments.
Key Customers – Big Wins

Erickson Retirement Community
Key Athena
Deals Aljoya House - $61.5 M

Overall
Company


Lancaster Pollard
Lancaster Pollard helps health care, senior living, affordable housing and
private education organizations expand and improve their services by Public
Company/
providing financial advice and financing solutions. Location
Product Private
Profile
Geographic Location of Deals – Texas, Ohio, Georgia

Estimated
Number of 10 20 30 50
Employees

$M
Type of Estimated
Typical Deal Size
5 10 15 20 25 50+

Properties

Hospitals
Lancaster is an independent firm that
offers consulting services and financing
options to find the best solution available
Key Customers – Big Wins for each client.

Pines Village $10M
Key Millennia Housing Development $26M
Deals Sarah Moore $9M

Overall
Company


Love Funding, www.lovefunding.com
Love Funding is a national full-service, commercial mortgage-banking
firm. Love Funding offers loan placement services for borrowers, as well Public
Company/
as origination, consulting and servicing of loans for investors nationwide. Location
Product Private
The Company offers FHA full-insurance loans, conduit loans, GSE loans
Profile
and portfolio lending for life insurance companies and several
commercial banks.
Geographic Location of Deals – Tennessee, Virginia, Florida, Carolinas Estimated
Number of 10 20 30 50
Employees

$M
Type of Estimated
Typical Deal Size
5 10 15 20 25 50+

Properties

Hospitals
Currently, together with its affiliates,
Love Funding’s servicing portfolio is more
than $2 billion. Loan programs are not
Key Customers – Big Wins limited to senior care but also include
New Hampshire Condos- 19.5MM Conventional multifamily and affordable housing,
Falcon Creek Apartments – 32MM HUD senior housing, healthcare, retail,
Key Kenmore Landing Apartments – 15MM HUD hospitality, office and industrial.
Deals David Drye Portfolio – 70 MM Conventional

Overall
Company


LTC Properties, Inc., www.ltcproperties.com
LTC Properties, Inc. is a self-administered real estate investment trust
that invests primarily in the long-term care sector of the health care Public
Company/
industry through the origination of first mortgage loans and acquisition Location
Product Private
of properties that are leased to numerous long-term care providers.
Profile
Geographic Location of Deals – Not available.
Estimated
Number of 10 20 30 50
Employees

$M
Type of Estimated
Typical Deal Size
5 10 15 20 25 50+

Properties

Hospitals
LTC Properties operates in accordance
with federal tax laws and regulation
governing real estate investment trusts,
Key Customers – Big Wins which enables the Company’s income to
be distributed to its stockholders without
Not Available federal tax liability to the Company.
Key
Deals

Overall
Company


M&T Bank
M&T Bank offers deposit accounts and loans to individuals and small and
mid-sized businesses. Its subsidiaries provide brokerage, leasing, loan Public
Company/
servicing, and other services. Location
Product Private
Profile
Geographic Location of Deals – Northeast

Estimated
Number of 10 20 30 50
Employees

$M
Type of Estimated
Typical Deal Size
5 10 15 20 25 50+

Type of )
Properties

Hospitals
M&T Healthcare Services Group provides
flexible financing and advisory services to
non-profit, privately held or publicly held
Key Customers – Big Wins healthcare organizations. They assist in
funding working capital needs,
Not Available purchasing fixed assets, making capital
Key
investments, or acquiring other
Deals
healthcare organizations.

Overall
Company


Marcus & Millichap, www.marcusmillichap.com/
Marcus & Millichap is a national brokerage firm specializing in real estate
investments. They have developed specialty groups for each major Public
Company/
property category: senior housing, hospitality, multi-family, office, retail Location
Product Private
etc.
Profile
Geographic Location of Deals – National
Estimated
Number of 10 20 30 50
Employees

$M
Type of Estimated
Typical Deal Size
5 10 15 20 25 50+

Type of )
Properties

Hospitals
Investment specialists in the National
Seniors Housing Group (NSHG) offer
investors the most effective research,
Key Customers – Big Wins advisory, financing and transactions
services tailored specifically to the unique
Not Available attributes of each seniors housing property
Key
type including; seniors apartments,
Deals
assisted living facilities, independent living
facilities, skilled nursing facilities and
continuing care retirement communities.
Overall
Company


Medical Capital, www.medicalcapital.com
Medical Capital Corporation is a specialty financial services company
serving the healthcare industry. They provide accounts receivable Public
Company/
programs, interim financing, and other asset-based alternative solutions Location
Product Private
to satisfy clients’ capital needs and enable them to achieve their key
Profile
business objectives.

