Transactions & Financings: Columbia Pacific’s $177M Canadian Portfolio Sale; New Senior’s $270M Refinancing

Columbia Pacific sells Canadian portfolio for $177M

Columbia Pacific Advisors is selling a six-property Canadian senior housing portfolio to Singapore Press Holdings for $176.6 million (C$232.9 million). The properties total 717 units and include:

  • Heritage Meadows Gracious Retirement Living, an independent living community in Cambridge, Ontario
  • The Bradley Gracious Retirement Living, an independent living community in Kanata, Ontario
  • Guelph Lake Commons, an independent living community in Guelph, Ontario
  • Cedarview Gracious Living Retirement Living, an independent living community in Woodstock, Ontario
  • Rosewood Estates, an independent living community in Cobourg, Ontario
  • Victoria Park Personal Care Community, an assisted living community in Regina, Saskatchewan

The portfolio was over 90% occupied at the time of the announcement. Additionally, SPH is acquiring Victoria Park Personal Care’s operator, Regina Assisted Group.

Ziegler closes $42.5M Wingate Healthcare senior housing bonds

Zieger closed a $42.5 million senior housing bond offering for Wingate Healthcare, which was used to finance the acquisition of Wingate Residences at Melbourne Place, a 125-bed/118-unit assisted living and memory care community in Pittsfield, Massachusetts; as well as Wingate Residences on Blackstone Boulevard, a 96-bed/93-unit assisted living and memory care facility in Providence, Rhode Island.

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Ziegler’s capital markets division handled distribution of the bonds. With the acquisition, Wingate now operates or manages sixteen senior housing and healthcare communities in the northeastern U.S.

CPC and L+M close $33M in multifamily affordable housing loans

The Community Preservation Corporation (CPC) and L+M Development Partners announced the closing of three Fannie Mae Multifamily Affordable Housing (MAH) loans totaling $33.2 million to finance the long-term preservation of three affordable housing developments in New York’s Hudson Valley:

  • Airmont Gardens Apartments in Airmont, New York was refinanced with a $13.6 million loan
  • Berkeley Square in Wappinger Falls, New York was refinanced with an $11 million Fannie Mae MAH loan
  • Sycamore Crest Apartments in Spring Valley, New York was refinanced with a $8.6 million Fannie Mae MAH loan

The properties total 386 units for low-income seniors. Additionally, the New York State Housing Finance Agency (HFA) is partnering with L+M and CPC to provide $20,000 per unit in capital expenditures to complete light renovations at each property, and a separate reserve fund will also be created for the buildings.

CBRE arranges refinancing for Harrison Street-owned Ohio community

CBRE National Senior Housing Vice Chairman Aron Will, First Vice President Austin Sacco and Vice President Adam Mincberg completed a refinancing package on behalf of Harrison Street Real Estate Capital and REDICO for American House Macedonia, a 100-unit assisted living and memory care community in Macedonia, Ohio. The community is operated by REDICO affiliate, American House Senior Living Communities.

SLIB completes $2.3M sale of Wisconsin AL facility

Senior Living Investment Brokerage Managing Directors Ryan Saul and Bradley Clousing, along with Senior Associate Joe Young, completed the $2.25 million sale of St. Clare Terrace, a 59-unit assisted living facility in Milwaukee, Wisconsin. Occupancy was just 64% at the time of the sale.

St. Clare was placed into receivership when the previous nonprofit owner/operator was unable to service outstanding bonds. The buyer was West Allis, Wisconsin-based Platinum Communities, which will also receive a $500,000 credit for improvements to St. Clare’s physical plant and deferred repairs. Platinum Communities will rebrand the facility under the name Willow View and launch a capital expenditure program to renovate the community.

Helios Healthcare Advisors facilitates sale of Utah AL facility

Helios Healthcare Advisors Managing Directors Bill Janis and Mario Wilson represented a Utah-based nonprofit health care group in the sale of a 62-unit assisted living facility in a suburb of Salt Lake City.

The buyer was a publicly traded REIT and regional owner-operator, both based in California.

KeyBank arranges $270M Freddie Mac financing for New Senior

KeyBank Real Estate Capital arranged a new $270 million Freddie Mac loan to New Senior Investment Group (NYSE: SNR). The 10-year loan is secured by 14 independent living assets and provides New Senior with a lower spread and extended maturity compared to the company’s previous financing.

The financing is part of New Senior’s strategic transaction that included the sale of its entire assisted living portfolio, which included an amendment and restatement of the company’s $125 million credit facility led by KeyBank. KeyBank extended the term of the credit facility and lowered pricing substantially.

Charlie Shoop of KeyBank’s Commercial Mortgage Group led the transaction, and Eric Hafertepen and Andy McKown of Real Estate Syndications at KeyBanc Capital Markets led the credit facility financing.

Live Oak Bank closes financing packages totaling $14M

Live Oak Bank completed the following transactions, totaling $13.9 million:

  • An $8.1 million refinance for Greeley Village, a 71-unit assisted living, and memory care community located in Greeley, Colorado, on behalf of KSL Seniors. Proceeds will be used to refinance existing construction debt and provide a bridge to permanent financing solution. It also allowed the borrower to recapture a line of credit capacity to pursue future projects.
  • A $5.8 million refinancing package for Home of the Good Shepherd, a 42-unit memory care community in Saratoga Springs, New York. Proceeds will be used to consolidate debts and optimally position itself for future permanent financing options.

Welltower acquires 620-unit Las Vegas active adult portfolio

A Cushman & Wakefield Senior Housing Capital Markets Team of Executive Director Carl Sims and Director Taylor Sims, Vice Chairman Rick Swartz, Executive Managing Director Jay Wagner, Managing Director Aaron Rosenzweig, Associate Sam Dylag and Analyst Jack Griffin advised Cortland in the sale of three active adult communities in Las Vegas to Welltower (NYSE: WELL).

The communities — Attiva Valley View, Attiva Court, and Attiva Winterhaven — will be rebranded by the Toledo, Ohio-based REIT as welltowerLIVING.

Lancaster Pollard completes $18M in refinancing packages

Lancaster Pollard completed the following refinancings, totaling $18.2 million through the Fannie Mae Senior Housing Program:

  • Miles Kingston, Doug Harper and Casey Moore assisted Hershey, Pennsylvania-based Providence Place Senior Living in securing an $11 million financing package. Proceeds will be used to restructure the debt on Providence Place’s Dover, Pennsylvania campus.
  • Grant Goodman, along with Harper and Moore, assisted Edmonds, Washington-based Rosewood Courte Memory Care in securing a $7.2 million refinancing package. Proceeds will be used for capital improvements.

Eversound partners with The Bristal Assisted Living on tech platform

Eversound partnered with The Bristal Assisted Living to roll out its specifically designed headphone technology and content-driven platform, Eversound Engage, into 20 communities in New York and New Jersey.

Eversound Engage is specifically designed for seniors and uses wireless headphones to enhance focus and engagement, as well as empower staff to provide programming to residents.

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