Transactions
New York CCRC approved for sale
Harborside, a continuing care retirement community in New York, has been approved for sale by a bankruptcy judge.
Court documents state the community has been acquired by Focus Healthcare Partners LLC. The documents state the community was acquired for a total of $82 million.
Curt Schaller, co-founder and principal of Focus Healthcare Partners, told Senior Housing News the company is aiming for a 60-day close.
The community has had a wide variety of financial woes over the years and was previously set to be sold to LCS.
Legend Senior Living expands with King of Prussia
Legend Senior Living announced it has made a partnership in the ownership and management of Anthology Living in King of Prussia.
The community has been renamed to Revelle King of Prussia, though all current services and amenities are being maintained, a press release states.
A separate press release from Blueprint states the community offers 190 units of independent living, assisted living and memory care services.
With this addition, Legend now owns and operates or operates 65 communities in six states.
Solera Senior Living announced it has acquired Brightview Bethesda Woodmont from Brightview Senior Living.
The eight story assisted living and memory care community will be rebranded as Modena Reserve at Bethesda, a press release states.
The release adds the community will retain its current leadership team.
SRI Management, in partnership with Waypoint Residential, has added The Pointe at Ocean Boulevard to its portfolio.
According to a press release, the community has 160 units of independent living offerings.
The announcement marks SRI Management’s 22nd community in Florida.
Tutera Senior Living announced it acquired Ridgeland Senior Living, an upscale community in Chicago, with the intent to reopen it in early spring.
A press release states the community closed in 2022 and was formerly operated by Alexi Senior Living.
Following the acquisition, Tutera now operates a portfolio of 77 communities across 10 states.
Zett Group closes deal for local operator exit
The Zett Group announced it closed a deal for a local owner and operator to exit the industry in the Boise, Idaho metropolitan area.
The deal consists of closing on a 68-unit assisted living and memory care community.
The community was purchased by a national owner and operator looking to expand their presence in the state.
Legend expands in Oklahoma
Legend Senior Living has expanded its presence in Oklahoma with the acquisition of StoneCreek of Edmond Assisted Living and Memory Care.
According to a press release, the community is now operating under the name Legend of Edmond.
Legend Senior Living now has 17 communities in Oklahoma.
Blueprint sells Texas memory care portfolio
Blueprint announced its involvement in selling a portfolio of three memory care communities in San Antonio, Austin and Fort Worth on Feb. 11.
According to a press release, the portfolio totaled 108 units and featured “all-private units with modern amenities.”
The portfolio was sold to a regional owner and operator looking to expand its footprint beyond the San Antonio market it is based in.
JustLiving Communities announced it welcomed its second community with the acquisition of Wyndemere in Wheaton, Illinois.
A press release states the community was previously owned by a joint venture between LCS and a private equity partner.
LCS will continue to manage the operations of the community.
Onelife Senior Living acquired its 14th community in The Woodlake, an assisted living and memory care community in Sacramento, California on Feb. 11.
According to an announcement in Financial Content, the community consists of 137 units.
Following the acquisition, Onelife now has four communities in California.
ESI sells skilled nursing portfolio
Evans Senior Investments announced it has sold three skilled nursing communities in the greater Akron, Ohio area.
According to a press release, the firm was engaged by the owner and operator to recycle capital.
The portfolio consisted of 249 skilled nursing beds and 161 seniors housing units.
SLIB sells Michigan, Georgia communities
Senior Living Investment Brokerage announced it closed on the sales of Brookside Stone Mountain in Stone Mountain, Georgia and an 88-unit assisted living community in Lansing, Michigan.
A press release states the Georgia community was sold to a Georgia-based owner and operator looking to expand its presence in the state. The community was sold to recycle capital for its Northeast-based owner.
The Michigan community was sold by a healthcare-focused real estate investment trust and was bought by a Michigan-based owner and operator.
Management
Ciel Senior Living assumes management of three HearthStone communities
Ciel Senior Living announced that as of Feb. 1, it is managing three HearthStone communities in Florida.
A press release states the communities include HearthStone of Nona Lakes, HearthStone of Leesburg and HearthStone of Wildwood.
With these new communities, Ciel Senior Living now has a portfolio consisting of 1,700 senior living units across nine states.
Financings
MonticelloAM arranges $115M bridge financing
MonticelloAM LLC, a multifamily and seniors housing bridge lending platform, announced it arranged $115 million for a portfolio of assisted living and memory care communities in Long Island, New York.
A press release states the client intends to use the financing to acquire additional communities and expand services across its existing portfolio.
The transaction carries a 36-month initial term with two six-month extension options, the release states.
BWE secures $20M for Minneapolis active adult development
BWE, a commercial and multifamily mortgage banking company, announced on Feb. 14 it secured a $20 million loan to provide permanent financing for Lake Place.
The 110-unit luxury active adult community is located in Chanhassen, Minnesota, part of the Minneapolis metro area.
A press release states the loan has a “10-year term with a 35-year amortization period and five years of interest-only payments and was secured to close out a high-interest rate floating rate construction loan.”
CFG closes on $10M acquisition financing
Capital Funding Group announced it closed on a $9.95 million subordinate loan on behalf of Silverado Senior Living to acquire two communities.
A press release states Silverado managed both communities prior to the acquisition.
