Senior Living Dealbook: Kayne Anderson Recapitalizes Class A Portfolio; 12 Oaks Jv Makes Kansas Acquisition 

Transactions

Kayne Anderson recapitalizes Class A portfolio

Kayne Anderson Real Estate has entered into an agreement to recapitalize a Class A senior housing portfolio in partnership with Tradition Senior Living.

The portfolio consists of five communities in Texas, according to a press release.

“We have spent more than a decade building one of the leading seniors housing investment platforms in the country, and this transaction reflects our continued conviction in this mission critical sector,” Al Rabil, CEO of Kayne Anderson and Co-Founder and CEO of Kayne Anderson Real Estate, said in the release.

Trustwell assumes management of Missouri community

Trustwell Living has assumed management of a senior living community in Richmond Heights, Missouri, effective May 28.

The community has been renamed to Trustwell Living at Richmond Heights, and Trustwell is focusing on ensuring a smooth transition, according to a press release.

“Our first priority is stability. We are listening, learning, and working closely with the community team to ensure residents continue to feel safe, cared for and connected throughout this transition,” Lori Jones, CEO of Trustwell, said in the release.

12 Oaks announces Kansas acquisition

12 Oaks Senior Living announced it has acquired The Atriums in Overland Park, a 202-unit independent and assisted living community in Overland Park, Kansas.

12 Oaks partnered with Silver Creek Capital to acquire the community, and Bloomfield Capital also provided acquisition funding, according to a press release.

This is the second joint venture between Silver Creek Capital and 12 Oaks Senior Living.

Triple Crown sells two communities

Triple Crown Senior Living announced it sold two communities developed in partnership with Denton Floyd Real Estate Group.

The communities include Bridgepointe Gardens, a 131-unit assisted living and memory care community in Jeffersonville, Indiana, and Forest Hills Commons, a 119-unit senior living community serving Louisville, Kentucky, according to a press release.

Triple Crown will continue to manage Forest Hills Commons for its new ownership group, the release states.

Cherry Hills Assisted Living & Memory Care sold for $46M

Evans Senior Investments closed on the sale of Cherry Hills Assisted Living & Memory Care for $46 million.

The buyer was a leading healthcare real estate investment trust, a press release states.

The 85-unit community located in Centennial, Colorado and received “numerous qualified offers,” according to the release.

Arizona community Broadway Proper sold to REIT

Broadway Proper, a 232-unit independent and assisted living community in Tucson, Arizona, has been sold to a national real estate investment trust.

Stellar Senior Living will continue managing the community under its new ownership, according to a press release.

Berkadia handled the transaction, which closed within 30 days of signing the letter of intent.

Tucson memory care community trades hands

A 40-unit memory care community in the Tucson, Arizona metropolitan area has traded hands after being positioned as a turnaround opportunity by Blueprint.

The community was acquired by a national owner-operator with an established footprint in Arizona, according to a press release.

The incoming ownership group is “well-positioned to drive operational synergies, optimize expenses and execute a credible path to stabilized cash flow under unified regional management,” the release states.

63-bed community under new ownership

Senior Living Investment Brokerage facilitated the sale of a 63-bed memory care community memory care community in Pleasant Hill, California.

The seller is a regional owner-operator that elected to divest the community, according to a press release.

The community was acquired by a real estate investment trust that will “lease the community to one of its preferred operating partners,” the release states.

SLIB closes on 54-unit community

Senior Living Investment Brokerage announced it closed on the sale of a 54-unit assisted living and memory care community in Tuscaloosa, Alabama.

The community was sold by “a large operator owner/operator with properties throughout the Southeast” and was purchased by “a West Coast owner partnering with a local Alabama owner-operator, according to a press release.

Dan Geraghty, Jeff Binder and Brad Clousing of SLIB handled the transactions on behalf of the seller.

Financings

Spring Village at Dover secures $20.3M financings

JLL Capital Markets announced it closed a $20.3 million 232/223(f) insured mortgage loan for Spring Village at Dover.

The loan will “enable the property’s private equity ownership to continue delivering specialized dementia care services while Woodbine Senior Living, a northeastern regional operator, maintains management of the high-performing asset,” a press release states.

The transaction was led by JLL’s Seniors Housing Capital Markets team, including Senior Managing Directors Jay Wagner, Rick Swartz and Aaron Rosenzweig and Senior Director Sam Dylag, according to the release.

$39M bridge loan arranged for The Arbella at Bramble Hill

JLL Capital Markets arranged a $39 million loan on behalf of The Arbella at Bramble Hill, a 123-unit active adult community.

JLL worked on behalf of the developer, The United Group of Companies, Inc. to secure the loan, according to a press release.

The bridge loan paid off the existing construction loan and will fund remaining improvements at the property, the release states.

Partnerships

Ingleside, BayWoods of Annapolis enter management partnership

Ingleside, a not-for-profit senior living operator, and BayWoods of Annapolis have entered into a management services agreement.

Implementation of the management services agreement with Ingleside’s management entity, Westminster Ingleside Group, LLC, will be phased in starting in July, according to a press release. Over the course of the next year, Ingleside will “work with BayWoods to provide organizational support including finance, accounting, operations, sales, marketing, information technology and human resources.”

“This partnership reflects our commitment to extending Ingleside’s management expertise to like-minded organizations,” Sally Cox, chair of Ingleside’s board, said in the release.

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