Transactions & Financings: Ventas Closes $236M Tender Offer; LCS Development’s $160M Financing

Ventas announces expiration and results of senior notes tender offer

Ventas (NYSE: VTR) announced the expiration and results of a tender offer for 3.25% senior notes due in 2022, which was announced on September 23. The offer expired at 5 p.m. Eastern on September 29.

As of the expiration, a total of $236.3 million aggregate principal of notes, or 47.25% of the aggregate principal amount of notes outstanding, had been validly tendered and not validly withdrawn. This excludes $181,000 that remain subject to guaranteed delivery procedures.

LCS Development closes $160M for Florida community expansion

LCS Development closed a $160 million bond financing for an expansion of The Toby and Leon Cooperman Sinai Residences in Boca Raton, Florida. The expansion will add 111 independent living residences and additional communal areas to the campus, and construction began on September 8.

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An HJ Sims team lead by Senior Vice President Melissa Messina facilitated the package for LCS and the owner, the Jewish Federation of South Palm Beach County.

NHI acquires Wisconsin community

National Health Investors (NYSE: NHI) exercised a $12.3 million purchase option on The Courtyard at Bellevue, a 43-unit assisted living and memory care community in Bellevue, Wisconsin. The purchase option was part of a deal that included a $3.9 million second mortgage loan at a rate of 13% that NHI announced in January 2020. The community is operated by 41 Management, which now manages seven properties owned by NHI.

The purchase price carries an initial cash lease yield of 7.5% with 2.5% annual escalators. The lease has an initial term of 15 years with two five-year renewal options.

Ziegler Closes $48M financing for North Carolina CCRC

Ziegler successfully closed $47.8 million in Series 2020A and 2020B bonds on behalf of Pennybyrn at Maryfield, a life plan community in High Point, North Carolina.

Proceeds will be used for capital improvements including 42 new independent living apartments (73.8% of which have been pre-sold); a new transitional rehabilitation center that will include 24 private rooms and state of the art therapy facility; additions and improvements through the community; and upgrades and refurbishments to the exteriors of the buildings on campus. A team led by Managing Director Tad Melton facilitated the transaction for Ziegler.

HJ Sims secures $6.5M financing for Pennsylvania CCRC

HJ Sims arranged $6.5 million in debt financing for capital improvements for the Philadelphia Protestant Home (PPH), which operates a CCRC in northeast Philadelphia, featuring 266 independent living units, 175 personal-care units and 126-bed nursing facility.

The loan was placed through Citizens Bank, which has a longstanding relationship with PPH.

Blueprint completes $97M Missouri portfolio sale

Blueprint Healthcare Real Estate advisors Executive Managing Director and Co-Founder Ben Firestone, along with Director Brooks Blackmon, facilitated the $97 million sale of The Boulevards Portfolio consisting of The Boulevard Senior Living at St. Charles, a 180-unit community in St. Charles, Missouri; and The Boulevard Senior Living at Wentzville, a 139-unit community in Wentzville Missouri.

The seller, O’Reilly Development Companies, also built the buildings. The buyer is Kayne Anderson Real Estate. The operator, Arrow Senior Living, will remain on board.

St. Ann’s Community, Quail Summit affiliate

The board of directors for Rochester, New York-based provider St. Ann’s Community, and Quail Summit, a nonprofit senior living health care and housing provider based in Canandaigua, New York, agreed to affiliate.

As part of the affiliation, longtime Quail Summit executive director Gloria Harrington will retire. Laura Hollenbeck, former director of assisted living at St. Ann’s Community at Cherry Ridge in Webster, will succeed Harrington.

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