Seniors Housing Business is the magazine that helps you navigate the evolution of the seniors housing industry.
Issue link: https://seniorshousingbusiness.epubxp.com/i/484276
Acquisitions I'M ON THE FRONT LINES FOR YOUR BACK OFFICE. From HR to IT, Merit Senior Living and Alliance Technologies provide top-level talent, technology and tools you need to stay focused on your core business. And now, as one of the INS Family of Companies, we can offer an even wider range of back office services including network solutions, communications and technologies and client support. For more information visit SeniorLivingHR.com THE INS FAMILY OF COMPANIES vided debt fnancing. Chicago- based Matthews Senior Living will have an ownership interest in the partnership and will manage the community. Tom Ostrom, president of Mat- thews Senior Living, says the capital improvement plan is an important step in attracting additional resi- dents to the community. The plan calls for upgrades to the reception area, the dining room and other shared spaces. "We see room for a few improve- ments that will enhance the quality of life for the residents, including creating a movie room, replacing fooring and reconfguring the din- ing room," says Ostrom. IntegraCare sells Residence on Greenbelt for $18 million Lanham, Md. — IntegraCare Corp. has sold Residence on Green- belt, an 89-unit assisted living and memory care community located at 9885 Greenbelt Road in Lanham for $18 million. IntegraCare retained Avison Young to present the property to the marketplace. The seller had acquired the underperforming property out of distress, invested $2 million in capital upgrades, implemented improvements to the operation of the community and raised occu- pancy to 88 percent at the time of sale. Avison Young principals Jim Kornick and Chip Ryan, based in the frm's Washington, D.C. offce, marketed the property as an opportunity to purchase a recently renovated facility positioned for additional income growth. "With the seller's many recent improvements, this property represents the nicest community amongst its competitive set," says Kornick. C&W; arranges sale of Thunderbird Retirement Resort for $26.8 million Glendale, Ariz. — Cushman & Wakefeld, as advisor to AEW Capital Management, has arranged the sale of the Thun- derbird Retirement Resort, a 345-unit luxury independent and assisted living community in Glendale. The community was acquired by ROC Seniors, which man- ages three parallel funds within the seniors housing and medical facilities sectors. The property will be man- aged by Freedom Senior Management. The Senior Housing Capital Markets Group also arranged the $21.2 million frst mort- gage, non-recourse acquisition fnancing of the transaction with Grandbridge Real Estate, a sub- sidiary of BB&T; Real Estate. It is a three-year loan with competi- tive economic terms and exten- sion options. The loan includes about $5 million for renovations and repurposing. Grandbridge's Richard Thomas, senior vice president, and Meredith Davis, vice president, originated the transaction. The Cushman & Wakefeld team involved in the transac- tion included Richard Swartz, head of Cushman & Wakefeld's Senior Housing Capital Markets team, managing director Jay Wagner, director Aaron Rosen- zweig and associate Stuart Kim. Aaron Rosenzweig was the advisor for the acquisition fnancing. "ROC was quick to recognize the opportunity in this growing market to expand the care levels of this large community, which will make it a great addition to its portfolio," says Swartz. The Thunderbird Retirement Resort, a 345-unit luxury independent and assisted living community in Glendale, Ariz. www.seniorshousingbusiness.com 21 February-March 2015 n Seniors Housing Business