Transactions & Financings: Related Cos. JV Lands $276M; New Senior Completes $385M Portfolio Sale

New Senior completes $385M AL/MC Portfolio sale

New Senior Investment Group (NYSE: SNR) completed the $385 million sale of its entire assisted living and memory care portfolio for a gross sale price of $385 million (the “Transaction”). Proceeds from the transaction, which was first announced last November, were used to reduce debt by approximately $360 million. New Senior’s portfolio now consists of 102 independent living properties and one continuing care retirement community.

In conjunction with the transaction, New Senior also repaid existing loan agreements and entered into a new $270 million financing with Freddie Mac arranged through KeyBank Real Estate Capital, secured by 14 independent living assets.

The owner-operator also entered into an amended and restated $125 million credit facility secured by nine independent living communities.

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Related, Spitzer, Atria, Welltower development near Hudson Yards lands $526 million financing

M&T Bank is lending Related Companies and the real estate company of former New York Governor Eliot Spitzer $276 million for its high-rise development near Hudson Yards, The Real Deal reports. The 44-story tower will include 126 senior housing units. Related and Spitzer closed on a partnership with Welltower (NYSE: WELL) and Atria Senior Living on the development earlier this month.

The financing package is split between two mortgages totaling $203 million and $73.1 million, according to property records.

Walker & Dunlop arranges $33.6M financing for Alabama CCRC

A Walker & Dunlop team led by Managing Director Kevin Giusti arranged a $33.6 million financing package for Regency Retirement Village of Huntsville, a 312-unit continuing care retirement community in Huntsville, Alabama. The utilized HUD’s LEAN 232/233(f) refinance program, which provides long-term and reduced-rate financing for specialty healthcare facilities. The permanent financing will replace the existing debt previously provided by Walker & Dunlop’s bridge lending program.

Platinum Communities completes $4.3M Milwaukee AL facility acquisition

Platinum Communities acquired St. Clare Terrace Assisted Living Apartments, a 59-unit assisted living facility in Milwaukee, for $4.29 million. The community will be rebranded as Willow View. Based in West Allis, Wisconsin, Platinum Communities will renovate the facility’s common areas, landscaping and exterior, while maintaining existing staff.

OnShift acquires Avesta Systems

OnShift acquired Avesta Systems, a provider of comprehensive talent acquisition software and services that streamline recruiting and hiring processes. Avesta’s software, now called OnShift Employ, manages the entire talent acquisition process from end to end, including candidate sourcing, recruitment, screening, hiring and onboarding.

Culinary Services Group awarded food service contract for North Carolina senior community

Culinary Services Group was granted a three-year contract with Providence Place in High Point, North Carolina. The full-service contract will include staffing, management and food procurement. Providence Place provides a variety of care including independent living, assisted living, and skilled nursing.

Green Courte Partners acquires Arizona community

Green Courte Partners acquired The Aspens at Mariposa Point, a 202-unit active adult community in Gilbert, Arizona. This brings the Chicago-based private equity firm’s portfolio to 11 properties and over 1,800 units, operated by Green Courte’s operating arm, True Connection Communities.

The acquisition was made through Green Courte’s latest fund, Green Courte Real Estate Partners IV. The firm will convert the property from active adult to full-service independent living, and embark on a capital improvement plan to expand the dining area, modify the existing kitchen, and add a third-party-operated home health office.

SLIB completes sale of Oregon AL community

Senior Living Investment Brokerage Managing Director Jason Punzel, along with Senior Associates Brad Goodsell and Vince Viverito, were the sole brokers in the sale of a 47-unit assisted living community in Portland, Oregon. The seller is a local owner-operator and will stay on as a consultant to transition the property to the buyer, a regional operator with several communities in Washington state. This is the buyer’s first Oregon community.

SC&H Capital advises in sale of Idaho AL, skilled nursing facility

SC&H Capital advised Bell Mountain Village and Care Center in the disposition of its assisted living and skilled nursing facility in Bellevue, Idaho to Cascadia Real Estate. Cascadia’s parent company, Cascadia Healthcare, is one of the largest owner/operators of skilled nursing facilities in the state of Idaho.

The facility includes one building containing 16 assisted living units, and two buildings with 32 total skilled nursing beds.

