July 28, 2021

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Transactions & Financings: Welltower’s $4 Billion Credit Facility; Ziegler’s $141M Financing Deal Volume – Senior Housing News

Welltower (NYSE: Properly) improved its shut to- and prolonged-time period liquidity. The Toledo,.......

Welltower (NYSE: Properly) improved its shut to- and prolonged-time period liquidity.

The Toledo, Ohio-based mostly well being care exact property funding notion shutd on an increaseed $4 billion unsafed revolving line of credit rating. This will substitute an current $3 billion credit rating facility.

Furthermore, Welltower has two current amenities excellent: a $500 million time period mortgage and a $250 million Canadian greenback ($250.5 million US) time period mortgage. The mannequin new facility was assisted by 31 incumbent and new monetary institutions and was closely oversubscrimattress. It consists of a tranche that matures on June 4, 2023 and a $3 billion tranche that matures on June 4, 2025. Each tranches Might Even be prolonged For two successive time durations of six months at Welltower’s selection.

Affiliations

Lifespire of Virginia, Pinnacle Living finalize house well being Three method halfnership

Lifespire of Virginia and Pinnacle Living have agreed to A 3 method halfnership settlement To current house well being and completely different organizational assist providers.

The mannequin new enterprise, Senior Living Companions of Virginia (SLP), will permit both organizations to formally collaboprice and increase their progress to serve People who presently Do not stay in senior housing. The JV additionally finalized The acquisition of Williamsburg Touchdown Home Health And purchased its current belongings, collectively with state and federal house well being licenses and certifications.  The house well being agency will opeprice as Afagencyation Home Health.

SLP has employed William Mayes To steer the new enterprise as CEO, and Jennifer Rauschenburg as administrator and director of medical providers.

Sales and operator transitions

Blueprint Healthcare Real Estate Advisors Authorities Managing Director & Co-Fobeneath Ben Firestone, Senior Director & Head of Capital Markets Alex Florea, Senior Director Amy Sitzman, and Senior Affiliate Giancarlo Riso have been The solely brokers Inside the sale of a 100-unit unbiased dwelling group Inside the southwest. The client and vendor agreed to a letter of intent in March 2020, however paused the transaction As a Outcome of of coronavirus pandemic. Blueprint maintained communications between The two halfies, and accomplished the deal.

Presbyterian Senior Living, Tryko Companions Adjust to buy Pennsylvania CCRC, Maryland unbiased dwelling group

Presbyterian Senior Living and Tryko Companions entered a contract of sale the place private equity agency Tryko will buy Westminster Village, a 178-mattress CCRC in Allenmetropolis, Pennsylvania; and Heritage Run, a 34-unit unbiased dwelling rental group in Baltimore. Upon the anticipated summer time 2021 closing, Tryko will launch a capital enchancment program To utterly modernize Westminster Village.

SLIB completes 2 transactions

Senior Living Investment Brokerage accomplished The subsequent transactions:

Useful SHN+ Exclusives

  • Managing Directors Jason Punzel, Brad Goodsell and Vince Viverito accomplished the sale of a 98-unit/118-mattress assisted dwelling and reminiscence care facility in Las Vegas. The client is a nationwide private equity fund bringing in A mannequin new third-halfy supervisor. The vendor is An space developer.
  • Punzel and Managing Director Ryan Saul have been The solely brokers Inside the $10.2 million sale of Olympic Village, a 55-plus, entrance payment lively grownup group in Photo voltaic Prairie, Wisconsin. SLIB labored with current residents To assist in forming A mannequin new nonprofit entity To buy and administration the property. The agency additionally assisted supply financing by way of Starion Financial institution and launched the new house owners to an operator, Attic Angel, To current administration providers.

Financings

Ziegler completes 3 transactions, totaling $141.4M

Ziegler accomplished The subsequent transactions:

  • Ziegler served As a Outcome of the unique capital structuring advisor on behalf of Symphony Care Community Inside the $48.95 million acquisition of two expert nursing amenities and a assistive dwelling facility Inside the Chicago neighborhoods of Lincoln Park and South Shore. The vendor is a publicly traded REIT, and is The final half of a wider portfolio restructuring between Symphony and the vendor.
  • Ziegler positioned and shutd a $48 million financing package deal for Tabitha Grand Island, for The enchancment of A mannequin new group, Tabitha at Prairie Commons in Grand Island, Nebraska. The package deal consists of $33.95 million of Collection 2021AB income bonds positioned with Pinnacle Financial institution, a $12 million subordinate mortgage positioned with Mission Investment Fund of the Evangelical Lutheran Church in America (MIF), and a $2.035 million tax incremental financing (TIF) mortgage currentd by Pinnacle Financial institution. Proceeds Shall be used to finance The enchancment of Tabitha at Prairie Commons, fund an estimated 27 months of curiosity on the bonds, and pay sure prices of issuance Associated to the financing.
  • Ziegler shutd a $44.415 million Collection 2021 bond issuance on behalf of The Forest at Duke, a nonprofit persevering with care retirement group in Durham, North Carolina, simply south of Duke College. Proceeds, Together with completely different out there funds, Shall be used to fund The prices of the a capital enchancment enterprise consisting of a substitutement well being and wellness center Which will embrace 90 new mannequins (32 assisted dwelling and 58 expert nursing) in a “small house” format. Furthermore, proceeds Pays a portion of the curiosity on the bonds and pay sure costs and funds incurred in Reference to the sale and issuance of the bonds.

