Seniors Housing Business

OCT-NOV 2017

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

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Page 16 of 47

Acquisitions 17 October-November 2017 n Seniors Housing Business of life in our communities through investments in seniors housing and healthcare," adds Nishitani. To help grow its multifamily, se- niors and affordable housing busi- nesses, ORIX bought an 88 percent stake in RED in May 2010, making it the foundation of ORIX Commer- cial Mortgage Servicing. Last year, ORIX purchased the remaining 12 percent interest in the company. In July 2016, ORIX acquired Boston Financial. The acquisition combined the financial strength and capital solutions of ORIX with Boston Financial's track record as one of the largest syndicators in the Low-Income Housing Tax Credit (LIHTC) industry. "There is a great deal of synergy between Lancaster Pollard, RED and Boston Financial, with all three companies focused on the vital sec- tors of housing and healthcare for our most in-need populations," says Nick Gesue, Lancaster Pol- lard's CEO. "We're thrilled with the confi- dence that one of the largest global financial services companies has shown in our platform and employ- ees, and together we are positioned for a new chapter in our company's history, focused on innovation and growth." Moving forward under the ORIX Commercial Mortgage Servicing umbrella, Lancaster Pollard will focus on the financial, capital and advisory needs of senior living and healthcare clients, and RED will do the same in the affordable and mar- ket-rate multifamily sectors. As a result, employees from Red Capital Group active in the HUD Lean 232 mortgage insurance pro- gram for seniors housing will move over to the Lancaster Pollard team, while Lancaster Pollard's afford- able housing bankers will transi- tion to RED. "Specifics are still being worked out" for the plan, according to a representative from Lancaster Pol- lard. Boston Financial will continue to provide tax credit equity and relat- ed development capital to all three housing sectors. "ORIX Commercial Mortgage Servicing is well positioned to make a positive impact on the U.S. housing infrastructure through the subsidiaries of Boston Financial, Lancaster Pollard and RED," says Garvey. "Further, we believe that having RED focus on its leading position in affordable and market-rate mul- tifamily housing and Lancaster Pol- lard focus on its leading position in seniors and healthcare housing will provide clients with the highest level of expertise and service. [This will] also ensure optimal coordina- tion with the housing agencies and FHA." Advisors for ORIX USA on the transaction included Beekman Ad- visors Inc. and Houlihan Lokey Inc. for financial services and Weil, Gotshal & Manges LLP for legal services. For Lancaster Pollard, Credit Su- isse Securities (USA) LLC served as financial advisor and Kramer Levin Naftalis & Frankel LLP as le- gal advisor. I D E A S I N T O A C T I O N C A P I T A L M A R K E T S FOCUSED ON YOUR NEEDS WE NAVIGATE THE COMPLEXITIES OF SENIOR HOUSING. In today's senior housing market, it is more important than ever to partner with experts who can close complex real estate transactions. Cushman & Wakefield's national Senior Housing Capital Markets team offers a platform of integrated services providing owners and operators, developers, REITs, lenders, and advisors with seasoned experts. Who understand your investment strategy. Guide you through the transaction process. And save you time and money. What can our Senior Housing team do for you?

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