Transactions & Financings: The Springs Living Buys 5 Communities for $193M; Tryko Expands Maryland Portfolio


Harrison Street Sells 5 to The Springs Living for $193M

Harrison Street announced the sale of a portfolio of five senior housing properties to The Springs Living at a value of $193.5 million.

The portfolio includes 622 independent living, assisted living, and memory care units located in Eugene and Medford, Oregon; and Butte and Billings, Montana.

The properties had an average occupancy rate of 93% as of December 2021.


Harrison Street and The Springs Living first partnered in 2011 and have since acquired some 14 properties with more than 2,000 senior living units.


MidCap Financial Closes First Mortgage on Georgia, Massachusetts Communities

MidCap Financial announced it closed an $18.5 million floating-rate mortgage Manor Lake Development LLC. The loan will facilitate a refinancing of the 88-unit assisted living and memory care facility in Gainesville, Georgia.

The firm also announced it closed on a $40.7$ million floating-rate first mortgage to facilitate the acquisition and repositioning of a 141,000 square foot building in Hopkinton, Massachusetts. The transaction is a joint venture between Griffith Properties LLC and a fund managed by DRA Advisors.


Ziegler Closes $58M Financing for Capital Manor

Ziegler announced it has closed on $58.4 million in Series 2022 Bonds for Capital Manor.

Capital Manor Inc., a nonprofit, owns and operates a continuing care retirement community known as Capital Manor. It has more than 300 independent living units, 83 residential care beds, and 34 memory care units.

Ziegler Closes $43.7M Financing for Congregational Homes

Ziegler announced the closing of $43.7 million in Series 2022 tax-exempt fixed-rate bonds for the Congregational Homes life care retirement community known as Mt. San Antonio Gardens.

Ziegler Closes $23M Financing for The Redwoods

Ziegler announced the closing of Series 2022 Bonds for The Redwoods – a California-based nonprofit multi-level retirement community. The community has independent living units, assisted living units, and skilled nursing beds.

Proceeds will be used along with an equity contribution to refinance outstanding Series 2013 Bonds, among other moves.

Greystone Finances Cape Cod Development

Greystone has provided a nearly $25 million Freddie Mac Optigo loan to refinance a community in Mashpee, Massachusetts, according to a report from Multi-Housing News.

The community, named Laurentide at Mashpee Commons, is a 70-unit senior housing community that has been designated as affordable by the Cape Cod Housing Authority. 

Northmarq Arranges $19.2M Refinancing

Sue Blumberg, SVP and managing director of Northmarq’s Chicago Office, has refinanced a senior housing community in Oakbrook, Illinois.

The 249-unit community, called Mayslake Center II, was refinanced for $19.2 million. NorthMarq’s FHA and HUD team arranged the loan for the borrower.


Tryko Partners Acquires Two Maryland Communities

Tryko Partners announced it has expanded its Maryland portfolio of senior housing communities with the acquisition of Brighton Gardens in Rockville and Sunrise of Carroll in Westminster.

The company also announced that both properties will be rebranded and renamed with significant capital improvement programs set to begin immediately.

SLIB Facilitates Oklahoma Sale

Senior Living Investment Brokerage (SLIB) announced it has facilitated the sale of a Tulsa, Oklahoma-based assisted living facility called The Arbors.

The seller was a regional owner based in Tulsa and the buyer is a private owner based in Oklahoma. The buyer plans to convert the facility into a skilled nursing community with a hospice specialty.

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