Seniors Housing Business

AUG-SEP 2015

Seniors Housing Business is the magazine that helps you navigate the evolution of the seniors housing industry.

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New Senior completes $640 million acquisition of 28 independent living assets New York — New Senior Invest- ment Group Inc. (NYSE: SNR) has completed the previously announced acquisition of 28 pri- vate pay, independent living prop- erties from affliates of Holiday Retirement for $640 million. The portfolio contains 3,298 units located across 21 states and had an average occupancy rate of 89.8 percent as of July. Holiday will continue to oper- ate the properties under new prop- erty management agreements. New Senior funded the acqui- sition with cash on hand and proceeds from a fxed-rate, 10-year frst mortgage loan. Walker and Dunlop secured the $465 million Freddie Mac loan at a fxed interest rate of 4.25 percent. Proceeds from the loan came in approximately $15 million higher than New Senior expected, so the company plans to pay down $15 million of existing foating- rate debt. Based in New York, New Senior is a REIT investing in senior hous- ing properties across the United States. The company currently owns 152 properties in 37 states. JLL to acquire Oak Grove Capital Chicago — Global real estate frm Jones Lang LaSalle (JLL) has announced plans to acquire lender Oak Grove Capital for a yet-to- be-disclosed price. Based in St. Paul, Minn., Oak Grove Capital specializes in loans for seniors housing, affordable housing and market-rate housing. The acquisition is expected to close before the end of the year. The announcement was made in a memo from David Williams, Oak Grove's CEO. "Over the past few years, the market has changed dramati- cally, and our clients now require more lending options, and other non-lending services to comple- ment our full suite of agency/GSE loan products," says Williams. "In order to broaden our stra- tegic position within the industry, we felt we needed to fnd a partner that would help us to continue to meet our clients' shifting needs, support our approach to business and appreciate the value inherent in our entire staff." JLL (NYSE: JLL) is a profes- sional services and investment management frm. A Fortune 500 company with annual fee revenue of $4.7 billion and gross revenue of $5.4 billion, JLL has more than 230 corporate offces, operates in 80 countries and has a global workforce of approximately 58,000. SLIB brokers sale of community in Oklahoma for $13.8 million Oklahoma City — Senior Living Investment Brokerage Inc. (SLIB) has arranged the sale of a 124-unit assisted living community in Okla- homa City for $13.8 million. The name of the facility was not disclosed. The community was built in 1998, with expansions in 2001 and 2005. The original developer and operator sold the facility to a non- proft seeking to expand its pres- ence in the seniors housing market. Matthew Alley and Nick Cacciabando of SLIB led the transaction. CBRE arranges sale of assisted living community in California for $8.2 million Long Beach, Calif. — CBRE Group Inc. (NYSE: CBG) has arranged the sale of the Bellagio Manor, a 208-bed assisted living facility located in Long Beach, to Glen Park at Long Beach Inc. for $8.2 million. The two-story property is 51,000 square feet, situated on 1.16 acres. The price per bed was $39,423. The facility was only 53 percent occupied at the time of sale, but the buyer saw opportunity in high demand in the area, according to CBRE. CBRE healthcare team mem- bers Bryan Lewitt and Chris Isola 20 www.seniorshousingbusiness.com Seniors Housing Business n August-September 2015 Acquisitions Senior Housing Properties Trust An All Cash Buyer of Private Pay Senior Living Properties Acquisition criteria: u National focus u $10M minimum; no maximum u Individual properties and portfolios u Quick close with no fnancing contingencies Please contact us for more information: Beth Witte, Director, Acquisitions bwitte@snhreit.com • (617) 796-8350 www.snhreit.com AGGRESSIVELY SEEKING BUYING OPPORTUNITIES American House acquires Commons on Pretty Pond in Florida Zephyrhills, Fla. — American House Senior Living Commu- nities has acquired Commons on Pretty Pond, an indepen- dent living, assisted living and memory care community in Zephyrhills. The purchase price was not disclosed. The community, which will be renamed American House Zephyrhills, features 132 studio, one- and two-bedroom units including 111 assisted living and 21 memory care apartments. Units range in size from 300 to 892 square feet. American House is a Michigan-based affliate of REDICO, and is seeking to expand its seniors housing portfolio in Florida. Commons on Pretty Pond in Zephyrhills, Fla., includes 111 assisted living units and 21 memory care units. Continued on page 20

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