Senior Living Dealbook: Discovery To Operate 15 Ventas Communities; Stellar Senior Living Closes First Joint Venture 

Transactions

Stellar closes first joint venture

Stellar Senior Living announced it closed on its first joint venture with $20 million in capital commitments.

The joint venture will provide the funding needed to acquire between 10 and 15 communities, according to a press release.

The first acquisition through the joint venture is The Grand at Broomfield Assisted Living & Memory Care in Broomfield, Colorado, the release states.

Midsouth Senior Management adds Kentucky community

Midsouth Senior Management, in partnership with SRI Management, announced it has added Fields of Florence, a community in Florence, Kentucky, to its portfolio.

The community features 85 assisted living and 15 memory care units, according to a press release.

“Bringing this community under the Midsouth umbrella allows us to widen our reach while staying true to our resident-first philosophy,” Rick Sweeney, president of Midsouth Senior Management, said in the release. 

SLIB sells Illinois community

Senior Living Investment Brokerage announced its involvement of the sale of an assisted and independent living community located south of the Springfield, Illinois metropolitan area.

The community resides on 15 acres and consists of 16 independent living units and 32 assisted living units, according to a press release.

Occupancy for both unit types was noted to have improved throughout the marketing process, the release states.

SLIB closes on two Oklahoma City communities

Senior Living Investment Brokerage announced it arranged the sale of Sand Sage of The Highlands and Sand Sage of West Plains, two communities in the Oklahoma City metro area.

The communities were originally built in 1999 and 1996 respectively and offer a combined total of 135 units and 156 beds, a press release states.

The seller was a Denver-based private equity group divesting the remainder of their senior living portfolio to exit the industry, and the buyer was a New Jersey-based operator expanding into the Oklahoma market, according to the release.

Management

Discovery to operate 15 Ventas communities

Discovery Senior Living has been selected by Ventas (NYSE: VTR) to assume operations of 15 senior living communities across its portfolio.

Discovery is expected to assume the operations beginning in September, and all 15 are anticipated to be added by the end of the year, a press release states.

The communities will be integrated with three of Discovery’s management companies, Integral Senior Living, Discovery Management Group and Terrabella Senior Living, according to the release.

Milestone Retirement brings on strategic addition

Milestone Retirement announced it assumed the operations of Sand Sage of the Highlands, a 60-unit community in Mustang, Oklahoma.

The new partnership “strengthens Milestone Retirement’s presence in Oklahoma, a key market for the company’s expansion efforts,” according to a press release.

The community will continue to operate under its current name.

Financings

Berkadia secures refinancing loan for Monark Grove Madison

Berkadia announced it refinanced Monark Grove Madison, a 132-unit community developed and owned by Kirco.

The community was built in 2022 and features “24-hour onsite-staff, state-of-the-art fitness center, chauffeured transportation and an outdoor pool with aerobic classes,” a press release states.

“Securing a favorable quote from a prominent national lender underscores the strength of the bank and debt markets as seniors housing continues its robust growth trajectory,” Steven Muth, managing director at Berkadia, said in the release.

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