Senior Living dealbook: brookdale Announces Acquisition; Health Wave Partners Acquires Florida Community 

Transactions

Brookdale announces acquisition

Brookdale (NYSE: BKD) announced it completed the acquisition of the previously managed Brookdale Galleria community in Houston.

The transaction was completed for $23.4 million, according to a press release. The acquisition was funded using cash on hand and Brookdale’s recently expanded line of credit.

“The Brookdale Galleria acquisition represents an exciting value-creation opportunity,” Nick Stengle, Brookdale’s CEO, said in the release.

Philidelphia suburb community sold

Berkadia announced the sale and acquisition financing of Daylesford Crossing, a 78-unit assisted living and memory care community in a Philadelphia suburb.

The buyer is a joint venture between an Atlanta-based general partner and an institutional limited partner, with a third-party manager engaged to oversee day-to-day operations, a press release states.

Senior Managing Directors Dave Fasano, Ross Sanders, Cody Tremper and Mike Garbers of Berkadia Seniors Housing & Healthcare closed the sale transaction on behalf of AEW Capital Management, a Boston-based real estate investment firm, the relese states.

Health Wave Partners announces acquisition

Health Wave Partners announced it acquired Alamar Senior Living, a 134-unit Class A assisted living and memory care community located in Wellington, Florida.

The acquisition “represents another milestone in the firm’s growth strategy, further expanding its presence in high-quality senior housing markets,” a press release states.

The community is managed by AgeWell.

88-unit West Virginia community trades hands

Blueprint facilitated the transaction of an 88-unit assisted living and memory care community in Scott Depot, West Virginia.

At the time of marketing, the community was generating in excess of $1.8 million in EBITDAR on approximately $7 million in revenue while achieving spot occupancy of nearly 98%, a press release states.

A publicly traded real estate investment trust with existing ownership of a nearby community put forth the winning bid for the community.

Stabilized Dayton property under new ownership

Blueprint facilitated the sale of a 90-unit assisted living community located in the Dayton, Ohio market.

At the time of marketing, the community had “strong occupancy” and was generating strong revenue, according to a press release.

The community’s ownership “ultimately selected a buyer whose experience and long-term approach aligned with the community’s mission and resident-focused culture,” according to the release.

Financings

Expansion financing secured for Connecticut community

Greystone announced Fairview, a continuing care retirement community in Groton, Connecticut, has closed on $304.2 million to develop the largest campus expansion in the community’s history.

The financing was issued through the Connecticut Health and Educational Facilities Authority (CHEFA) and underwritten by Ziegler, a press release states. Proceeds will be used to fund construction and campus improvements.

The expansion includes approximately 568,000 square feet of new development, adding 175 independent living residences at Vista Point and 18 independent living residences in the Horizon building, along with 44 assisted living and 28 memory support residences., the release states.

Financing arranged for Minnesota community

BWE announced it arranged financing on behalf of Lloyd Jones for AVIVA River Bend, an assisted living and memory care community located in Rochester, Minnesota.

Ryan Stoll, national director of seniors housing and care at BWE, and Taylor Mokris, senior vice president of seniors housing and care, led the financing effort, according to a press release.

“We’re pleased to have delivered a strong outcome for Lloyd Jones on this transaction,” Mokris said in the release.

Berkadia secures financing for Tennessee community

Berkadia has secured financing for Vitality Living Franklin, a 126-unit assisted living and memory care community in Franklin, Tennessee.

Berkadia’s team secured the Fannie Mae loan on behalf of Clarion Partners for the acquisition of the property, a press release states.

“We appreciate the partnership with a best-in-class team in the industry as they continue to strategically expand in the sector and add strong, new partnerships,” Managing Director Garrett Sacco said in the release.

Rebrandings

Sodalis Senior Living rebrands

Sodalis Senior Living has rebranded to Sodalis Living.

The rebrand “marks a deliberate shift in how the company presents itself to residents, families and the senior living industry, moving away from a care-based identity toward one centered on vitality, connection and life in motion,” according to a press release.

“This rebrand is about how we want people to feel when they walk through our doors,” Terry Rogers, CEO of Sodalis Living, said in the release. “We’re in the business of relationships, not just care. Every part of this new identity, from our name to our websites, is built to reflect that we walk alongside our residents and their families, every step of the way.”

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