Transactions & Financings: Invesque’s $80M Credit Facility; Thrive Acquires Georgia Senior Living Community

Invesque secures $80M credit facility

People’s United Bank, a subsidiary of People’s United Financial (Nasdaq: PBCT), announced its healthcare finance and capital markets divisions served as lead arranger and administrative agent for an $80 million senior secured credit facility to Invesque (TSX: IVQ.U). The facility will be used to refinance existing debt associated with the four senior living facilities in eastern Pennsylvania and southern New Jersey.

The properties are owned via a joint venture agreement between Invesque and Heritage Senior Living. In May, Invesque announced to acquire Charlottesville, Virginia-based senior housing owner and operator Commonwealth Senior Living and 20 of its properties for $340.4 million.

Commercial Real Estate Finance retained to procure $60M in construction financing

Commercial Real Estate Finance’s newly created senior living facilities division has been retained by WRC Development partners to arrange $60 million in new construction financing for two assisted living and memory care communities in New York and Ohio.

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The firm has been tasked to procure a $26 million new construction loan for the development of The Town Club Powell, a 115-unit assisted living facility in Columbus, Ohio, and $34 million in new construction financing for a 132-unit senior living facility in New Windsor, New York.

Thrive Senior Living acquires Georgia senior living community

Thrive Senior Living acquired Savannah Commons, a senior living community in Savannah, Georgia. The deal, which closed in June, will be the largest community operated by Thrive to date. Savannah Commons offers 34 assisted living and 36 memory care suites, as well as 142 independent living apartments.

Thrive’s partners in the acquisition are Equus Development Partners, which previously partnered with the operator on two other Georgia properties, Thrive at Agusta and Thrive at Skidaway, as well as Birmingham, Alabama-based Harvest Capital and United Community Bank.

A multimillion dollar capital improvement program is underway which will include design changes, updates and renovations in the coming year to elevate living standards and provide a warm and inviting space for residents to prosper.

Pennsylvania affordable senior project receives $719K in tax credits

The Pennsylvania Housing Finance Agency awarded $719,000 in low income housing tax credits (LIHTC) for Riverview Senior Housing, an upcoming $10 million senior apartment project in Harrison, Pennsylvania. The developer, State College, Pennsylvania-based Gatesburg Road Development, has built a portfolio of eight senior apartment projects. Gatesburg Road is redeveloping a former school administration building for the development.

Cushman & Wakefield Arranges $57M Refinancing for New Jersey Senior Housing Community

Cushman & Wakefield Senior Housing Capital Markets Vice Chairman Richard Swartz, Executive Managing Director Jay Wagner, and Director Jim Dooley arranged a $57.3 million refinancing package for Homestead at Hamilton, a 195-unit independent living, assisted living and memory care community in Hamilton, New Jersey. Cushman & Wakefield acted as exclusive advisor to Homestead Senior Living, a partnership Pike Senior Living and Solvere Senior Living. The community is currently 61% occupied and expects to stabilize in another 12 months.

Cushman & Wakefield placed the refinancing with Midcap Financial. Proceeds replace the original construction loan and mezzanine debt with accrued interest. The MidCap team that led the transaction included Managing Director Lawrence Brin and Vice President Andrew Lavinder, in connection with President Kevin McMeen.

NorthMarq arranges $7.5M refinancing for California senior apartments

NorthMarq Senior Vice Presidents Marty Meagher and Gardiner Champlin secured a $7.6 million refinancing package for Seawind Seniors Apartments, a 101-unit senior apartment complex in Oxnard, California. The permanent-fixed loan was structured with a 10-year interest-only term. NorthMarq arranged financing for the borrower through its in-house Fannie Mae team.

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