Transactions and Financing: Five Star Offers Business Update; Front Porch refinance of $ 306 million

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

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

To date, Five Star has completed handing over 62 of 108 smaller parishes to other operators and will complete the remaining parishes 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 the workforce quitting.

Sales and operator transfers

National Church Residences expanded its presence in affordable housing in Georgia with the acquisition of McFadden Place, an affordable 30-unit senior housing development in Pembroke, Georgia for the low-income elderly age 62 and over.

National Church Residences acquired McFadden Place, an affordable senior citizen community in Pembroke, Georgia.

The addition brings vendors a total of affordable Peach State space in 13 communities with a total of 1,612 homes, from Atlanta to Savannah.

Livingston Street is acquiring 2 active adult communities in Texas

Livingston Street Capital acquired two of 55+ active adult communities totaling 402 units in the greater Dallas-Fort Worth area.

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

SLIB mediates the sale of an assisted living facility in Florida

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

Financing

Front Porch Closes $ 306 Million Refinancing Package

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

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The issue received over 50 participants and was rated “A” by Fitch Ratings and “A-” by S&P. Both agencies confirmed Front Porch’s rating outlook as stable. The bond issuance reduces the provider’s total debt servicing by $ 5 million annually, tying up long-term tied capital, and paving the way for total debt servicing.

Ziegler closes 3 transactions with a total value of USD 109 million. away

Ziegler has concluded the following financing packages:

– Ziegler completed a $ 80 million series 2021 bond for the Mayflower Retirement Center group, owners and operators of the Mayflower Retirement Community in Winter Park, Florida. The committed group is conducting a two-stage campus repositioning project consisting of a new health center consisting of 24 private memory stations and 60 private nursing rooms. Phase 2, which will cover this emission, consists of 50 new independent residential units, a clubhouse that will provide dining and social spaces, and the renovation of existing rooms currently used to accommodate the qualified care beds in 21 assisted living units. Both the 2020A series and 2021 series bonds are rated BB + (stable) by Fitch Ratings. Sawgrass Partners, LLC is acting as the repositioning development advisor.

– Ziegler entered into a 20.65 million Series 2021 bond on behalf of Lifecare, Inc. The issue consists of $ 8.685 million limited liability notes issued through the Michigan Strategic Fund and from Limited liability bonds of US $ 11.965 million issued by the Economic Development Corporation of Kalamazoo City. The proceeds, along with other available funds, will be used to repay the outstanding 2010 Series EDC Bonds and 2014 Series MSF Bonds, terminate an interest rate swap associated with the 2010 EDC Series Bonds, and transfer other outstanding debt to the obligated group refinance, finance or reimburse the cost of certain improvements to the community; fund a debt service reserve fund and pay the issuance costs associated with the financing.

– Ziegler completed a 2021 series bond for $ 8.52 million for Otterbein Homes Obligated Group, also known as Otterbein SeniorLife. In 2020, the group acquired Sunset Retirement Communities, a CCRC with two locations in Ohio. The proceeds, along with other available funds, will be used to repay Sunset’s 2011 Series bonds and to pay certain issuance costs. With this financing, Sunset will also be incorporated into Otterbein’s Obligated Group. The bonds are rated “A” by S&P.

Capital Funding Group closes $ 263 million in loans for long-term care portfolio in multiple states

Capital Funding Group has completed a $ 262.6 million refinancing package for a long-term care portfolio of 29 properties in California, Colorado and Wyoming.

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

Greystone closes 2 financing packages totaling $ 55 million. away

Greystone completed the following financing transactions for a total of $ 54.7 million:

– A $ 35.9 million mortgage loan package for a 150-unit retirement home in Chesterfield, Missouri. The property will include 96 independent housing units, 37 assisted living units and 17 memory care units. Directors Matt Miller and Tyler Armstrong supported the transaction on behalf of a joint venture between Shelbourne Healthcare and Cedarhurst Senior Living.

– A $ 18.8 million financing package for a 136-unit independent living community in Warren, Michigan operated by American House Senior Living Communities. Miller and Armstrong developed 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 completes $ 11.4 million refinancing package

Victor Agusta, executive vice president of Bellwether Enterprise Real Estate Capital, granted an FHA-insured $ 11.4 million loan to help Baltimore Catholic charities, DePaul House and Joachim House, two neighboring affordable housing developments for senior citizens in Baltimore, to refinance, a total of 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 Allowance Payment (HAP) contract through the recently established RAD Announcement for the Project Rental Allowance Agreement (PRAC) program that enables it To convert real estate under Section 202 to Section 8 to obtain affordable and charitable property in the long term. In addition, $ 7 million of the proceeds are earmarked for capital improvements.

Valuation prospects

Fitch downgrades John Knox Village to BBB +; Negative outlook

Fitch Ratings has given John Knox Village a BBB + issuer default rating and has downgraded the $ 106 million debt 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 ongoing 146 unit expansion for independent housing units, on the operator.

The rating downgrade contributes to good demand, supported by competitive prices in the marketplace, high capital expenditures, and operational metrics that are thin for an “A” provider.

technology

CareTrack Health works with the Athenahealth Marketplace program

CareTrack Health, a provider of patient adherence 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 athenahealth’s growing network of health care providers to enable primary care physicians to monitor care plan adherence to critical and chronically ill patients and to proactively identify and escalate previous interventions between appointments .

Presbyterian Senior Living and Linked Senior Announce Partnership

Presbyterian Senior Living and Linked Senior announced a partnership in which the nonprofit company will bring Linked Senior’s software platform to its communities.


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