Senior Living Dealbook: Agemark Expands California Presence; Charter Grows With Ventas 

Transactions

Agemark expands California presence

Agemark Senior Living has expanded its presence in Northern California after it acquired River’s Edge Senior Living, a senior living community located in Sacramento.

Agemark acquired the community alongside a group of investors and will assume ownership and operations while retaining the River’s Edge Senior Living name, a press release states.

The acquisition “builds on Agemark’s already strong presence in the greater Sacramento area,” according to the release.

Charter grows presence with Ventas

Charter Senior Living is expanding its partnership with Ventas by adding three communities to its growing portfolio of managed communities.

The communities include Arbor Ridge at Huntersville in Huntersville, North Carolina; Carteret Landing in Morehead City, North Carolina; and Winnwood in Marietta, Georgia, according to a press release.

The addition marks “a significant expansion of Charter’s presence in the Southeast, and further diversifies its portfolio across independent living, assisted living and memory care,” the release states.

Senior Resource Group acquires premier Chicago community

Senior Resource Group has acquired The Carrington at Lincolnwood, a premier retirement community north of Chicago.

The acquisition marks the operator’s first community in Illinois and its expansion into the Midwest, a press release states. The sale and $212.5 million financing were arranged by JLL Capital Markets.

Senior Resource Group now has 22 communities in its portfolio.

Austin firm purchases Nevada development parcel

Blueprint announced the sale of a three-acre senior housing development site in Henderson, Nevada to Investcor, an Austin-based real estate development and investment firm.

Investcor plans to develop Valara, a 234-unit independent living, assisted living and memory care community, on the parcel, a press release states.

The community was first brought to market in 2019, but was paused in the early 2020s due to the ongoing pandemic, the release states.

64-unit community trades hands

Blueprint announced The Cottages of Perry Hall, a 64-unit assisted living and memory care community in Parkville, Maryland, has been sold.

A New York-based owner-operator “for whom the cottage-style asset was a strategic fit,” according to a press release.

Charter Senior Living managed the community since 2018 and brought it up to 93% occupancy at the time of marketing.

SLIB completes multiple sales

Senior Living Investment Brokerage announced the sales of a 130-unit community in Albert Lea, Minnesota and a three-community portfolio in the Minneapolis-St. Paul, Milwaukee and Iowa City metropolitan areas.

The portfolio was sold by a Minnesota-based owner, operator and developer to a publicly traded real estate investment trust.

The community was sold by a Midwesst-based nonprofit to a private Minnesota-based owner operator, that viewed the asset as a strategic addition to its growing Minnesota portfolio, a press release states.

Financings

BWE arranges $240M recapitalization

BWE arranged a $240 million recapitalization a multi-property, Class A seniors housing portfolio across the Midwest.

The portfolio was developed and asset managed by O’Reilly Development Company between 2019 and 2022, according to a press release.

The portfolio is managed by Arrow Senior Living.

Lument announces $130M refinancing

Lument announced it financed a $130 million floating-rate loan to refinance Murano Senior Living, a 243-unit community in Seattle.

The transaction refinances the community’s existing debt while providing additional capital to support planned common-area improvements and the sponsor’s broader investment strategy, a press release states.

The transaction was led by Chris Cain, Tyler Armstrong and Taylor Russ, managing directors with Lument’s seniors housing and healthcare team, the release states.

Walker & Dunlop arranges $42M refinance

Walker & Dunlop arranged a $42 million loan to refinance Woodland Village Apartments, an adult multifamily community in San Marcos, California.

The Walker & Dunlop Capital Markets Real Estate Finance team led by Trevor Brotman, Tricia Linden and Kara Proffitt arranged the refinancing of the existing Freddie Mac loan with new financing provided by Freddie Mac on behalf of Comfort Communities, a repeat client of the firm, a press release states.

The community features 204 apartment homes for residents age 55 and older.

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