Transactions & Financings: Welltower’s $850M JV; Acts Acquires New Corporate HQ

Welltower, Invesco Announce $850M Joint Venture

Welltower Inc. (NYSE: WELL) and global real estate manger Invesco Real Estate (“Invesco”) announced an $850 million joint venture partnership comprising a portfolio of 35 medical office buildings spanning 2.6 million square feet. The portfolio was previously wholly owned by Welltower.

The properties are 100% affiliated with health systems with a weighted average lease term of five years. With an average age of 19 years, these properties have experienced strong second generation leasing. Through this partnership, Welltower will retain a 15% economic interest in the portfolio.

Acts Retirement-Life Communities moving to new corporate HQ

Acts Retirement-Life Communities is moving its corporate headquarters to Fort Washington, Pennsylvania, with the acquisition of an 80,000 square-foot office building, which will allow the provider to accommodate its organizational growth. Acts has operated out of its current headquarters in West Point, Pennsylvania since 1989.

Acts announced an affiliation with fellow nonprofit provider Intergrace in January, and the affiliation was completed in April.

Cambridge arranges $4.1M refinancing for Tampa senior living community

Cambridge Realty Capital Companies arranged a $4.1 million HUD Lean loan to refinance Cabot Cove of Largo, a 63-bed assisted living facility in Largo, Florida. Cambridge arranged the loan on behalf of the owner, a Florida limited liability company, using the HUD Section 232 pursuant to Section 223(f) funding program. Underwriting the transaction was Cambridge Realty Capital Ltd. of Illinois, the Cambridge business that specializes in underwriting FHA-insured HUD loans.

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MassHousing Provides $25M for improvements

MassHousing provided $25 million in financing to the Brookline Housing Authority for capital improvements to the Arthur O’Shea House, a 100-unit affordable housing complex for seniors and residents with disabilities in Brookline, Massachusetts. The funding package — a combination of short and long-term financing — was arranged through the agency’s conduit loan program.

Dial Retirement Communities acquires Nebraska assisted living facility

Dial Retirement Communities acquired Orchard Gardens Assisted Living in Valley, Nebraska. The Omaha, Nebraska-based owner and operator will embark on a capital improvement program that includes enhanced WiFi service, a revamped nursing and services program and a new training program incorporating online education and hands-on experience for staff build on their current skills.

Cedar Communities acquires 2 senior housing communities in Georgia

Cedar Communities acquired two Brookside Senior Living communities in Georgia: Brookside Commerce in Commerce and Brookside Stone Mountain in Stone Mountain. The properties total 82 assisted living and 12 independent living units.

The transaction expands Jericho, New York-based Cedar Communities’ portfolio to six in Georgia, South Carolina and Virginia.

Christian Living Communities completes Colorado acquisition

Christian Living Communities (CLC) acquired Cappella of Grand Junction, a 66-unit assisted living and memory care community in Grand Junction, Colorado. Cappella, the management arm of CLC, has been managing the property since its 2016 groundbreaking. CLC purchased the community from its development partner, Confluent Senior Living.

HMP completes successful receivership engagement

Healthcare Management Partners (HMP) successfully executed its role as receiver for River Highlands, an assisted living facility located in Hoover, Alabama. HMP controlled and administered the facility following its appointment as receiver by the Jefferson County Court Circuit on January 9. Before the execution of a stalking horse auction, River Highlands’ borrower was able to obtain additional financing and paid off the bonds and expenses of the receivership in full.

HJ Sims closes $46M financing package

HJ Sims successfully closed a $45.8 million financing for The Mary Wade Home, a healthcare organization in New Haven, Connecticut providing services for seniors including a skilled nursing center, residential care home services, adult day medical health center, physical rehabilitation and transportation services.

Mary Wade is expanding by adding an assisted living and memory care building on parcels of nearby land acquired over several years. This new building, when completed in 2021, will complete a continuum of care by enabling residents with assisted living needs to remain in the community as their needs change over time.

Cushman & Wakefield arranges financing for Florida community

Cushman & Wakefield Senior Housing Capital Markets Vice Chairman Richard Swartz. Executive Managing Director Jay Wagner, Managing Director Aason Rosenzweig and Director Tim Hosmer, in collaboration with Bridge Structured Finance, exclusively advised a joint venture of Bridge Investment Group and Freedom Management on the financing of Jacaranda Trace. The independent living, assisted living and memory care community is located in Venice, Florida, a beachfront community south of Tampa. Ally Bank provided the financing.

Built in stages from 1999 to 2015, Jacaranda Trace offers 491 units of senior housing: 436 independent living units, 19 assisted living units and 36 memory care units. Jacaranda Trace offers both entrance fee and rental options for residents, in addition to units that are individually owned by residents.

SLIB completes two transactions

Senior Living Investment Brokerage (SLIB) Senior Vice President Patrick Burke was the sole broker in the sale of three assisted living communities totaling 122 units in Lebanon, Fayetteville and Winchester, Tennessee. The buyer is a real estate and asset management firm in the northeast which partnered with a southeastern-based operator that already had a footprint in Tennessee. 

In another deal, SLIB Managing Directors Bradley Clousing and Toby Siefert completed the sale of Granite Hill Estates, a 130-unit CCRC in Portland, Maine. The unit breakdown includes 46 independent living cottages and a main lodge with 60 independent living apartments and 24 assisted living and memory care apartments. The seller was MaineGeneral Health, the third-largest health care system in the state. The buyer is a regional owner/operator with a strong presence in Massachusetts and Maine.

Sonata Senior Living assumes management of Florida community

Sonata Senior Living assumed operations of Sonata Hunter’s Creek, an assisted living and memory care community in Kissimmee, Florida. Formerly known as Sage Park Assisted Living and Memory Care, Sonata is managing the property in partnership with Providence One Partners, a real estate development, investment and consulting company.

Bridge Senior Living assumes operations of Georgia community

Bridge Senior Living assumed operations of Jackson Oaks, a 90-unit assisted living and memory care community in Jefferson, Georgia. The transition in management occurred on November 5.

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