HJ Sims arranges $42M financing package deal for campus enlargement

HJ Sims shutd on a $41.9 million financing package deal for Photo voltaicset Retirement Communities, a Michigan-based mostly nonprofit supplier. Proceeds are earmarked to fund the enlargement of unbiased dwelling choices at Waterford Place, a retirement group in Jenison, Michigan.

BMO Harris completes $73.4M enchancment financing for LCS New Jersey enchancment

BMO Harris Financial institution’s Healthcare Real Estate Finance group shutd a $73.4 million enchancment financing package deal for A 3 method halfnership between LCS and an institutional halfner for a 220-unit unbiased dwelling, assisted dwelling, and reminiscence care group in Florham Park, New Jersey. People’s United Financial institution was a $30 million halficipant Inside the deal.

Base Equities concentrating on $50M in commitments with new most well-appreciated equity fund

L. a.-based mostly private equity agency Base Equities is launching A mannequin new small-stability fund focusing solely on small-stability $1 million to $5 million) most well-appreciated equity for enterprise exact property fundings, with an emphasis on multihousehold transactions Inside the $5 million to $30 million. The fund is concentrating on $50 million in commitments from extreme internet worth individuals, household workplaces and agencys, And might goal worth-add transactions with conagencyed sponsors.

Roughly 25% of the fund’s commitments Shall be earmarked for completely different property varieties, collectively with senior housing.

Ratings Outlooks

Fitch declares bond rating updates on 6 CCRCs

Fitch Ratings introduced The subsequent bond scores updates:

  • Fitch assigned a “BBB” issuer default rating, and afagencyed the “BBB” rating on $164.44 million in numerous income, and income and refunding bonds, issued by The metropolis of Atlantic Seashore, Florida on behalf of the Naval Continuing Care Retirement Basis, doing enterprise as Fleet Touchdown The rating outlook is safe. Key rating drivers embrace the campus’ standing as a single-website CCRC with strong demand throughout the care continuum, strong working historic previous, and a resilient monetary profile withstanding modeprice stress from A critical unbiased dwelling enlargement.
  • Fitch assigned a “BBB-” issuer default rating to Landis Communities & Associates, and afagencyed the “BBB-” rating on $46 million Collection 2015A well being center income refunding bonds issued by the Lancaster County (Pennsylvania) Hospital Authority on behalf of Landis Homes Retirement Community. The rating outlook is safe. Key rating drivers embrace strong demand pushed by unbiased dwelling occupancy, strong income defensibility and midrange working hazard assessments, and sustained operations and money circulate.
  • Fitch assigned the “BB” issuer default rating and afagencyed the ‘BB’ scores on Collection 2018A income bonds issued by the Hospital Facility Authority of Clackamas County, (Oregon) and Collection 2017A income bonds issued by The general public Finance Authority to Mary’s Woods at Marylhurst (MWM). The rating outlook is safe. Key rating drivers embrace strong demand tendencies, an anticipated enchancment in operations, and safe however weak leverage metrics related to the completion Of latest unbiased dwelling mannequins.
  • Fitch assigned a “BBB+” income rating on $65.5 million in Collection 2021 income bonds anticipated to be issued by the Pennsylvania Financial Development Financing Authority on behalf of Presbyterian Homes Obligated Group (PHOG). Furthermore, Fitch eliminated PHOG from beneath standards remark, assigned a “BBB+” issuer default rating, and the “BBB+” rating on $14.2 million in Collection 2008C variable price income bonds issued by the Cumberland County Municipal Authority, and $9 million in Collection 2013 income bonds issued by the Philadelphia Authority for Industrial Development. The rating outlook is safe. Key rating drivers embrace regular historic efficiency, A strong capital enchancment plan, a safe monetary profile withstanding modeprice stress, and strong demand for providers.
  • Fitch assigned an “A-” issuer default rating and afagencyed the “A-” income rating on approximately $28 million of income bonds issued by Westchester County Native Development Company on behalf of Miriam Osborn Memorial Home Affiliation (MOMHA). The rating outlook was revised to constructive. Key drivers embrace strong demand in a market with strong demographic drivers, regular working efficiency, and a resilient monetary environment withstanding stress.
  • Fitch assigned “BBB-” scores to $9.4 million of Collection 2021 fixed-price restricted obligation income bonds and $31.8 million of series 2022 forward sale fixed-price restricted obligation income refunding bonds to be issued by the Financial Development Company of The metropolis of Kentwood, Michigan on behalf of Holland Home Obligated Group (HHOG). Furthermore, Fitch assigned HHOG “BBB-” issuer default rating, and afagencyed HHOG’s current restricted obligation income bonds at “BBB-” The rating outlook is safe. Key drivers embrace strong demand within its market, an enough prolonged-time period monetary profile, an anticipated moderation in capital expenditures, and a historic previous of strong operations.