Transactions & Financings: Proveer Buys Vitality Community; Ziegler Assists IHC Purchase

Acquisitions

Strawberry Fields REIT Agrees to 24-Facility Purchase

Strawberry Fields REIT announced that it has entered into a purchase and sale agreement with an unaffiliated seller for 24 health care facilities, all of which are located in Indiana. The facilities are comprised of 19 skilled nursing facilities and five assisted living communities.

The portfolio is currently under a master lease agreement to a group of tenants that are affiliated with two of Strawberry’s directors, Moishe Gubin and Michael Blisko. Under the lease, tenants pay annual first-year rent of $9.5 million.

The deal is expected to be finalized in August, but all parties must clear hurdles before closing.

Proveer Senior Living Acquires in Alabama

Proveer Senior Living announced it acquired an Alabama-based senior living community, marking its fifth community in the state and second in the Mobile market.

The community is a 90-unit community with 70 AL units and 20 memory care units. It was previously marketed as Vitality Living Regency but has been rebranded as Proveer at Port City.

Proveer is underway with a comprehensive overhauled of the community that will include among other things new flooring, fresh paint, new furniture and a refreshed exterior look.

Sales

Blueprint Facilitates Proveer, Vitality Deal

Blueprint Healthcare Real Estate Advisors announced it facilitate the sale of Vitality Living Regency, a Mobile, Alabama-based assisted living and memory care community.

The community struggled in the post–Covid-19 landscape and the seller saw it as a geographic outlier. Prior to the pandemic, the community has 95% occupancy and near-stable margins.

For the buyer – Proveer Senior Living – this is the fourth Alabama-based senior living that Blueprint has sold to Proveer in the last six months.

Ziegler Advises Marquee Capital on Sale

Senior living-focused investment bank Ziegler announced it acted as the exclusive advisor to Marquee Capital on its recent sale of a senior living community located in Mequon, Wisconsin.

Inspired Healthcare Capital bought the community and its affiliate management brand, Volante Senior Living, took over operations last month.

The community – called Terova Senior Living – is a 101-unit community that Marquee renovated during the Covid-19 pandemic.

Financings

Berkadia Secures Financing for $16M Legend Purchase

Berkadia announced it has secured $1674 million in acquisition financing via Fannie Mae for a senior living community in Broken Arrow, Oklahoma.

The community – called Prarie Place – is a 105-unit assisted living and memory care community that is being purchased by Wichita, Kansas-based Legend Senior Living.

Berkadia’s Chris Cain and Rafael Nobo handled the deal for Berkadia Seniors Housing & Healthcare.