Transactions & Financings: Revera Buys UK Operator, Cushman & Wakefield Files for IPO

Revera Buys UK-Based Senior Living and Skilled Nursing Operator

United Kingdom-based senior care and nursing home provider and developer Signature Senior Lifestyle has been purchased by Canada-based operator and investor Revera Inc., Care Home Professional reported. The purchase price was undisclosed.

Signature develops and operates care homes, and currently manages 10 care homes in the UK, with three more under construction. Revera owns or operates more than 500 senior housing communities in Canada, the United States and the UK.

“We have an excellent historic working relationship with Revera, so moving forward with them as an owner and investor by our side is nothing but positive,” Aidan Roche, CEO of Signature Senior Lifestyle, told Care Home Professional. “Signature benefits from having a knowledgeable, financially strong partner, while Revera now has access to a UK platform, with an established brand and reputation, from which to expand.”

“This announcement gives us an opportunity to increase our presence in the UK, which is experiencing accelerated growth in the senior living market, with the over 85 age group projected to almost double by 2036,” Thomas Wellner, president and CEO of Revera Inc, added.

Cushman & Wakefield Files for IPO

Cushman & Wakefield recently filed preliminary plans for an initial public offering (IPO), The Wall Street Journal reported.

The real estate services firm could seek to raise approximately $1 billion in the IPO and seek a valuation in excess of $5 billion, sources familiar with the matter told WSJ.

Click here for the The Wall Street Journal coverage.

HFF Raises Capital for 55+ Community on Long Island, New York

Holliday Fenoglio Fowler, L.P. announced the capital raise for The Vineyards of Brookfield, a 146-home, to-be-built, 55+ townhome community with a total project cost of $58 million in the Long Island town of Center Moriches, New York.

The HFF team labored on behalf of the developer, Ornstein Leyton Company (OLC), to arrange an investment from Atalaya Capital Management (Atalaya), a New York City-based investment manager, to develop the property.

The Vineyards at Brookfield will be built in two phases, the first of which is scheduled to be finished in 2019. 

The HFF equity placement team representing the developer included Senior Managing Director Evan Pariser, Senior Director David Fowler and Managing Director Rob Hinckley.

Cushman & Wakefield Arranges Sale of Senior Living Community in Tampa, Florida

Cushman & Wakefield recently negotiated the sale of The Watermark at Trinity, a 97-unit, 84,217-square-foot assisted living and memory care community in Tampa, Florida, for approximately $300,000 per unit. 

Cushman & Wakefield Executive Director Allen McMurtry, Senior Director Paul Carr and Senior Director David Kliewer represented the development collaboration made up of Ricky Rookis of Rookis Development, Walt Chancey of Gulf Coastal Development, and Watermark Retirement Communities in the sale.

Watermark Retirement Communities, will continue to operate the community under the new owner. 

Capital One Closes $65 Million Loan to Holiday Retirement to Recapitalize Two Senior Housing Communities 

Capital One recently provided a $65 million adjustable-rate loan to Winter Park, Florida-based Holiday Retirement to recapitalize two senior housing communities that it owns and operates.

The communities—located in Austin, Texas, and Cincinnati, Ohio—have a total of 412 units, 379 of which are independent living and 33 of which are assisted living.
  
New England Club in Cincinnati is a 253-unit independent living community with a wing of 12 assisted living units managed by Superior Home Care. Renaissance Austin, meanwhile, has 159 independent and assisted living units.

MidCap Financial Closes Loan on Senior Care Portfolio Near Chicago

MidCap Financial (“MidCap”), a commercial finance firm focused on middle market transactions, recently closed a deal with Lexington Health Network.  

The $42 million floating-rate first mortgage loan is secured by six buildings in the greater Chicago area—five skilled nursing facilities and one senior housing community—with 1,212 operating beds.

The loan is part of a $50 million global credit facility made up of a $42 million real estate loan and an $8 million asset-based lending facility that is also being arranged by MidCap. 

Written by Mary Kate Nelson