Transactions & Financings: Columbia Pacific’s $136M India JV; CBRE Arranges $40M Financing Package

Columbia Pacific, Embassy Group to invest $136M in India

Columbia Pacific Communities is partnering with Indian real estate developer, Embassy Group, to develop a pipeline of senior housing communities in major population hubs across India, Mint reports.

The venture will invest ₹1,000 crore – $136.3 million in U.S. dollars – to develop a pipeline of communities totaling 1 million square-feet over the next five years. The first development will be at Embassy Springs, a master-planned development in Bengaluru, which will include 220 one- and two-bedroom apartments.

SLIB complete 3 transactions

Senior Living Investment Brokerage Managing Director Jason Punzel, along with Senior Associates Brad Goodsell and Vince Viverito, were the sole brokers in the sale of Roseleaf Gardens and Roseleaf Senior Care, both in Chico California, and Roseleaf Oroville in Oroville, California. The portfolio consists of 85 units and 131 beds of assisted living and memory care. The seller is a local owner/operator and the buyer is a regional group making its first foray into senior housing. The properties will be managed by a group with a track record in California and the West Coast.

Managing Director Brad Clousing and Senior Vice President Dan Geraghty were the sole brokers in the sale of two separate assisted living and memory care facilities in Dalton and Dahlonega, Georgia, totaling 92 assisted living units and 38 memory care units.

Fitch Ratings announces ratings updates on 7 communities

Fitch Ratings announced the following ratings updates:

  • Fitch placed the “B-” rating assigned to approximately $66 million of series 2014 health facilities revenue bonds issued by the Alachua County Health Facilities Authority (Florida) bonds on behalf of East Ridge Retirement Village (ERRV) on Rating Watch Negative. Key ratings drivers include unrestricted cash and investments, which had deteriorated to $10.5 million as of July 31, compared to $13 million on December 31, 2019. Also, occupancy and revenues are well behind budgeted expectations – notably, assisted living and skilled nursing censuses were 73.6% and 77%, respectively, as of July 31. Assisted living occupancy was at 86%, and skilled nursing at 93.2%, as of Fitch’s last review on August 31, 2019.
  • Fitch assigned a “BB+” rating on $59.4 million in senior living revenue bonds issued by Florida Development Finance Corporation on behalf of Mayflower Retirement Center, a CCRC in Winter Park, Florida. The agency also downgraded $16.7 million in revenue refunding bonds issued by the Orange County Healthcare Facilities Authority to “BB+” from “BBB.” The rating outlook was revised from negative to stable.
  • Fitch affirmed the “BB+” ratings on Series 2012, Series 2013A, Series 2017, and Series 2018A revenue bonds issued by The Industrial Development Authority of the County of St. Louis Missouri on behalf of Friendship Village of St. Louis. The rating outlook is stable.
  • Fitch assigned its “BBB-” rating to $45 million in Series 2020A revenue refunding bonds bonds expected to be issued by the Health and Educational Facilities Board of the Metropolitan Government of Nashville and Davidson County, Tennessee on behalf of The Blakeford at Green Hills, and downgraded $23 million in Series 2012A revenue refunding bonds issued by the Health and Educational Facilities Board of the Metropolitan Government of Nashville and Davidson County, Tennessee from “BBB” to “BBB-.” The rating outlook was revised from negative to stable.
  • On Lok Senior Health Services was assigned an an “A” Long-Term Issuer Default Rating (IDR) and stable rating outlook on Series 2020 revenue bonds issued to it by the California Health Facilities Financing Authority. The value of the bonds will range between $40 million and $46 million, depending on available pricing at the time of issuance.
  • Fitch affirmed the “BBB” rating on $489 million in various bonds previously issued through various authorities on behalf of Lifespace Communities. The rating incorporates the anticipated impact of an ongoing multi-phase borrowing being undertaken by Lifespace to fund its campus redevelopment plan.
  • Fitch affirmed the “BBB-” ratings on $25 million in revenue bonds issued by Suffolk County Economic Development Corporation on behalf of Peconic Landing at Southold, a life plan community in Southold, New York. The rating outlook was revised from stable to positive.

CBRE arranges $80M refinancing for California senior housing community

CBRE National Senior Housing First Vice President Austin Sacco and Vice President Tim Root arranged an $80 million refinancing package for Crestavilla, a 201-unit senior housing community in Laguna Nigel, California including independent living, assisted living and memory care services managed by Atria Senior Living. CBRE arranged the package on behalf of ownership, a joint venture of Fremont Realty Capital and Steadfast Senior Living.

The three-year, floating rate bridge loan was secured through MF1 Capital.

