Masterpiece Living and 3 AgeWell Living communities form strategic partnership
Masterpiece Living partnered with three communities operated by AgeWell Living: The Crossings at Eastchase in Montgomery, Alabama; The Crossings at Iron Bridge in Chester, Virginia; and The Chamberlain in Hampton, Virginia.
Cushman & Wakefield advises on $37.1M financing for South Carolina assisted living community
Cushman & Wakefield advised an affiliate of Maxwell Group on the $37.1 million financing of Wellmore of Daniel Island, an 186-unit, 198-bed assisted living, memory care and skilled nursing community in Charleston, South Carolina. The financing was completed by Truist Financial.
The team involved in the transaction included Vice Chairman Richard Swartz, Senior Director Tim Hosmer and Associate Chris Remeika.
Sienna Senior Living maintains ‘BBB’ issuer rating
Sienna Senior Living (TSX: SIA) maintained its “BBB” issuer rating from DBRS Morningstar, with a stable trend and an A (low) rating for its 3.474% Series B Senior Secured Debentures maturing on February 3, 2021. The bonds were issued by Leisureworld Senior Care LP, a wholly-owned subsidiary of the company.
Fitch affirms ratings on 2 communities, revises outlook on 2 others
FItch Ratings affirmed the “BBB-” rating on $66.69 million series 2010, 2016 and 2018 outstanding bonds previously issued through the Illinois Finance Authority and Missouri Health & Educational Facilities Authority on behalf of Christian Horizons, formerly known as Christian Homes. Key rating drivers included a stable financial profile, manageable long-term liabilities, solid occupancy while lessening dependence on skilled nursing and successful execution of a strategic plan to achieve that, and improved liquidity.
Fitch affirmed the “BBB+” rating on bonds issued on behalf of Goodwin House: $65.9 million Fairfax County Economic Development Authority Residential Care Facilities Mortgage Revenue Refunding Bonds, Series 2016A; and $65.9 million Industrial Development Authority of the City of Alexandria Residential Care Facilities Mortgage Revenue Bonds, Series 2015. Additionally, Goodwin House has approximately $50.4 million of series 2016B direct placement bonds that are not rated by Fitch.
The ratings outlooks on both communities are stable.
Fitch downgraded the ratings outlooks on two other communities to negative. The outlook on approximately $45.8 million in residential care facility revenue and refunding bonds series 2016 issued by the Industrial Development Authority of the County of Prince William, Virginia on behalf of Westminster Presbyterian Retirement Community, doing business as Westminster at Lake Ridge (WLR) dropped three notches to “BB” from “BBB.” The ratings outlook was revised to negative from stable.
The key drivers were a loss of skilled nursing occupancy, and necessary capital spending from cash to complete a strategically important renovation and repositioning project.
Fitch assigned an ‘A-‘ rating on bonds expected to be issued on behalf of John Knox Village of Florida:$79.6 million in health facilities revenue and revenue funding bonds, Series 2020; $24.3 million in health facilities revenue refunding bonds series 2010; and $31.8 million in revenue bonds series 2015.
The rating outlook was revised to negative from stable.
Blueprint facilitates sale of two New York assisted living facilities
Blueprint Healthcare Real Estate Advisors Executive Managing Director and co-founder Ben Firestone, Senior Managing Director and Head of Business Development Steve Thomes Senior Director Alex Florea and Managing Director Michael Segal advised a health care real estate investment trust in the disposition of two assisted living communities in the Rochester, New York market.
The buyer is a regional owner with deep ties to the market.
Hunt Capital Partners arranges financing for Ohio senior housing development
Hunt Capital Partners, in collaboration with Pennrose and Blanchard Valley Health System (BVHS), announced the closing of $7.25 million in federal low-income housing tax credit (LIHTC) equity financing for the new construction of Eastern Woods Senior Apartments. Located in Findlay, Ohio, Eastern Woods Senior will offer 50 new affordable housing units for residents 55 and older who earn up to 30%, 50% and 60% of the area median income.
Eastern Woods Senior will be the newest addition to BVHS’ existing Eastern Woods campus, which is a diverse mixed-use development that features medical offices, market-rate apartments, and single-family condominiums. BVHS also runs and operates Birchaven Village, which provides a continuum of care for seniors living in Hancock County and the surrounding areas. Eastern Woods Senior residents will have access to Birchaven Village’s services and amenities.
MassDevelopment issues $17M in bonds to buy, renovate senior housing community
MassDevelopment issued $16.9 million in tax-exempt bonds on behalf of SRC Pittsfield RE LLC, an affiliate of Wingate Healthcare Inc. and Wingate Senior Living. The bonds will be used to acquire, renovate and equip Wingate Residences at Melbourne Place, a 117-unit senior living facility in Pittsfield, Massachusetts.
Renovations will include upgrades to the building’s exterior, common areas, and individual units. In addition, Wingate will convert 24 existing units from market rate to affordable, renting to households earning no more than 50 percent of the area median income. The bonds were issued by Ziegler.
Spectrio acquires Senior Living Media
Spectrio, a Bertram Capital portfolio company, acquired Senior Living Media, a senior living communication and engagement technology company based in Duluth, Georgia.
Leveraging a community’s monthly calendar, menu, and events, Senior Living Media produces a variety of content and graphics that may be displayed on digital signage, social media, newsletters, and other communication channels. With its activity assistant program, community activity directors can subscribe to a constantly updated supply of activities, games, and entertainment to keep residents engaged and socially connected.
The Springs Living awards 44 scholarships
The Springs Living awarded just over $20,000 in scholarships to 44 students for the 2020-2021 academic year. This is the organization’s annual commitment to support the educational goals of its employees and their families through The Springs Living Scholarship Program. The Springs Living has awarded $95,000 over the last four years.
Applications were accepted from any current employee of The Springs Living and their immediate family members seeking to advance their education in the 2020-2021 school year. The amount awarded to each recipient is determined by a combination of a written essay and service years with the company. Scholarships are awarded to recipients to use for expenses, including tuition, books, and technology supporting their education.
All of this year’s $1,000 award recipients are in their final year of nursing school.