Senior Living Dealbook: Merrill Gardens Grows In Oregon; Jll, Hj Sims Secure $134m Bond Financing

Transactions

Atlas acquires, renames Huntsville community

Atlas Senior Living added a 93-unit assisted living and memory care property in Huntsville, Alabama to its portfolio.

Following the acquisition, the community was renamed to The Goldton at Jones Farm, according to a press release.

Alongside the transaction, the community is receiving technology updates through partnerships with Alexa and Speak2.

Merrill Gardens grows in Oregon

Merrill Gardens announced it has expanded its footprint in Oregon with three new communities.

The communities include Merrill Gardens at Cedar Mill in Portland, Merrill Gardens at Sherwood in Sherwood and Merrill Gardens at Hillsboro in Hillsboro. Cedar Mill and Sherwood were acquired as part of a joint venture with PGIM from a Portland based ownership group led by Rembold, according to a press release. Hillsboro was developed by Pilar Properties and was also part of a joint venture with PGIM.

Merrill Gardens portfolio now includes 61 communities in 16 states, the release states.

SLIB sells Pennsylvania CCRC

Senior Living Investment Brokerage announced its part in facilitating the sale of continuing care retirement community Phoebe Wyncote in Wyncote, Pennsylvania.

The community is located about 10 miles northwest of Philadelphia’s City Center and had an average occupancy rate of 80.5% in 2023, a press release states.

The Seller is a non-profit owner-operator based, and the buyer is an East Coast investor, according to the release.

Berkadia sells two Florida communities

Berkadia announced it sold two assisted living and memory care communities in Port St. Lucie and Port Orange, Florida.

The two communities comprise a total of 171 units, according to a press release.

The properties were acquired by a central Florida-based family office, the release states.

Centicor acquires Innovative Hospitality Solutions, CrossCheck

Centicor, a Phoenix3 Holdings company, has acquired Innovative Hospitality Solutions and CrossCheck and established Centicor Procurement Services.

According to a press release, Centicor now “delivers comprehensive support clients need to assess, design, optimize and sustain high-performing hospitality programs.”

“Centicor brings together the operational expertise and quality oversight our clients need to execute at the highest level,” Matt Mundok, president of Innovative Hospitality Solutions, said in the release.

Financing

JLL, HJ Sims secure $134M bond financing

JLL Capital Markets and HJ Sims announced they secured a total of $134 million in tax-exempt bond financing for Millenia Moments Orlando.

According to a press release, the upcoming community is anticipated to be delivered in 2027 and will feature 151 independent living units, 78 assisted living units and 32 memory care units.

Vitality Senior Living will operate and manage the community, the release states.

BWE, Blueprint partner to secure acquisition financing

BWE and Blueprint partnered to secure $17.8 million for the acquisition of two memory care communities.

The two loans will be used to acquire Windsong at Southridge, a 56-unit community in Kennewick, Washington, and Windsong at Eola Hills, a 56-unit community in Salem, Oregon, according to a press release.

Following the acquisition, BWE will “provide permanent financing” through HUD’s 232/223(f) loan product, the release states.

Management

12 Oaks adds Atriums in Kansas

12 Oaks Senior Living has added The Atriums in Overland Park, located in Overland Park, Kansas, to its management portfolio.

The addition expands 12 Oaks’ “commitment to delivering best-in-class senior living experiences across the region,” according to a press release.

“The Atriums stands out as a benchmark of excellence in the Overland Park senior living market,” Greg Puklicz , president of 12 Oaks Senior Living, said in the release. “We are honored to bring our expertise and values to this outstanding community.”

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