Senior Living Dealbook: Sonida Closes Two Acquisitions; Pruitthealth Expands In North Carolina

Transactions

Sonida closes two acquisitions

Sonida Senior Living announced the closing of its two latest acquisitions in the Atlanta and Tampa submarkets.

On June 1, Sonida finalized the acquisition of an upscale and amenitized asset in the Atlanta metro for $11 million, according to a press release. The company now has four assets in the metropolitan area.

On May 30, the company finalized its acquisition of a Tampa community for $11 million located in Tarpon Springs. The community has 64 memory care units, bringing its total Florida properties up to eight, the release states.

PruittHealth expands in North Carolina

PruittHealth is expanding its presence in North Carolina with the acquisition of Forest Heights Senior Living, located in Winston-Salem.

The seven acre community has 99 rooms with 104 beds and offers assisted living, memory care support and respite care services, according to a press release.

PruittHealth now owns or operates 13 assisted living communities across the Southeast.

SLIB closes on Wyoming transaction

Senior Living Investment Brokerage facilitated the sale of Douglas Care Center and Mountain Lodge, a senior living and skilled nursing facility located in Douglas, Wyoming.

The property has 74 units and 96 beds of assisted living, memory care and skilled nursing units, according to a press release.

The seller is a “local mom and pop” divesting to retire, the release states. The buyer is a Utah based regional owner-operator expanding deeper into Wyoming.

Cougar Capital acquires 50-unit community

Cougar Capital, a private equity firm, has acquired The Village at Riverglen, a 50-unit assisted and independent living facility located in Littleton, New Hampshire.

The community was built in 2008 and acquired from a national real estate investment trust for $8 million, according to a press release.

Willow Ridge Senior Living will be handling the operations of the community.

SLIB sells Washington property

Senior Living Investment Brokerage announced its involvement in the sale of an assisted living community in Washougal, Washington.

The community consists of 70 units and is situated on around three acres of land.

The seller is a regional owner that is divesting its portfolio to retire, according to a press release. The buyer is a new regional owner-operator that is seeking to expand its portfolio in the Pacific Northwest.

Financings

Ikaria Capital closes on $270M loan, $30M preferred equity for portfolio

Ikaria Capital, a debt solutions provider for the senior living and healthcare industries, announced it has closed on a $270 million loan and $30 million preferred equity investment for a 24–property skilled nursing and senior living portfolio.

The portfolio has properties across multiple states in the Pacific Northwest, according to a press release.

The release states the existing management team will continue to operate the facilities.

Helios structures sale, JV equity for Alabama communities

Helios Healthcare Advisors announced its involvement in structuring the sale and arranging joint venture equity for the acquisition of two assisted living and memory care communities in Alabama for two sellers.

Helios was engaged by the Episcopal Diocese of the Central Gulf Coast to find a buyer to preserve the legacy of Murray House Assisted Living in Mobile, Alabama, according to a press release. The property was sold to “an operator with extensive experience in the industry that had recently established a new operating platform,” the release states, and Helios stepped in to assist the buyer with an equity investment from a local real estate investor.

Helios also approached Community Health Systems, an Orange Beach, Alabama-based healthcare organization, who agreed to an off-market sale of Haven Memory Care on Halcyon.

KeyBank provides $51M for affordable housing

KeyBank Community Development Lending and Investment announced it provided $43.6 million in construction loans and arranged $7.6 million in permanent loans to acquire and rehabilitate Lee Plaza in Detroit.

The 15-story landmark will be transformed to affordable housing for seniors and families, according to a press release. The community will feature 182 units, with 117 units restricted to individuals 55 years or older and 65 units available to families.

KeyBank is financing the first two of three phases of renovations. The third phase has not closed at this time.

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