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JLL Arranges $145M in Acquisition Financing for 15-Community Portfolio Throughout the East

by Jeff Shaw

NEW YORK CITY — JLL Capital Markets has arranged $145 million in acquisition and capital improvement financing for two seniors housing portfolios. The first portfolio includes six properties throughout the Northeast, and the second comprises nine properties in the Southeast. JLL worked on behalf of the borrowers, Sculptor Real Estate and its operating partners, to secure two separate nonrecourse loans, one for each portfolio, through national banks. Each loan was fully underwritten without a syndication requirement. Additionally, JLL represented the undisclosed seller in the marketing and sale of the portfolios. …

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CaliforniaCCRCFinanceNews

Ziegler Arranges $23.6M Bond Financing for The Redwoods in Mill Valley, California

by Jeff Shaw

MILL VALLEY, Calif. — Ziegler has arranged $23.6 million in bond financing for The Redwoods, a nonprofit continuing care retirement community in Mill Valley, a suburb of San Francisco. The Redwoods features 148 independent living units, 130 assisted living units and a 58-bed skilled nursing facility. The Redwoods will use the proceeds of the bonds, together with an equity contribution of $5 million, to refinance its outstanding 2013 bonds, fund a bond reserve account, pay an insurance premium to the Cal-Mortgage Loan Insurance Program and pay costs of issuance. While …

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AcquisitionsCaliforniaFinanceIndependent LivingNews

CBRE Provides $8.4M in Acquisition Financing for Arbor Senior Living in Lodi, California

by Jeff Shaw

LODI, Calif. — CBRE has provided $8.3 million in financing for the acquisition of Arbor Senior Living in Lodi, approximately 40 miles south of Sacramento. Built in 1985, the community features 96 independent living units on a three-acre site. The borrower is Ray Stone Inc. Aron Will, Austin Sacco and Adam Mincberg of CBRE National Senior Housing partnered with CBRE Sacramento’s Kevin Randles to arrange the fixed-rate Freddie Mac financing. RSI will take over as operator following the sale.

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Assisted LivingCaliforniaDevelopmentFinanceNews

Monarch Advisors Arranges $4.6M Refinancing for 12-Bed Community in Salinas, California

by Jeff Shaw

SALINAS, Calif. — Monarch Advisors has arranged a $4.6 million refinancing a 12-bed assisted living facility in Salinas, located just south of Silicon Valley. In addition to refinancing existing debt, the loan will fund a 28-bed expansion at the community. The borrower is Songbird Care Homes, a local owner-operator. Monarch arranged a commitment from a national SBA lender for 25 years at a variable interest rate, with an option to convert to a fixed rate upon completion of the expansion project.

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Company NewsLegal IssuesNewsPeople

Ventas Appoints Michael Embler to Board of Directors, Passes on Nominations from Activist Shareholder

by Jeff Shaw

CHICAGO — Ventas Inc. (NYSE: VTR) has appointed Michael Embler, former chief investment officer of Franklin Mutual Advisors, to its board of directors. Jay Gellert, who has served on the Ventas board since 2001, will retire from the board at the company’s annual meeting in May. Embler will serve on Ventas’ investment and audit committees. Ventas also announced that Melody Barnes is expected to serve as chair of the Nominating & Corporate Governance Committee, effective at the company’s annual meeting. Embler, 57, is an institutional investor with 30 years of …

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Staffing, Data, Partnerships Are the Three Keys to Seniors Housing Success, Says Pathway’s Justin Dickinson

by Jeff Shaw

LOS ANGELES — For an investor and operator, the most important factors a seniors housing company needs to have down to a science are staff recruitment and accountability, proper use of data and strong partnerships, according to Justin Dickinson, executive vice president with Pathway To Living. “There are three near-term goals that I’m focused on: operations, data and growth,” said Dickinson, who was named as successor to retiring CEO Jerry Finis as head of Pathway to Living earlier this year. His comments came during his keynote address at France Media’s …

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AcquisitionsMarylandNews

Tryko Partners Purchases Assisted Living, Skilled Nursing Portfolio in Maryland

by Jeff Shaw

ROCKVILLE and WESTMINSTER, Md. — Tryko Partners has purchased two skilled nursing and assisted living properties in Maryland, including Brighton Gardens of Tuckerman Lane in Rockville and Sunrise of Carroll in Westminster. Developed in 1998, Brighton Gardens of Tuckerman Lane is a 140-bed assisted living and skilled nursing community. Tryko will rename the property’s two components to The Terraces at Tuckerman Lane and Tuckerman Rehabilitation & Healthcare Center. Renovations to the property are planned, including the construction of a secure memory care unit. Sunrise of Carroll is a 62-bed assisted …

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Welltower, NHI Reach Agreement in Lawsuit Over Holiday Portfolio

by Jeff Shaw

MURFREESBORO, Tenn. — National Health Investors Inc. (NYSE: NHI) has entered into a memorandum of understanding with Welltower (NYSE: WELL) regarding a lawsuit over a portfolio of Holiday Retirement properties. The agreement sets forth principal terms by which NHI and Welltower agree to operate until the execution of a final settlement agreement resolves the litigation. The agreement states that both REITs wish to transition the 16 communities to new tenants. The two companies will cooperate to sell one of the communities. Meanwhile, Welltower will pay NHI $6.9 million, which will …

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FinanceIllinoisIndependent LivingNews

Northmarq Arranges $19.2M Refinancing of Mayslake Center in Oak Brook, Illinois

by Jeff Shaw

OAK BROOK, Ill. — Northmarq has arranged a $19.2 million FHA loan for the refinancing of Mayslake Center II in the Chicago suburb of Oak Brook. The property features 249 independent living units and is located within the larger Mayslake Village. Amenities include a wellness center, dining room, chapel and social services. Sue Blumberg of Northmarq arranged the fixed-rate loan, which is fully amortized over 40 years. The borrower was a nonprofit entity.

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Oakmont Senior Living Promotes Scott Carlson to Senior Vice President of Operations

by Jeff Shaw

IRVINE, Calif. — Oakmont Senior Living, an Irvine-based operator with over 40 communities in California and Nevada, has promoted Scott Carlson to senior vice president of operations. Carlson joined Oakmont Senior Living in 2017 as the regional vice president of operations supporting the Northern California communities. Prior to Oakmont, he worked for Brookdale Senior Living, where he served in management positions including executive director, district director of sales and district director of operations. Carlson’s previous experience also includes serving as regional director of memory care for Sunrise Senior Living. Over …

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