Transactions & Financings: HJ Sims’ $111M Deal Volume; Chicago Pacific Founders’ Florida Acquisition

Sales and operator transitions

Elevation Financial Group acquires Massachusetts assisted living community for $4M

Elevation Financial Group acquired Wingate Residences at Brewster Place, an assisted living facility in Brewster, Massachusetts. The purchase price was $4 million and facilitated through Elevation Real Property Fund VII.

The community ceased operations in 2019. Elevation plans to reposition the property as an affordable independent living community for seniors age 55 and older, and will be rebranded as Serenity Apartments at Brewster.

Blueprint completes 3 transactions

Blueprint Healthcare Real Estate advisors completed the following transactions:

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  • Senior Director Amy Sitzman and Senior Associate Giancarlo Riso facilitated the sale of two purpose-built, 39-unit assisted living facilities in New Jersey. The buyer is a local owner-operator looking to expand its footprint in the Garden State. The seller is exiting the senior housing space.
  • Executive Managing Director and Co-Founder Ben Firestone and Senior Managing Director Michael Segal advised the sale of a health care campus northwest of Des Moines, Iowa. The buyer is Perry Lutheran Homes, a nonprofit provider with three campuses in the state.&nbsp
  • Executive Managing Director and Co-Founder Jacob Gehl and Senior Director Connor Doherty completed the sale of Victoria House, a 64-unit assisted living community in Austintown, Ohio. The operator of the community, Continuing Healthcare Solutions, exercised their purchase option on the property.

Chicago Pacific Founders acquires Florida community

The Summit of Fort Myers in Fort Myers, Florida.

Chicago Pacific Founders acquired The Summit of Fort Myers, a 136-unit senior living community in Fort Myers, Florida. Previously known as Grand Villa of Fort Myers, the community will be operated by CPF affiliate, Grace Management.

Kisco Senior Living acquiring California assisted living and memory care facility

Kisco Senior Living signed a definitive agreement to acquire Atria Park of Woodbridge, an assisted living and memory care facility in Irvine , California formerly owned by Healthpeak Properties (NYSE: PEAK) and operated by Atria Senior Living. Terms of the sale were not disclosed.

The property recently underwent a $9 million renovation project which included converting assisted living apartments intoa memory care neighborhood. It will be rebranded as Woodbridge Terrace of Irvine, after a resident poll was conducted to select a new name. The executive director will remain in place, and Kisco will hire two new sales directors to increase occupancy.

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Senior Living Investment Brokerage completes sale of Oregon memory care facility

Senior Living Investment Brokerage Managing Director Jason Punzel and Vice Presidents Brad Goodsell and Vince Viverito were the sole brokers in the sale of a 29-unit/55-bed memory care community in Portland, Oregon. The seller is leaving the senior housing sector. The buyer is an Oregon-based operator that will operate the building as a Covid-19 recovery facility for the state, and then the community will revert to memory care services when the pandemic subsides.

PHS affiliate acquires Minnesota senior apartments

Avinity, an affiliate of Presbyterian Homes & Services, completed the acquisition of Riverwood Village, a 55-plus senior apartment complex in Cambridge, Minnesota. The seller was Allina Health, the Isanti-Chisago County Star reports.

Avinity and Allina Health are working together during the transition.

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Auerbach Funds, Prado Senior Living acquires California senior housing community

A joint venture of Auerbach Funds and Prado Senior Living acquired Foothill Village, a private-pay independent living, assisted living and memory care community in Angels Camp, California.

The new owners plan to modernize and renovate the community’s common areas.

Financings

Greystone provides $24M refinancing for New Hampshire assisted living portfolio

Greystone provided a HUD-insured, $23.8 million refinancing package for three assisted living communities in New Hampshire, Courville at Manchester in Manchester; Courville at Carlyle Place in Bedford; and Courville Nashua-Aynsley in Nashua. The interest rate reduction transaction was originated by Lisa M. Fischman, vice president in Greystone’s New York office, on behalf of family owned The Courville Company.

HJ Sims provides $111M financing packages for 2 New York CCRCs

HJ Sims closed on an $89 million financing package on behalf of Jefferson’s Ferry, a CCRC based in Brookhaven, New York. Sims also closed a $22.3 million forward delivery bond issue as part of a December 2019 financing for Peconic Landing, a CCRC located in Peconic, New York.

The Jefferson’s Ferry package will fund the CCRC’s “Journey Toward Renewal” project including the construction of 60 new independent living apartments, and a 20-unit building dedicated to assisted living residents with dementia.

Cushman & Wakefield refinances San Antonio senior housing community

Cushman & Wakefield National Senior Housing Capital Markets Vice Chairman Rick Swartz, Executive Managing Director Jay Wagner, Senior Director Jim Dooley, and Analyst Jack Griffin arranged a refinancing package on behalf of a joint venture between Franklin Park Senior Living and Harrison Street Real Estate Capital for Franklin Park Alamo Heights, a 221-unit senior housing complex in San Antonio’s Alamo Heights neighborhood including a mix of independent living, assisted living and memory care. Terms of the deal were not disclosed.

Rockport Mortgage arranges $75M refinancing for New York City affordable senior housing

Rockport Mortgage Corporation completed a $74.5 million FHA Section 223(f) refinancing package on behalf of JASA Corporation for Israel Senior Citizen Housing I and II, an affordable senior housing property in the Far Rockaway section of Queens, New York consisting of twin 17-story buildings.

Proceeds will be used to fund extensive capital improvements that will improve the quality of life for tenants living at the property, and extend the affordability of the development through 2040.

Lument arranges $11M refinancing for Michigan health care campus

Lument assisted Advantage Living Centers in securing a $10.8 million FHA Sec. 232/223(f) refinance for Armada and Armada Village, a campus in Armada, Michigan that provides residents with assisted living, skilled nursing and therapeutic options. Brad Competty, director in Lument’s Columbus, Ohio office, and Adam Walter, vice president in the firm’s Overland Park, Kansas office, led the transaction.

Proceeds refinance bank debt Advantage Living Center obtained to acquire the property in 2016.

CounterpointeSRE closes $3M C-PACE financing for Houston senior housing community

Counterpointe Sustainable Real Estate closed on $2.8 million in commercial property assessed clean energy (C-PACE) funding for a planned 108-bed senior housing community in Houston, Texas. The community will include 74 assisted living units, 22 memory care units, and 12 independent living cottages. The PACE funding will support planned energy-saving measures including building envelope, interior and exterior LED lighting, HVAC and domestic hot water, as well as low-flow fixtures.

The community is being developed by StoneCreek Real Estate Partners.

Ratings Outlooks

Fitch affirms rating on Maryland CCRC

Fitch Ratings affirmed the “A” rating on $55.5 million in Series 2020 and $51.6 million in Series 2016 revenue bonds issued by Baltimore County, Maryland on behalf of Oak Crest Village, a continuing care retirement community in Parkville, Maryland operated by National Senior Campuses. The rating outlook is stable.

Key rating drivers include good demand for services and a solid financial profile characterized by strong operating performance with key operating ratios below 90%, revenue only debt service coverage of approximately 2x, and steady growth in liquidity. Independent living occupancy was 94%, assisted living occupancy 91% and skilled nursing occupancy 76% as of Sept. 30.

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