Transactions & Financings: Front Porch, Covia Merger Complete; Invesque Closes $75M in Sales

Transactions

Front Porch, Covia Communities Complete Merger

Front Porch announced that its merger with Covia Communities became effective on April 1.

The merger, which was announced in 2021, has a footprint that includes about 7,500 residents in 19 senior living communities located in four states.

The new organization will operate under the Front Porch name with Jon Woodward serving as CEO.

Invesque Closes 3 Transactions for $75M in Proceeds

Invesque (TSX:IVQ) announced it closed three separate sales transactions totaling about $75 million in proceeds.

The sales include a standalone memory care community previously operated by Phoenix Senior Living that sold for $3.5 million; and two senior living communities in New York which are currently operated by Hearth Management that sold for $19.2 million. 

LTC Properties (NYSE: LTC) also for $52 million acquired four transitional care skilled nursing facilities in Texas that were operated by Bridgemoor Transitional Care and held in a joint-venture with Invesque.

SLIB Facilitates Sale of 4 Oregon Properties

Senior Living Investment Brokerage (SLIB) announced the sale of four assisted living and memory care properties in Oregon with a total of 169 beds and 190 units. Two communities are located in Brookings, with the other two located in Golden Beach and Sheridan, respectively.

The purchasing entity is a joint venture between a regional operator and a California-based private equity firm and the seller is an Oregon-based owner and operator.

Jason Punzel, Brad Goodsell, and Vince Viverito of SLIB handled the transaction.

EmpowerMe Acquires Florida Therapy Provider

EmpowerMe Wellness announced the acquisition of Salus Physical Therapy, a Tampa, Florida-based physical therapy provider that serves 45 senior living communities in the state. The acquisition expands EmpowerMe’s reach to more than 450 senior living communities in more than 20 states.

The integrated health care provider offered positions to all 175 Salus employees including therapists and corporate office staff.

Within the last year, the company launched new service lines and received investment from notable silicon valley executive, Jim McKelvey – the co-founder of Square (NYSE:SQ).

Cushman & Wakefield Arranges Four-Community Sale

Real estate service Cushman & Wakefield (NYSE:CWK) announced that its national senior housing capital markets team arranged the sale of a portfolio of four stand-alone memory care communities in the Houston area.

Cushman & Wakefield’s Rick Swartz, Jay Wagner, Aaron Rosenzweig, Jim Dooley and Chris Remeika represented seller Healthcare Trust, with private equity firm McFarlin Group acquiring the portfolio.

The portfolio of communities, which all opened between 2010 and 2012, consists of Addington Place of The Woodland, Addington Place of Cy-Fair, Addington Place of Meyerland, and Addington Place of Clear Lake.

AdventHealth, Ascension Unwind Amita Partnership

AdventHealth and Ascension have split up their Amita Health partnership and divided its 19 hospitals into two separate systems, according to Chicago Tribune.

With the move, Ascension is launching a rebranding campaign for its Illinois-based portfolio named Ascension Illinois. The company also has a new pharmacy brand, Ascension Rx.

Ascension is a national non-profit Catholic health care system with services in 19 states and the District of Columbia including more than 40 senior living communities.

Texas Memory Care Community Changes Hands

Plains Commercial has announced the sale of Richmond Meadows, a memory care community in Texarkana, Texas.

The 40-bed community sold after an extensive marketing campaign, with a regional assisted living and memory care operator serving as the buyer.

Daniel Morris with Plains Commercial handled the transaction.

Financings

BWE Closes $150M in Senior Living

Bellwether Enterprise Real Estate Capital (BWE) announced the closing of five loans that total more than $150 million to finance nine assisted living and memory care communities.

The loans include one with Bridge investment Group Northeast Portfolio for more than $64 million to finance four assisted living and memory care communities. Another transaction includes a $50 million construction loan for the financing of a 133-unit independent living community called Aspire Alexandria.

BWE also provided just under $30 million in refinancing for the 122-unit Pineapple House at Sapphire Lakes in Naples, Florida. The refinancing consists of a $20 million bridge loan and $9 million in property assessed clean energy financing from the U.S. Department of Energy for energy improvements.

BWE additionally provided $7.2 million in refinancing for Paradise Living Centers, which totals three assisted living and memory care communities in Phoenix.