Senior Living Dealbook: Community Living Solutions, Dbs Group Merge; Lument Closes On Two Loans

Transactions

Blueprint advises on high growth area sale

Blueprint announced its involvement in advising the sale of a 99-unit assisted living and memory community in Winston-Salem, North Carolina.

The national REIT-affiliated owner-operator sought to strengthen its portfolio by divesting from the asset, a press release states.

The community was sold to a “large, Georgia-based regional owner-operator with an extensive footprint in the region,” the release said.

Blueprint closes on South Carolina deal

Blueprint announced its involvement in the transaction of The Gables, an assisted living, memory care and skilled nursing community in Greenville, South Carolina.

The property had been experiencing “strong recovery and trending positively at the time of marketing,” according to a press release, attributed to private-pay demand and favorable Medicare reimbursement dynamics.

The community was sold to a publicly traded healthcare REIT seeking to “expand an existing partnership with a regional senior housing operator to execute on a growth strategy in the Carolinas,” the release states.

Financings

Lument closes on two loans

Lument announced it has closed on two deals totaling a combined $86.8 million.

One loan that closed was a $60 million Freddie Mac refinance loan for Park Terrace, a 180-unit assisted living and memory care community in Rancho Santa Margarita, California. The community is operated by Kisco Senior Living.

The other was a $26.8 Million FHA 233(f) loan used to refinance Tri-Senior Housing for sponsor HDF Companies. The 203-unit affordable housing property has apartments for older adults aged 62 and up and mobility impaired individuals, located across three non-contiguous sites in Brooklyn, New York, according to a press release.

PGIM Real Estate provides $50M loan

PGIM Real Estate has provided a $50 million in floating rate refinancing for a 160-unit senior living community in Evanston, Illinois.

The loan was provided to AEW Capital Management and Solera Senior Living, according to a press release.

The release states on-site amenities include an outdoor deck, bar, fire pit, salon and a fitness center. The community is located 13 miles away from Chicago.

Monticelloam, LLC closes $28M bridge loan

Monticelloam, LLC announced it has closed on $28 million in bridge financing for two seniors housing properties in Wisconsin.

The Midwest operator “plans to use the loan proceeds to refinance the existing debt on two assisted living communities near Madison and Milwaukee, comprising 170 licensed beds,” the release states.

The loan has a 24-month initial term with two extension options, the release states.

Mergers

Community Living Solutions, DBS Group announce merger

Design-build senior housing firms Community Living Solutions and DBS Group have announced the two companies will merge effective July 1.

Under the merger, Community Living Solutions will “become known as Community Living Solutions – A Division of DBS Group, maintaining its team, offices, and specialized focus on senior living planning, design, architecture and construction services,” according to a press release.

“This merger strengthens our ability to deliver customer-focused senior living projects,” Chris Walters, president and CEO of DBS Group, said in the release.

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