Transactions & Financings: JLL’s $2B HFF Acquisition Approved; Presbyterian-Westminster Merger Called Off

JLL completes $2B HFF acquisition

Stockholders at Dallas-based capital services provider HFF (NYSE: HFF) last week approved a proposal by commercial real estate services firm JLL (NYSE: JLL) to buy HFF in a cash-and-stock transaction valued at $2 billion. News of the deal was first announced in March.

Both firms are active in the senior living space. In March, JLL also hired former Greystone Real Estate Advisors capital markets experts Mike Garbers and Cody Tremper as managing directors to focus on advising owners, investors and operators in the senior housing and skilled nursing industry.

Presbyterian Senior Living-Westminster Communities merger called off

Presbyterian Senior Living and Westminster Communities of Florida have discontinued discussions about the two organizations’ proposed merger. The merger talks were originally announced on April 29 and would have created the nation’s fifth-largest nonprofit senior housing operator.

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Medcore Partners-led JV acquires Texas site for development

A joint venture of MedCore Partners, The National Realty Group (TNRG) and Watermark Retirement Communities closed on a 13.15-acre tract near Del Web’s Sun City Texas in Georgetown, Texas, and are engaged in the design of a 225-unit senior living community.

Phase I of the resort-style senior living campus will offer 125 independent living, 80 assisted living, and 20 memory care residences. Construction on the 270,000 square foot project is expected to begin in January 2020 for an anticipated opening date in Summer 2021. A second phase will add 90 independent living residences to the project, bringing the total unit count to 315.

Watermark will operate the community, when completed.

Washington Trust arranged $30M refinancing package for Benchmark Massachusetts CCRC

Washington Trust’s Commercial Banking Group recently provided $30 million to Benchmark Senior Living for the refinancing of its New Pond Village continuing care community in Walpole, Massachusetts.

The community, located 19 miles south of Boston, last year celebrated the completion of an $8 million renovation and the opening of its Mind & Memory neighborhood, becoming the first community in Walpole to offer support for those with Alzheimer’s or other cognitive impairment. Additional upgrades included new dining and common areas on the lower level.

Monarch Private Capital finances new affordable housing development in Georgia

Monarch Private Capital closed on low-income housing tax credit equity (LIHTC) for Harmony at Covington Senior Apartments, a $20 million affordable senior apartment community in Covington, Georgia.

The development will include 122 affordable rental housing units for low-income senior tenants. MPC has partnered with Hill Tide Development, Timshel Development, Gateway Development Corporation, and CRN Development on the project, which will receive first move-ins by the fourth quarter of 2020.

Chicago Pacific Founders acquires Texas, Arizona senior housing communities

Chicago Pacific Founders and its subsidiaries, Grace Management and CPF Living Communities, acquired The Ranch Estates at Scottsdale, a 101-unit senior living community in Scottsdale, Arizona. Formerly known as the Manor Estates at Scottsdale, terms of the deal were not disclosed.

CPF also acquired Woodhaven Village, a 157-unit independent living, assisted living and memory care community in Conroe, Texas, from a joint venture between Padua Realty Company and Paradigm Senior Living.

CBRE National Senior Housing Executive Vice President Lisa Widmier represented the seller, and CBRE National Senior Housing Vice Chairman Aron Will, First Vice President Austin Sacco and Vice President Tim Root arranged $37 million in acquisition financing on behalf of the buyer.

Grandbridge facilitates $63M construction bond financing

Grandbridge Seniors Housing and Healthcare Finance Group recently facilitated the closing of $62,295,000 in taxable and tax-exempt bonds under the 142(d) bond program administered by BB&T Capital Markets. The funds will be used to construct Bridgemoor of Plano, a 318-unit, age-restricted seniors housing community in Plano, Texas.

The transaction was referred to BB&T Capital Markets by Grandbridge Real Estate Capital Senior Vice President Richard Thomas, Vice President Meredith Davis and Vice President Kim Huffstutler.

Carnegie Capital arranges $29M Refinance for Vermont assisted living facility

Carnegie Capital Managing Partner JD Stettin arranged a $29 million bridge loan for a newly constructed, 80-unit assisted living and memory care facility in central Vermont. The loan will be used to refinance existing debt and carries a one-year, interest only term.

Cushman & Wakefield arranges $24M refinancing for Minnesota senior housing community

Cushman & Wakefield (NYSE: CWK) Senior Housing Capital Markets Executive Managing Director Jay Wagner, Associate Sam Dylag, and Analyst Jack Griffin arranged a $24.3 million refinancing package for The Waters of White Bear Lake, a 136-unit Class A independent living, assisted living and memory care community in the Minneapolis-St. Paul MSA.

The Waters of White Bear Lake is a joint venture between The Waters Senior Living and Harrison Street Real Estate Capital. The loan, which replaces construction debt, was provided by BMO Harris Bank’s healthcare real estate finance group, The BMO Harris team involved in the placement included Director Derek Zeller, Managing Director Imran Javaid, and Vice President Brian Vis.

Lancaster Pollard Completes $15M refinance for Ohio memory care community

Lancaster Pollard Mortgage Company Senior Vice President Brendan Healy, and Managing Directors Doug Harper and Casey Moore assisted The Ganzhorn Suites of Powell, a 64-unit memory care community in Powell, Ohio, in securing a $14.6 million cash out refinance through the Fannie Mae Seniors Housing program. The transaction provided fixed rate, non-recourse 12-year term financing.

Arizona senior mobile home park sells for $5.4M

Palms Mobile Home Park, an 89-lot senior living community in Apache Junction, Arizona, sold for $5.4 million. The sale was facilitated by the NAI Horizon Manufactured Housing Investments team of Senior Vice President Russ Warner, Associate Andrew Warner and intern Victoria Filice. NAI Horizon represented the seller, Christine G. Weech Testamentary Trust & Hyrum Newell Weech Testamentary Trust of Safford, Arizona. The buyer was First Exchange Company as Qualified Intermediary for White Sands MHC LLC c/o MHC Management Services LLC of Tampa, Florida.


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