Transactions & Financings: HJ Sims Closes $250M Package; OnShift Lands Equity Investment

HJ Sims Completes Two Financing Packages Totaling $250.4 Million Capital Package For Dallas CCRC Community

HJ Sims completed a $154.3 million financing package for Legacy Midtown Park (Legacy), a Jewish-sponsored, not-for-profit, start-up rental CCRC located in Dallas, Texas, and managed by Legacy Senior Communities. The package includes a $69.9 million bond underwriting, $70.5 million financing, and $14 million in subordinate financing. Legacy will be comprised of 325 total units, including independent and assisted living, and memory support residences, and a health care center with nursing beds.

HJ Sims also completed a $96.1 million refinancing package on behalf of Asbury’s Maryland Obligated Group, comprised of two life plan communities:, Asbury Methodist Village, located in Gaithersburg, Maryland, and Asbury-Solomons, located in Solomons, Maryland; both are owned and operated by Asbury Atlantic and provide a continuum of living and care options.

Clearlake Capital Leads Strategic Investment In OnShift

OnShift, a cloud-based human capital management software provider for the long-term post-acute care market, received a strategic equity investment from private investment firm Clearlake Capital Group, with participation from the Ziegler Link•Age Fund II, a private equity fund focused on the post-acute and aging marketplace, and existing investor Health Velocity Capital. Financial terms of the transaction were not disclosed.

OnShift’s multi-tenant software-as-a-service platform facilitates scheduling, labor analytics, workforce planning, employee financial wellness, employee engagement, applicant tracking and recruitment management for nearly 5,000 customers, including many of the leading skilled nursing and senior living providers.

This investment will be used to expand OnShift’s product development in recruitment, workforce and talent management, and accelerate sales and marketing plans. Dan Groen and Paul Huber of Clearlake will join OnShift’s board of directors.

Greystone Real Estate Advisors Closes Five-Property Senior Living Portfolio

Greystone Real Estate Advisors closed the sale of a five-property senior living portfolio os 570 independent living, assisted living, and memory care units in New Mexico and Washington state. Chevalier International Holdings, a publicly listed company based in Hong Kong, purchased the portfolio from a publicly-traded REIT. Companies within the Avamere family of companies will lease the properties from Chevalier. Mike Garbers and Cody Tremper of Greystone Real Estate Advisors represented the seller in the transaction.

Solvere Living Contracted to Operate Six More Communities

Solvere Living, a senior housing operator based in St. Petersburg, Florida and Richmond, Virginia, was contracted to operate an under-construction senior living community in Tampa, Florida, an existing community in Baltimore, Maryland and four existing communities in Texas. Tampa’s Tessera of Westchase is a $27.5 million resort-style community that will offer 64 assisted living apartments and 38 memory care units. It is slated to open in early 2019. Tudor Heights in Baltimore provides 62 apartments for assisted living and memory care. The four communities in Texas include Heartis Amarillo, Heartis Cleburne, Heartis Cypress and Heartis Eagle Mountain. Caddis, a national healthcare real estate firm based in Dallas, is the developer and owner of the Heartis senior living brand. The communities offer independent living, assisted living and memory care, along with a variety of first-rate programs, services and amenities helping seniors live life to the fullest.

Ziegler Closes $92 Million Bond Financing For Dallas CCRC

Ziegler announced the successful closing of the Presbyterian Village North $91.9 million Series 2018 Bonds. Ziegler served as the underwriter for the single series of tax-exempt bonds. Presbyterian Village North is a not-for-profit continuing care retirement community located in Dallas, and consists of 89 buildings with 295 independent living units, 101 assisted living units, 44 memory support units and 172 skilled nursing beds. All of the skilled nursing beds are private units, Medicare certified with a five-star CMS rating and accept managed care payment. The beds are not Medicaid certified.

Hunt Real Estate Capital Finances Acquisition Of Georgia Assisted Living Community

Hunt Real Estate Capital provided a $6.2 million bridge loan for the acquisition and expansion of North Georgia Assisted Living, an assisted living community in Dawsonville, Georgia. The community includes 32 units and 37 operating beds. The borrower, an affiliate of Gryphon Senior Living, plans to expand to 44 units and 49 operating beds.

Reliant Group Management, Cadence Living Acquire California Senior Living Community

Scottsdale, Arizona-based Cadence Living and Reliant Group Management, headquartered in San Francisco, acquired The Windham, a 200-unit independent and assisted living community in Fresno, California. The community is centrally located near Fresno State University in the city’s Woodward Park neighborhood.  The community’s amenities include a swimming pool, multiple courtyards and a restaurant-style dining room. CBRE National Senior Housing Vice Chairman Aron Will, Vice President Austin Sacco, CBRE Multifamily Institutional Group Vice Chairman Andrew Behrens and Vice Chairman Jesse Weber arranged $32 million in financing for the acquisition. The loan, through CBRE’s Freddie Mac Seller Servicer direct lending program, is a 10-year, fixed-rate, Green Advantage loan with 72 months of interest only.

BMO Harris Bank Closes $16.7 Million Financing Package

BMO Harris Bank’s Real Estate Healthcare group closed a $16.7 million acquisition and renovation financing package for an existing AL / MC facility in Bellevue, Washington.  The borrower, a large strategic investor in the seniors housing industry, teamed up with a regional partner to complete the acquisition. Altum Senior Living is the building’s manager.

CBRE Closes $9 Million Financing Package For Washington Memory Care Community

CBRE National Senior Housing Vice Chairman Aron Will and Senior Associate Tim Root arranged $9 million in financing on behalf of a joint venture between Bourne Financial Group and Cascadia Senior Living for Fieldstone Memory Care of Wenatchee, a newly constructed, 48-unit memory care community in Wenatchee, Washington. The loan is a five-year, floating-rate term with 36 months of interest only from a regional bank.

Blueprint Brokers Sale Of Ohio Assisted Living Community

Blueprint Healthcare Real Estate Advisers facilitated the successful sale of Ontario Commons, a 30-unit assisted living community in Mansfield, Ohio. Blueprint represented the seller, a publicly traded REIT and its tenant, a skilled nursing operator, and generated interest from a well-respected, local provider headquartered in Coolville, Ohio, Alternative Living Solutions. The buyer plans to invest in an expansion of the property’s resident capacity. Ben Firestone, Michael Segal, and Connor Doherty were the lead advisors on the transaction.

Carnegie Capital Secures $6.2 Million Refinancing For Oregon Assisted Living Facility

Carnegie Capital Managing Partner JD Stettin arranged $6.2 million in cash out refinancing for a 39-unit assisted living and memory care facility in Portland, Oregon, on behalf of the owner and operator. Carnegie put together the loan in two tranches with a bank and private equity shop joining forces to complete the capital stack. The loan carries a low-rate, interest only coupon, fixed for three years with flexible exit options.

Written by Chuck Sudo