Transactions and financing: commercial update of five-star offers; Front Porch $ 306 million refinancing

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Five Star Senior Living (Nasdaq: FVE) offered a business update this week, covering its transition from 108 communities to new operators, as well as occupancy improvements for the communities it will continue to operate for Diversified Healthcare. Trust (Nasdaq: DHC).

The occupancy rate across the diversified portfolio ended August at 74.7%, an improvement of 100 basis points from the July figures. Occupancy in communities 100% owned by Five Star ended August at 73.7%, an increase of 320 basis points from the previous month.

To date, Five Star has completed the transition of 62 of the 108 small communities to other operators and will complete the remaining communities by the end of the year. Additionally, all employees who work in its communities and Ageility clinics are fully vaccinated against Covid-19, with only 4.3% of its workforce resigning.

Sales and operator transitions

National Church Residences has expanded its affordable housing footprint in Georgia with the acquisition of McFadden Place, a community of 30 affordable seniors housing in Pembroke, Georgia, for low-income seniors 62 and over.

National Church Residences has acquired McFadden Place, an affordable seniors housing community in Pembroke, Georgia.

The addition brings the total affordable footprint of providers in the State of Peach to 13 communities totaling 1,612 apartments, from Atlanta to Savannah.

Livingston Street acquires 2 active adult communities in Texas

Livingston Street Capital has acquired two active adult communities over the age of 55 totaling 402 units in the Dallas-Fort Worth metropolitan area.

The properties include a 162 unit community in Fort Worth, which has been renamed The Spring at Silverton; and a 240-unit property in Denton, Texas, renamed Sunstone Village. Livingston Street’s portfolio of active adults and independent living now totals more than 1,500 units nationwide – nearly 600 units are concentrated in the Dallas-Fort Worth area.

SLIB negotiates the sale of an assisted living facility in Florida

Senior Living Investment Brokerage Senior Vice President Daniel Geraghty and Managing Director Bradley Clousing facilitated the sale of The Legacy to Highwoods Preserve, an 82-unit assisted living and memory care facility in Tampa, Florida. The seller developed the property in 2015 and divested the asset as it seeks to consolidate its portfolio in the central and southwestern United States. The buyer is Alta Senior Living, which is looking to strategically expand its footprint in Florida.

Funding

Front Porch closes $ 306 million refinancing plan

Front Porch nonprofit successfully refinanced the majority of its outstanding debt. The Glendale, Calif.-Based provider completed a series 2021B tax-exempt bond issue totaling nearly $ 305.6 million.

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The show had over 50 participants and was rated “A” by Fitch Ratings and “A-” by S&P. Both agencies have confirmed that Front Porch’s rating outlook is stable. The bond issuance reduces the provider’s aggregate debt service by $ 5 million per year, locks in long-term committed capital, and levels overall aggregate debt service.

Ziegler completes 3 transactions totaling $ 109 million

Ziegler carried out the following financial arrangements:

– Ziegler has completed an $ 80 million Series 2021 bond issue for the Mayflower Retirement Center obligated group, owner and operator of Mayflower Retirement Community in Winter Park, Fla. The obligated group is undertaking a two-phase campus repositioning project consisting of a new health care center made up of 24 private memory care units and 60 specialist nursing rooms. Phase 2, which this show will cover, includes 50 new independent living units, a clubhouse that will provide catering and social spaces, and the renovation of the existing space currently used to house the nursing beds into 21 units. assisted living. Both Series 2020A Bonds and Series 2021 Bonds are rated BB + (stable) by Fitch Ratings. Sawgrass Partners, LLC, serves as a development consultant for the repositioning.

– Ziegler completed a $ 20.65 million Series 2021 bond issue on behalf of Lifecare, Inc., doing business as Friendship Village Kalamazoo. Issue consists of $ 8.685 million limited bond income repayment bonds issued by the Michigan Strategic Fund and $ 11.965 million in limited bond income and income repayment bonds issued by the Economic Development Corporation from the city of Kalamazoo. The proceeds, along with other available funds, will be used to repay the Series 2010 EDC Bonds and Series 2014 MSF Bonds, terminate an interest rate swap associated with the Series 2010 EDC Bonds, and refinance other debts in courses contracted by the group engaged, finance or reimburse the costs of certain improvements to the community, finance a reserve fund for debt service and pay the issue costs associated with the financing.

