Transactions & Financings: Capital Senior Living Sells Ohio Community; NHI’s $22M Development Loan

Sales and operator transitions

Capital Senior Living completes $18M sale of Ohio community

Capital Senior Living (NYSE: CSU) completed the sale of a senior living community in Canton, Ohio. The sale price was $18 million, and provided $6.4 million in net cash proceeds to the operator. Additionally, Capital Senior Living was retained by the new owner to manage the community and will receive a management fee equal to 5% of community revenue, which is expected to contribute approximately $350,000 in annualized 2021 revenue.

The community consists of 92 independent living units, 102 assisted living units and 36 memory care units.

Meridian Senior Living sells Wisconsin community

Meridian Senior Living completed the sale of The Woods of Caledonia, a senior living community in Racine, Wisconsin, according to property transfers reviewed by Racine County Eye. The buyer is an Illinois-based owner.


Blueprint sells Utah assisted living and memory care facility

Blueprint Healthcare Real Estate Advisors Executive Managing Director and Co-Founder Jacob Gehl, Senior director Amy Sitzman and Senior Associate Giancarlo Riso facilitated the sale of a 42-unit assisted living and memory care facility in Park City, Utah. The seller is an ownership group based in the Pacific Northwest. The buyer is an established owner-operator with a track record of success in Utah.

Benchmark Senior Living acquired Evolve at Rye, a memory care facility in Rye, New Hampshire.

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. Cushman & Wakefield National Senior Housing Capital Markets Vice Chairman Rick Swartz, Executive Managing Director Jay Wagner, Director Sam Dylag and Analyst Jack Griffin secured acquisition financing on behalf of Benchmark for the transaction, through Harbor One Bank.

JCH Senior Housing completes $5.4M sale of California assisted living, skilled nursing facility

JCH Senior Housing Investment Brokerage President Cindy Hazzard and Associate Jennifer Contreras completed a $5.4 million sale of a combination 64-bed skilled nursing and 49-bed assisted living facility in Riverside County, California. While occupancy was relatively stable at the SNF, the census at the Assisted Living was virtually non-existent with the appraiser allotting no value to the Assisted Living portion. JCH also assisted the buyer in setting-up a lease with a local assisted living operator looking to expand in the area.



NHI provides $22M development loan for Wisconsin senior housing community

National Health Investors (NYSE:NHI) is providing a $22.2 million loan for the development of The Courtyard of Sussex, a 110-unit independent living, assisted living and memory care community in Sussex, Wisconsin. The loan carries a four-year loan with an annual interest rate of 8.5% and two one-year extensions. NHI has a purchase option on the property once it has stabilized. Construction will begin immediately and is expected to be completed within 18 months.

The community will be operated by 41 Management, a growing operating partnership of NHI’s that now includes eight properties.

Ratings Outlooks

Fitch affirms ratings outlooks on 3 CCRCs

Fitch Ratings announced ratings assignments, affirmations or changes to the following CCRCs:

  • Fitch assigned a ‘BBB+” rating to approximately $122.8 million of series 2020A senior living revenue refunding bonds to be issued by National Finance Authority on behalf of the Springpoint Senior Living Obligated Group. Fitch has also assigned a “BBB+” issuer default rating to the group. The rafting outlook is stable, reflecting Springpoint’s status as a diversified provider, operating six CCRCs in primary markets across New Jersey.
  • Fitch affirmed the “BB+” rating on approximately $25 million of Series 2013 and $53 million of Series 2015 fixed rate revenue bonds issued by the Illinois Finance Authority on behalf of Plymouth Place, a CCRC in LaGrange, Illinois. The rating outlook is stable, reflecting solid operating margins despite the coronavirus pandemic, as well as positive demographic trends in its market.
  • Fitch affirmed the “BB+” rating on the following bonds issued by Lancaster County Hospital Authority (PA) on behalf of Brethren Village (BV): $93.6 million in Series 2017 revenue bonds; and $9.3 million in Series 2015 revenue bonds. The rating outlook is stable, reflecting a stable demand profile, consistent operations throughout the pandemic, and sufficient and growing liquidity.


Five Star Senior Living receives J.D. Power Awards for 2020 senior living satisfaction study

Five Star Senior Living (Nasdaq: FVE) ranked second nationally in overall customer satisfaction in independent living and fourth overall in assisted living/memory care in J.D. Power’s 2020 U.S. Senior Living Satisfaction study, which was conducted from June through August.

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