Senior Living Dealbook: Lcs Assumes Management Of Hearthwood Senior Living; Berkadia Secures Refinancing For 35-asset Portfolio

Transactions

LCS assumes management of Hearthwood Senior Living

LCS has assumed management and renamed Hearthwood Senior Living, formerly The Oaks at Bartlett in Bartlett, Illinois.

The community has been converted to a rental model rather than requiring entrance fees, according to a press release.

The release adds the changes to Hearthwood’s operations makes it the only rental community in Bartlett providing a full continuum of care.

SRI Management adds Westhill Macon to portfolio

SRI Management has added Westhill Macon, an assisted living and memory care community in Macon, Georgia to its portfolio.

“Having a presence in Macon is a meaningful step for us,” SRI Management President Todd Filippone said in a press release. “It’s a vibrant city reflecting the values we feel are important, like hospitality, culture, and community. We look forward to building strong local partnerships and continuing to elevate the resident experience with the exceptional care and lifestyle Westhill Macon and SRI Management provide.”

The addition brings SRI Management’s portfolio up to 60 communities in 13 states.

Kandu Capital, Bloom Senior Living exits South Carolina

Kandu Capital, LLC and its operating company Bloom Senior Living announced they have sold their final community in South Carolina.

The community was sold for $13.5 million, according to a press release.

Berkadia Real Estate Advisors represented the seller and buyer in the transaction.

SLIB sells Florida community

Senior Living Investment Brokerage facilitated the sale of Bay Port of Fort Walton Beach located in Fort Walton Beach, Florida on June 30.

The community consists of 119 units of assisted living and memory care services and is “a well-maintained, newer construction asset with high-quality amenities competing well in the market,” according to a press release.

The seller is a local hospitality owner divesting the asset, and the buyer Buyer is a partnership between an institutional capital provider and a Southeast regional operator, the release states.

Ziegler advises on BrightStar Senior Living sale

Investment bank Ziegler announced its role as the financial advisor to Marquee Capital on the sale of BrightStar Senior Living of Mason.

The 41-unit community was developed by Marquee Capital and has been operated by BrightStar Senior Living since 2020, according to a press release.

The community was acquired by nonprofit healthcare organization Community First Solutions.

Financings

Berkadia secures refinancing for 35-asset portfolio

Berkadia announced it secured a $627.2 million loan to refinance a 35-asset portfolio.

The transaction marks “one of the largest seniors housing refinancings in recent years,” according to a press release.

The senior housing portfolio consists of 35 communities spanning 15 states and inclusive of 4,395 independent living units, assisted living units and memory care units, the release states.

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