Transactions
Thrive Senior Living expands into Chattanooga
Thrive Senior Living has expanded into Chattanooga, Tennessee with the addition of Rockbridge Oaks Senior Living.
The community features 24-hour staffing and restaurant-style dining, along with amenities including a theatre, library, art studio, landscaped courtyard, dog park, hair and nail salon, massage services and hydration offerings, according to a press release.
“Rockbridge Oaks embodies the same values that define our company: purpose, stewardship and a deep belief in the value and potential of each person we have the opportunity to touch,” Sebby Kannukkaden, Thrive president and CFO said in the release.
BH Group acquires two Blackstone properties
BH Group has tapped Gold Standard of Care to lead a joint venture to acquire two Blackstone properties in Florida.
Gold Standard of Care will lead the partnership and execute the redevelopment strategy for the communities in Aventura and Boca Raton, a press release states.
“These communities represent the best of what Florida’s senior living market will have to offer, and we’re excited to unlock their full potential through thoughtful repositioning and operational excellence,” a spokesperson for Gold Standard of Care said in the release.
Middle Street Partners acquires active adult community
Middle Street Partners and Parse Capital acquired Outlook Hamilton in Hamilton County, Indiana, the second active adult community it has closed on this year.
“We’re excited about our recent acquisitions and the continued opportunities emerging in the active adult sector,” Chris McGuffin, Middle Street Partners’ managing director, said in a press release.
In July, the investment and development company closed on Elate Royal Oaks in Houston.
Blueprint markets, closes on Oregon community
Blueprint was engaged by an institutional private equity client to market a 120-unit community in Ashland, Oregon.
The community was built in the late 1990s and had a history of “near-stable operations and consistent occupancy,” according to a press release.
An Oregon-based owner-operator with a presence in the region was selected as the buyer, the release states.
Unbridled Living announces Dallas acquisition
Unbridled Living announced it acquired The Reserve at North Dallas, a 273-unit independent living and assisted living community.
The transaction was financed with ArrowMark Partners, according to a press release.
This is Unbridled Living’s second transaction this year and the first investment made with its $100 million fund with Providence Capital Group, the release states.
Berkadia sells Florida community
Berkadia sold a 156-unit independent living, assisted living and memory care campus in Central Florida.
The community was sold by a Tampa-based real estate investment group and purchased by a Florida-based family office with an established in-house operator, according to a press release.
Senior Director Brooks Minford of Berkadia Seniors Housing and Healthcare closed the transaction.
Blueprint closes on partially developed community
Blueprint closed on the sale of a partially completed senior living community in Pearland, Texas.
The community was originally envisioned as a 198-unit community with independent living, assisted living and memory care services and was 60% completed before development stalled, a press release states.
The community was bought by Moody National Companies, a Houston-based developer, the release states.
Lument closes on $140M sale
Lument Securities sold four long-term care communities with a total of 511 beds for $140 million.
The communities were sold to Marx Development Group, with its subsidiary Majestic Care taking over operations at the communities, a press release states.
MDG was selected due to its “strong track record, in-house operator Majestic Care and ability to serve as a vertically integrated developer with the expertise and capital to construct new communities,” according to the release.
Partnerships
Grace Management takes on five Ventas communities
Grace Management expanded its relationship with Ventas (NYSE: VTR) by transitioning five communities to its portfolio.
Among the communities are The Hallmark, formerly Brookdale Lake Shore Drive, in Chicago; Inspirations of Northbrook, formerly Brookdale Northbrook, in Northbrook, Illinois; Inspirations of Mesa, formerly Brookdale Springs Mesa, in Mesa, Arizona; Inspirations of Peoria, formerly Brookdale Peoria in Peoria, Arizona; and Inspirations of Bartlesville, formerly Brookdale Bartlesville South, in Bartlesville, Oklahoma, a press release states.
Following the transitions, Grace Management’s portfolio now consists of 77 communities across 23 states.
Financings
Ziegler closes $600M financing
Ziegler priced $600 million in bond financing on behalf of Horizon House, set to close in December.
The financing will be used for the operator’s 33-story independent living high-rise consisting of 202 independent living apartments, as well as significant reinvestment throughout the Horizon House campus, a press release states.
The tower will replace the community’s existing west wing that was built in the 1980s.
CFG closes $351 million across 12 deals
Capital Funding Group financed more than $350.9 million across 12 transactions from mid-September to the end of October.
The transactions supported 25 skilled nursing facilities and one mixed skilled nursing and assisted living facility across Maryland, New York, South Carolina, Texas, New Jersey, Washington, Georgia, Tennessee and Missouri, a press release states.
The largest of the transactions was a $137 million bridge loan for the acquisition of eight skilled nursing facilities, the release states.
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