Transactions & Financings: Aon’s $30B Willis Towers Watson Merger; Ventas Closes $700M Perpetual Life Vehicle

Ventas closes $700M perpetual life vehicle

Ventas (NYSE: VTR) closed its new life science and health care real estate fund, a perpetual life vehicle that focuses on investments in North American core and core plus life science, medical office and senior housing real estate. The fund has more than $700 million in assets under management and third-party equity commitments of approximately 650 million from globally respected institutional investors.

Ventas contributed five stabilized life science and medical office assets, totaling 1.2 million square feet of space, to seed the fund.

Keppel completes acquisition of 50% stake in Watermark for $85M

Asian conglomerate Keppel completed its acquisition in a 50% stake in Watermark Retirement Communities. Keppel, which is best known for building oil rights, is paying $84.6 million for the stake in the Tucson, Arizona-based operator, Singapore Business Review reports. The deal was first announced in August 2018.

Advertisement

Aon, Willis Towers Watson merge in $30B all-stock deal

Insurance broker Aon (NYSE: AON) announced it would merge with fellow broker Willis Towers Watson (Nasdaq: WLTW) in a $29.9 billion, all-stock deal with an implied combined equity value of $80 billion.

WTW shareholders will receive 1.08 shares of Aon shares for each WTW share, representing a 16% premium to the firm’s closing price on March 6.

HealthPRO Heritage, Intergro Rehab Services merge

Health care services company HealthPRO Heritage announced a merger with Intergro Rehab Services, based in Santa Ana, California. Both companies provide rehabilitation, compliance and clinical services to senior living and skilled nursing facilities.

SLIB completes 2 transactions

Senior Living Investment Brokerage completed the following transactions:

  • Managing Director Matthew Alley and Executive Vice President Patrick Burke represented the seller, a publicly traded investment company, in the $12.5 million sale of Greenfield Residences of Arlington, a 178-unit independent living facility in Arlington, Texas. The buyer is an owner-operator based in the Dallas-Fort Worth market.
  • Managing Director Jason Punzel, along with Senior Associates Brad Goodsell and Vince Viverito, were the sole brokers in the sale of a 1135-unit assisted living and memory care community in Gresham, Oregon. The seller, a Portland-based owner-operator, is exiting the industry. The buyer is a regional owner-operator looking to expand its portfolio and is planning a capital expenditure program to add a bistro, theater and common area improvements to the community.

Love Funding arranges $56M construction financing

Love Funding Director Leonard A. Lucas closed two loans totaling $55.6 million for the construction and permanent financing of Riverside Village Senior Apartments and Riverside Village Family Apartments, both in Paterson, New Jersey. Lucas arranged the financing through the Department of Housing and Urban Development’s Section 221(d)(4) loan insurance program, and provides the development team with low-rate, non-recourse financing for the duration of construction and for a subsequent 40-year term.

Riverside Village Senior Apartments will feature 81 units housed within one, 4-story elevator serviced building. Riverside Village Family Apartments will feature 165 townhouse-style family rental units.

LeadingAge New Jersey expands to Delaware

LeadingAge New Jersey is expanding into Delaware and will rebrand immediately as LeadingAge New Jersey and Delaware.

The new group’s membership now consists of over 140 members, many of which are supported through religious, fraternal and governmental sponsorship.

Blueprint completes 2 transactions

Blueprint Healthcare Real Estate Advisors completed the following transactions:

  • Managing Director Dan Mahoney, Director Amy Sitzman and Senior Associate Blaze Bozett facilitated the sale of a 39-unit private pay assisted living facility in Hayden, Idaho.
  • Executive Managing Director and Co-Founder Christopher Hyldahl and Senior Associate Scott Frazier facilitated the sale of a 58-unit memory care community in the San Diego market. The buyer was Sabra Health Care REIT (Nasdaq: SBRA), with Cadence Living as the operating partner.

Monticello provides $36M acquisition financing for Florida, South Carolina portfolio

Monticello provided $35.9 million in first lien debt financing for the acquisition and renovation of four assisted living and memory care facilities consisting of 345 units in Florida and South Carolina.

The transaction’s sponsor is an experienced owner and operator of seniors housing communities with a current portfolio of 1,116 units.

BRIDGE Housing acquires California affordable senior community

BRIDGE Housing acquired Paloma Del Mar Apartments, a 130-unit affordable senior apartment community in Freedom, California.

Rents at Paloma Del Mar are affordable to seniors whose income is below 60% of area median income. The original income restrictions were slated to expire in 2024, at which point the property could have been converted to market-rate housing. Through this acquisition, BRIDGE is preserving the affordable rents, and all current residents have been able to keep their homes.

Integral assumes management of Pennsylvania community

Integral Senior Living will assume operations of Heartis Yardley, a senior living community under construction and slated to open in late fall 2020 in Yardley, Pennsylvania.

Caring.com, SeniorAdvice.com Merge

Referral service Caring.com acquired SeniorAdvice.com, a fellow third-party directory of senior living communities and care options with consumer reviews. As pert of the deal, Caring.com will also acquire SeniorAdvice’s SeniorScore index – a proprietary tool using local data to grade the senior-friendliness of U.S. cities and areas.

Terms of the deal were not disclosed. Caring.com’s leadership team will work closely with SeniorAdvice.com’s team to ensure that the integration is as smooth as possible for caregivers, seniors, and our senior living and in-home care partners.

Companies featured in this article:

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