The parent company of senior living platform Anthology Senior Living is facing a handful of challenges, including a pending eviction from its Chicago headquarters reportedly in connection with an ongoing cash crunch.
That’s according to real estate news publication The Real Deal. The lawsuits include one filed by the landlord of its Chicago headquarters detailing unpaid rent and another related to nonpayment in a deal with another company to rent a luxury box at the United Center. The company also is facing lawsuits in connection with a move earlier this year to seek financing from a handful of individual donors, The Real Deal also reported.
Representatives for neither CA Ventures or Anthology Senior Living were immediately available to respond to requests for comment from Senior Housing News Monday.
It’s unclear what is causing CA Ventures’ difficulties, but it may have to do with an $85 million loan from multifamily lender MF1 the company in 2021, according to The Real Deal. The company used three senior housing communities as collateral and inked the deal not long before The Federal Reserve started raising interest rates to combat U.S. inflation.
Debt service payments have sharply climbed since then — a not-infrequent problem across the senior living industry in 2023 — while the operational health of the three communities used as collateral has declined, according to The Real Deal.
CA Ventures CIO John Diedrich told The Real Deal that the company had a large capital transaction that was set for the end of July but did not close.
“We’re in the process of closing a couple of alternative transactions, in-place of the previously planned transaction, and expect to have these notes and matters paid off shortly,” he told the news publication.
All told, CA Ventures has a gross asset value of more than $15 billion, according to its website. On the senior housing side, the company through Anthology Senior Living operates 46 communities across 16 states.
In late 2022, Justin Dickinson left Waterton and Pathway to Living to rejoin Anthology Senior Living as president. He left Anthology in June of this year.
Dickinson previously spent five years with CA Ventures as senior vice president handling senior housing acquisitions and investments.
CA Ventures launched Anthology Senior Living in 2018 and initially laid out aggressive growth plans for the company. During the pandemic, the Anthology platform focused on communities where residents can access to the full continuum of senior living services. The company’s past partners have included Harrison Street, also headquartered in Chicago.