– Ziegler has closed an $ 8.52 million Series 2021 bond issue for Otterbein Homes Obligated Group, aka Otterbein SeniorLife. In 2020, the group acquired Sunset Retirement Communities, a CPAB with two locations in Ohio. The proceeds, along with other available funds, will be used to repay the 2011 Sunset’s Series Bonds and to pay certain issuance costs. Sunset will also be integrated into Otterbein’s Obligated Group with this funding. The bonds are rated “A” by S&P.

Capital Funding Group closes $ 263 million loan for multi-state long-term care portfolio

Capital Funding Group has entered into a $ 262.6 million refinancing program for a portfolio of 29 long-term care facilities in California, Colorado and Wyoming.

The portfolio includes 28 specialized nursing facilities and a joint specialized nursing and assisted-living facility, with a total of 3,140 beds. The portfolio is held by a private real estate investment group. Managing Director Erik Howard and Managing Director Tim Eberhardt initiated the transaction for Capital Funding Group.

Greystone concludes 2 financing arrangements totaling $ 55 million

Greystone has entered into the following financing transactions, totaling $ 54.7 million in volume:

– A financial package of $ 35.9 million for the construction of a complex of 150 housing units for the elderly in Chesterfield, Missouri. The property will include 96 self-contained units, 37 assisted-living units and 17 memory-care units. Managing Directors Matt Miller and Tyler Armstrong facilitated the transaction, on behalf of a joint venture between Shelbourne Healthcare and Cedarhurst Senior Living.

– A financial package of $ 18.8 million for a 136-unit independent living community in Warren, Michigan, operated by American House Senior Living Communities. Miller and Armstrong created the package on behalf of the owners, a joint venture between AEW Capital Management and REDICO, a national real estate development and investment company.

Bellwether Enterprise closes $ 11.4 million refinancing plan

Bellwether Enterprise Real Estate Capital Executive Vice President Victor Agusta has provided $ 11.4 million FHA insured loan to Catholic Charities of Baltimore to refinance DePaul House and Joachim House, two affordable housing projects Adjacent for Seniors in Baltimore, totaling 199 one- and two-bedroom units. .

As part of the transaction, DePaul House renewed its Section 8 contract and Joachim House received a new Section 8 Housing Assistance Payments (HAP) contract via the Rental Assistance Demonstration Notice. (RAD) recently established for the Project Rental Assistance Contract (PRAC) program. , which allows Section 202 properties to be converted to Section 8 to maintain affordability and non-profit ownership over the long term. In addition, $ 7 million of the proceeds is used for capital improvement.

Outlook Notes

Fitch downgrades John Knox Village to “BBB +”; negative outlook

Fitch Ratings assigned an issuer default rating of “BBB +” to John Knox Village and downgraded the $ 106 million debt rating issued by the City of Pompano Beach, Florida on behalf of John Knox Village. The rating outlook remains negative, reflecting the potential credit impact of Westlake, an expansion of 146 independent homes currently underway, on the operator.

The downgrade takes into account good demand supported by competitive market prices, heavy capital outlays and operating measures that are slim for a Type “A” supplier.

Technology

CareTrack Health Partners with Athenahealth Marketplace Program

CareTrack Health, a provider of patient enrollment systems, has partnered with athenahealth. through the company’s Marketplace program. As part of the athenahealth marketplace, this newly integrated application is now available to the growing network of athenahealth healthcare providers to enable primary care physicians to monitor adherence to the care plan of critically and chronically ill patients and proactively identify and scale up early interventions between appointments.

Presbyterian Senior Living and Linked Senior announce a partnership

Presbyterian Senior Living and Linked Senior have announced a partnership whereby the nonprofit is rolling out Linked Senior’s resident engagement software platform in its communities.


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