NORTH STRABANE TOWNSHIP, PA. — HJ Sims has arranged $29.3 million in financing for the development of Encore on the Lake, an 80-unit independent living community in North Strabane Township, approximately 20 miles southwest of Pittsburgh. Presbyterian Senior Care (PSC) is developing the four-story community, which will target middle-income residents. Partners on the project include Senior Housing Partners, a subsidiary of Presbyterian Homes & Services. The financing comprises $26 million of senior debt financing from First National with a 28-year maturity and $3.3 million of supplemental financing from Washington Financial with a 10-year maturity.
CHICAGO AND BRENTWOOD, TENN. — Ventas, a Chicago-based REIT, has restructured its master lease with Brookdale in response to the challenges presented by the COVID-19 pandemic. Ventas owns 120 Brookdale-managed communities totaling 10,174 units. As part of the restructuring, Brookdale sold five communities that it both owned and operated to Ventas. Brentwood-based Brookdale will continue to operate those properties. Terms of the agreement include a reduction in rents totaling $500 million over the remaining lease term, which ends Dec. 31, 2025. Brookdale surrendered its $47 million security deposit and agrees to pay $115 million in cash to Ventas. In addition, Brookdale issued a $45 million unsecured, interest-only, pre-payable note to Ventas, with an initial interest rate of 9 percent per annum and maturing at the same time as the lease expiration. Lastly, Brookdale issued 16.3 million shares of its stock to Ventas at a value of $3 per share. The transaction represents approximately 8 percent of all Brookdale shares. Centerview Partners served as financial advisor to Ventas. Wachtell, Lipton, Rosen & Katz and Barack Ferrazzano Kirschbaum & Nagelberg LLP are serving as legal counsel to Ventas.
KERRVILLE, TEXAS — Blueprint Healthcare Real Estate Advisors has negotiated the sale of a 150-bed skilled nursing facility in Kerrville, approximately 65 miles northwest of San Antonio. The property was built in 2006. A private investor bought the asset and contracted with a Texas-based operator as the tenant. The seller and sales price were not disclosed.
ROCHESTER, N.Y. — Blueprint Healthcare Real Estate Advisors has arranged the sale of The Shire Senior Living, a community located in the Upstate New York city of Rochester. The community features 200 beds of assisted living, as well as 42 standard apartment units. Ardent Senior Living sold the property to a New York-based owner-operator for an undisclosed price.
SUGAR LAND, TEXAS — Gardner Capital has completed construction of Gala at Four Corners, a 93-unit active adult community in the southwestern Houston suburb of Sugar Land. Gardner Capital developed Provision at Gala at Four Corners with the city of Sugar Land, partnering with RBC Capital Markets and the Fort Bend Housing Finance Corp. GCRE Construction was the general contractor for the project. Houston-based Allied Orion Group will manage the community.
SALEM, ORE. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 190-unit seniors housing campus in Salem. The community features 94 independent living apartments, 22 cottages and 72 assisted living units. At the time it was put on the market, the property generated a 30 percent profit margin and was still 94 percent occupied despite the pandemic, according to Blueprint. The seller was an ownership group finalizing its exit from seniors housing. The buyer was a local owner-operator with two other communities within a mile of the property. The price was not disclosed.
FORT WASHINGTON, PA. — Ziegler has arranged $199.4 million in bond financing for Acts Retirement-Life Communities, a seniors housing owner-operator based in Fort Washington, Pa. Acts is the country’s third-largest nonprofit seniors housing operator in the country with a portfolio of 26 communities in nine states totaling 9,671 total units. The portfolio involved in this specific financing includes 20 communities in seven states, with eight locations in Pennsylvania, four locations in Florida, three locations in Delaware, two locations in North Carolina, one location in South Carolina, one location in Georgia and one location in Alabama. The bond issue includes $115.1 million in tax-exempt bonds issued through the Public Finance Authority (Wisconsin), Palm Beach County Health Facilities Authority (Florida) and the Montgomery County Industrial Development Authority (Pennsylvania). The remaining $84.3 million in taxable bonds were issued through the Montgomery County Industrial Development Authority (Pennsylvania). The proceeds of the bonds will be used to finance or refinance costs associated with the 20 communities, while refinancing bonds from 2012 and two revolving lines of credit from Bank of America and Truist.
MOUNT SINAI, N.Y. — Seniors housing developer and operator Engel Burman has opened The Bristal at Mount Sinai, a 120-unit assisted living community in the Long Island hamlet of Mount Sinai. The Bristal at Mount Sinai has 76 assisted living apartments and 44 additional apartments for memory care. Monthly rents begin at $5,200 for assisted living and $8,400 for memory care. This is the 20th Bristal-branded community, with 15 of those located on Long Island.
COLLEGE STATION, TEXAS — Oldham Goodwin Group has opened The Huntington at College Station, a 120-unit affordable seniors housing community in Central Texas. The property spans five acres and offers proximity to Baylor Scott & White Medical Center and the newly developed Midtown City Center mixed-use destination, as well as Texas A&M University. Units at The Huntington feature Whirlpool appliances, vinyl flooring and individual washers and dryers. Amenities include a clubroom with a kitchen area, resident library, business center, arts and crafts room, fitness center, putting green, bocce and pickleball courts and access to walking trails. Construction began in June 2019.
MINEOLA, TEXAS — Senior Living Investment Brokerage (SLIB) has arranged the sale of Wood Memorial Nursing Home in Mineola, approximately midway between Dallas and Shreveport, La. An owner-operator based in Central Texas sold the property to a Texas-based regional owner-operator for $7.4 million. The skilled nursing facility was built in 1964 and features 115 total beds. Matthew Alley arranged the transaction for SLIB.