Transactions & Financings: HFF Facilitates Bridge-Somerby Deal, NHI Acquires Senior Living Campus

HFF Completes Sale, Financing of Somerby Senior Living Portfolio

Holliday Fenoglio Fower (HFF) completed the sale and financing of a nine-property senior housing portfolio, totaling 1,558 units, in the Southeastern U.S. HFF marketed the property on behalf of the seller, Dominion Partners, acting on behalf of its affiliated partner, Somerby Senior Living. Bridge Investment Group purchased the offering free and clear of existing debt. Additionally, the team worked on the new owner’s behalf to advise on acquisition financing. The HFF investment advisory team representing the seller included senior managing directors Ryan Maconachy and Chad Lavender. HFF’s debt placement team representing Bridge included director Sarah Anderson.

HFF Completes Portfolio Sale In California and Washington, Arranges Construction Financing For Chicago Development

HFF represented Aegis Living in the sale and financing of a three-property senior housing portfolio, totaling 253 units, in northern California and suburban Seattle. A joint venture of Blue Moon Capital Partners and Aegis Living affiliates purchased the properties free and clear of existing financing. Additionally, HFF’s debt placement team worked on behalf of the new owner to secure fixed-rate agency financing to fund the acquisition. The two Seattle-area properties in the portfolio are Aegis of Bellevue in Bellevue, which consists of 68 assisted living and 18 memory care units, and Aegis Lodge of Kirkland in Kirkland, which consists of 70 assisted living and 17 memory care units. The Northern California property is Aegis of Aptos in Aptos, California.

The HFF investment advisory team representing the seller included senior director David Fasano, senior managing directors Ryan Maconachy and Chad Lavender and senior director Ross Sanders along with managing director Mark Wintner and director Christopher Ross. HFF’s debt placement team representing the borrower was led by director Sarah Anderson.

HFF’s Chicago and Dallas teams arranged financing for the development of Deerfield Senior Residences, a 240-unit, six-story, luxury independent living community in Deerfield, Illinois. The HFF team worked on behalf of affiliates of Banner Senior (“Banner”), the managing partner of a joint venture partnership that is developing the facility, to arrange joint venture equity through Harrison Street. Additionally, HFF worked on behalf of the new partnership to secure a $55.6 million, four-year, floating-rate construction loan through a national bank. The HFF capital placement team representing the borrower included managing director Matthew Schoenfeldt and director Sarah Anderson.

NHI Announces $50.3M Purchase and Leaseback of Massachusetts Senior Living Campus

National Health Investors (NYSE: NHI) agreed to the $50.3 million purchase and leaseback of Wingate at Silver Lake, three-building senior living campus in Kingston, Massachusetts. The property includes 34 independent living units, 69 assisted living units and 164 skilled nursing beds. The operator, an affiliate of Wingate Healthcare, is a family owned business that has been in operation for over 25 years and currently operates 37 communities located predominately in the Northeast.

The lease has a 10-year maturity with three 5-year renewal options and an initial annual lease rate of 7.5% plus annual fixed escalators. NHI has committed up to $1.9 million for agreed-upon capital improvements to the campus over the next two years, which will be added to the lease base. This acquisition by NHI was funded by a draw on its revolving credit facility.

Ziegler Link-Age Fund Invests In PS Salon & Spa

Ziegler Link-Age Fund II announced a strategic investment in PS Salon & Spa, the largest professional salon and spa operator in the national senior living market with over 880 locations and 1,600 employees.

Love Funding Closes $12.7 Million Loan For Memphis Age-Restricted Community

Love Funding Senior Director Tammy Tate arranged $12.7 million in financing on behalf of the buyer for the acquisition and renovation of St. Peter Manor, a 10-story, 293-unit age-restricted community in Memphis, Tennessee. Tate secured the loan through U.S. Department of Housing and Urban Development’s 223(f) loan insurance program.

Grandbridge Arranges $29.9 Million Loan

Grandbridge Seniors Housing and Healthcare Finance Group Senior Vice President Richard Thomas, Vice President Meredith Davis and Assistant Vice President Kim Huffstutler arranged a $29.9 million loan, secured by Brightview Woodburn, a 94-unit senior housing community in Annandale, Virginia.

Healthcare Management Partners Sells Two Senior Care Facilities Through ‘Stalking Horse’ Auctions

Healthcare Management Partners, acting as a court-appointed receiver, closed the sale of two Alabama-based senior care facilities through a stalking horse auction. The final bid for both facilities, in Cullman and Decatur, Alabama, was $14.5 million. The HMP team included Managing Director Derek Pierce, Directors Lauren Douglas and Tyler Brasher, and Senior Associates Anthony Jordan and Ward Tishler.

BMO Harris Healthcare Real Estate Finance Closes $46.5 Million Loan For Florida Senior Housing Development

BMO Harris Healthcare Real Estate Finance closed a $46.5 million construction loan for the development of a 198 unit seniors housing community in Sarasota, Florida. The developer is United Properties.