OHIO and MICHIGAN — Lancaster Pollard Mortgage Co.’s M&A affiliate, OREC Securities LLC, has arranged the sale of a seniors housing community in Ohio and six in Michigan
OREC served as the exclusive sell-side advisor for Vista Springs, a private owner-operator of 12 seniors housing communities. The transaction occurred in two phases.
In the first phase of the transaction, Vista Springs sold membership interests of an Ohio community to a joint venture.
The second phase included a six-site, 390-unit assisted living and memory care portfolio located throughout Michigan. The buyer was Griffin-American Healthcare REIT IV, in a sale-leaseback transaction that will allow Vista Springs to continue on as operator.
The six communities in Michigan have excess land for use in potential expansions. Lancaster Pollard originated the HUD loan and led the HUD assumption process for one facility where the HUD debt was assumed.
Both deals were led by Brendan Healy of Lancaster Pollard, Chad Elliott of OREC and Kevin Laidlaw of OREC Securities.