Ziegler Closes $212.9M financing
Chicago, Ill.-based investment bank Ziegler announced the successful closing of Seafields at Kiawah Island’s $212.93 million series 2023 bonds.
The community will be a licensed continuing care retirement community and is planned to include 90 IL units and 16 AL units. Amenities include full-service dining, bar, bistro, outdoor infinity pool, fitness center, yoga, salon, physical therapy, a wellness center, theater and various multipurpose rooms.
Berkadia secures $14.4M in financing for CO. memory care community
Berkadia announced the financing of a 72-bed memory care community in Colorado Springs, Colorado.
The $14.4 bridge loan was secured to retire the existing construction debt and transactions costs for the community that struggled in the wake of the Covid-19 pandemic.
Senior Living Development closes $20M loan
Senior Living Development closed a $20 million loan to fund the company’s second middle market AL community.
The latest KindCare community will house 124 units in a three-story building in Naugatuck, Connecticut. The community will build on the company’s success with its first KindCare location in Bristol, set to open later this month.
As a brand, KindCare is expected to expand its communities over the “next several years,” a news release from the transaction states.
SLIB facilitates sale of Oregon community
Senior Living Investment Brokerage (SLIB) facilitated the sale of a memory care community in Portland, Oregon.
Built in 2010, the community was renovated in 2013. The property is 16,300-square feet and is situated on approximately 2-acres. The seller is a real estate investment trust (REIT) and the buyer is a local owner-operator.
The buyer plans to spend money on capital improvements and focus on improving occupancy and operations.
Jason Punzel, Brad Goodsell and Vince Viverito of SLIB oversaw the transaction.
National Church Residences acquires home health company
National Church Residences announced a new partnership with the acquisition of At Your Door Visiting Healthcare Services.
The acquisition is a “major step” for the organization aiming to serve 100,000 older adults by 2030, National Church Residences said in a news release.
At Your Door provides primary care, in-home medical services to residents.
Managements and Partnerships
Insight Senior Living partners with AI firm
Insight Senior Living and Smilefish announced a partnership to use artificial intelligence to drive senior living innovation.
The organizations aim to jointly develop new AI-based technology to “accelerate care innovation and long-term care and residential settings,” according to a news release announcing the partnership.
The partnership is already bearing fruit, with the organizations announcing the successful creation of a consolidated data environment that integrates millions of unique records within its pilot community in real-time.
The organizations are also finalizing the development of a range of services that will offer operators and asset managers the opportunity to own their data strategy and operating tools to foster innovation, control and improved staff and resident outcomes.
Insight Senior Living and Link Senior Development recently announced plans aimed at strategic growth in several Western markets. You can read SHN’s past coverage here.
RUI extends Welltower partnership for luxury brand
Virginia-based Retirement Unlimited recently extended its partnership with Welltower (NYSE: WELL) in assuming management of two communities, Elance at Old Town Alexandria and Elance at Boynton Beach.
Both communities will now be part of RUI’s Elance luxury senior living brand, and marks RUI’s accumulation of six communities to its portfolio since the start of this year. This brings the company’s footprint to 26 communities across the East Coast.
Read more from SHN about the partnership between Welltower and RUI here.