Transactions & Financings: Asbury Communities’ $96M Bond Refinancing; LTC’s AL Acquisitions

HJ Sims closes $96M financing package for Asbury Communities

HJ Sims closed on a $96.12 million bond refinancing for Asbury Communities’ senior housing communities in Pennsylvania: Bethany Village in Mechanicsburg; and Springhill in Erie. Sims assisted Asbury the communities’ outstanding Series 2010 Bonds on their first optional redemption date of January 1.

Sims successfully priced the bonds on November 6, 2019, and delayed closing until December 31 to avoid nearly $600,000 of negative arbitrage between the pricing date and closing date, reducing the overall borrowing amount and maximizing savings for Asbury. The new Series 2019 Bonds are projected to provide $15 million of net present value savings, generating nearly $850,000 of debt service savings annually through 2041 and more than $1.2 million of debt service savings annually from 2042 to 2045.

NorthMarq brokers $22M sale of California independent living community

NorthMarq Capital Managing Directors Kyle Pinkalla and Shane Shafer completed the $22.1 million sale of Southern Highlands Independent Senior Living, a 151-unit senior apartment community in National City, California. The seller was Shefflin Investments; the buyer was Lincoln Avenue Capital.

Advertisement

LTC acquires 2 Michigan communities for $19M

LTC Properties (NYSE: LTC) closed on a $19 million acquisition of two assisted living and memory care communities in Auburn Hills and Sterling Heights, Michigan. The two communities total 156 units and are operated by Randall Residence, a Lawton, Michigan-based provider with 13 communities in Illinois, Michigan and Ohio.

Additionally, LTC will invest $2 million in capital improvements over the next year. This is part of $33 million in acquisitions announced by the Westlake Village, California-based health care real estate investment trust.

MassHousing provides $14.4M refinancing for age-restricted affordable community

MassHousing provided a $14.4 million refinancing package to an affiliate of the Barkan Companies, owner and operator of Fitchburg Green, a 159-unit affordable apartment building for seniors age 62 and over in Fitchburg, Massachusetts, Boston Real Estate Times reports.

The proceeds will be used to extend the affordability of the Fitchburg Green affordable housing community for at least another 35 years, and perform renovations to the 159-unit property.

JLL brokers sale of Florida assisted living facility

JLL Capital Markets Managing Directors Cody Tremper and Mike Garbers represented the seller, Prevarian Senior Living, in the sale of Beach House Naples, a 113-unit/130-bed assisted living and memory care community in Naples, Florida. JLL also procured the buyer, CPF Living Communities.

Blueprint closes 3 deals in Missouri, Ohio, Texas

Blueprint Healthcare Real Estate Advisors completed the following transactions:

  • Executive Managing Director Ben Firestone and Director Brooks Blackmon facilitated the sale of The Fremont, a 119-unit independent living, assisted living, and memory care community in Springfield, Missouri. Blueprint represented the seller and procured the buyer, a Florida-based private equity company. The Fremont is operated by St. Louis, Missouri-based Arrow Senior Living.
  • Firestone, along with Advisor Joshua Salzman, represented One Liberty Properties (NYSE: OLP) in the sale of Wyoming Springs, a 100-unit assisted living and memory care community located in Round Rock, Texas. The community represented One Liberty’s only senior housing asset and was operated by Senior Care Centers, which filed Chapter 11 bankruptcy in December 2018. The buyer is a New York-based private equity fund looking to expand its seniors housing presence nationwide.
  • Senior Director Connor Doherty and Associate Ryan Kelly brokered the sale of a 74-bed assisted living and skilled nursing facility in Canton, Ohio, on behalf of a local owner-operator seeking to retire. The buyer, a regional owner-operator, plans to de-license the skilled nursing beds, introduce memory care, and has already brought in new management and implemented a rebranding strategy.

Lancaster Pollard closes $4.9M refinancing

Lancaster Pollard assisted Giza Development in the $4.9 million refinancing of Giza’s Marjorie House, a 45-bed memory care facility in McMinnville, Oregon managed by Senior Development Resources. Proceeds allowed Giza to buy out investors in the property and refinance construction debt. The loan was made through the FHA Sec. 232/223(f) program with a favorable, long-term rate. Ross Holland led the transaction for Lancaster Pollard.

Companies featured in this article:

, , , , , , , , , , , , , , , , ,