Cushman & Wakefield arranges refinancing for California IL community

Cushman & Wakefield Managing Director Aaron Rosenzweig, Associate Sam Dylag, Vice Chairman Rick Swartz and Executive Managing Director Jay Wagner arranged a first mortgage for the refinancing of The Landing at Carmichael, a newly renovated 98-unit independent living community located in Carmichael, California operated by Altum Senior Living. Cushman & Wakefield acted as advisor to the community’s owner, Auctus Capital Partners.

Regions Bank’s healthcare real estate finance group provided the loan, which will be used to refinance existing debt.

Community Senior Life acquires Alabama Elmcroft community

Community Senior Life assumed ownership of Elmcroft of Halcyon in Montgomery, Alabama from Elmcroft Senior Living, a subsidiary of Eclipse Senior Living. The facility offers assisted living and memory care services and will be rebranded as EastChase Senior Living.

Monticello completes 2 transactions

Monticello completed the following financings:

  • A $15.8 million first lien debt financing package for the acquisition and renovation of three assisted living and memory care facilities totaling 126 units in Tennessee. The sponsor is an experienced owner and operator, with a current portfolio of 1,116 units.
  • A $38 million first lien debt financing package for the acquisition of one mixed-use rental model retirement community in New Jersey consisting of 226 Independent Living Units, 113 assisted living and memory care units, and 60 skilled nursing beds. The transaction also includes a $1 million working capital loan to the operating company of the property provided by Monticello’s asset-based lending group, Monticello Commercial Capital. The sponsor is an experienced owner and operator, with a current portfolio of 704 beds/units.

JLL closes sale of Texas community

JLL Seniors Housing Capital Markets Managing Directors Charley Bissell, Cody Tremper and Mike Garbers along with Directors Zach Rigby and Jason Skalko represented an Austin, Texas-based private equity group in the sale of Parkview on Hollybrook, a 189-unit senior living community in Longview, Texas. The buyer is a joint venture between MedCore Partners and The National Realty Group (TNRG) purchased the community, which will be operated by Integral Senior Living. Terms of the deal were not disclosed.

The community includes a mix of 126 independent living, 41 assisted living and 22 memory care residences, along with amenities including an outdoor pool and patio area, bocce ball court, a bistro/bar venue, computer lounge, fitness center, library and theater. The buyer plans to develop independent living cottages on an adjacent land site, which are expected to deliver in early 2021.

Integral assumes operations of 3 Heartis communities

Integral Senior Living assumed operations for three senior living communities owned by Dallas-based health care real estate company Caddis: Heartis Orland Park in Orland Park, Illinois; Heartis Brookfield in Brookfield, Wisconsin; and Heartis North Shore in Glendale, Wisconsin. Integral will add programs including Vibrant Life, Generations Memory Care and Elevate Dining to enhance the resident experience.

HJ Sims amends bond covenants for First Community Village

HJ Sims closed on $55 million for the financing of First Community Village, a life plan community in Upper Arlington, Ohio. FCV is an affiliate of and managed by National Church Residences.

Proceeds will be used to minimize the cost of capital for an expansion of independent living units on the site dubbed “The Fairfax Project”, while amending existing covenants to incur additional indebtedness and provide covenant flexibility. The Fairfax Project includes the demolition of 30 existing independent living units, and construction of a four-story independent living building and. It will feature a heated underground parking garage and 70 entrance-fee independent living apartments.

Rockport Mortgage closes $24M refinancing for affordable senior apartments in New Jersey

Rockport Mortgage Corporation closed a $24 million FHA Section 223(f) refinancing loan for Verona Senior Citizens Apartments, a 160-unit, age-restricted, subsidized Section 8 apartment building in Verona New Jersey. The building’s owner is LIHC Investment Group.

Loan proceeds will be used to refinance existing debt, upgrade units, and update the building. Project work includes kitchen and bathroom renovations in all units as well as new vinyl flooring in half of the units not previously upgraded. The building will be updated with new main entry doors, a new emergency generator, a new energy recovery ventilation unit and an upgraded security camera system.

Meridian Senior Living adds California community to portfolio

Meridian Senior Living expanded its operating portfolio with the addition of Vista Terrace of Belmont, an assisted living and skilled nursing community in Belmont, California.

The community was acquired by Griffin-American Healthcare REIT IV, a joint venture between American Healthcare Investors and Griffin Capital Company in June 2017.

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