Transactions and Fundings: Greystone Closes Largest CLO Ever; 4 Atria Communities Transition to vitality


Funding

Greystone Concludes Largest Healthcare CLO

Greystone announced the closing of a $ 450 million secured loan obligation (CLO) for commercial real estate, surpassing its own benchmark of $ 300 million established in 2018.

Like the CLO in 2018, this CLO is backed exclusively by bridging loans for health care projects, according to a statement from Greystone.

Specifically, the CLO’s assets consist of skilled nursing care, independent living aids, memory care, and an independent living facility.

Qualified nursing represents just under 52% of the portfolio, followed by assisted living at 16%.

United Methodist retreat gets $ 130 million refinance

United Methodist Retirement Homes has closed on nearly $ 131 million in Series 2021A and 2021B bonds with Ziegel, according to a statement from the Chicag0-based investment bank.

UMRH is a North Carolina-based operator with three communities located in Durham, Greenville, and Wesley Pines, respectively, and is the state’s third-largest nonprofit retirement home operator and the country’s 91st.

The funding will be used, among other things, to finance an expansion project of 54 free-standing units on the campus of the company’s location in Durham.

Orlando area community receives $ 57 million from JLL

Windsor at Celebration, subject to an age limit, received a $ 57.5 million loan from a large debt fund, hosted by JLL Capital Markets (NYSE: JLL), according to a company statement real estate investment.

JLL worked on behalf of the borrower, in this case a partnership between Square Mile Capital Management and Big Rock Partners. The loan is a five-year non-recourse variable rate loan.

Windsor at Celebration, based in Celebration, Florida, is a luxury seniors’ housing community with 239 units dedicated to independent living, assisted living and memory care.

Houston-area operator gets $ 116 million for additions

Chicago-based investment bank Ziegler announced it has closed more than $ 116 million in 2021 series bonds with Methodist Retirement Communities (MRC).

Following the funding, Happy Harbor Methodist Home, The Crossings and Crestview will be added to four MRC affiliated communities that are currently part of the MRC portfolio.

MRC, based in the Houston area, owns and operates 13 senior residences in Texas and ranks 59 on the LeadingAge Ziegler 200 2021.

South Pointe Assisted Living uses Ziegler to advise

Ziegler will act as exclusive seller-side advisor in the sale of South Pointe Assisted Living, a community of 42 independent and assisted living units based in Everett, Wash.

Radiant Senior Living acquired Southe Point in 2020 along with two other communities – one in Bozeman, Montana, and the other near Seattle. Prior to owning the community, Radiant leased and operated it for 10 years.

Ziegler announced the successful remarketing of over $ 126.6 million of Series 2004A, 2008A, 2012A, 2013A, 2013B, 2018A and 2018 Floating Rate Demand Bonds for Concordia Lutheran Ministries.

Concordia is a nonprofit organization that owns and operates senior communities in Southwestern Ohio and throughout the Ohio Valley as well as Florida.

In total, the 13 main sites of the Concordia campus include more than 700 independent living units, 1,100 assisted living units and 500 specialized nursing beds.

Concordia landed at 23 in the 2021 LeadingAge Ziegler publication.

Georgian developer refinances $ 18 million project for 2019

Manor Lake Development received an $ 18.5 million variable rate loan from a debt fund, arranged through JLL Capital Partners (NYSE: JLL), for its community of Manor Lake Gainesville.

Manor Lake Gainesville is located in Gainesville, Ga., And was rented out quickly after opening in 2019, according to a statement from JLL.

Ziegler closes on $ 24 million for Otterbein

Investment bank Zigler has announced the closing of a financing of more than $ 24.4 million for Otterbein Home Obligated Group under the 2021B Series Bonds.

The bongs were issued by the state of Ohio, where Otterbein Homes and Otterbein SeniorLife are based.

The tax-exempt company operates more than independent living units, 475 assisted living units and 1,000 specialty nursing beds in nine SeniorLife communities and nine neighborhoods.

The bonds were used to pay for the costs associated with the company’s acquisition of the Kendal member’s stake in Granville.

Transactions

Vitality Living takes over 4 Atria communities

Vitality Living will run four Kentucky-based communities after their sale, according to a Business Journals report.

The communities – Atria Springdale, Atria Elizabethtown, Atria Stony Brook and Atria St. Matthews – will be added to Vitality’s portfolio, based in Brentwood, Tennessee.

The four properties are Kentucky’s first for Vitality, being added to a portfolio that includes communities in Alabama, Arkansas, Florida, Georgia, Louisiana, Mississippi, Oklahoma, Tennessee, Texas and Virginia.

Senior housing investment, development and operations firm Greystar has announced that it will operate Album Indian Lake, an active adult community currently under development by Avenida Partners in the Nashville suburb of Hendersonville.

Album Indian Lake is an active adult community for adults aged 55 and over that provides “an active lifestyle for like-minded and same-aged adults,” said Ally Hackney, senior regional real estate manager at Greystar .

The pre-rental started in November.


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