Transactions & Financings: Acquired, Sodexo’s New Partnerships

Caring Holdings, LLC Acquires

Senior care referral service has been acquired by Caring Holdings, LLC, a group of investors with experience and expertise in digital customer acquisition.

Bankrate, which had owned, agreed to part ways with the senior living referral service in November 2017 in order to be acquired by Red Ventures.


The decision came after an Federal Trade Commission (FTC) complaint that said the $1.4 billion acquisition would harm competition in the market for third-party paid referral services for senior housing providers. Two of Red Ventures’ largest shareholders jointly own A Place for Mom, which is the largest provider of those services in the United States.  

“This is good news for the future of our business and is a net positive for our industry,” CEO Karen Cassel said in a press release. “The transaction enhances Caring’s competitive position in the marketplace, ensuring that families have more choices in getting help finding senior living communities, while senior living communities likewise benefit from maintaining competition among referral services.”

The Caring Holdings team has more than 15 years of online digital marketing expertise and a history of entering and expanding online businesses, according to the press release.


The financial terms of the deal were undisclosed.

Invesque Enters Into Development Partnership with Ellipsis Real Estate Partners

Canada-based health care real estate company Invesque Inc. (TSX: IVQ) has entered into a development partnership with Carmel, Indiana-based senior housing development company Ellipsis Real Estate Partners.

The partnership, which will concentrate on senior housing and medical office assets, will offer Invesque exclusive access to Ellipsis’ pipeline of development projects, including five current projects located in Michigan and Indiana.

Specifically, under the terms of a development agreement, Ellipsis will provide Invesque the right of first offer to invest in all of Ellipsis’ developments, as well as the right to purchase the completed buildings. 

Sodexo Partners with Seven U.S. Senior Living Communities for 2018

Quality of life services provider Sodexo has partnered with seven new senior living communities for 2018. 

Specifically, Sodexo will provide culinary services at The Amsterdam at Harborside in Port Washington, New York; Clearwater at Riverpark in Oxnard, California; the Providence Rehabilitation & Healthcare Center at Mercy Fitzgerald in Yeadon, Pennsylvania; and Villa Marin in San Rafael, California.

Additionally, Sodexo will provide housekeeping and laundry services at Lions Gate in Voorhees Township, New Jersey; housekeeping and facilities management at Sisters of Christian Charity in Mendham, New Jersey; and culinary services, housekeeping and facilities management at the Martha Jefferson House in Charlottesville, Virginia.

The Bancorp Loan to Fund Construction of Assisted Living Community in Florida

The small business lending team at The Bancorp, Inc. (Nasdaq: TBBK) recently provided an SBA 504 loan to fund the construction of the Villas at Killearn Lakes, a neighborhood of assisted living homes in Tallahassee, Florida.

The Bancorp is the main financial contributor in conjunction with Florida First Capital Finance Corporation.

The $10 million Villas at Killearn Lakes project is scheduled to open in early 2019.

HJ Sims Completes $8.1 Million Financing for Presbyterian Senior Care

HJ Sims, a privately held investment bank and wealth management firm, recently closed a $8.1 million financing Presbyterian SeniorCare (PSC), a not-for-profit, multi-site, faith-based network of living and care options for seniors in 10 counties in Western Pennsylvania.

The financing will fund Woodside Place of Washington, a new 36-bed memory care community in Washington, Pennsylvania.

PSC expected to finance the project from a variety of sources, including tax-exempt debt financing and a dedicated capital campaign.

With capital campaign proceeds to be received over a three-year period, to decrease the total borrowing amount, PSC chose to advance $2.5 million with the expectation of being reimbursed with capital campaign proceeds, as received over the following three years.

Proposed Federal tax reform legislation created incentive to advance financing on expedited basis and close by year-end 2017, with project commencement anticipated in 2018. Citizens Bank, PSC’s existing bank partner, provided a financing proposal, including competitive interest rate and fees, along with limited conditions precedent to financing, enabling expedited financing and supplementing $15 million of already outstanding bank financing.

Sims successfully completed the financing in late December 20172. PSC chose to close the financing with an underlying floating rate and evaluate interest rate hedging strategies closer to the time of financing draw-down in early 2018. The organization ultimately opted to hedge this floating interest rate via a floating-to-fixed interest rate swap. 

1031 Crowdfunding, Seasons Management JV Purchases Memory Care Community in Oregon 

Online marketplace 1031 Crowdfunding, LLC recently announced that it purchased a 48-bed, 22,950-square-foot memory care community in Hillsboro, Oregon, through a joint venture with Seasons Management, LLC. The total purchase price was $14 million.

Going forward, the community will be managed by an affiliate of Frontier Management, LLC. They have operated the community since 2008 with a 93.75% average occupancy.  

CBRE Arranges Financing for Independent Living Community in California

Aron Will, vice chairman of CBRE National Senior Housing, and Kevin Randles, senior vice president of CBRE’s Debt and Structured Finance office in Sacramento, California, recently arranged financing on behalf of Ray Stone, Inc .for Roseville Commons, a 108-unit independent living community in Roseville, California.

Specifically, CBRE Multifamily Capital originated a fixed-rate loan via its Fannie Mae DUS multifamily loan origination program.

RSI has owned and managed the community since 2007. 

ESI Arranges Sale of Assisted Living and Skilled Nursing Campus in New York 

Real estate brokerage firm Evans Senior Investments (ESI) recently represented the sale of both a 55-unit assisted living community a 120-bed skilled nursing facility in Stamford, New York.

ESI represented the seller, a local non-profit organization. The buyer was a for-profit regional owner/operator. 

Written by Mary Kate Nelson

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