Transactions and Financings: IRA Capital Acquires 140-Unit Community; Ziegler Closes on $76.9M Bond Series for LPC 


IRA Capital acquires $41M, 140-unit community

IRA Capital, a private equity firm, announced that on Dec. 21 it had acquired the 140-unit San Clemente Villas by the Sea.

According to a press release, the acquisition cost $41 million, and IRA Capital plans to invest additional capital to “elevate the senior living experience” at the community.

IRA Capital has engaged MBK Senior Living to oversee the operations and capital improvement plan of Clemente Villas by the Sea.


Asbury Communities acquires two communities

Asbury Communities announced it has acquired two independent living, assisted living and memory care communities.

With the acquisition of Grace Park in Stroudsburg, Pennsylvania and Ivy Gables in Wilmington, Delaware, it brings Asbury Communities portfolio to 11.

“The past several years have seen a marked increase in the number of senior living organizations seeking to partner and collaborate. Smart growth helps us strengthen financial sustainability for this critical industry by creating operational efficiencies and enhancing the quality and breadth of our services,” Asbury President and CEO Doug Leidig said in a press release.



SLIB facilitates sale of 491-bed skilled nursing portfolio

Senior Living Investment Brokerage facilitated the sale of the Lancaster Portfolio on Jan. 2.

The portfolio consists of three skilled nursing communities totaling 491 beds.

The seller was a privately owned, family run company looking to exit the industry. The buyer was Alta Rehab based out of Lincolnwood, Illinois.


JLL Capital Markets arranges acquisition financing for three properties

JLL Capital Markets announced on Jan. 2 that it arranged the acquisition financing of three independent living, assisted living and memory care communities in the Minneapolis-St. Paul metropolitan area.

The three community portfolio consists of The Waters of Edina, The Waters of Plymouth and The Waters on 50th, consisting of 321 units.

JLL Capital Markets represented the borrower, who is an affiliate of The Inland Real Estate Group of Companies.

Carnegie Capital closes on financing for 120-unit in DFW metro

Carnegie Capital closed on an $8 million loan for a 120-unit assisted living, memory care and skilled nursing community in the Dallas-Fort Worth metro.

The closing was completed through a joint venture with Evans Senior Investment.

The borrower plans to spend $9 million to convert 60 skilled nursing beds into 30 additional assisted living and memory care units.

BWE secures $26 million for four communities

BWE, a commercial and multifamily mortgage banking company, closed on four financings totaling $26 million on Jan. 3.

The loans will be used to refinance, build and preserve the communities.

The four communities include Palm Court Senior Independent Living in California, Branches of North Attleboro in Massachusetts, HOPE Senior Village in Ohio and Amelia Village in Florida.

Ziegler closes on $76.9 million for Virginia life plan community

Ziegler announced it had closed on $76.9 million in bonds for life plan community Williamsburg Landing.

The community consists of 317 independent living apartments, 73 assisted living units, 36 memory care units and 58 health and rehabilitation units.

The bonds will be used to fund an expansion for the community, adding 27 homes, 12 apartments and a community center.


United Church Homes Management assumes management of six communities

United Church Homes Management has become the managing organization for six of St. Mary Development Corporation’s communities following a Jan. 1 agreement.

The communities include Hoover Cottages, Lofts at Hoover, Lyons Place I, Lyons II, McBride Place and Twin Towers Place, all located in Dayton, Ohio.

United Church Homes Management has five communities of its own in the Dayton area.

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