Transactions & Financings: Senior Living Communities’ $35M CCRC Acquisition; Sunrise Acquires New Jersey Site

Senior Living Communities acquires South Carolina CCRC

Senior Living Communities acquired Wildewood Downs, a 248-unit continuing care retirement community in Columbia, South Carolina, for $35 million. The community will be operated by a SLC affiliate.

The acquisition was financed by a $32.7 million loan from National Health Investors (NYSE: NHI), and includes capital expenses for renovations. The loan will have a five-year maturity with two one-year extension options at an interest rate of 7.25%. 

NHI will have a purchase option on the property during the term of the loan and for up to six months after its maturity. The new loan was funded by a draw on NHI’s revolving credit facility. With this addition, NHI has eleven communities under a long-term lease or mortgage loan with SLC.

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The seller, The Hollinger Group, was represented by Cushman & Wakefield Senior Housing Executive Director Allen McMurtry, Senior Director Paul Carr and Director David Kliewer.

11 Five Star communities earn J.D. Power senior living certification

Five Star Senior Living (Nasdaq: FVE) announced a total of 11 communities in Florida are among the first in the country to have achieved the newly launched J.D. Power Senior Living Community Certification. To earn the designation, the communities underwent a vigorous evaluation process, including resident satisfaction surveys and on-site evaluations covering more than 170 operational best practices.

Eight communities have recently attained the designation:

  • Fountainview, West Palm Beach
  • Five Star Premier Residences of Pompano Beach
  • Five Star Premier Residences of Plantation
  • Lexington Manor, Port Charlotte
  • Calusa Harbour, Fort Myers
  • Tuscany Villa of Naples
  • Coral Oaks, Palm Harbor
  • Stratford Court at Palm Harbor

These communities join Five Star Premier Residences of Hollywood, Five Star Premier Residences of Boca Raton, and The Horizon Club in Deerfield Beach in attaining the certification.

Realty Capital Partners, Matteo Realty Partners acquire Dallas memory care facility

Realty Capital Partners and Matteo Realty Partners entered into a joint venture to acquire, remodel and reposition the former Silverado Memory Care of Turtle Creek. The facility was rebranded as Iris Memory Care of Turtle Creek and is the third memory care community acquired by the venture. The other two are Iris Memory Care of Rowlett, Texas and Iris Memory Care of Edmond, Oklahoma.

CBRE arranges $15M refinancing for Los Angeles Assisted Living Community

CBRE National Senior Housing Chairman Aron Will, First Vice President Austin Sacco and Vice President Adam Mincberg arranged a $15 million refinancing package on behalf of Capitol Seniors Housing for The Groves of Tustin, an 83-unit assisted living and memory care community in Tustin, California. Integral Senior Living will continue to operate the facility.

CBRE Multifamily Capital originated the 10-year, floating rate loan through its Fannie Mae DUS multifamily loan origination program.

Lancaster Pollard arranges $15M refinancing package for Texas assisted living facility

Lancaster Pollard’s Scott Blount, Doug Harper and Casey Moore assisted Avanti Senior Living in refinancing a construction loan for their community at Towne Lake in Cypress, Texas, which houses 50 assisted living and 40 memory care units. The $14.6 million transaction was through the Fannie Mae Seniors Housing program. Avanti and an affiliate of Iron Point Partners developed the community in 2015.

Sunrise Senior Living acquires New Jersey site for development

Sunrise Senior Living (NYSE: SZR) affiliate, Sunrise Development, acquired a 4.25-acre site at 1 Bloomfield Avenue in Mountain Lakes, New Jersey. The purchase price was $5 million.

Metropolis Property Group Principal James Ashley “A.J.” Johnston represented Sunrise in the transaction.

Blueprint facilitates sale of 2 Dallas assisted living communities

Blueprint Healthcare Real Estate Advisors Director Amy Sitzman and General Counsel Joshua Salzman represented the seller in the disposition of two Dallas-Fort Worth assisted living facilities totaling 114 units.

The buyer was Elmington Senior Living, a regional owner-operator with assets located in Tennessee and Kentucky. This gives the company a foothold in Texas.

In another transaction, Blueprint Senior Managing Director Jacob Gehl, Managing Director Humair Sabir and Senior Associate Scott Frazier represented a publicly traded real estate investment trust in the re-leasing of two California assisted living facilities totaling 232 units. The trio were instructed to to run parallel processes to either sell or source a replacement tenant for the properties. 

Ultimately, the landlord decided to negotiate a lease with an operator who is also an existing tenant.

Colliers facilitates sale of Virginia senior living community

Colliers International (Nasdaq, TSX: CIGI) Mid-Atlantic Multifamily Advisory Group facilitated the sale of Acclaim at Carriage Hill, a 664-unit in Richmond, Virginia, from Bonaventure Realty Group to BH Management.

Colliers Managing Director Will Mathews, Senior Vice Presidents G.S. (Hank) Hankins and Charles Wentworth, Vice President Victoria Pickett, and Associate Clay Ellis represented Bonaventure in the transaction.

SMF arranges $5M cash-out financing for Pennsylvania affordable housing project

Sims Mortgage Financing (SMF), a HJ Sims affiliate, arranged a $5.285 million HUD-insured loan for Middletown Interfaith Apartments, a 125-unit affordable senior housing community in Middletown, Pennsylvania.

SMF underwrote the loan with a 35-year term insured under the FHA Section 223(f) program. The new loan included funding of $728,000 for interior and exterior capital repairs. The new loan met the dual objectives of funding the necessary amount for renovation, while distributing a reasonable amount of equity via the cash-out to the partners.

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