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Transactions & Financings: Covenant Living Acquires CCRC From Bankruptcy; Legacy Senior Living Expands

The District of New Hampshire U.S. Bankruptcy Court approved Covenant Living’s purchase of Hillside Village Keene, a continuing care retirement community in Keene, New Hampshire.

Hillside Village becomes the 15th CCRC that Covenant — a Skokie, Illinois-based nonprofit — owns and operates.

Following significant occupancy challenges due to the Covid pandemic, Hillside ultimately filed for a bankruptcy sale in August 2021. Covenant placed a $33 million stalking horse bid.

Hillside Village has more than 200 units for independent living, assisted living, memory care, and skilled nursing.

“This acquisition adds to our presence in the northeast and fits well within our overall strategic plan of organizational growth,” said Terri Cunliffe, Covenant Living president and CEO, in a press release. “The addition of Hillside Village allows us to serve even more older adults in this region. We currently have a community located in Cromwell, Connecticut.”

Sales and Transitions

West Virginia Community raises occupancy ahead of sale

SweetBriar Assisted Living, a West Virginia senior housing property, sold for $7.125 million, according to a release.

The 65-unit assisted living and memory care community dipped as low as 69% occupancy following an admissions ban due to the Covid pandemic. SweetBriar raised that to 87% at the time of the sale to a regional owner/operator aiming to enter West Virginia.

Evans Senior Investments facilitated the sale for a local owner/operator that sought to exit the senior housing space.

Kaufman Hall Acquires Healthcare Real Estate Capital

Chicago-based health care and higher education management consulting and advisory services firm Kaufman, Hall & Associates has acquired Healthcare Real Estate Capital (HRE Capital).

West Palm Beach, Florida-based HRE Capital provides consulting and transaction advisory services to owners and operators of health care real estate, including senior housing. The firm has been involved in more than $14 billion of sector-specific real estate transactions since its founding in 2008, according to a press release announcing the Kaufman Hall deal.

Kaufman Hall’s services include a significant capital markets business, having been routinely recognized by Thomson Reuters Municipal Market Analysis as the top U.S. financial advisor in new health care debt for long-term municipal public offerings and private placements.

National Church Residences adds Atlanta properties, plans renovation

National Church Residences announced the acquisition of three affordable senior housing communities located on the Christian City campus, located in south metro Atlanta.

National Church assumes management for the properties that total 271 units — Larry Moore Manor, John Sparks Manor, and Gene Miller Manor.

All three communities will undergo renovations that include updated apartments with new lighting, new appliances, new countertops and cabinets, and updated bathrooms.

Renovations are planned for the end of this year.

Legacy Senior Living expands, plans renovation in Tennessee

Legacy Senior Living announced the acquisition of Main Street Senior Living, now branded Legacy Village of Hendersonville.

Cleveland, Tennessee-based Legacy Senior Living also announced the immediate $1 million renovation plans for the 36,000-square-foot, Nashville-area facility and further expansion plans coming soon.

In 2022, the community will undergo an expansion that will enhance the services currently available at The Harbor, which is Legacy Village’s memory care facility.

Legacy plans to include retro-style decor in the expansion, aiming to reflect a reminiscent era for residents.

Life Care Services adds 3 Delaware communities

Life Care Services, an LCS company, announced the addition of three senior housing communities in Delaware.

The life plan communities — Foulk Manor and Shipley Manor, located in Wilmington, and Newark-based Millcroft — all include independent living, assisted living and skilled nursing services.

The transitions come as a result of the former operator opting to leave the skilled nursing space.

Financings

Ziegler closes financing for University of Florida community

Ziegler announced more than $16.6 million in series 2021 bonds for Oak Hammock at the University of Florida, a non-profit that owns and operates a continuing care community.

These bonds will be followed by $39 million in series 2022 bonds which are slated for delivery in July 2022.

The post Transactions & Financings: Covenant Living Acquires CCRC From Bankruptcy; Legacy Senior Living Expands appeared first on Senior Housing News.

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