Senior Living Dealbook: Nhp Closes On $197m Transactions; Brookdale Addresses Portion Of Debt Maturities

Transactions

National Healthcare Properties closes on $197M transactions

National Healthcare Properties (Nasdaq: NHP) closed on a total of $197 million in two transactions.

In late June, the real estate investment trust acquired two communities in the Midwest for $98 million. The community will be operated by one of NHP’s existing operating partners, a press release states.

In early July, the REIT acquired 14 communities for $99 million, which will be managed by two existing operating partners, according to the release.

Inspirit takes on 37th community

Inspirit Senior Living welcomed Teays Valley Place into its portfolio as the operator continues to grow.

The community, formerly known as English Meadows, marks Inspirit’s 37th community, four of which are also located in North Virginia, according to a press release.

“As the company continues to grow, I’m proud to stand by our original mission of leading with compassion and helping our residents live long, vibrant lives full of purpose and opportunity,” David McHarg, Inspirit’s founder and CEO, said in the release.

12 Oaks expands regional portfolio

12 Oaks Senior Living has expanded its regional management portfolio with the addition of The Reserve at Pearland.

The community “offers residents an engaging, supportive environment centered on personalized care, meaningful connections and an enhanced quality of life,” according to a press release.

The new addition “reflects 12 Oaks Senior Living’s continued regional growth strategy and commitment to serving seniors across Texas,” the release states.

Affordable Chicagoland community under new ownership

Blueprint acted as the advisor on the sale of an affordable assisted living community in the Chicagoland area.

The community operates under Illinois’ Supportive Living Program, serving Medicaid and low-income seniors, according to a press release.

The seller selected “an experienced Chicago-based owner/operator with a proven track record in affordable seniors housing and supportive living operations” to purchase the community.

Bain Capital, Capitol Seniors Housing JV sells four communities

JLL Capital Markets announced it represented a joint venture between Bain Capital and Capitol Seniors Housing to sell a four-property senior living portfolio.

The portfolio consists of two Philadelphia area properties and two Chicagoland properties in the North Shore suburbs, according to a press release.

Senior Managing Directors Jay Wagner, Rick Swartz and Aaron Rosenzweig and Senior Director Jim Dooley led JLL’s team in the transaction.

Gardant takes on 100-unit Indiana property

Senior Living Investment Brokerage handled a confidential transaction of an assisted living and memory care community in Indianapolis, Indiana.

The seller was a national owner-operator that sold the community to focus on their core private ay assisted living communities, a press release states. Gardant Management Solutions was selected as the buyer.

Ryan Saul, Dan Geraghty and Bradley Clousing of SLIB handled the transaction.

Colorado, New Mexico communities sold

Berkadia announced its involvement in the sale of two MorningStar communities in Colorado and New Mexico.

The communities include MorningStar of Albuquerque, a 69-unit assisted living and memory care community in Albuquerque, New Mexico, and MorningStar of Wheat Ridge, a 64-unit assisted living and memory care community in Denver, Colorado, according to a press release.

The communities were purchased by a publicly traded real estate investment trust.

Nine-acre development site sold

Senior Living Investment Brokerage facilitated the sale of a nine-acre entitled land site in Succasunna, an unincorporated community of Roxbury Township, New Jersey.

The land has been approved for 175 units of independent living, assisted living, and memory care, according to a press release.

The seller is a “long-standing private owner,” and the buyer is a New Jersey-based developer, the release states.

Multi-building San Diego community trades hands

The Knapp-Stahler Group of Marcus & Millichap announced it sold a multi-building memory care community in a San Diego submarket.

The community consists of seven buildings and more than 55 units, and was sold for approximately $170,000 per unit, a press release states.

The seller was a public real estate investment trust and the buyer is a regional owner-operator, the release states.

Financings

Brookdale addresses portion of debt maturities

Brookdale (NYSE: BKD) announced it completed two financing transactions that address a portion of its 2027 debt maturities while also expanding and extending its revolving credit agreement.

In June, Brookdale “obtained an aggregate of $188 million in loans from CBRE National Senior Housing through its Freddie Mac Optigo loan origination program and repaid $200 million of outstanding mortgage debt secured by 22 communities previously scheduled to mature in 2027,” according to a press release.

Brookdale also amended its credit agreement with Capital One. The amended agreement “provides an expanded commitment of up to $200 million, representing up to a $100 million increase from the existing facility,” according to the release.

Rogerson Communities receives redevelopment grant

Rogerson Communities announced it was the recipient of a $665,000 grant from the Charles H. Farnsworth Trust, Bank of America, N.A., Trustee, in support of the redevelopment of its memory care community in Jamaica Plain.

The redevelopment includes the creation of 41 new affordable independent living apartments in addition to 66 new memory care units to replace existing services, a press release states.

The six-story building will also “include space for the organization’s memory care social day program, a Fitness FIRST center and more than 20,000 square feet of outdoor space, including four garden areas,” the release states.

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