Transactions & Financings: Ziegler’s $240M Financing Deal Volume; Inspīr Carnegie Hill-Forbes Travel Guide Partnership

Ziegler completes 3 transactions totaling $240M

Ziegler completed the following transactions:

  • A Series 2020 Bond package totaling $199.4 million for Acts Life-Retirement Communities, consisting of $115.11 million in Series 2020 tax-exempt bonds and $84.3 million in 2020 taxable bonds. The tax-exempt bonds were issued through the Wisconsin Public Finance Authority, Palm Beach County (Florida) Health Facilities Authority, and the Montgomery County (Pennsylvania) Industrial Development Authority. The taxable bonds were issued through the Montgomery County Industrial Development Authority.
  • A $22.5 million Series 2020 bank bond package for Michigan Christian Home, operating as Beacon Hill at Eastgate, a continuing care retirement community in Grand Rapids, Michigan. The financing package includes a $9.8 million long-term component with a 30-year amortization, and a $12.7 million short-term loan with a three-year amortization that will be retired with initial entrance fees from the project.
  • A $17.99 million taxable bank financing package for Warm Hearth Village, a Virginia nonprofit organization that owns and operates a life plan community in Blacksburg, Virginia. Proceeds from the financing will be used to refund and consolidate nine outstanding direct bank placements with three different banks; finance $2 million of campus improvements; and pay a portion of the costs of issuance for the financing.

Blueprint completes 4 transactions

Blueprint Healthcare Real Estate Advisors completed the following transactions:

  • Managing Director Dan Mahoney and Senior Associate Blake Bozett facilitated the sale of Lancaster Village, a 190-unit senior housing campus in Salem, Oregon. Occupancy slipped from 97% to 94% due to the coronavirus pandemic. The buyer and seller worked together to aggressively test residents, staff and surfaces for Covid-19, and there were no positive cases at closing.
  • Mahoney and Bozett facilitated the all-cash sale of a 56-unit independent living community in Klamath Falls, Oregon.
  • Executive Managing Director Jacob Gehl and Managing Director Humair Sabir worked on behalf of Ardent Senior Living in the sale of Shire Senior Living, a 200-bed assisted living facility in Rochester, New York. The buyer is a New York-based private owner-operator.
  • Executive Managing Director Ben Firestone and Managing Director Michael Segal were the sole brokers in the sale of a 32-unit, private pay assisted living facility in Davison, Michigan.

Forbes Travel Guide, Inspīr Carnegie Hill establish partnership

Inspīr Carnegie Hill, a new luxury senior living community operated by Maplewood Senior Living on Manhattan’s Upper East Side, and Forbes Travel Guide announced a new strategic partnership.

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Through the partnership, Forbes Travel Guide will assist Inspīr Carnegie Hill to create custom and proprietary residence service and facility standards and provide world-class training in a variety of interactive formats tailored specifically for Inspīr to enhance service skills and encourage associates to elevate the guest experience. Inspīr Carnegie Hill will also benefit from service culture certifications earned by completing the training and upholding the service standards set forth by Forbes Travel Guide, which will be re-evaluated on an ongoing basis. The community is scheduled to open in Fall 2020.

Live Oak Bank completes $25M credit facility

Live Oak Bank (Nasdaq: LOB) closed a $25 million credit facility for JEA Senior Living, which will be used to support the operator’s portfolio nationwide. The structure allows JEA to both add and remove individual assets within the financing pool, giving them the flexibility to move quickly to pursue acquisitions as well as manage future refinancing plans. L

The first funding under the credit facility allowed JEA to purchase a 66-bed memory care community in Peoria, Illinois, from a REIT landlord.

Grandbridge closes $17M acquisition financing

Grandbridge Seniors Housing and Healthcare Finance Group’s Richard Thomas and Thomas Wiedeman closed a $16.6 million loan to provide acquisition financing for Summer Vista Assisted Living, an 89-unit assisted living and memory care community in Pensacola, Florida. The funding was provided by Freddie Mac.

KeyBank provides $11M financing for Kansas affordable senior housing property

KeyBank Community Development Lending and Investment Senior Vice President Sarah Geis and Underwriting Officer Tim Gertsmann arranged an $11.3 million tax-exempt construction and permanent bond loan for Steele Properties to acquire and renovate the Somerset Tower Plaza, an affordable senior housing property in Wichita, Kansas.

The city of Wichita issued the bonds, and the National Development Council provided $4.2 million of low-income housing tax credit equity.

HJ Sims Arranges $6.6M financing for North Carolina CCRC expansion

HJ Sims closed a $6.6 million financing package for Samaritan Housing, operating as SearStone Retirement Community, a life plan community located in Cary, North Carolina. SearStone consists of 131 independent living apartments, 38 independent living estate homes, 14 assisted living units and 25 skilled nursing beds.

Proceeds will be used to expand the campus to double its current size. The expansion, Highview at SearStone, calls for the addition of 152 independent living units, 28 assisted living units — 14 of which are specialized memory care units — and 24 skilled nursing suites. New dining venues, along with additional common and green spaces are also planned. Sims successfully underwrote $4.6 million of tax-exempt bonds and $2.0 million of taxable bonds to provide supplemental pre-development capital for the expansion.

Nixon Peabody advises on 2 transactions

Nixon Peabody advised Hebrew SeniorLife on financing packages for two Boston-area properties that will help the organization chart its post-pandemic path and secure its financial future.

The nonprofit senior living and care organization, which is affiliated with Harvard Medical School, refinanced a $27.4 million, 35-year loan for its Simon C. Fireman Community in Randolph, Massachusetts. HSL also converted its $28.4 million temporary construction loan to a permanent loan for the 98-unit Julian and Carol Feinberg Cohen Residences in Brookline, Massachusetts.

Jeff Sacks, Ali Walendziak and Alexander Rosso represented HSL in the Randolph financing, while Sacks and Julie Hancock Stande represented the organization in the Brookline transaction.

Fitch revises outlook for Wesley Enhanced Living to negative

Fitch Ratings affirmed the ‘BB’ rating on the $121.8 million senior living revenue bonds series 2017 A & B issued by Philadelphia Authority for Industrial Development on behalf of Wesley Enhanced Living. Fitch also revised the facility’s ratings outlook to negative from stable.

OnShift partners with First Advantage

OnShift announced a partnership with First Advantage, a platform specializing in background check and drug screening solutions. With this new partnership, OnShift clients gain access to background check services directly from the OnShift Employ talent acquisition system, speeding time-to-hire and providing streamlined candidate and recruiter experiences.

Through this partnership, OnShift Employ clients can easily configure screening solutions to their requirements and receive accurate, real-time background and drug screening information through a certified integration.

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