Transactions & Financings: Sienna, Sabra Ready 11-Property Portfolio Deal; Trustwell Living Buys First Community


Sienna, Sabra Finalize Deal to Buy 11 Canadian Communities

Sienna Senior Living (TSX: SIA) announced it has with Sabra Health Care REIT finalized the acquisition from Extendicare (TSX: EXE.TO) of a 50% ownership stake in a portfolio of 11 senior living communities located throughout the Canadian provinces of Ontario and Saskatchewan.

The 11 communities have 1,048 combined private pay units and were at 87.5% occupancy through April 2022.

Sienna’s purchase price in the acquisition is set at $153.75 million. Sienna expects the new portfolio will generate about a 6% yield in the first 12 months following the transaction’s closing.


Trustwell Living Acquires First Community

Trustwell Living announced that it has acquired a 67-unit senior living community in Springfield, Illinois, its first senior living community.

Trustwell plans to launch significant capital improvements to the community, including updates to common areas, apartments and the addition of a memory care neighborhood. Renovations are slated to begin this summer.

Former Capital Senior Living CEO Larry Cohen and a handful of his former colleagues formed the operator in 2021 with plans to reach the middle market by acquiring older communities and improving them.



Cambridge Realty Closes $7.4M Refinance Loan

Cambridge Realty Capital Companies announced it has recently closed on a $7.44 million HUD-insured loan for one of its communities.

Located in Springfield, Illinois, the community – named the Springfield Supportive Living Center – has 127 beds and provides supportive and assisted living services.

LTC Closes $36M for Four-Property Portfolio

LTC Properties (NYSE: LTC) announced a $36 million investment for the refinancing of debt on four communities as well as a land parcel.

The four communities, all of which are assisted living assets located in North Carolina, have a combined 217 units and are operated by an existing LTC partner. The land parcel, located next to one of the communities, is 7.6 acres in size and is being held for a future senior living community.


SLIB Facilitates Sale of Two Communities

Senior Living Investment Brokerage announced it facilitated the sale of an assisted living and memory care portfolio consisting of two communities located in Georgia.

Together, The Fountains of Cartersville and The Fountains of Calhoun combine for 127 assisted living units and 175 memory care beds in Cartersville and Calhoun, Georgia, respectively.

At the time of closing, the Calhoun property was close to occupancy stabilization and the Cartersville property had been at least 95% occupied throughout the prior quarter.

A private real estate investment trust (REIT) and a regional operator partnered to buy the properties from a private owner/operator.

Bradley Clousingt and Daniel Garagthy handled the transaction for SLIB.

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