JACKSON, Mich. — Grandbridge Real Estate Capital’s Tampa-based seniors housing investment sales team has arranged the recapitalization of Vista Grande Villa, a 318-unit campus in Jackson, approximately 35 miles west of Ann Arbor.
Vista Grande Villa is an approximately 20-acre campus comprising 32 cottage homes, 181 independent living apartments, 46 assisted living units, 23 memory care units and 36 skilled nursing units.
The recapitalization plan consisted of restructuring approximately $22 million of prior debt, together with new committed funding of roughly $8 million to put toward capital investment and stabilizing the community.
The Grandbridge team led by Jay Jordan and Dave Kliewer represented Vista Grande Villa in a broad process that included marketing the community for an outright sale. After garnering interest from numerous parties, Lapis Advisers was selected to recapitalize the existing indebtedness of the nonprofit with its partner Kauhale Health brought in to manage operations.
“On the seller side, there was tremendous coordination and collaboration between the nonprofit Vista, their advisor Marathon Capital Strategies and advisor to the trustee, Certus Financial,” says Jordan.