Transactions & Financings: Mainstreet Property Group, Trilogy Consulting

Solutions Advisors Acquires Trilogy Consulting

New Jersey-based senior living consulting firm Solutions Advisors has acquired Trilogy Consulting, LLC. Solutions Advisors provides strategic marketing, sales consulting and creative services to senior living communities. Terms of the deal were not disclosed.

Trilogy founder Scott Townsley, who opened his firm January 1, 2017, will serve as Principal of Trilogy. He previously was managing principal of Third Age, Inc., a nationwide senior living consulting and strategy firm. Joining Townsley in a new leadership role is Tim Ficker as Trilogy Managing Principal. Ficker was formerly managing director of MHS Consulting, a faith-based healthcare consulting firm. Together, Townsley and Ficker bring more than 50 years of experience in consulting and senior living to Solutions Advisors, founded in 2009 by Kristin Kutac Ward and Lauren Messmer.

“As the senior living market grows and diversifies, we want to offer more comprehensive and wide-ranging services,” Kutac Ward, CEO, said in a statement. “The acquisition of Trilogy will help further our mission of creating value-driven, innovative solutions for our senior living clients and partners.”

Invesque Inc. Purchases Texas Skilled Nursing Facility from Mainstreet Property Group

Indiana-based Invesque Inc.—formerly known as Mainstreet Health Investments—recently purchased Rapid Recovery Center of Texas, a 70-bed skilled nursing facility in Round Rock, Texas, from Mainstreet Property Group. The price was $22.8 million.

Invesque funded the deal through a combination of the assumption of debt and cash on hand.

The current operator, Rapid Recovery Center of Texas, will continue to manage the property under a long-term, triple-net lease.

Harborview Capital Partners Arranges $16.6 Million for Acquisition and Construction of Two Senior Living Communities

Commercial real estate finance, equity and advisory firm Harborview Capital Partners has arranged $16,623,000 for the acquisition and construction of senior living facilities in Oregon and Missouri. The money breaks down to two parts: a $13,263,000 loan for the construction of an 84-unit assisted living and memory care facility in Oregon, and a $3,360,000 bridge to a HUD loan for a 44-unit assisted living facility in Missouri.

Avi Begun closed both transactions.

HJ Sims Completes $19.5 Million Financing for Pennsylvania Life Plan Community

Privately held investment bank and wealth management firm HJ Sims has announced the closing of a $19.5 million financing for Frederick Living, a life plan community in Frederick, Pennsylvania. Frederick Living contracted the Connecticut-based HJ Sims to explore refinancing all or some of its debt (with approximately $15.5 million outstanding) and funding new capital for the future expansion project along with routine capital expenditures (up to $5 million).

The financing was successfully completed December 28, 2017, while the refinancing component, $15.75 million, consolidated Frederick Living’s series of existing debt into a single financing. Another $3.75 million funded the initial expenses associated with the future renovation/expansion project along with a portion of capital expenditures anticipated over the next three years.

The resulting final financing totaled $19.5 million with a tenor of seven years and a balance sheet- based fixed rate of 3.15%, fully amortizing over 20 years.

Fern Gardens Joins the Avamere Family of Companies

Avamere Health Management Services of Wilsonville, Oregon, has announced its newly assumed management of Fern Gardens, a memory care community in Medford, Oregon.

“We are very excited for this opportunity for residents of Fern Gardens to benefit from Avamere’s experience, expertise and passion for caring for older adults,” Nicolette Merino, vice president of operations for Avamere, said in a statement. “Our mission is to enhance the life of every person we serve. What that means for the seniors at Ferns Garden is honoring their past while respecting and working toward their comfort in the present.”

Avamere Health Services (AHS) is part of the Avamere Family of Companies, founded in 1995, and operates 50 post-acute care and senior living facilities and four ancillary healthcare companies and their subsidiaries across 15 states. The Avamere Family operates nearly 50 independent living, assisted living, transitional care and skilled nursing facilities, with more than 8,200 employees.

Blueprint Announces Sale of Three-Property Assisted Living and Memory Care in Metro Atlanta

Blueprint Healthcare Real Estate Advisors recently announced the sale of a three-property assisted living and memory care portfolio in metro Atlanta. The buyer, Artemis Real Estate Partners, purchased the regional portfolio, which comprises three private pay communities built between 1998 and 2000. Financials of the deal were not disclosed.

Artemis has contracted with Allegro Senior Living to manage the communities, which represents their entrance into Georgia and the launch of their new Alto Brand. Ben Firestone and Michael Segal of Blueprint were the lead advisors on the transaction.

ESI Arranges Sales of Assisted Living in Northern Illinois

Chicago- and Boulder, Colorado-based Evans Senior Investments (ESI) has announced the sale of Prairie View Assisted Living, a 30-unit community in Winnebago, Illinois for $4,000,000. The deal breaks down to $133,333 per unit in a sale-leaseback structure. At time of sale, the community averaged 97% occupancy in the prior twelve months and was 100% private pay.

ESI represented the seller in the transaction. The buyer is a publicly traded REIT. All units at the facility are dedicated to assisted living.

“Prairie View Assisted Living presented the operator an exciting opportunity to partner with an institutional REIT to continue their growth oriented strategic plans,” ESI founder and president Jason Stroiman said in a statement.

Written by Jack Silverstein