HJ Sims Arranges Closing of $15 Million Loan for Life Plan Community in Atlanta
HJ Sims recently facilitated the closing of a $15 million revolving pre-development financing for a life plan community in Atlanta, Georgia.
The community—Lenbrook—anticipates incurring up to roughly $15 million in pre-development costs for a planned expansion. The pre-development costs will mainly fund the purchase of land, marketing associated with pre-selling new independent living apartments, and activities related to design and development.
On July 19, HJ Sims arranged the closing of the $15 million pre-development loan, which was structured as a taxable revolving commercial loan provided by SunTrust Bank. The loan was structured with a three-year revolving line of credit that will amortize over a seven-year period after the initial draw period.
Brazos Presbyterian Homes Purchases the Membership Interest of Longhorn Village
Chicago-based specialty investment bank Ziegler recently announced a membership substitution whereby Brazos Presbyterian Homes (BPHI) acquired the membership interest of Longhorn Village (LHV), a life plan community in Austin, Texas.
The deal closed on August 1, 2018.
Ziegler’s Investment Banking Senior Living team acted as the sole advisor to BPHI, a not-for-profit corporation that owns and manages two communities in Houston. LHV is a standalone community that, was sponsored by The Ex-Students’ Association of the University of Texas, which is the alumni association of the University of Texas.
On October 2, 2017, LHV and BPHI executed a Letter of Intent to enter into a Membership Substitution Agreement (MSA). The two groups and The Ex-Students’ Association entered into the MSA on July 11, 2018, to transfer control of LHV to BPH Holding Co., Inc., which would become the only corporate member of LHV.
New in the resource center
JCH Closes $16.5 Million Sale of Four Communities in Oregon and Washington
JCH Senior Housing Investment Brokerage arranged the closing of a four-community senior housing portfolio in Oregon and Washington for $16.5 million.
Together, the four communities have 152 assisted living and memory care units.
The sellers were senior housing industry veterans. JCH’s Nick Stahler and Jim Hazzard acted as the lead advisors on the deal.
Covenant Communities Acquires Two Capri Senior Communities in Wisconsin
Waukesha, Wisconsin-based Covenant Communities Inc. has acquired two properties operated by Capri Senior Communities in Wisconsin: Killarney Kourt Independent & Assisted Living in Sturtevant for $5.8 million, and Polonaise Assisted Living in Milwaukee for $11 million, Milwaukee Business Times reported.
The Wolff Co. Buys Land to Build Senior Housing Community in Scottsdale, Arizona
The Wolff Co. recently bought land in Scottsdale, Arizona, on which it plans to build a senior housing community called Revel Scottsdale, AZ Big Media reported.
Written by Mary Kate Nelson