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Transactions & Financings: Healthpeak’s $550M Money Tender Supply; Chapter Court docket Approves $76M Henry Ford Village Sale

Share this…FacebookPinterestTwitterLinkedin Healthpeak Properties (NYSE: PEAK) continues to shore up its monetary place. The Denver-based well being care actual property…

By Staff , in Senior Living , at May 28, 2021



Healthpeak Properties (NYSE: PEAK) continues to shore up its monetary place.

The Denver-based well being care actual property funding belief (REIT) introduced money tender presents for as much as $550 million in senior notes due in 2025.

The choices encompass $250 million in senior notes carrying a 3.4% rate of interest, and $300 million in senior notes at a 4% rate of interest. The presents will expire at 5pm Jap on June 2, until in any other case terminated.

Gross sales and operator transitions

Henry Ford Village sale accepted by chapter courtroom

America Chapter Court docket within the Jap District of Michigan accepted the sale of Henry Ford Village, a seamless care retirement group in Dearborn, Michigan, to HFV OPCO, LLC, an affiliate of Sage Healthcare Companions (“Sage”), for $76.3 million. The transaction stays topic to regulatory approvals and customary closing situations, and all events anticipate the sale might be accomplished in roughly 90 to 120 days.

Sage plans to include Henry Ford Village into its current community of senior dwelling communities, and improve programmatic actions for residents and workers whereas investing to enhance the campus. Sage has additionally pledged to uphold the CCRC’s present commitments to keep up the well being, security and way of life of its residents.

Boncrest Useful resource Group, ER Senior Administration assume operations of two CCRCs

Subsidiaries of Boncrest Useful resource Group acquired operation of two CCRCs, Foxwood Springs in Raymore, Missouri, and Robin Run Village in Indianapolis, Indiana, from Brookdale Senior Dwelling. The campuses might be managed for Boncrest by ER Senior Administration, following a quick transition interval from Brookdale.

The acquisitions are the primary for Boncrest, a mission-driven, nonsectarian, nonprofit charitable group primarily based in Atlanta, Georgia. The group was fashioned in 2017 to deal with the challenges of offering high quality providers, actions, and packages that serve public and charitable pursuits in a quickly altering healthcare atmosphere. This transformation in management will carry Foxwood Springs and Robin Run Village again to their authentic not-for-profit roots.

Blueprint sells Texas CCRC

A Blueprint Healthcare Actual Property Advisors crew of Government Managing Director and Co-Founder Jacob Gehl, Senior Director Amy Sitzman, Managing Director Humair Sabir, and Senior Affiliate Giancarlo Riso accomplished the sale of The Parks, an entrance fee-based CCRC in Odessa, Texas. Phrases of the deal, and the identities of the customer and vendor, weren’t disclosed.

Really helpful SHN+ Exclusives

Cushman & Wakefield completes $116M Florida portfolio sale

Cushman & Wakefield’s (NYSE: CWK) Senior Housing Capital Markets group accomplished the portfolio sale of The Addington at Wellington Inexperienced and The Institute for Wholesome Dwelling at Jupiter, two expert nursing and assisted dwelling communities positioned in Palm Seaside County, Florida.

The Addington at Wellington Inexperienced is a 120-bed expert nursing and 52-unit assisted dwelling group in-built 2011. The Institute for Wholesome Dwelling at Jupiter is a 129-bed expert nursing, 62-unit assisted dwelling, and 30-unit reminiscence care campus that simply accomplished development and obtained licensure.

Vice Chairman Richard Swartz, Government Managing Director Jay Wagner, Managing Director Aaron Rosenzweig, and Administrators Dan Baker and Sam Dylag, have been concerned within the transaction.

Senior Dwelling Funding Brokerage Managing Administrators Matthew Alley and Bradley Clousing accomplished the sale of Legacy Park, an 81-unit lively grownup retirement group for residents age 55 and up in Granbury, Texas. The client is a Utah-based investor with different senior housing communities in Texas. The vendor is a neighborhood proprietor/operator trying to exit the business.

Chicago Pacific Founders acquired The Shores at Clear Lake, a 100-unit senior housing group providing assisted dwelling and reminiscence care providers in Houston. The vendor was Meridian Realty Advisors.

JLL Capital Markets suggested Meridian within the transaction, and organized $21.3 million in acquisition financing by way of Freddie Mac. Managing Director Charley Bissell and Senior Managing Director Brian Carlton represented the vendor. Financing was led by Managing Director Allison Holland.

Financings

Berkadia completes 2 financings totaling $133 million

Berkadia Seniors Housing & Healthcare secured financing packages for 2 senior housing amenities in Portland, Oregon. The overall mortgage quantity was $132.6 million.

Touchmark within the West Hills, which presents unbiased dwelling, assisted dwelling and reminiscence care providers, obtained an $82.4 million refinancing bundle by way of Freddie Mac. The seven-year mortgage was secured with 53% loan-to-value.

An unnamed 232-unit senior housing facility will obtain a $50.2 million HUD 232/223(a)(7) mortgage, which can refinance current HUD debt related to the group.

