Senior Living Dealbook: LTC Completes $160M Acquisition; NHI Invests $107.7M in SHOP Expansion 

Transactions

LTC completes $160M acquisition

LTC Properties (NYSE: LTC) is accelerating its senior housing investment strategy with a $160 million acquisition and divesting two non-senior housing operating portfolio portfolios.

The three communities included with the acquisition include one community in Florida that will be operated by Charter Senior Living and two communities in Virginia and Maryland to be operated by IntegraCare, according to a press release.

The three communities add 270 units to the real estate investment trust’s portfolio. The acquisition was completed with the divesture three triple-net skilled nursing centers and 17 triple-net seniors housing communities, generating $260 million in gross proceeds, the release states.

NHI invests $107.7M in SHOP expansion

National Health Investors (NYSE: NHI) announced it has invested $107.7 million to expand its senior housing portfolio by acquiring six communities.

The properties add 443 units in Kentucky, Michigan and Tennessee to the real estate investment trust’s senior housing operating portfolio, and it plans to invest another investment of $2.3 million during the first year, according to a press release.

The communities will be managed by Allegro Living Management, an affiliate of Allegro Living, the release states.

NHI has $164.3 million of investment opportunities under signed letters of intent, and is “evaluating a pipeline of approximately $285 million in investments which include senior housing, sale-leasebacks and loans with purchase options primarily for senior housing properties,” the release states.

Cardinal Senior Living expands Ohio footprint

Cardinal Senior Living has acquired three communities in Ohio, with two in the greater Akron area and one in Mentor.

Following the acquisitions, Cardinal now has six communities in the state.

“Ohio continues to be an important growth market for Cardinal,” Joe Pohlen, CEO and co-founder of Cardinal Senior Living, said in a press release. “These are established communities with strong teams and a history of serving their residents well. Our responsibility is to build on what is already working, invest where we can make the communities stronger, and provide the operational support and resources necessary for them to succeed for the long term.”

Three-property portfolio sold in Michigan

The Knapp-Stahler Group announced it sold a three-property assisted living and memory care portfolio in Hillsdale and Coldwater, Michigan.

Drew’s Place includes five buildings totaling approximately 100 units and beds across three campuses, all located within a 30-mile radius of one another, a press release states. The property was family owned.

The communities “feature private accommodations with in-suite bathrooms, strong local reputations and long-standing occupancy levels that have historically ranged from the low-80% to 90% across the portfolio,” the release states.

Local New York operator sells assisted living community

Senior Living Investment Brokerage facilitated the sale of an assisted living community comprised of 144 units and a 205-bed capacity in Rochester, New York.

The privately owned property was built in 1974 and occupancy was 81% at the time of marketing, according to a press release.

The community was sold by a local owner-operator, and the buyer is a private real estate development company, according to the release.

110-unit community trades hands in New Mexico

Senior Living Investment Brokerage was involved in the sale of a 110-unit independent living, assisted living and memory care community in Rio Rancho, New Mexico.

The community was sold by a Hong Kong-based conglomerate to an Albuquerque-based operator of senior living communities in New Mexico, a press release states.

Vince Viverito, Jason Punzel, Jake Anderson and Taylor Graham of Senior Living Investment Brokerage handled the transaction, according to the release.

21-acre property under new ownership

Senior Living Investment Brokerage facilitated the sale of The Renaissance, a premier 21-acre senior living campus located in Due West, South Carolina.

The property was transitioned from senior living to student and faculty housing, according to a press release.

The seller was a Southeast-based owner-operator, while the buyer, Erskine College, plans to utilize the property to address the college’s long-term housing needs for students, faculty and staff, according to the release.

Financings

JLL arranges $276M refinancing

JLL Capital Markets arranged $276 million in refinancing for Vivante Newport Center and Vivante Newport Mesa, a two-property senior housing portfolio in the Newport Beach, California metro area.

JLL worked on behalf of the borrower, an affiliate of Nexus Development, to secure two loans, a press release states.

JLL’s aebt Advisory team representing the borrower was led by Senior Managing Director Greg Brown and assisted by Senior Managing Director Aaron Rosenzweig, according to the release.