Geographic Location of Deals – California, New York, Illinois Estimated
Number of 10 20 30 50
Employees

$M
Type of Estimated
Typical Deal Size
5 10 15 20 25 50+

Type of )
Properties

Hospitals
Medical Capital will purchase your
existing aged accounts receivable and
your new accounts receivable weekly.
Key Customers – Big Wins They restore predictable cash flow.
Medical Capital pays you for your services
New Parkway Hospital immediately and then wait for the
Key Envision Hospital Corporation insurance company payments.
Deals

Overall
Company


Nationwide Health Properties, www.nhp-reit.com
Nationwides is a REIT that invests in senior housing facilities, long-term
care facilities and medical office buildings throughout the United States. Public
Company/
In 2007 Healthcare Realty Trust Incorporated sold a portfolio of some 60 Location
Product Private
senior living buildings to NHP for more than $400 million, which allows
Profile
Healthcare REIT to focus on outpatient facilities.

Geographic Location of Deals – Operates in 43 states. Estimated
Number of 10 20 30 50
Employees

$M
Type of Estimated
Typical Deal Size
5 10 15 20 25 50+

Properties

Hospitals
NHP generally acquires real estate and
then leases the assets under long-term
triple-net master leases to senior housing
Key Customers – Big Wins and long-term care operators and various
types of leases to multiple tenants in the
Brookdale Senior Living case of medical office buildings.
Key Emeritus
Deals

Overall
Company


Prudential Huntoon Paige www.prudential.com/huntoonpaige
Prudential Huntoon Paige is the FHA lending business of Prudential
Mortgage Capital Company. Prudential provides competitive financing for Public
Company/
the acquisition, refinancing, rehabilitation and new construction of Location
Product Private
multifamily and health care properties nationwide.
Profile
Geographic Location of Deals – National
Estimated
Number of 10 20 30 50
Employees

$M
Type of Estimated
Typical Deal Size
5 10 15 20 25 50+

Type of )
Properties

Hospitals
Mortgage Capital is only a small division
of its parent company, Prudential
Financial, Inc. Prudential is more
Key Customers – Big Wins commonly known for providing insurance
and annuities.
Sunrise Senior Living Investments Inc.
Key Heitman Value Partners II, LLC
Deals

Overall
Company


Red Capital Group, www.redcapitalgroup.com
Red Capital provides debt and equity capital, along with advisory
services to the multifamily housing, seniors housing, commercial real Public
Company/
estate, and health care industries. RED consists of three operating Location
Product Private
companies which together provide solutions through a full range of
Profile
capital executions.

Geographic Location of Deals – Not Available Estimated
Number of 10 20 30 50
Employees

$M
Type of Estimated
Typical Deal Size
5 10 15 20 25 50+

Properties

Hospitals
Red consists of three operating
companies which together provide
solutions to the multifamily housing,
Key Customers – Big Wins seniors housing, commercial real estate
and health care industries.
Atria Senior Living - $41MM RED CAPITAL GROUP companies are
Key Merrill Gardens - $18.6MM members of National City Corporation
Deals
(NYSE:NCC), one of the nation’s largest
financial holding companies

Overall
Company


The Ziegler Companies, Inc. www.ziegler.com
The firm, operating through several subsidiaries, offers investment
banking and asset management services. Catering mainly to not-for- Public
Company/
profit institutions such as health care providers, senior living facilities, Location
Product Private
schools, and churches, the company provides financing, advisory
Profile
services, and securities underwriting, sales, and trading.

Geographic Location of Deals – Midwest and Florida Estimated
Number of 10 20 30 50
Employees

$M
Type of Estimated
Typical Deal Size
5 10 15 20 25 50+

Properties

Hospitals
Their boutique of senior living finance
services specializes in multi-site senior
living providers, single-site nursing
Key Customers – Big Wins home, assisted living, continuing care
retirement community (CCRC) and non-
Not Available CCRC providers.
Key
They also service church & schools,
Deals
healthcare, hospital finance and
renewable energy.

Overall
Company


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