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Chateau of Harveston in Temecula, Calif. (pictured)
Company NewsIndependent LivingNews

Ventas to Acquire New Senior Investment Group in $2.3B Deal

by Jaime Lackey

CHICAGO AND NEW YORK CITY — Ventas Inc. (NYSE: VTR) has entered into a definitive merger agreement to acquire New Senior Investment Group (NYSE: SNR), a New York City-based owner of independent living communities across the country. The deal between these two seniors housing real estate investment trusts (REITs) is valued at $2.3 billion, including $1.5 billion of debt. The transaction will bolster the number of independent living communities for Ventas, which as of March 31 owned (fully or partially) 1,200 properties. As of first-quarter 2021, 48 percent of Ventas’ …

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Company NewsFinanceNews

Meridian Capital Group, Barings Launch NewPoint Real Estate Capital

by Jeff Shaw

PLANO, Texas — A partnership between Meridian Capital Group and Barings has launched NewPoint Real Estate Capital. The new company, based in Plano, will focus on multifamily finance options, including seniors housing. The company replaces Barings Multifamily Capital, which the joint venture recently acquired. The company has not unveiled its full staff yet, but in an email to clients CEO David Brickman suggested it will include “a slew of industry veterans.” NewPoint will operate as an independent company, separate from Meridian and Barings.

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AcquisitionsCompany NewsIndependent LivingNews

Holiday Retirement Sells Operations Business to Atria, 86 Communities to Welltower for $1.6B in Megadeal

by Jeff Shaw

LOUISVILLE, Ky., WINTER PARK, Fla., and TOLDEO, Ohio — In a blockbuster deal for seniors housing, the seventh-largest operator of seniors housing in the United States (Atria Senior Living) will acquire the third-largest (Holiday Retirement), with the largest owner in the country (Welltower) buying up a large portfolio of the affected assets. Atria, a privately held seniors housing operator based in Louisville, has agreed to buy the operations business of Winter Park-based Holiday Retirement. Meanwhile, Toledo-based REIT Welltower (NYSE: WELL) will buy the 86 properties that Holiday owns and self-manages …

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AcquisitionsCompany NewsNews

Seniors Housing Advisor Spectrum Consultants Acquires Holleran Consulting

by Jeff Shaw

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 …

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Company NewsFinanceNews

Greystone, Monticello to Form Joint Venture for Healthcare Capital Solutions

by Jeff Shaw

NEW YORK CITY and WARRENTON, Va. — Greystone, a national commercial real estate finance firm, and Monticello, which provides specialized private real estate and asset-based lending, have announced plans to combine their seniors housing and healthcare lines of business under a new joint venture. The joint venture will provide capital finance products and services for the seniors housing and healthcare industry. Greystone is the top healthcare lender in the United States for FHA-insured loans, originating over $3 billion overall in seniors housing and healthcare finance across FHA, Fannie Mae, Freddie …

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Erickson Living Rebrands as Erickson Senior Living

by Jeff Shaw

BALTIMORE — As a part of its long-term growth and business strategy, Erickson Living today unveiled its plan to evolve its brand identity and change the company’s name to Erickson Senior Living. The rebranding comes as the company, which oversees a portfolio of more than $1 billion, continues to invest heavily to enhance and expand its network of senior living communities and directly connect its offerings to a population anticipated to double to 98 million by 2060. Based in Baltimore, Erickson Senior Living’s portfolio consists of 20 communities in 11 …

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CFG Bank Launches Workforce Development Program for Healthcare Workers

by Jeff Shaw

BALTIMORE — CFG Bank (CFGB), a Baltimore-based lender, has launched the Jack and Nancy Dwyer Workforce Development Program. The non-profit organization seeks to help resolve the effects of systemic poverty and inequality and help fix the turnover crisis and burnout due to staffing shortages in the healthcare industry by creating a pathway to advance career opportunities in the nursing profession. CFGB donated $1 million to jumpstart the program. As part of this initiative, CFGB also announced a partnership with and $1 million donation to Living Classrooms, a nonprofit serving Baltimore …

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Steven Vick Retires from Pegasus, Chris Hollister to Take CEO Role

by Jeff Shaw

DALLAS — Steven Vick has retired as chairman and CEO of Pegasus Senior Living, a Dallas-based operator formed in 2016 to take over management of a portfolio of Welltower-owned seniors housing assets. Co-founder Chris Hollister has assumed both roles effective immediately. “I have been battling some health problems for several years and felt it was time to retire,” says Vick. “Chris has been my partner and co-founder in Pegasus since day one. I am confident he and his team will carry on the mission and the work to deliver quality …

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Lument Securities Advises on Employee Stock Ownership Plan Transaction for Midwest Nursing Home Provider

by Jeff Shaw

NEW YORK CITY — Lument Securities has assisted one of the largest groups of skilled nursing providers in the Midwest with the successful sale and transition of approximately 36 operating affiliates, consisting of approximately 4,000 licensed beds, to a newly formed employee stock ownership plan (ESOP). As a result of the transaction, the company is now fully employee-owned through its employee stock ownership trust. “ESOP transactions are gaining in popularity in recent years and can serve as an effective solution for operating company owners,” says Laca Wong-Hammond, head of M&A …

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Merrill Gardens Launches Middle-Market Truewood Brand

by Jeff Shaw

SEATTLE — Merrill Gardens, a Seattle-based owner-operator has launched a new brand aimed at middle-market seniors named Truewood by Merrill. As the roll out continues over the coming months there will be 23 Truewood communities located in 13 states. The Truewood by Merrill communities are former Blue Harbor communities that Merrill purchased in 2019 in a joint venture with ReNew REIT. The main changes in the communities are in operations, with the new brand designed for seniors whose annual income ranges from $40,000 to $50,000. Monthly rental rates for Truewood …

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