Seniors Housing Business

FEB-MAR 2018

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

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Acquisitions 22 www.seniorshousingbusiness.com Seniors Housing Business n February-March 2018 As one of the largest owners and capital providers to the seniors housing industry, Bridge Seniors * is a trusted equity partner for operators, owners and developers. We are dedicated to creating value for our investors and improving the lives of seniors nationwide. ORL ANDO | SALT L AKE CIT Y | NE W YORK | SAN FR ANCISCO | ATL ANTA Phil Anderson phil.anderson@bridgeig.com 407.999.2400 Robb Chapin r.chapin@bridgeig.com www.bridgeig.com Blake Peeper b.peeper@bridgeig.com * Formerly ROC Seniors Validus receives $117.5 million credit facility to buy three communities in the Southeast Ocoee, Fla., Kenner, La., and Al- pharetta, Ga. — Validus Senior Liv- ing, a Tampa-based long-term care owner and operator, has closed a $117.5 million syndicated revolv- ing line of credit with SunTrust Robinson Humphrey. The funds are supporting the ac- quisitions of two new Inspired Liv- ing communities — Inspired Living at Ocoee in Florida and Inspired Living at Kenner in Louisiana — that offer both assisted living and memory care. A third acquisition, Inspired Living at Alpharetta, is ex- pected to close in the near future. SunTrust Robinson Humphrey served as the lead arranger and bookrunner for this deal, while SunTrust Bank acted as the lead participant and administrative agent. The two initial acquisitions will add more than 250 units to Vali- dus' existing portfolio in Florida and Louisiana, with further growth expected in Atlanta, Houston and Lewisville, Texas. The Validus portfolio currently totals 11 communities with four ad- ditional assets under development. LCS plans renovations at six newly acquired communities in Dallas Dallas — Shortly after purchas- ing six Dallas-based senior living communities, Life Care Services has announced an immediate mul- timillion-dollar renovation plan for the properties. CBRE National Senior Housing arranged the asset sale, investment recapitalization and acquisition fi- nancing for Life Care Services. Lisa Widmier represented the seller, Im- ran Ahmed arranged the recapital- ization and Aron Will arranged the $120.2 million in acquisition financ- ing. Since 2014, the six communities — Autumn Leaves on White Rock Lake, Monticello West, Parkwood Retirement Community, Parkwood Healthcare Community, Signature Pointe on the Lake and Walnut Place — have been managed by Life Care Services under different ownership. The portfolio totals 1,234 units spanning the continu- um of care. The company will break ground on renovations in the first part of 2018. Life Care Services plans to improve common areas, dining venues, residential apartments, ex- terior entrances and grounds. "We've been somewhat limited in the improvements we could make at these communities, given we didn't own them," says Joel Nelson, president and CEO of Life Care Services. "Previous invest- ment focused on necessary infra- structure improvements, such as roofs and HVAC systems. We in- vested millions in those areas dur- ing the last three years, but we now have greater flexibility to make upgrades that residents will truly notice and will appeal to today's seniors." Life Care Services will continue to manage the communities' day- to-day operations, and each com- munity will continue to offer mul- Autumn Leaves on White Rock Lake is among six seniors housing communities recently acquired by LCS in Dallas.

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