Senior Living Dealbook: Sltc, Sabal Jv Makes Acquisition; Monticelloam Originates, Finances $45m Loan

Transactions

SLTC, Sabal Investment Holdings joint venture makes acquisition

A joint venture between Senior Living Transformation Company, LLC and Sabal Investment Holdings has acquired two communities.

In total, the joint venture will “invest nearly $50 million to acquire the communities and upgrade their physical, technological, and operational infrastructure to better serve their respective markets,” according to a press release.

The communities include Daylesford Crossing in Paoli, Pennsylvania and The Villages of Windcrest in Fredericksburg, Texas. Both have assisted living and memory care offerings.

Class-A community sold

Continuum Advisors announced the sale of Arbor Terrace Citrus Park Independent Living, a 139-unit Class A senior living community located in Tampa, Florida.

The community was developed in 2018 and is situated on nine acres, according to a press release.

The buyer will retain The Arbor Company as the management company.

121-unit community with ‘wealthy demographic draw’ sold

Berkadia announced it sold and financed The Ambassador of Scarsdale, a 121-unit Class-A assisted living and memory care community in Westchester County, New York.

The community is situated in a “premier infill location in affluent Scarsdale” and the community “draws from a wealthy demographic, commands premium rents, maintains stable operations and stands among the top senior living assets in the New York metropolitan area,” according to a press release.

Senior Managing Directors Ross Sanders, Dave Fasano, Cody Tremper and Mike Garbers of Berkadia Seniors Housing & Healthcare closed the sale transaction on behalf of the seller, the release states.

95-unit assisted living, memory care community under new ownership

Senior Living Investment Brokerage facilitated the sale of a 95-unit assisted living and memory care community in Port Charlotte, Florida.

The community is located near “one of the region’s busiest commercial hubs,” according to a press release.

The seller was a private real estate investment trust, and the buyer was a Florida-based regional operator and “is a strategic fit within their current portfolio,” the release states.

New Orleans area community trades hands

Blueprint announced the sale of Sage Lake Senior Living of Covington, an 82-unit assisted living and memory care community located in an affluent northern submarket of the greater New Orleans metropolitan area.

The community opened in 2019 and achieved 100% occupancy at the time of marketing, a press release states.

The previous owner selected a buyer “aligned with the incumbent operator, further strengthening an existing relationship and providing continuity for the community moving forward,” the release states.

Denver-based nonprofit sells Colorado community

Senior Living Investment Brokerage was engaged to sell a 26-unit senior living community in Cortez, Colorado.

SLIB was engaged by a Denver-based nonprofit to sell the community, which allows the nonprofit to redeploy capital, according to a press release.

A Denver-based owner-operator acquired the community as part of its continued expansion within the senior living sector, the release states.

Financings

Monticelloam originates, finances $45M loan

Monticelloam LLC, a specialized seniors housing and multifamily bridge lending platform, financed a $45 million bridge loan to refinance a New York assisted living community.

The financing “supports an experienced, New York-based owner-operator that has meaningfully improved occupancy and cash flow performance at the property since acquisition,” a press release states.

The transaction was “originated alongside a related mortgage loan secured by three affiliated assisted living properties, [and] both loans are intended to position the underlying properties for eligible takeout financing under the HUD 232 Program,” according to the release.

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