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Transactions & Financings: BHI, Covenant Living Acquire Troubled CCRCs

Senior Quality Lifestyles acquires Indiana CCRC for $61M

Cushman & Wakefield arranged the $61 million sale of Barrington of Carmel, a 267-unit continuing care retirement community in the Indianapolis suburb of Carmel, Indiana.

Cushman & Wakefield Senior Housing team of Allen McMurtry, David Kliewer and Paul Carr represented an affiliate of Addison, Texas-based Senior Quality Lifestyles Corporation (SQLC) in the disposition. Prairie Landing Community, an affiliate of Indianapolis-based BHI Senior Living, acquired the property through a bankruptcy process.

Covenant Living Communities acquires Oklahoma CCRC for $41M

Covenant Living Communities and Services acquired Inverness Village, a continuing care retirement community in Tulsa, Oklahoma. The sale price was $41 million.

Skokie, Illinois-based Covenant received approval to purchase from the Northern District of Oklahoma U.S. Bankruptcy Court. Inverness Village offers residential living, assisted living, skilled nursing, memory care with 287 residents and 205 employees. All employees will remain on the job and in their current position. The acquisition makes Inverness Village the 13th CCRC owned and operated by Covenant Living.

CIT arranges $27.2M for Texas assisted living facilities

CIT Group (NYSE: CIT) was the sole lead arranger for a $27.2 million financing package for two assisted living facilities near San Antonio, Texas and Austin, Texas.

The borrower, a joint venture between Harrison Street and Franklin Development Partners, is using the loan proceeds to refinance existing debt and cover closing costs on the assisted living facilities. The communities total 154 units.

Bellwether Enterprises Arranges $10M refinancing for Texas senior apartments

Bellwether Enterprises Senior Vice President Kevin Bowen arranged a $10.2 million refinancing package for Crystal Creek Park Apartments, a 202-unit affordable senior housing development in Port Arthur, Texas. The loan was a 10-year Freddie Mac Immediate Targeted Affordable Housing loan and will be used to help keep 80% of the units locked to seniors who make up to 60% area median income (AMI).

The refinancing was part of $80 million in loans Bowen arranged for three affordable housing properties in Texas.

Schonberg Care Acquires Louisiana Assisted Living Facility

Schonberg Care acquired St. Magaret’s at Belleville Assisted Living, a 53-unit assisted living and memory care community in New Orleans. The community has been renamed to The Suites at Algiers Point in reverence to the historic neighborhood in which it is located.

Schonberg Care recently completed a million-dollar renovation that included design changes, updates and renovations at the community after gathering feedback from staff, residents and their families.

The post Transactions & Financings: BHI, Covenant Living Acquire Troubled CCRCs appeared first on Senior Housing News.

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