Ziegler Closes $76M Series 2018 Financing
Ziegler closed a $75,555,000 Series 2018 financing package on behalf of Broadmead, a nonprofit Maryland corporation. The Series 2018 tax-exempt bonds were issued through the Maryland Health and Higher Educational Facilities Authority. The Series 2018 Bonds are rated “BBB+” with a stable outlook from Fitch. Broadmead is situated on 94 acres in Cockeysville, Maryland. The community consists of 249 single-story garden-style independent living residences together with a central building called the Broadmead Center, along with 30 assisted living beds and a 70-bed skilled nursing facility of which 58 beds are in consistent operation. The Ziegler team was led by Amy Castleberry.
The financing consisted of two series of bonds: the Series 2018A Bonds of $60,555,000 were issued as permanent debt and the Series 2018B Bonds of $15,000,000 were issued as temporary debt. The bonds’ proceeds will be used to currently refund the Corporation’s existing bank held indebtedness, finance costs of the 2018 Project, finance capitalized interest for 18 months, fund a debt service reserve fund for the Series 2018A&B Bonds, and pay certain costs of issuance. Construction of the 2018 Project is anticipated to start in late 2018. The new Hillside Homes are expected to be ready for occupancy in early 2020.
Harrison Street Refinances San Antonio Assisted Living Community
A joint venture of Harrison Street Real Estate Capital and Franklin Development Properties successfully refinanced a 221-unit Independent Living, Assisted Living and Memory Care community in San Antonio, Texas. Terms of the deal were not disclosed. CBRE National Senior Housing Vice Chairman Aron Will and Senior Associate Tim Root secured a three-year, floating rate loan with 24 months of interest only, from a debt fund.
Cadence Living Acquires Three-Community Portfolio In Atlanta, Nashville
Cadence Living, based in Scottsdale, Arizona, acquired a three community senior living portfolio in Atlanta, Georgia and Nashville, Tennessee. All three communities were previously Elmcroft branded communities and are now Cadence at Rivergate in the Goodlettsville suburb of Nashville, Cadence Marietta and Cadence at Mt. Zion in the Jonesboro suburb of Atlanta. All three communities are located in wooded, tranquil settings with architectural design that compliments the communities’ southern heritage. This acquisition adds 228 units of assisted living and memory care residential apartments to Cadence’s portfolio.
Blueprint Facilitates Sale Of Las Vegas Assisted Living Community
Blueprint Healthcare Real Estate Advisors represented Pacifica Senior Living, a private, family-owned operator based in San Diego, in the sale of Pacifica Regency, a 73-unit assisted living and memory care community in Las Vegas. Pacifica retained Blueprint for its market expertise in Nevada and Utah. The buyer was Bridgestone Living, an affiliate of The Ensign Group, which rebranded the community as Villa Court Assisted Living and Memory Care. The transaction was led by Giancarlo Riso, alongside Jacob Gehl and Christopher Hyldahl.
CarePredict, SRI Management Sign Agreement
CarePredict, an AI-driven digital health company with locations in Fort Lauderdale, Florida and Menlo Park, California, and SRI Management, a Tallahassee, Florida-based company, signed a multiyear agreement to bring the CarePredict platform to SRI’s Superior Residences of Cala Hills assisted living community in Ocala, Florida.
The Ensign Group Acquires Four Texas Senior Housing Communities
Mission Viejo, California-based The Ensign Group, through its assisted and independent living affiliate Bridgestone Living, acquired the operations of four assisted living and memory care communities in Texas subject to a long-term lease. The acquisition includes the following communities:
- Canyon Creek Memory Care, a 52-unit memory care facility located in Temple, Texas;
- Bridgewater Memory Care, a 52-unit memory care facility located in Granbury, Texas;
- Lakeshore Assisted Living and Memory Care, a 46-unit assisted living and 30-unit memory care community located in Rockwall, Texas
- Windsor Court Senior Living, a retirement community with 36 independent living units, 16 memory care units, and seven assisted living units located in Weatherford, Texas
Written by Chuck Sudo