Transactions & Financings: Ziegler’s $122M Financing Deal Volume; Randall Residence Adds Ohio Community

Sales and operator transitions

Livingston Street Capital affiliate acquires Maryland active adult community

An affiliate of Livingston Street Capital has acquired Alta at Regency Crest, a 150-unit, 55-plus active adult community in Ellicott City, Maryland. This is Livingston Street’s fourth recent active adult acquisition. Previously, the firm purchased two communities in Utica and Albany, New York; and in Tinley Park, Illinois.

Blueprint completes sale of California senior living community

Blueprint Healthcare Real Estate Advisors Exdecutive Managing Director and Co-Founder Jacob Gehl, Managing Director Humair Sabir and Senior Associate Scott Frazier were the sole brokers in the sale of a 70-unit senior housing community in Angels Camp, California.

Randall Residence assumes operations of Ohio assisted living facility

Randall Residence assumed operations of River Bend House, an assisted living facility in Wheelersburg, Ohio. The community was rebranded as Randall Residence of Wheelersburg, the Portsmouth Daily Times reports.

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The American Inn
The American Inn at Sawmill Park in Southwick, Massachusetts, was rebranded as The Cottages at Southwick after coming out of bankruptcy with new ownership and management.

Massachusetts senior housing community under new ownership, management

The American Inn at Sawmill Park, a 50-acre senior housing campus in Southwick, Massachusetts offering independent living cottages and assisted living apartments, is under new ownership and management, MassLive reports.

The new owners, Los Angeles-based Triple M Investments, acquired the property in a bankruptcy auction and will rebrand the campus as the Cottages at Southwick, a rental community. OnePoint Partners, an operator based in Middleton, Massachusetts, was tapped to manage the community. Renovations to common spaces and living units will begin in the coming months, and Triple M Investments acquired adjacent property to build a resident clubhouse.

Draper & Kramer acquires Texas senior living community

Chicago-based real estate developer and services firm Draper & Kramer has acquired Adriatica Senior Living, a 121-unit active adult senior living rental community in McKinney, Texas. The community is part of a larger mixed-use development in the Dallas suburb.

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Financings

Ziegler completes 3 financing deals totaling $229M

Ziegler completed the following financings:

  • A $136.8 million financing package for Royal Oaks Life Care Community, a CCRC in Sun City, Arizona. The package consists of $90.8 million in Series 2020A tax-exempt senior living revenue bonds, and $46 million in Series 2020B in tax-exempt, variable rate entrance fee redemption bonds. Proceeds will finance Inspirata Pointe, the first phase of Royal Oaks’ 20-year master plan which will increase the current campus size by 8.1 acres. Royal Oaks will build 156 new independent living units comprising two-story villas, and three- and four-story apartment buildings. Additionally, the expansion includes a new culinary center featuring three new dining venues.
  • A $65.5 million Series 2020 bond offering on behalf of Wesley Communities. Proceeds, along with other available funds, will be used to refund all outstanding debt; terminate a swap on the existing debt; fund $4 million of new money projects that will be used to finance building facade improvements at Wesley Glen as well as infrastructure for additional independent living Villas at Wesley Woods at New Albany; finance a debt service reserve fund; and fund eligible costs of issuance related to the financing.
  • A $22.1 million Series 2020 bond anticipation offering for Forefront Living Plano in Plano, Texas. The offering consists of $20.6 million in Series 2020A tax-exempt notessold publicly to institutional investors, and $1.5 million in Series 2020B taxable notes placed with affiliates of FLP. Proceeds will be used to finance the acquisition of an 18-acre tract of land; preconstruction development costs of a new retirement community to be known as The Outlook at Windhaven, anticipated to include approximately 180 independent living units, 32 assisted living units and 24 memory support units; and the costs of issuing the Series 2020 notes.

Fox Valley Developers secures $82M for Illinois historic rehab

A development group led by Fox Valley Developers secured $82 million for the redevelopment of Old Copley Hospital, a nine-acre hospital campus in Aurora, Illinois listed on the National Register of Historic Places.

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Old Copley Hospital in Aurora, Illinois

The group’s redevelopment plans include 96 independent living, assisted living and memory care units, along with a standalone 53-unit community for people with cognitive and/or developmental disabilities, Commercial Observer reports. The senior living component will be managed by Gardant Management Solutions.

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The financing package consists of $34.5 million in first mortgage debt provided by a Boston-area bank; a bridge loan provided by Enhanced Capital to cover nearly $32 million in federal and state historic tax credits; $3 million in Commercial Property-Assessed Clean Energy (C-PACE) financing, also from Enhanced Capital; and $12 million from the City of Aurora. East West Bank is partnering with the developer as a historic tax credit investor.

CBRE arranges cash-out refinance for Oregon senior housing community

CBRE National Senior Housing Vice Chairman Aron Will, First Vice President Austin Sacco and Vice President Tim Root arranged a cash-out refinancing package on behalf of a joint venture of The Springs Living and Harrison Street Real Estate Capital for The Springs at Greer Garden, a senior housing community in Eugene, Oregon consisting of 110 independent living units (including 31 cottages), 75 assisted living units, and 32 memory care units. The value of the package was not disclosed. CBRE previously arranged construction financing for the community in 2015.

Carnegie Capital closes $24.5M construction loan

Carnegie Capital Managing Partner JD Stettin secured a $24.5 million construction loan for the construction of a 130-unit assisted living and memory care facility in Connecticut. The unit mix breakdown will consist of 90 assisted living units and 40 memory care units. The lenders are a regional bank and a national health care-focused bank. The borrower is a major health care developer, partnering with a large national operator.

The Millennia Companies closes on $27.5M acquisition financing

The Millennia Companies closed on a $27.5 million financing package for the acquisition and renovation of Peace Lake Towers, a 131-unit affordable apartment community for seniors and persons with disabilities in New Orleans, Louisiana.

The package includes a mix of loans, bonds and tax credits. RedStone is the primary lender with Aegon as the syndicator. The Louisiana Housing Corporation is the bond and tax credit issuer.

MassDevelopment issues $33.6M bond offering for Massachusetts health care center

MassDevelopment issued a $33.6 million bond issuance package on behalf of Notre Dame Health Care Center, a Worcester, Massachusetts-based nonprofit that owns and operates Notre Dame Long Term Care and Rehabilitation Center, a 123-bed skilled nursing facility, Notre Dame Du Lac, a 108-unit assisted living facility, and Notre Dame At Home, which provides adult hospice, pediatric hospice, and palliative care services.

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