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Grand Lifestyles Acquires Senior Housing Portfolio Formerly Managed by Pathway in $150M Deal

Grand Lifestyles has acquired a slate of supportive living communities formerly belonging to defunct operator Pathway to Living as part of a $150 million portfolio transaction.

The properties include eight supportive living facilities with a total bed count of 921 beds across the portfolio, all of which are in the greater Chicago metro area. The transaction was made possible by lender Greystone, which provided a two-year bridge loan for the deal and plans to transition the debt into long-term, fixed-rate financing.

Grand Lifestyles plans to offer both supportive living and independent living in the communities, according to the company’s website. The company’s brand umbrella also includes Grand Regency.

Grand Lifestyles now manages a portfolio of 14 independent and supportive living communities across the Chicagoland area. A representative for the senior housing provider was not immediately available to comment on the deal.

All of the newly acquired communities were originally managed by Pathway under the umbrella of its Victory Centre affordable senior housing brand. Under the model, the communities’ rents were based on a percentage of monthly income, and residents could use Medicaid dollars to stay in their units should they run out of personal funds.

The Illinois Department of Healthcare and Family Services (IHFS) licenses and helps fund supportive living communities in the state. Other examples of the program at work can be found in developer Evergreen Real Estate Group’s Ravenswood Senior Living community in Chicago.

Pathway to Living’s future as a company was called into question after real estate firm Waterton transitioned all of the Chicago-based operator’s management agreements to other operators, including Sonata Senior Living. The decision was driven not by operational difficulties, but by a shift in long-term strategy at Waterton, insiders told Senior Housing News earlier this year.

“Waterton is a well-respected owner and management company in many asset classes,” Victory Centre Co-Owner and Pathway Co-Founder Brian Cloch told SHN in April. “Their exit from senior living highlights the difficulty and challenges that senior living operators face, especially in comparison to similar asset classes.”

The post Grand Lifestyles Acquires Senior Housing Portfolio Formerly Managed by Pathway in $150M Deal appeared first on Senior Housing News.

Source: For the full article please visit Senior Housing News

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