Transactions & Financings: Innovation Senior Living Buys 2 in Florida; Roobrik Receives $3M Angel Investment

Financings

CBIC Provides $17M for AL, SNF Portfolio

CBIC Bank announed that it provided a California lessor with a $17.5 million mortgage facility related to the refinancing of an assisted living and skilled nursing portfolio in Southern California.

The portfolio consists of 180 assisted living units and 100 skilled nursing bed and is run by a local operator with an effective age of 25 years. Historically, the portfolio hovered around 70% occupancy and the EBITDAR margin has been around 13%.

CBIC’s Matthew Tyler and Neal Netzel handled the transaction. 

CBIC Provides $39M for Senior Living Acquisition

CBIC Bank USA announced it provided $39 million for the acquisition of a behavioral assisted living community in Arizona.

The community, which includes 116 units, will retain its property manager which will continue to run the day-to-day operations of the community. That manager is expecting the community to be approximately 90% occupied and to have strong margins, according to a press release.

CBIC’s Fritz Kieckhefer and Kyla Doran handled the transaction for CBIC and Blueprint Healthcare Real Estate Advisors introduced the bank and the sponsor.

Cambridge Provides $10M Loan for AL, Nursing Community

Cambridge Realty Capital Companies announed it provided a $10.4 million HUD lean loan to a dual community campus in Iowa that will be used for refinancing.

The dual-community campus — called The Views of Burlington — is compared of Oakview Nursing and Rehabilitation and Ridgeview Assisted Living located in Burlington, Iowa. Oakview includes 60 skilled nursing beds and Ridgeview includes 42 beds.

Jurassic Capital Invests $3M in Roobrik

Roobrik announed it received a $3 million Series A investment from Jurassic Captial with the hope of accelerating growth.

Roobrik is a solutions technology platform that uses decision science and motivational interviewing as a tool to aid older adults, their families and caregivers to make the best-informed decisions about care and lifestyle.

The Durham, North Carolina-based company plans to use the funding from Jurassic to expand adoption in the senior living industry and to develop additional intellectual property.

Currently, more than 1,300 senior living communities use Roobrik.

D.A. Davidson, Structured Housing Raise $59M

D.A. Davidson Senior Living and Structured Housing announced the closing on $58.6 million in Series 2022 recapitalization for United Methodist Church Obligated Group, a New Jersey-based nonprofit senior living owner/operator.

United Methodist Church Obligated Group will use the funds to refinance existing debt and to fund new capital improvements in addition to providing a cash nest egg.

D.A. Davidson Executes $33M Recap for CCRC

D.A Davidson Senior Living and Structured Housing announced it executed a Series 2022 recapitalization worth $33.9 million for a continuing care retirement community in Madison, Wisconsin.

The community — named Capitol Lakes — is a nonprofit CCRC that will use the cash to refinance existing debt.

Acquisitions

Five-Company Group Buys Acquires in CA

Asland Capital Partners, Fairstead, iimpact Capital, Nuveen Real Estate and Innovative Housing Opportunities (IHO) announed they had come together to acquire a senior living community in California.

The community — called Woodbridge Manor — is a 165-unit age-restricted, affordable age-restricted community in Irvine, California that was built in 1981. The community is open to adults aged 62 years or older who earn up to 60% of the area median income with a cap of just over $59,000 per year.

In addition to the partners in the acquisition, financing was provided by Lument through the Freddie Mac CME program.

For Fairstead — a vertically integrated real estate company — the purchase is added to the nearly 1,000-unit California portfolio. And for Asland, the move represents its first acquisition in the nation’s largest state.

Innovation Acquires 2 Savannah Court Communities

Innovation Senior Living announed it has acquired two assisted living communities in Florida as it continues its plan to add about a dozen properties to its portfolio in the coming years.

The communities — Savannah Court of Lake Wales and Savannah Court of Haines City — have been rebranded to The Club at Lake Wales and The Club at Haines City, respectively.

For both communities, Innovation plans to improve communication notably by adopting electronic health records for the community’s residents.