Senior Living Dealbook: Priority Life Care Acquires Seven Communities; Janus Living Increases Credit to $1.25B

Transactions

Priority Life Care’s new chapter with seven acquisitions

Priority Life Care and its capital partner Almanac announced the acquisition of seven senior living communities across Pennsylvania.

While some of the communities are new to PLC, the operator has worked with others in the past, according to a LinkedIn post from CEO Sevy Petras.

“That’s what excites me most about this partnership with Almanac — what we can do together,” Petras wrote.

Cincinnati community trades hands

Blueprint advised on the sale of a 153-unit independent living community in Cincinnati, Ohio.

The transaction was “conducted through a quiet, highly targeted marketing process designed to preserve operational stability, protect resident and employee confidence and engage only a select group of qualified investors with demonstrated experience in seniors housing,” according to a press release.

The community was acquired by a Chicagoland-based owner-operator, according to the release.

ESI arranges $200M sale

Evans Senior Investments completed the sale of a four-property, 453-unit senior living portfolio for $200 million.

Each community was purpose-built between 2015 and 2019, offering independent living, assisted living and memory care, with an enhanced care component, according to a press release.

The portfolio was purchased by a publicly traded healthcare real estate investment trust alongside a Minnesota-based operator with an established Twin Cities presence, the release states.

Financings

Janus Living closes on $1.25B credit facility

Janus Living (NYSE: JAN), a real estate investment trust, has closed on a $1.25 billion unsecured revolving credit facility.

The credit facility “increases the existing total commitments from $600 million to $1.25 billion by increasing the revolving commitments by $750 million and terminating the prior $100 million unsecured delayed-draw term loan,” a press release states.

The facility matures in March 2030 and may be extended with two six-month extension options, the release states.

$30M secured for affordable living

Walker & Dunlop closed on $30 million in Low-Income Housing Tax Credit as part of KCG Companies’ Avanti Hills, a 260-unit affordable senior housing community under development in Mesquite, Texas.

Walker & Dunlop Affordable Housing Equity provided LIHTC equity as part of the $78.5 million project, according to a press release.

The new construction community will feature 260 affordable apartment homes for adults aged 55 and older.

Management

Embrace Living Communities expands reach

Embrace Living Communities has expanded its reach through assuming management of Brementowne Manor Senior Apartments.

The property is owned by Brementowne Manor, Inc., a faith-based nonprofit organization dedicated to providing exceptional, affordable housing to low-income senior citizens and to those with disabilities, a press release states.

“This is an exciting step forward for Embrace Living Communities and reflects our commitment to growing thoughtfully and with purpose,” Wayne Foley, president and CEO of Embrace Living Communities, said in the release. “As we grow, we remain focused on what has guided Embrace for more than 130 years: strong communities, meaningful relationships and putting residents at the center of everything we do.”