Transactions & Financings: Brookdale’s $160M Credit Facility; Westmont Living’s $58M Acquisition

The NIC Fall Conference is underway in Chicago and the deals are flowing like wine. Here are some recent transactions.

Brookdale secures $160M credit facility

Brookdale Senior Living (NYSE: BKD) secured a $160.3 million credit facility for a five-community, 945-unit portfolio in Alabama, Michigan, Pennsylvania and Texas. Brookdale has owned and operated the portfolio for over 10 years. The proceeds will be used to refinance the properties.

CBRE National Senior Housing Vice Chairman Aron Will, First Vice President Austin Sacco and Vice President Matthew Kuronen arranged the loan on behalf of Brookdale through CBRE’s Fannie Mae multifamily loan origination program. The loan carries a 10-year term, with five years of interest only.

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Health Dimensions Group adds eight communities to portfolio

Health Dimensions Group and Caraton Commons acquired two assisted living and memory care communities in Wisconsin, Angels on Humboldt in Green Bay and Angels on Arcadian in De Pere.

Caraton Commons is the owner and operator, while HDG will manage both communities.

Health Dimensions Group also assumed management of six Golden Care communities in Iowa and Minnesota. The communities include Golden Horizons, Aitkin, Minnesota; Golden Horizons, Crosslake, Minnesota; Golden Horizons, Ida Grove, Iowa; Park Lane Estates, Preston, Minnesota; Golden Horizons, Sandstone, Minnesota; and, Golden Horizons, Worthington, Minnesota.

CIT provides $34M financing for Texas assisted living facility

CIT Group’s (NYSE: CIT) Healthcare Finance unit was the sole arranger for a $34 million financing package for Delaney at Parkway Lakes, a 207-unit assisted living facility in Richmond, texas. Proceeds from the loan will be used to refinance existing construction debt. The borrower is a joint venture between Blue Moon Capital Partners and LCS, one of the nation’s largest operators of senior living communities.

Agemark secured $8M financing for Nebraska memory care community

Lancaster Pollard assisted Agemark Senior Living Communities with an $8 million term loan placement through Protective Life Insurance Company for Agemark’s Country House of Kearney, a 36-unit memory care facility in Kearney, Nebraska. Proceeds were used to extract equity from the community. Lancaster Pollard Vice President Grant Goodman, and Managing Directors Doug Harper and Casey Moore led the transaction team.

MedCore Partners acquires Utah senior living community

MedCore Partners acquired The Lodge at North Ogden, a newly constructed, 122-unit senior living community in North Ogden, Utah consisting of 18 independent living, 82 assisted living, and 22 memory care units. The acquisition completes a five-property portfolio deal announced earlier this year.

MedCore’s partners in the transaction are Trinity Private Equity Group, TNRG, and UMB Bank. The Lodge at North Ogden was developed by Link Senior Development.

Cushman & Wakefield arranges $58M sale of California senior living community

Cushman & Wakefield facilitated the $58 million sale of Altavita Village in Riverside, California. The property — California’s third-largest senior living community — comprises 267 independent living cottages, 103 independent living apartments, 70 independent living duplexes, 59 skilled nursing beds, 55 assisted living units and 35 memory care units.

The seller was Air Force Village West, Inc., and the buyer was Westmont Living, which will rebrand it as Westmont Village.

The Tampa-based Cushman & Wakefield Senior Housing team of David Kliewer, Paul Carr and Allen McMurtry, in partnership with the San Diego-based team of David Rothschild and Mary Christian represented the seller.

KeyBank secures $28M financing for 3 Pennsylvania communities

KeyBank Real Estate Capital’s Patrick Shearer secured $28 million of financing in HUD Section 232/223(f) financing for Persimmon Ventures, LLC, based in Baltimore, to refinance three healthcare properties in Pennsylvania: $16 million for Oak Leaf Manor North in Landisville; $8 million for Oak Leaf Manor South in Millersville; and $4 million for Serenity Gardens in Kulpmont. All three offer assisted living and memory care.

ESI arranges sale of 2 Michigan senior housing communities

Evans Senior Investments (ESI) represented the seller in the sale of two senior housing and skilled nursing communities in Michigan. The senior housing component is 100% private-pay, while the skilled nursing census is mostly Medicare Part A residents.

Senior Housing Management takes over Wisconsin community

Senior Housing Management has assumed operations of Grand Horizons Assisted Living, a three-building campus in Appleton, Wisconsin. The community is under new ownership and will soon be rebranded as Apple Creek Place.

Phoenix Senior Living assumes management of South Carolina community

Phoenix Senior Living added Autumn Leaves Greenville, a 54-unit memory care community in Greenville, South Carolina, to its portfolio. The community will be rebranded as The Pearl at Eastside.

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