CHICAGO — Ziegler has served as capital structuring advisor in a $49 million debt placement on behalf of Symphony Care Network. The financing will fund the acquisition of a portfolio of two skilled nursing facilities and one supportive living facility located in the Lincoln Park and South Shore neighborhoods of Chicago. Prior to the Transaction, Symphony already operated the communities, consisting of 475 licensed skilled nursing beds and 118 supportive living beds. The financing allowed Symphony to reacquire the portfolio’s real estate interest from a publicly traded REIT. The transaction …
WOODBINE, Iowa — Lument Securities has advised Sherer Management, a multi-generational seniors housing and care owner and operator based in Woodbine, on the sale of two businesses as well as the company’s exit from the seniors housing industry. Sherer Management is a family-owned business that operated continuing care retirement communities in western Iowa, Rose Vista in Woodbine and Longview Home in Missouri Valley, which offer skilled nursing, assisted living and independent living services, in addition to hospice services through Generations Hospice. The company operated the communities for over 60 years. …
SUN PRAIRIE, Wis. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Olympic Village, a 69-unit active adult community in the Madison suburb of Sun Prairie. SLIB represented the court-appointed receiver in the transaction. The residents of the community formed a new nonprofit organization to acquire the asset for $10.6 million. The campus sits on approximately 12.4 acres with units randing in size from 1,300 to 1,900 square feet. Occupancy was 99 percent at the time of sale. In addition to negotiating the transaction, SLIB also helped source …
HOUSTON — Senior Living Investment Brokerage (SLIB) has arranged the sale of a 148-bed skilled nursing facility in Houston. The community was built in 1955 and renovated in 2009. The property is located in the Jacinto City neighborhood of Houston. The facility is approximately 36,000 square feet and is situated on approximately 1.3 acres of land. The seller is a regional owner-operator looking to consolidate its portfolio. The buyer is a regional owner-operator based in Utah that is expanding its portfolio into Texas. The price was not disclosed. Matthew Alley …
GALVESTON and PORT ARTHUR, Texas —Senior Living Investment Brokerage (SLIB) has arranged the sale of two skilled nursing facilities in Port Arthur and one in Galveston totaling 493 beds. The seller was a regional owner-operator looking to consolidate its portfolio. The buyer is a regional owner-operator based in Utah that is expanding its portfolio into Texas. The price was not disclosed. The buyer is planning to invest in improving the property appearance and focusing on leveraging operational experience for stabilizing the portfolio. Matthew Alley and Vince Viverito of SLIB handled …
LAS VEGAS — Senior Living Investment Brokerage (SLIB) has arranged the sale of a 98-unit assisted living and memory care community in Las Vegas. The 76,458-square-foot community sits on 3.2 acres. A local developer sold the community to a private equity fund for $20.2 million. The new owner plans to replace the operator. Vince Viverito, Brad Goodsell and Jason Punzel of SLIB handled the transaction.
EVANSTON, Ill. — Covenant Living Communities and Services has entered into an affiliation agreement with Three Crowns Park, a continuing care retirement community (CCRC) in Evanston, approximately 12 miles north of downtown Chicago. Under the agreement, Three Crowns Park will become part of the Covenant Living organization. Covenant Living will assume overall management and operations of Three Crowns Park with shared governance and leadership upon closing, which is scheduled for July 1. Three Crowns Park is a seven-acre, single-site senior living community established more than 125 years ago. It is …
MANCHESTER, Tenn. — National Health Investors Inc. (NYSE: NHI) has expanded its relationship with Navion Senior Solutions through the acquisition of an assisted living and memory care community, funding of an expansion at an existing community, and funding of a corporate loan for future development costs. These investments total approximately $13.2 million. NHI acquired a 48-unit assisted living and memory care community in Manchester for $6.6 million at an initial yield of 7.5 percent. The lease has 2.5 percent annual escalators and was added to the existing master lease with …
GASTONIA, N.C. — Spectrum Consultants, a Gastonia-based advisor to senior living communities, has acquired Holleran Consulting, a community engagement research and consulting firm specializing in resident and employee surveys for senior living. The goal of the acquisition is to diversify Spectrum’s services, according to the buyer. “Holleran provides an avenue for us to develop strategic marketing and positioning for senior living communities based on feedback and the voice of residents and staff — the true essence of a community’s aspirational culture,” says Hoppy Sell, Spectrum’s president. The Holleran suite of …
WESTLAKE VILLAGE, Calif. — LTC Properties Inc. (NYSE: LTC), a Westlake Village-based REIT, has sold three assisted living communities in Wisconsin that were part of LTC’s Senior Lifestyle portfolio for $35 million. The estimated gain from the sale of the properties, which include 263 assisted living units, is approximately $5.6 million. The net proceeds from the sale of approximately $34.0 million were used to paydown LTC’s unsecured revolving line of credit. “Transitioning the Senior Lifestyle portfolio has been a key focus for LTC, and the sale of these communities brings …