Transactions & Financings: Prime Care’s $285M Refinancing; $95M Single-Site Sale

Prime Care refinances 13-property portfolio for $285M

Prime Care Properties secured a $285 million refinancing package for its portfolio of 13 senior housing properties in Connecticut, Florida, Georgia, Maryland, New Jersey, North Carolina and Tennessee. The total portfolio consists of 1,081 assisted living, 301 memory care, and 85 skilled nursing units.

Capital One closed on the bridge loan on behalf of Prime Care. Sunrise Senior Living manages 11 of the facilities while Harbor Retirement Associates manages two.

Sienna completes $150M unsecured debenture offering

Sienna Senior Living Inc. (TSX: SIA) completed a previously announced offering of $150 million of series A senior unsecured debentures. The offering was co-led by BMO Nesbitt Burns and TD Securities. The debentures carry a coupon rate of 3.109% per annum and will mature on November 4, 2024.

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Sienna intends to use the net proceeds to repay existing indebtedness and for general corporate purposes.

JCH Senior Housing completes $95M California senior housing sale

JCH Senior Housing Investment Brokerage arranged for the $95.5 million sale of a 214-unit senior housing community in Orange County, California. The facility is a mix of independent living, assisted living and memory care. At the time of sale, the community was 94% occupied and had a 53% operating margin.

The seller was a national owner/operator looking to execute on the current capitalization rate environment. The buyer was a Chicago-based private equity firm active in the senior housing space, and will retain the current operator.

The JCH team of Nick Stahler, Mike Mooney and Jim Hazzard represented the seller, a national operator and owner. The buyer was a Chicago-based private equity investor which is very active in the senior housing market.

NorthMarq closes $7.5M loan for Georgia senior housing community

NorthMarq Vice President Wanda Riggs Mack and Senior Vice President Randy Wolfe secured a $7.5 million forward commitment permanent loan for Starnes Senior Living, a 128-unit senior housing community currently under construction in Clarkston, Georgia.

NorthMarq arranged financing for the borrower, BJS Starnes Elderly LP through Freddie Mac’s TEL program.

Cushman & Wakefield arranges sale of Michigan assisted living facility

Cushman & Wakefield National Senior Housing Capital Markets arranged the sale of University Living, a senior housing community with 63 assisted living units and 12 memory care units (16 beds) in Ann Arbor, Michigan. The property was acquired by an affiliate of Kayne Anderson Real Estate, a leading national investor in senior housing communities. Provision Living, the current operator, will continue to manage the community.

The Cushman & Wakefield team included Vice Chairman Richard Swartz, Executive Director Jay Wagner, and Associates Sam Dylag and Chris Remeika.

SLIB arranges sale of 2 Georgia assisted living communities

Senior Living Investment Brokerage Managing Director Bradley Clousing and Senior Associate Dan Geraghty were the sole brokers in the sales of two assisted living communities in northern Georgia: Windsor House, a 62-unit community in Canton, Georgia; and Windsor Lodge, a 53-unit community in Jasper, Georgia.

Lancaster Pollard arranges $7.5M refinancing package

Lancaster Pollard’s Ross Holland and Rodger Davis arranged a $7.5 million refinancing package on behalf of Giza Development and SAL Management Group in refinancing Riverway Assisted Living and Memory Care, in South Jordan, Utah.

The loan was executed through the Fannie Mae Seniors Housing program. The amount represents a long-term financing solution and also provided cash out for the client. The deal is Giza’s second with Lancaster Pollard in 2019.

Blueprint facilitates sale of Alabama senior housing community

Blueprint Healthcare Real Estate Advisors Executive Managing Director Ben Firestone and Senior Associate Brooks Blackmon were the sole brokers in the sale of a senior housing community in Alabama. The seller was a publicly traded REIT, while the buyer was a local owner-operator.

Holiday Retirement assumes management of Michigan community

Holiday Retirement assumed management of Independence Village Frankenmuth, a senior housing community in Frankenmuth, Michigan. The move expands Holiday’s national portfolio to 261 communities.