Senior Living Dealbook: Senior Living Communities Acquires 16th Community; Commonwealth Grows In Michigan 

Transactions

Senior Living Communities acquires 16th community

Senior Living Communities announced it has acquired its 16th community in The Gables, a community in Greenville, South Carolina.

The expansion “strengthens the company’s presence in the Upstate region and furthers its mission to deliver exceptional, person-centered care to seniors and their families,” a press release states.

Senior Living Communities plans to bring its “luxury standards and award-winning programs” to families in the region, the release said.

Commonwealth Senior Living grows in Michigan

Commonwealth Senior Living announced it is continuing to grow in Michigan with the addition of Buchanan Meadows in Buchanan, Michigan and Golden Orchards in Fennville, Michigan.

The transaction brings Commonwealth’s presence in the state up to six communities.

Each community adds 40 units to the company’s portfolio.

Berkadia sells 201-unit Miami community

Berkadia announced it sold The Oasis at Coral Reef, a 201-unit independent living, assisted living and memory care community in Miami, Florida.

The community was sold to Tennessee-based Winterpast Capital Partners, according to a press release.

The buyer is taking over management under their Vitality Senior Living operating company.

Blueprint manages sale, conversion of community

Blueprint announced its involvement in the sale of a seniors housing community in Roswell, Georgia.

Following the transaction, the community is set to be converted into an 80-bed residential behavioral health facility, according to a press release.

Blueprint secured a signed letter of intent within 14 days of putting the community on the market and the asset traded at $93,000 per unit, the release states.

Financings

Berkadia closes on four HUD loans

Berkadia announced its Managing Director Jay Healy and Director Andrew Lanzaro closed on four HUD 232/223(f) loans totaling $64.4 million in the past 30 days.

The loans were obtained on behalf of three sponsors and secured by three seniors housing communities and a nursing home spanning Hawaii, Texas and Washington, according to a press release.

The loans were used for either refinancing or retiring bank construction debt and convertible ownership debt, the release states.

Cushman & Wakefield arranges $40M equity raise

Cushman & Wakefield announced it served as the advisor to Distinctive Healthcare for a $40 million equity raise and recapitalization of the Seascape at Naples.

The 196-unit community offers amenities including communal green space, a resort-style pool with lounge areas, on-site medical services, enrichment programs, meal and snack service, housekeeping and flat-linen service, a press release states.

“This acquisition marks a significant milestone not just for the asset, but for the broader senior housing market, which has seen limited transaction activity in recent years,” Aaron Graves of Cushman & Wakefield’s equity, debt and structured finance group said in the release. 

BMO Healthcare Real Estate lends $45M on behalf of Kisco Senior Living

BMO Healthcare Real Estate announced it acted as the sole lender on a real estate term loan refinancing on behalf of Kisco Senior Living for its La Posada community.

The 333-unit continuing care retirement community offers independent living, assisted living, memory care and skilled nursing, a press release states.

Kisco manages 33 senior communities across 10 states.

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