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2 posts
Senior Housing Is an Operations Business with Real Estate Around It
Once you compare expense ratios across senior housing tiers, the asset class stops looking like real estate. The building is the container; the care is the business — and lenders, operators, and absorption math all reflect that.
The Capital Stack Is Where Real Estate Deals Actually Get Decided
Debt and equity want different things, leverage amplifies both ways, and lender ratios — LTV, DSCR, debt yield — are how lenders translate risk into hard caps on what a deal can carry.