Affiliations

AccentCare, Seasons Hospice to Merge

AccentCare Inc. and Seasons Hospice announced a merger, Senior Housing News sister publication Home Health Care News reports. The deal brings Dallas-based AccentCare, one of the five largest home health care companies in the country, and Seasons, one of the top five largest hospice providers, under one corporate umbrella.

Once the merger is completed, the combined company will be one of the largest in terms of geographic footprint and array of services provided, with reverberations across the long-term care continuum.

As a combined organization, AccentCare and Seasons can provide a full continuum of care for patients, providing a seamless entry point for skilled home-based care, and transitions to attendant care, palliative care, and hospice. Its scale and ability to function as a single provider will be attractive for senior living operators, AccentCare Vice President, Marketing & Communications Darin Szilagyi told Senior Housing News.

Sales and operator transitions

Benchmark acquires New Hampshire memory care facility

Benchmark Senior Living acquired the real estate and operations of Evolve at Rye, a 40-unit, 64-bed memory care facility in Rye, New Hampshire.

Avamere adds Oregon memory care community

The Avamere Family of Companies added a new memory care community in Bend, Oregon to its portfolio. The Arbor at Bend, formerly known as Mill View Memory Care, joined Avamere Living on November 1.

Blueprint completes 2 transactions

Blueprint Healthcare Real Estate Advisors completed the following transactions:

• Senior Managing Director and Head of Business Development Steve Thomes and Managing Director Michael Segal represented Sentara Healthcare in the disposition of its portfolio of skilled nursing and senior housing facilities totaling 876 total beds throughout southern Virginia. The buyer is Omega Healthcare Investors, which then leased the facilities to its operating partner, Saber Healthcare Group, expanding the master lease deal between the two.
• Segal, along with Senior Director Alex Florea and General Counsel Joshua Salzman, represented a REIT owner in the sale of Lakeland Hills Senior Living, a 170-unit senior living community in Dallas. The buyer is a Maryland-based private equity investor.

SLIB completes sale of Michigan senior living campus

Senior Living Investment Brokerage Managing Directors Brad Clousing and Ryan Saul, along with Senior Associate Joe Young, facilitated the sale of The Colonnades, a 38-unit assisted living facility, and The Carriage House, a 120-bed skilled nursing facility. Both are located in Bay City, Michigan. The seller, a family-based business, is exiting the senior living industry.

Bridgewood Property Company acquires land in North Carolina for senior housing development

Bridgewood Property Company recently acquired land in Charlotte, North Carolina, and plans to build The Village on Moorehead, a 12-story, 200-unit senior housing community. Groundbreaking is slated for Spring 2021.

United Properties acquires land for Minnesota senior housing development

United Properties closed on an eight-acre parcel of land in Minnetonka, Minnesota. Five acres are slated for a new 55-plus independent living rental community, ThePOINTE Minnetonka; the remaining three acres will be slated for development at a future date.

United Church Homes acquires 2 Ohio communities

United Church Homes acquired two age-restricted senior apartment communities — Harbor Woods Living at Brunswick in Brunswick, Ohio and Harbor Woods Living at Niles in Niles, Ohio — from Harbor Woods Living. Each community is a four-story, 127-unit building for seniors age 55 and older, in 127 one- and two-bedroom units.

Financings

Ziegler advises on $43M acquisition financing package

Ziegler was the exclusive capital structuring advisor for Radiant Senior Living in a $42.6 million debt placement for the acquisition of three senior housing communities — two near Seattle and a third in Bozeman, Montana. The portfolio consists of 36 independent living units and 204 assisted living units.

Radiant acquired the portfolio from a publicly traded health care REIT as part of their expansion efforts across the country. The properties enjoy in-place, stabilized cash flow and provide opportunity for additional upside through operational efficiencies due to scale. Post-acquisition, Radiant’s portfolio totals 18 communities spanning across six states in the Pacific Northwest. Ziegler Senior Vice President Eric Johnson arranged and negotiated the transaction.

KeyBank secures $31M refinancing for Ohio affordable senior housing property

KeyBank Real Estate Capital (KBREC) and KeyBanc Capital Markets (KBCM) secured a $31 million refinancing package on behalf of National Church Residences to renovate Carnegie Tower at Fairfax, a 12-story, Section 8 apartment building in Cleveland for seniors age 62 and older, located next to the Cleveland Clinic.

KBREC provided $14 million of permanent financing via a Department of Housing and Urban Development 221(d)4 construction-to-permanent loan, and KBCM sold $17 million of required tax-exempt bonds. Additionally, KeyBank Community Development Corporation provided $10 million of low-income housing tax credit equity to purchase credits awarded to the project.

Robbie Lynn of KBREC’s Commercial Mortgage Group and Kelly Frank and Ryan Olman of KeyBank’s Community Development Lending and Investment team structured the financing. Sam Adams of KBCM led the sale and structuring of the publicly offered tax-exempt bonds.

Ratings Outlooks

Fitch affirms ratings outlooks on 3 CCRCs

Fitch Ratings affirmed the ratings on the following CCRCs:

• Linden Ponds, a community in Hingham, Massachusetts operated by Erickson Living, retained a “BB” rating on $117 million in Series 2018 revenue bonds issued by the Massachusetts Development Finance Agency. This reflects Linden Ponds’ constrained long-term liability profile, which is characterized by a manageable debt burden and hindering subordinate debt structure. The rating outlook is stable.
• Fitch affirmed the “BBB+” rating on $75 million in Series 2017 revenue bonds issued by the Washington State Housing Finance Commission on behalf of Horizon House, a life plan community in Seattle. Key ratings drivers include strong demand, particularly for Horizon House’s independent living segment, an improved liquidity position and solid operational performance. The rating outlook is stable.
• Fitch affirmed the “BBB” rating on $180 million in Series 2011, Series 2013A, Series 2016A, and Series 2018A revenue bonds issued by Indiana Finance Authority on behalf of BHI Senior Living in Indianapolis. Key rating drivers include consistently strong operational performance, robust demand at multiple campuses, ample liquidity and an elevated long-term liability profile. The rating outlook is stable.

Miscellaneous

Standard Communities provides Covid-19 protection kits to residents

Standard Communities provided free Covid-19 protection kits to approximately 18,500 residents of its nearly 9,200 affordable and senior apartment units across the country.