Transactions and Fundings: Covenant Living Acquires CCRC from Bankruptcy; Legacy Senior Living is growing
The US New Hampshire District Bankruptcy Court has approved Covenant Living’s purchase of Hillside Village Keene, a continuing care retirement community in Keene, New Hampshire.
Hillside Village becomes the 15th CCRC that Covenant – a nonprofit organization based in Skokie, Ill. – owns and operates.
Following significant occupancy issues due to the Covid pandemic, Hillside finally filed for bankruptcy in August 2021. Covenant has placed a stalking horse bid of $ 33 million.
Hillside Village has more than 200 independent living, assisted living, memory care and skilled nursing units.
“This acquisition strengthens our presence in the North East and fits well into our overall strategic plan for organizational growth,” said Terri Cunliffe, President and CEO of Covenant Living, in a press release. “The addition of Hillside Village allows us to serve even more older adults in this area. We currently have a community located in Cromwell, Connecticut.
Sales and transitions
SweetBriar Assisted Living, a retirement home in West Virginia, sold for $ 7.125 million, according to a statement.
The community of 65 assisted living and memory care units has fallen to 69% occupancy following an admission ban due to the Covid pandemic. SweetBriar raised that figure to 87% upon sale to a regional owner / operator to enter West Virginia.
Evans Senior Investments facilitated the sale for a local owner / operator looking to move out of the senior housing space.
Kaufman Hall acquires Healthcare Real Estate Capital
Kaufman, Hall & Associates, a Chicago-based healthcare and higher education management consulting and consulting firm, has acquired Healthcare Real Estate Capital (HRE Capital).
HRE Capital, based in West Palm Beach, Florida, provides transaction advisory and advisory services to owners and operators of healthcare buildings, including senior housing. The company has been involved in more than $ 14 billion in sectoral real estate transactions since its inception in 2008, according to a press release announcing the Kaufman Hall deal.
Kaufman Hall’s services include significant capital markets activity, having been consistently recognized by Thomson Reuters Municipal Market Analysis as America’s premier financial advisor on new healthcare debt for long-term municipal public offerings and private placements.
National Church Residences adds properties in Atlanta, plans renovation
National Church Residences announced the acquisition of three affordable senior housing communities located on the Christian City campus, located in the subway south of Atlanta.
The National Church assumes management of the properties which total 271 units – Larry Moore Manor, John Sparks Manor and Gene Miller Manor.
All three communities will undergo renovations that will include updated apartments with new lighting, new appliances, new counters and cabinets, and updated bathrooms.
Renovations are planned for the end of this year.
Legacy Senior Living expands with plans for renovation in Tennessee
Legacy Senior Living announced the acquisition of Main Street Senior Living, now known as Legacy Village of Hendersonville.
Legacy Senior Living, based in Cleveland, Tennessee, also announced immediate $ 1 million renovation plans for the 36,000 square foot facility in the Nashville area and other upcoming expansion plans.
In 2022, the community will undergo an expansion that will enhance the services currently available at The Harbor, which is Legacy Village’s memory-care facility.
Legacy plans to include retro-style decor in the expansion, aimed at reflecting a reminiscent era for residents.
Life Care Services adds 3 Delaware communities
Life Care Services, an LCS company, announced the addition of three senior housing communities in Delaware.
The living plan communities – Foulk Manor and Shipley Manor, located in Wilmington, and Millcroft, based in Newark – all include independent living, assisted living and skilled nursing services.
The transitions occur following the choice of the former operator to leave the qualified nursing space.
Ziegler announced more than $ 16.6 million in 2021 Series Bonds for Oak Hammock at the University of Florida, a non-profit organization that owns and operates a continuing care community.
These bonds will be followed by Series 2022 bonds of $ 39 million scheduled for delivery in July 2022.