Transactions & Financings: SLIB Arranges 2 Sales; JLL Arranges JV in Virginia

Financings

JLL Arranges JV Equity for Virginia Project

JLL Capital Markets announced that it arranged a joint venture for a senior living development project in Virginia.

JLL worked on behalf of Centric Development LLC which is planning to build a 153,000 square-foot senior living community in Fredericksburg, Virginia that will include 106 assisted living units and 36 memory care units. 

JLL’s Joel Mendes, Anthony Fertitta and Billy Lichtenstein closed the deal.

Dwight Capital & Mortgage Close $118M in Q1

Dwight Capital & Dwight Mortage Trust that it close more than $118 million in financing for seniors and health care during the first quarter of 2023.

While a majority of the deals financing by Dwight were for skilled nursing facilities and rehabilitation centers, the firm did provide a $6.4 million bridge acquisition loan for a senior living community in Texas.

The community is a 120-unit assisted living and memory care community called Charleston House Assisted Living and Memory Care.

Greystone Provides $35M Financing for 2 Communities

Greystone announced it provided $35.7 million in HUD-insured loans that will be used to refinance two supportive living facilities.

The Illinois-based supportive living program was introduced as an alternative to skilled nursing facilities wherein Medicaid recipients can live in senior living communities with care closer to that in an AL community as opposed to a skilled nursing facility.

The two communities comprise 272 units and are managed by Grand Lifestyles. Greystone’s Eric Rosenstock worked on Grand Lifestyles’ behalf to close the deal.

Sales

Blueprint Arranges AL Sale

Blueprint Healthcare Real Estate Advisors announced it arranged the sale of a senior living community in Florida.

The community – a 54-unit assisted living community located near Boca Raton and Fort Lauderdale, Florida – was sold as an opportunity for an entity looking to expand in Florida.

After the marketing campaign, a local owner/operator was chosen as the buyer.

SLIB Facilitates AL, Memory Care Sales in Iowa

Senior Living Investment Brokerage announced it arranged the sale of two senior living communities in the Midwest.

The communities – located in Iowa – are both combinations of assisted living and memory care communities with 96 units between them. The buyer is an Iowa-based senior living owner/operator that plans to deploy capital to the communities to enhance their quality and therefore their performance.

SLIBS’s Ryan Saul, Vince Viverito, Jason Punzel and Nick Cacciabando handled the transaction.

SLIB Arranges Sale in Oregon

Senior Living Investment Brokerage announced it facilitated the sale of a small senior living community located in Oregon.

The community – called Clackamas View – is a 25-unit senior living community with IL, AL, and memory care units located on about 1.4 acres of land in Milwaukie, Oregon.

The community was bought by a private investor that will lease the community to a local operator. Additionally, the new ownership entity will spend money to improve the community and will focus on private-pay residents.

SLIB’s Jason Punzel, Brad Goodsell, Vince Viverito and Jake Anderson handled the transaction.

Acquisitions

Uniguest Acquires Tech, Content Provider

Global provider of connected technology solutions, Uniguest announced that it has acquired a technology and content company that specializes in senior living.

The company, called Eversound, provides its services to more than 1,000 communities and tench of thousands of senior living-aged residents through a membership-based program.

It provides advanced wireless headphones that residents can use to increase accessibility for various levels of hearing loss. Eversound also comes with a library of interactive content and a connection to its audio-visual system.

Kirco Acquires Boston-Area Community

Kirco announced it acquired a senior living community located in the Bostson market, making use of the disruption in capital markets.

The community – called Brookmeadow at Blue Hills, is a 91-unt assisted living and memory care community that was built in 2009. Kirco said the community was acquired approximately 45% below replacement cost.

Kirco will pump $4 million of investment into the community to revitalize common spaces and improve resident experience.

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