Ventas Inc. will acquire a 100 percent interest in 16 private pay senior living communities from affiliates of Sunrise Senior Living Inc. and its institutional joint venture partner for $362 million.
The assets contain 1,274 units. They were developed by Sunrise and have a median age of four years. All of the assets came unencumbered by debt.
“With the acquisition of these exceedingly high-quality seniors living communities, we continue our enterprise growth while also expanding our private pay revenue source,” said Ventas Chairman and CEO Debra A. Cafaro in a statement. “We are especially pleased to expand our relationship with Sunrise, the global leader in seniors living.”
The transaction is expected to close in the second quarter of 2012.
Berkadia Commercial Mortgage LLC closed a $46.4 million loan to refinance Russellville Park East and West, two senior housing properties in Portland, Ore. Russellville East was completed in 2004 and contains 154 independent living units. Russellville West opened in 2009 and contains 27 independent living units, 95 assisted living units and 16 memory care units. LeisureCare operates the properties as a combined campus. Heidi Brunet, vice president in Berkadia’s senior housing group, originated the loan through the lender’s bridge loan program.
Eastern Union Commercial arranged a $34 million refinancing for a four-building, 580-bed skilled nursing portfolio in New York and Jersey. M & T Bank provided the loan, which features a 5.03 percent fixed interest rate and a five-year term.
Three of the refinanced properties are fully operational. The forth, a 120-bed skilled nursing facility, is under construction and is scheduled to be completed in late 2012.
One of the existing loans on the properties was scheduled to mature on December 31, 2011, but Eastern Union negotiated a three-month extension with the bank.
Abraham Bergman, managing partner with Eastern Union, handled this transaction.
Senior Living Investment Brokerage Inc. brokered the sale of seven senior living properties in three states through three separate transactions valued at $30.35 million.
A not-for-profit organization sold four senior housing properties totaling 237 units in Alabama to a joint venture between a Texas-based regional operator and a REIT for $19.3 million. The properties include a 60-unit assisted living residence and 64-unit memory loss facility in Daphne, Ala. and a 95-unit assisted living residence and an 18-unit independent living community in Fairhope, Ala. The independent living community is subject to a 75-year ground lease with a private entity and the buyer also had to assume approximately $2 million in projected liabilities on a go-forward basis connected to life care contracts.
Bradley Clousing, Ryan Saul and Matt Alley, of Senior Living Investment Brokerage, negotiated this transaction.
In Pennsylvania, Senior Living Investment Brokerage helped a group of TIC investors sell a 94-unit, 120-bed independent and assisted living community in Schwenksville to the property’s management company for $5.8 million. Independent living rents at the community average $2,900 and assisted living rents average $3,550.
Ryan Saul and Toby Siefert, of Senior Living Investment Brokerage, negotiated this transaction.
An independent owner/operator sold two skilled nursing facilities totaling 228 beds in Atlanta, Texas to a New York-based owner/operator for $5.25 million. The facilities include 120-bed Golden Villa and 108-bed Rose Haven Retreat. The seller also included a lease for Mission Manor Nursing Home in Mount Vernon, Texas and Heritage Nursing Home in Quitman, Texas in the transaction.
Matthew Alley and Jeff Binder served as brokers on this deal.
Lee & Associates NY hired Michael Berne and Richard Donohue to spearhead its seniors housing and healthcare brokerage and help Lee & Associates branch out into new markets. Beme and Donohue will be based in Lee’s Manhattan office. They have more than 60 years of combined experience.
Previously, Berne served as managing director with Jones Lang LaSalle, where he and Donohue founded and oversaw the national seniors housing group. While there, he was responsible for all deal flow in the seniors housing sector. In the past, Berne also served as director of the hospital division of the New York Attorney General’s Office and as director of the NYS Medicaid Fraud Unit, where he investigated, audited and examined hospitals, nursing homes and adult homes. He has 30 years of experience managing real estate projects with seniors housing and medical communities.
Donohue has 35 years of experience in real estate. In the course of his career, he has represented a wide variety of healthcare and seniors housing clients. In addition to his tenure at Jones Lang LaSalle, he served as a consultant to the New York City Health and Hospitals Corp., providing strategic advice to the board and capital committee on all real estate matters.
“These two hires present us with a terrific opportunity to utilize the 47 and growing Lee offices nationwide to create a nationwide practice focusing on seniors housing and healthcare facilities,” said Lee & Associates NYC President James Wacht in a statement. “There were very few brokers who focus on this highly specialized practice, which leaves the field wide open for us to come in and create a dominant practice. Given the aging demographics of the country and the increasing longevity of our population we see this area is presenting terrific growth opportunities.”
Walton Street Capital L.L.C. and Senior Lifestyle Corp. sold two rental retirement communities containing a total of 559 units/beds. Senior Lifestyle Corp. will continue to manage the properties. The transaction included Bellingham/Parklane in West Chester, Pa., with 208 independent living apartments, 50 assisted living units, 16 memory care units and 60 skilled nursing units, and Harbour Village in Greendale, Wis., with 139 independent living apartments, 38 assisted living units and 44 memory care units. CLW Senior Housing negotiated this transaction.
NorthMarq arranged a $10.855 million loan to refinance Park Regency Assisted Living Facility in Loveland, Colo. The facility is located within the Centerra master-planned, mixed-use community and contains 104 senior assisted living units. NorthMarq’s Paul Bruder negotiated this transaction.
Langdon Hall LLC sold Langdon Hall, a 66-unit, 80-bed assisted living facility in Bradenton, Fla. to Aviv REIT Inc. for $4.93 million. The property was 88 percent occupied at the time of the sale.
Langdon Hall includes a health care center, dining services, housekeeping, daily activities, rehabilitation, hospice care, a pharmacy and beauty/barber shop. Saber Healthcare Group LLC recently began operating the facility under a long-term lease.
Kenneth Carriero, regional director with Colliers National Seniors Housing Group, and Damien Carriero, associate director, negotiated this transaction.
The developers of Emeritus at Kingwood, a premier new senior living community in Lake Houston, Texas, will open the property this fall. The community will include assisted living, memory care, short-term rehabilitation and long-term skilled nursing facilities. It will feature 49 assisted living apartments, 26 memory care apartments and 18 skilled nursing apartments.