Transactions & Financings: Ensign Group Completes Pennant Spinoff; GlynnDevins Acquires Consulting Firm

Ensign Group senior housing spinoff complete

The Ensign Group (Nasdaq: ENSG) completed its spinoff of The Pennant Group (Nasdaq: PNTG), its unit for senior living, home health and hospice properties. The Mission Viejo-based company first announced the spinoff in May.

Ensign stockholders received one share of Pennant common stock for every two shares of Ensign held at the close of business on Sept. 20. Cash will be paid in lieu of any fractional shares. This is Ensign Group’s second spinoff CareTrust (Nasdaq: CTRE), its 2014 spinoff of 94 assets in a real estate investment trust.

HJ Sims, Presby’s Inspired Life partner to finance $62M Rydal Park expansion

HJ Sims, on behalf of Presby’s Inspired Life, closed a $61.6 million transaction in May for Rydal Park, located in Abington Township, PA.

Rydal Park is one of three communities — along with Rosemont Presbyterian Village and Spring Mill Presbyterian Village — comprising Presby’s Obligated Group, which provides management services to Presby communities and subsidiaries, and manages 19 affordable housing communities. HumanGood, which entered into an affiliation with Presby in June, is not part of the Obligated Group.

The financing will be used to expand the Rydal Park campus.

Greystone arranges $48M refinancing for Georgia senior housing community

Greystone provided a $48 million Freddie Mac seniors loan to refinance Village Park at Peachtree Corners, a 132-unit independent living, assisted living and memory care community in Peachtree Corners, Georgia. The transaction was originated by Greystone Director Cary Tremper, on behalf of Harbert Seniors Housing Fund I.

GlynnDevins acquires senior living consulting firm

GlynnDevins, a data-driven, technology-enabled marketing firm focused on senior living with offices in Kansas City, Missouri and Richmond, Virginia, acquired Murdock Strategies, a senior living consulting firm with offices in Oklahoma City and Dallas. The purchase price was not disclosed.

The transaction strengthens GlynnDevins’ suite of services, particularly its lead generation and database engagement services, while absorbing a staff of experienced personnel.

KeyBank arranges $10.6M financing for Ohio affordable senior housing project

KeyBank Community Development Lending and Investment (CDLI) has secured $10.6 million of financing for The Model Group to construct Walnut Hills Senior Campus in Cincinnati.

Walnut Hills, formerly known as The Manse Apartments, will be a 60-unit, low-income housing tax credit)/Section 8/Section 811 apartment complex for seniors and the disabled. The property site consists of the historic Manse Hotel and Annex, which will be renovated, as well as a vacant duplex, triplex and mixed-use property that will be demolished and replaced with a four-story building. The project will consist of studios and one-bedroom units restricted to seniors earning 20%, 50% and 60% area median income.

Additional financing was provided by the Ohio Housing Finance Agency and City HOME Funds and includes a grant from the Federal Home Loan Bank of Cincinnati and a donation from KeyBank. Ohio Capital Corporation for Housing was the equity investor.

Senior Housing Management assumes management of Kentucky community

Senior Housing Management assumed management of Willow Creek Senior Living, a senior living community located in Elizabethtown, Kentucky owned by Healthcare Trust Inc. (HTI), a non-traded real estate investment trust based in New York City.

Willow Creek Senior Living, formerly Allegro of Elizabethtown, brings the total number of HTI communities managed by Senior Housing Management to 10.

The post Transactions & Financings: Ensign Group Completes Pennant Spinoff; GlynnDevins Acquires Consulting Firm appeared first on Senior Housing News.

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