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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www.seniorshousingbusiness.com 23 August-September 2015 n Seniors Housing Business Acquisitions WHEN IT COMES TO YOUR STAFF , I KNOW MY STUFF. Merit Senior Living's support helps reduce labor costs and keeps you focused on your strategic initiatives and occupancy rates with employee benefits, payroll and workers comp coverage you simply don't have time to manage on your own. And as one of the INS Family of Companies, Merit Senior Living is connected with an even greater source of top-level talent, technology and tools to keep you more productive. For more information visit SeniorLivingHR.com THE INS FAMILY OF COMPANIES a 195-unit continuing care retire- ment community in St. Louis, for $12.85 million. The community features 110 independent living units, 22 assisted living units, 22 memory care units and 67 skilled nursing beds. The seller and buyer were not disclosed. Bradley Clousing, Patrick Byrne and Ryan Saul handled the transac- tion for SLIB. WoodBine, Bourne Financial acquire community in Pennsylvania East Stroudsburg, Pa. — Wood- Bine Senior Living and Bourne Financial Group have acquired Spring Village At Pocono, a 69-unit assisted living and memory care community in East Stroudsburg, for an undisclosed sum. The community can house up to 93 residents when fully leased. WoodBine expects the commu- nity to reach stabilized occupancy within a few months. WoodBine is a Maryland-based owner/operator of seniors housing communities. The company cur- rently manages fve properties total- ing nearly 400 beds in Maryland, Pennsylvania, New Jersey and New Hampshire. Additionally, WoodBine has developments underway in Vermont and New Hampshire and provides third-party management for developments in South Carolina, Georgia and Florida. Headquartered in Winter Park, Fla., Bourne Financial Group is a real estate investment company that specializes in seniors housing devel- opment and acquisitions. By the end of September, the company plans to have 10 seniors housing communi- ties open or under construction in four states, representing approxi- mately $200 million in assets. ESI arranges sale of community in West Virginia for $16.5 million Ona, W.Va. — Evans Senior Investments has brokered the sale of Midland Meadows, 98-unit seniors housing community in Ona, for $16.5 million, or $168,367 per unit. The facility features six indepen- dent living units, 62 assisted living units, and 30 memory care units, all of which are frequently 100 percent occupied, according to ESI. Midland Meadows was built in 2007 with additional memory care and independent living units added in 2013. The buyer was a regional opera- tor backed by a public REIT. The fnal capitalization rate of the facility was 8.4 percent on the net operating income of $1.4 million. ESI is a Chicago-based invest- ment banking frm. Chicago Pacifc acquires Sedgwick Plaza in Kansas Wichita, Kan. — Chicago Pacifc Founders (CPF) and its affliate CPF Living Communities, have acquired Sedgwick Plaza, a 151-unit seniors housing community in Wichita, for an undisclosed price. The acquisi- tion is CPF's frst in Kansas. Sedgwick Plaza, previously owned and managed by Capital Senior Living Corporation (NYSE: CSU) will retain the Sedgwick Plaza name and services. CPF plans to invest more than $1 mil- lion dollars in capital improve- ments to increase occupancy and enhance operations. Minneapolis-based Grace Man- agement Inc., a partner of CPF, will manage the property. CPF will fnance the acquisition with equity from CPF's fund and debt from Fannie Mae, serviced by Berkadia. CPF is a Chicago-based health- care investment fund for the senior living, behavioral health and dental industries. The Point Group acquires senior living communications agency Forte Group Dallas — The Point Group, a sub- sidiary of Point Communications Inc., has acquired Dallas-based Forte Group Inc., a public relations and marketing agency that exclusively serves the senior living industry. As a result of the acquisition, the company will create a new division of The Point Group named Forte Senior Living Group. "The senior category is a growing area and a prime market opportu- nity," says Brenda Hurtado, presi- dent and COO of The Point Group. "The addition of Forte expands our senior insights and rounds out our acumen across consumer segments." Forte has worked with more than 100 seniors housing commu- nities across the country in all areas of the continuum of care. Beth Wilbins, founder and CEO of Forte Group, will serve as president of Forte Senior Living Group. "The Point Group is an excep- tional frm, and their robust mar- keting communications capabilities

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