Sacco, along with Vice Chairman Aron Will and Vice President Matthew Kuronen, also arranged a refinancing package on behalf of LCS Development and Nuveen Real Estate for the Magnolia Springs portfolio, a collection of three senior housing communities totaling 232 assisted living and 96 units in the Lexington, Kentucky and Cincinnati, Ohio metros.

Regions Bank closes $25M acquisition loan

Regions Bank Healthcare Real Estate Managing Director Chris Honn originated a $24.6 million non-recourse balance sheet loan for the acquisition of a 175-unit private-pay senior housing community in the St. Louis metropolitan area. The unit breakdown includes 116 independent living units and 63 assisted living units.

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Post-closing, the bank and owner will jointly fund $5 million for capital improvements.

Fairstead, Project FIND close secure construction, permanent financing for adaptive reuse project

Fairstead and Project FIND closed on a planned conversion of the historic Park 79 hotel on Manhattan’s Upper West Side into 77 affordable apartments for seniors. Construction is expected to begin later this fall.

The project is funded through a $51 million construction loan from Merchants Capital and a $28.4 million permanent financing commitment from Freddie Mac originated by Merchants Capital, as well as a nine percent Low Income Housing Tax Credit equity investment from Boston Financial. The property will remain affordable for seniors for at least the next 60 years through a regulatory agreement with the New York City Department of Housing Preservation & Development.

KeyBank arranges $3.5M financing for Idaho affordable senior housing community

KeyBank Community Development Lending and investment secured a $3,.5 million acquisition financing package for Thomas Development Co., a Boise, Idaho-based multifamily real estate developer, for the purchase of Las Brisas Apartments, a two-story, 48-unit affordable senior housing community in Caldwell, Idaho.

Forty-one apartments are income restricted at 40% to 60% of the area median income, and seven are market rate. A manager will live on site, and staff will be present at all times. Tomlinson Associates is the property manager.

Additional financing includes $1 million of HOME funds from the U.S. Department of Housing and Urban Development, $240,000 of seller financing and a $190,000 nonprofit loan. CREA is a low-income housing tax credit investor.

Sarah Geis and Keven Ruf of KeyBank’s CDLI team structured the financing.

Essex Communities acquires Iowa active adult community

Essex Communities, a developer, builder and manager of active adult communities for seniors age 55 and older, acquired The Reserve on Walnut Creek, a 121-unit age-restricted independent living community in Urbandale, Iowa. Essex will convert the property from an entrance-fee model to a rental community – its sixth such acquisition and conversion in the past three years.

Elite Home Builders completes Massachusetts age-restricted community

Elite Home Builders announced the completion of Millstone Village, an 80-unit community for seniors age 55 and older in Medway, Massachusetts. The project sold out during the coronavirus pandemic.

Blueprint completes 2 transactions

Blueprint Healthcare Real Estate Advisors completed the following transactions:

  • Managing Director Dan Mahoney and Senior Associate Blake Bozett were the sole brokers in the sale of a 110-unit assisted living facility in Tacoma, Washington. The buyer plans to integrate the community with two other communities in the Tacoma area, achieving economies of scale.
  • Senior Directors Connor Doherty and Brian Payant, along with Associate Ryan Kelly, facilitated the sale of two health care campuses in the Cincinnati metro area consisting of 400 skilled nursing beds and 232 senior living units. The buyer is a New York-based private equity group with a strong presence in the market.

HJ Sims arranges $38M for Presbyterian Villages of Michigan expansion

HJ Sims completed a $38.18 million financing package on behalf of Presbyterian Villages of MIchigan. Proceeds will be used to complete the final phase of construction of a health and wellness center, as well as an expansion of the campus’ independent living segment called the Harbor Inn. The expansion will include 12 rental single-level ranch homes, 36 rental independent living units, and a three-story apartment building, encompassing 60 independent living units.

The financing, which closed on September 30, includes $18.18 million of Seres 2020A bonds underwritten by Sims, along with $20 million Series 2020B direct placement draw-down bonds purchased by Huntington Public Capital Corporation.

GlynnDevins acquires Linkmedia 360

Senior housing marketing firm GlynnDevins acquired Linkmedia 360, a data-driven digital marketing company based in Independence, Ohio. The company uses data science initiatives in digital channels to support sales growth.

Linkmedia 360 will be rebranded as Linkmedia 360 – a GlynnDevins Company. The firm will retain its offices and Managing Partners David Wolf and Chad Luckie will serve on GlynnDevins’ leadership team.

WellSky acquires CarePort Health

WellSky has acquired CarePort Health, a leading care coordination software company that connects acute and post-acute providers and payers, from Allscripts. CarePort’s EHR-agnostic suite of solutions connects the discharge process with post-discharge care coordination — allowing providers and payers to track and manage patients throughout their care journey.