Transactions & Financings: Senior Living Investment Brokerage, Lancaster Pollard

Blueprint Arranges Sale of Assisted Living, Skilled Nursing Portfolio in Ohio

Blueprint recently announced the first closing of a multistage portfolio sale comprising one assisted living community and two skilled nursing facilities in northeast Ohio.

The seller was a regional owner-operator looking to transition out of day-to-day community management. Blueprint identified a regional operator to lease the buildings from the seller with a predefined purchase option.


The deal involved Blueprint executing the sale to the lessee, as well as sourcing HUD acquisition financing.

Jacob Gehl, Michael Segal, and Connor Doherty handled the transaction.

HJ Sims Closes $60.6 Million Financing for Life Plan Community in Kansas


Privately held investment bank and wealth management firm HJ Sims recently announced the closing of a $60.6 million financing made up of non-rated tax-exempt bonds for Village Shalom, a life plan community in in Overland Park, Kansas. 

Village Shalom is beginning a campus expansion and repositioning project, and opted for all bond financing for both intermediate-term financing and long-term financing, while retaining attractive outstanding bank financing, according to a press release.

The financing was integrated on a parity basis, including outstanding Series 2013 Bank debt, new Series 2018 Bonds and a Series 2017 Pre-Development Loan, with the latter repaid with a part of first-generation entrance fees and capital campaign proceeds. Additionally, Village Shalom designated a part of initial project entrance fees to fund liquidity on the balance sheet. Sims also coordinated amendments to the current Master Trust Indenture in order to address transitions in operations resulting from the community repositioning, along with construction and fill-up of new independent living units.

Recommended SHN+ Exclusives

Senior Living Investment Brokerage Arranges $3.7 Million Assisted Living Sale in North Carolina

Glen Ellyn, Illinois-based Senior Living Investment Brokerage arranged the sale of Cardinal Care Center and Blue Ridge Retirement in Hendersonville, North Carolina, for $3.7 million.

The seller was a regional provider based in the Southeast; the buyer was an assisted living operator that currently has a footprint within North Carolina.

SLIB’s Bradley Clousing and Patrick Burke handled this transaction.

Lancaster Pollard Arranges $12.2 Million HUD Acquisition Financing in Idaho

Lancaster Pollard recently arranged HUD acquisition financing through the FHA Sec. 232/223(f) program for Cross Healthcare. The $12.2 million financing enabled Cross to purchase a portfolio of seven assisted living and memory care communities in eastern Idaho.

Cross originally sold these communities to CareTrust REIT (NYSE: CTE) in 2014 and leased them back, until eventually purchasing them in this deal.

The deal was financed as one scattered-site loan. Rob McAdams led the transaction for Lancaster Pollard.

Ziegler Closes $44.73 Million Financing for The Hearthstone Corporation 

Chicago-based specialty investment bank Ziegler recently closed the $44,725,000 Series 2018 tax-exempt financing for The Hearthstone Corporation.

The Lutheran Retirement Home of Greater Seattle, doing business as The Hearthstone, is a not-for-profit public benefit corporation and 501(c)(3) organization based in Washington that owns, operates and develops senior housing communities. Today, Hearthstone houses over 230 residents in its 147 independent living apartments, 37 assisted living apartments, 12 dementia care assisted living apartments and 40 skilled nursing beds.

The Hearthstone plans to use the proceeds from the sale of the Series 2018 Bonds and additional available funds to: (i) finance a part of the construction, acquisition, improvement, development, renovation and equipping of an expansion project with respect to the corporation’s continuing care retirement community; (ii) refinance, in full, the corporation’s existing Series 2013 bonds; (iii) pay a portion of the interest on the bonds during the construction of the project; (iv) fund a debt service reserve fund; and (v) pay specific costs of issuance of the Bonds.

The Bonds are non-rated and were issued with a combination of permanent and temporary series, consisting of (i) $36,125,000 Series 2018A tax-exempt bonds, amortizing over a 35-year period ending May 15, 2053, and (ii) $8,700,000 Series 2018B (TEMPSSM 80) tax-exempt bonds.

Senior Living Investment Brokerage Arranges Sale of Assisted Living Community in Chico, California

Senior Living Investment Brokerage’s Jason Punzel, Brad Goodsell and Vince Viverito recently arranged the sale of a 30-unit assisted living community in Chico, California, called Townsend House Assisted Living.

The seller was a local senior housing provider that plans to exit the senior housing industry. The buyer is a new entrant into the industry and will be looking to expand on the West Coast.

Written by Mary Kate Nelson

Companies featured in this article:

, , , , ,