Transactions and Financings: Ballard Spahr, Lane Powell Combine; Vantage Senior Care Acquires Six Communities

Transactions

Ballard Spahr, Lane Powell combine

Firms Ballard Spahr and Lane Powell agreed to a combination effective Jan. 1, 2025.

According to a press release, the combined firm will be called Ballard Spahr and have more than 750 attorneys in 18 states.

The combination allows Ballard Spahr to expand its footprint into the Pacific Northwest, with new offices in Anchorage, Portland and Seattle.

Vantage Senior Care acquires six communities

Vantage Senior Care announced it has acquired and rebranded six communities across Illinois.

The communities include Manor at Craig Farms, Manor at Mason Woods, Manor at Salem Woods, Jerseyville Estates, Carlinville Cottages and Cottages at Salem.

“The acquisition and rebranding of these communities reflect our commitment to providing exceptional care and fostering vibrant living environments for our residents. By bringing these facilities under the High Point Residence banner, we aim to ensure consistency in quality and service across all our locations,” David Lalowski, vice president of business development at Vantage Senior Care, said in the release.

Pinnacle Living acquires two Virginia communities

Not-for-profit Pinnacle Living announced it acquired two Richmond, Virginia communities on Sept. 16.

According to a press release, the communities include Spring Arbor of Richmond, now Hermitage Deep Run, and Spring Arbor Cottages of Richmond, now Hermitage Three Chopt.

Pinnacle Living assumed operations of the communities on Sept. 9. The organization now has six communities across the state.

SLIB closes on assisted living community

Senior Living Investment Brokerage announced it facilitated the sale of Tapestry House Assisted Living in Alpharetta, Georgia on Sept. 6.

According to a press release, the 94-unit community was initially built in 1996.

The release states the seller, Insignia Senior Living, successfully exited their last US-based senior living asset with the transaction, and the buyer is looking to expand their skilled nursing and assisted living portfolio in Georgia.

ESI sells Pennsylvania CCRC

Evans Senior Investments announced it sold The Patriot, a Somerset, Pennsylvania continuing care retirement community on Sept. 11.

According to a press release, the transaction was completed on behalf of a nonprofit organization.

The sale was caused by financial pressures eventually leading to defaulting on its bond debt, which triggered a Section 363 bankruptcy process, the release states.

SLIB sells 133-unit community

Senior Living Investment Brokerage facilitated the sale of a 133-unit community in Suwanee, Georgia on Aug. 25.

According to a press release, the property is in the Atlanta metropolitan area and sits on 7.85 acres of land.

The community’s seller was an institutional fund that had purchased the asset as part of a portfolio transaction. The buyer is an age-restricted multi-family owner/operator that intends to reduce acuity and re-purpose the asset as age-restricted apartments, according to the release.

Financing

EBSC arranges $31.2M in construction financings

EBSC Lending announced it arranged $31.2 million in construction financing for a new senior living community in Los Angeles.

According to a press release, the community will offer a total of 198 catered living, assisted living and memory care units in three buildings spread over an 7.86-acre campus, and features gourmet restaurant-style dining, boutique hotel décor and a variety of luxury amenities.

The borrower operates senior living facilities in the southeastern United States with a primary focus in Florida, the release states.

Capital Funding Group closes on $54M in multiple deals

Capital Funding Group closed on more than $54 million across six transactions from July to mid-August.

According to a press release, the financing was used to support skilled nursing communities across the country.

The transactions follow a recent announcement from CFG regarding the closing of a $185 million construction loan on behalf of Erickson Senior Living.