CBRE Nationwide Senior Housing Vice Chairman Aron Will, First Vice President Austin Sacco and Vice President Adam Mincberg organized a $78 million refinancing bundle for an upscale senior housing group in early stage lease up within the Miami market.

CBRE secured the three-year, floating-rate mortgage with full time period curiosity solely by way of a debt fund.

14 Ohio senior flats obtain reasonably priced housing tax credit

The Ohio Housing Finance Authority awarded greater than $31.5 million in 10-year federal housing tax credit to 31 developments throughout the Buckeye State, together with 14 developments serving seniors.

Among the many recipients have been Karam Senior Housing in Cleveland; Decision Senior Residences in Ashtabula Township; The Senior Village at Kettering City Heart in Kettering; and Trotwood Senior Lofts in Trotwood.

MassDevelopment points $9M bond for reasonably priced housing improvement

MassDevelopment issued a tax-exempt bond price $9.143 million to St. Therese 4% LLC, an affiliate of The Neighborhood Builders. Proceeds might be earmarked to purchase, clear and put together a website in Everett, Massachusetts, on which the group will construct a 33-unit reasonably priced rental group for seniors. Boston Personal Financial institution bought the bond.

The event, St. Therese, will embody 30 one-bedroom models and three two-bedroom models; 19 models might be rented to households incomes not more than 60% of the realm median revenue, and 14 models might be rented to households incomes not more than 30% of the realm median revenue.

Moreover, MassDevelopment assisted the Massachusetts Division of Housing and Group Growth (DHCD) with the approval of federal low-income housing tax credit, which can present roughly $5.5 million in fairness for the challenge. DHCD additionally awarded subsidy funds in assist of the event, in addition to the adjoining 44-unit rental improvement.

Scores Outlooks

Fitch declares bond score updates on 3 CCRCs

Fitch Scores introduced the next bond scores updates:

  • Fitch assigned a “BB+” issuer default score to, and affirmed the “BB+” score on collection 2016 income bonds issued by the city of Alhambra, California on behalf of Atherton Baptist Houses, a CCRC in Alhambra. The score outlook is steady. Key score drives embody constant demand in a steady market, and a stable steadiness sheet to supply monetary stability within the face of future excessive occasions.
  • Fitch assigned an “A+” issuer default score to, and affirmed the “A+” score on roughly $11 million in first mortgage income bonds issued by the Massachusetts Growth Finance Authority on behalf of Berkshire Retirement Group, Inc., doing enterprise as Kimball Farms, a CCRC in Lenox, Massachusetts. The score outlook is steady. Key score drivers embody robust market place supporting sturdy demand for providers, and a robust monetary profile.
  • Fitch assigned an “A” issuer default score to, and affirmed the “A” score on $42.3 million in Collection 2016 income and refunding bonds issued by the East Hempfield Township Industrial Growth Authority Well being Heart, and $37.2 million in Collection 2019 income bonds issued by the Lancaster Industrial Growth Authority on behalf of Willow Valley Communities, a retirement campus in Lancaster, Pennsylvania. The score outlook is steady. Key score drivers embody being a single-site CCRC available in the market, with a nationwide attain for tenants; and a resilient monetary profile that made it by way of reasonable stress.

Miscellaneous

Entrance Porch merges three philanthropic foundations

Entrance Porch has merged three foundations — Pacific Houses Basis, FACT Basis, and Sunny View Basis — right into a single philanthropic basis, the Entrance Porch Communities Basis. The brand new basis might be ruled by a newly organized nine-member board of administrators and supported by area people philanthropic committees.

Katharine Miller, who led the Covia Basis for 9 years, was named FPCF’s new Government Director, working carefully with Entrance Porch’s current basis executives, Keith Church, Jill Hammer and Invoice Penrod.

The consolidated basis will work to lower administrative bills, improve fundraising alternatives, and prolong the tradition of philanthropy all through Entrance Porch communities, packages, and relationships. All previous items made underneath the earlier foundations might be honored and used for the group and function contributors designated.

KKR acquires Remedy Manufacturers

Personal fairness agency KKR acquired Remedy Manufacturers, a apply administration and digital well being file software program platform primarily based in Birmingham, Alabama. Phrases of the deal weren’t disclosed. KKR financed the deal by way of its Americas XII Fund. PSG, a non-public fairness agency centered on investing in software program corporations and an current investor in Remedy Manufacturers, stays a minority shareholder.

myLifeSite launches new website to match seniors with CCRCs

myLifeSite, a web based useful resource for shoppers evaluating persevering with care retirement communities, expanded its free on-line search and filtering capabilities to assist shoppers higher analyze and examine the often-confusing choices.

Customers can slender down and examine CCRCs primarily based on what’s vital to them, together with:

  • Kind of flooring plan
  • Area and sub-region
  • Group tax standing (for-profit or non-profit)
  • Kind of residency contract (lifecare, fee-for-service, rental, fairness, and so forth.)
  • Companies and facilities
  • Hobbies and pursuits.



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