Montana

MCMINNVILLE, Ore. — The Springs Living, a McMinnville-based operator, has appointed two new regional directors of operations (RDOs).  Ole Lindbo, who is new to the organization, has been named RDO of the northern Oregon region. Tim Minks, who has served as an executive director at The Springs Living for more than three years, will become RDO of the Montana region. With over 15 years of experience leading senior living communities, Lindbo comes to The Springs Living from his previous role as RDO at Sapphire Health Services in Oregon. Previously, he …

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GREAT FALLS, Mont. — Community Preservation Partners (CPP) has acquired two affordable seniors housing communities in Great Falls: Sunshine Village and Broadview Manor East & West. CPP plans to renovate both properties, and has partnered with The Hampstead Cos., which will be the owner and co-developer. This is the second project closing in Montana for CPP and Hampstead together, totaling three communities in the area. CPP and Hampstead’s total development investment is approximately $23.1 million, which includes the purchase price of $10.8 million and an estimated renovation cost of $72,850 …

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BILLINGS, Mont. — PGIM Real Estate has provided $16.1 million in fixed-rate FHA financing to Lincoln Avenue Capital (LAC) for the acquisition and rehabilitation of South Forty Apartments, an affordable seniors housing community in Billings. The property features 101 units and is 100 percent subsidized by the Housing Choice Voucher Program, also known as Section 8, the federal government’s program for assisting low-income families, the disabled, and the elderly afford housing. In order for the property owner to receive tax credits in the future, a land use restrictive agreement (LURA) …

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BILLINGS, Mont. — Senior Living Investment Brokerage (SLIB) has arranged the sale of a 32-unit assisted living facility in Billings. The community was built in 2015, spanning approximately 16,044 square feet on 1.4 acres of land. The seller was a local owner exiting the senior living market. The buyer is a nonprofit located in Montana. The price was not disclosed. Jason Punzel, Vince Viverito and Brad Goodsell of SLIB handled the transaction.

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BUTTE, Mont. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Big Sky Senior Living in Butte. The community features 159 units of independent living, assisted living and memory care. The 87,000-square-foot asset was built in 1997 and sits on 11.3 acres of land. The seller is a locally based regional owner-operator. The buyer is a regional owner-operator based in the West that is expanding in the Mountain West. The price was not disclosed. Jason Punzel, Brad Goodsell and Vince Viverito of SLIB handled the transaction.

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MEDFORD and EUGENE, Ore., and BUTTE and BILLINGS, Mont. — Harrison Street has completed the disposition of five senior housing properties valued at $193.5 million to The Springs Living. The properties were held across several of Harrison Street’s U.S Opportunity Funds and related co-investment vehicles. The portfolio consists of 622 independent living, assisted living and memory care units in Medford, Eugene, Butte and Billings. As of December 2021, the properties had an average occupancy of 93 percent. Further details on the properties were not disclosed.

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OREGON and MONTANA — LTC Properties Inc. (NYSE: LTC) has originated a $25 million mezzanine loan for the recapitalization of a five-property seniors housing portfolio. The loan has a term of five years and two months, with two one-year extension options. It bears interest at 8 percent, with an IRR of 11 percent. Located in Oregon and Montana, The Springs Living operates the five communities, which include independent living, assisted living and memory care and total 621 units. The Springs is a new operator partner for LTC. Aron Will, Austin …

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CODY, Wy., and GREAT FALLS, Mont. — Senior Living Investment Brokerage (SLIB) has arranged the sale of two assisted living communities, located in Cody and Great Falls. The portfolio totals 107 units of assisted living and independent living. The buyer is an Oregon-based regional owner-operator familiar with the region. The seller and price were not disclosed. Bradley Clousing, Jason Punzel and Jeff Binder of SLIB handled the transactions.

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BOZEMAN, Mont., and SEATTLE — Ziegler has arranged $42.6 million in financing for the acquisition of two seniors housing properties near Seattle and another in Bozeman. The borrower is Radiant Senior Living, which has brought the three properties into its portfolio. The financing consisted of a combination of senior and mezzanine debt, with Congressional Bank providing the senior debt and a national senior housing fund providing the mezzanine debt. Radiant acquired the portfolio from a publicly traded healthcare REIT as part of its expansion efforts across the country. The properties …

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NEWTON, Mass. — Diversified Healthcare Trust (NASDAQ: DHC) has completed the previously announced sale of four assets for a combined sales price of approximately $53.3 million. These sales include a portfolio of three senior living communities with a combined 239 units in Washington and Montana for $46 million. The remaining asset, a 78,747-square-foot medical office property in Hattiesburg, Mississippi, sold for approximately $7.3 million. Details on the buyers and names of the properties were not disclosed. These sales were part of Newton-based DHC’s previously announced disposition plan to sell up …

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