The Spires at Berry College closes $120 million bond financing package
The Spires at Berry College closed a $119.7 million bond financing deal, which will be used to fund the entirety of construction costs for the life plan community on the campus of Rome, Georgia-based Berry College.
The tax-exempt bonds include $81.9 million underwritten by Ziegler (sold to mutual fund investors), and $37.8 million purchased by SunTrust Bank. The Spires will be completed in 2020 and exceeded its 70% pre-construction sales goal last September.
HJ Sims arranges $81 million for campus expansion; SNF portfolio acquisition
HJ Sims successfully secured a $54.2 million financing package for Northcrest Community, a nonprofit senior housing and health care community in Ames, Iowa. Northcrest is undertaking an expansion project with the construction of a 24-bed replacement skilled nursing facility, 32 new assisted living apartments and 48 new independent living apartments, as well as renovation of common areas and existing independent living apartments.
Sims was engaged by Northcrest to facilitate a tax-exempt debt financing, which would allow Northcrest to complete a large expansion and refinance Northcrest’s existing bank debt.
HJ Sims also provided a $27 million financing package on behalf of Next Healthcare Capital, for the acquisition of a 15-property skilled nursing portfolio
NHI purchases Holiday Retirement community for $38 Million
National Health Investors (NYSE:NHI) completed the $38 million purchase of the Isles of Vero Beach, a senior living community in Florida owned by an affiliate of Holiday Retirement consisting of 157 independent living units and 75 assisted living units.
The community was will be leased back to a Holiday affiliate for $2.6 million annually and added to the amended master lease with Holiday announced last November. The annual lease escalator beginning November 1, 2020 is variable between 2% and 3% of current rent based on annual revenue growth in the Holiday portfolio consisting of 26 senior living communities.
Senior Living Investment Brokerage completes $3 million sale of New York assisted living community
Senior Living Investment Brokerage Senior Associate Dave Balow facilitated the $3 million sale of a 24-unit/32 -bed assisted living property in Hinsdale, New York. In conjunction with the sale of the existing facility and operation is a license for 68 additional beds that will be put into operation upon completion of an expansion project to add additional units on to the existing facility.
The seller is a private owner looking to exit the senior living industry. The buyer was a Western New York-based operator with a strong footprint in the area.
Veritas Senior Living acquires St. Louis senior living community
Chattanooga, Tennessee-based Veritas Senior Living and Curis Capital acquired Autumn Ridge, a new independent living and residential care community outside St. Louis, Missouri. The community includes 26 independent living apartments and 81 apartments for residents who require residential care.
Veritas plans to implement some operational changes to the community including an in-house art therapy space with HealthPro, and an expanded activities calendar.
Atlas Senior Living takes over operations for Birmingham, Alabama memory care community
Atlas Senior Living assumed management duties for Angels for the Elderly, a memory care community in Montgomery, Alabama, effective January 25.
Angels for the Elderly was the first memory care community in Alabama to receive a specialty care assisted living license. The community has four buildings with 16 rooms in each building, providing a home-like environment for residents.