Transactions & Financings: Greystone Closes Largest-ever CLO; 4 Atria Communities Transition to Vitality – Senior Housing News


Greystone closes on largest health care CLO

Greystone announced it closed on a $450 million commercial real estate collateralized loan obligation (CLO), besting its own benchmark of $300 million set back in 2018.

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

Specifically, the assets in the CLO consist of skilled nursing, assisted living, memory care, and independent living facility.

Skilled nursing makes up just under 52% of the portfolio followed by assisted living at 16%.

United Methodist Retirement gets $130M refinanced

United Methodist Retirement Homes 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 non-profit senior living operator and the 91st largest in the country.

The financing will be used to, among other things, fund a 54-unit independent living expansion project on the campus of the company’s Durham location.

Orlando-area community gets $57Mfrom JLL

The age-restricted Windsor at Celebration received a $57.5 million loan from a large debt fund, arranged by JLL Capital Markets (NYSE: JLL), according to a release from the real estate investment firm.

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, floating-rate, non-recourse 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 $116M for additions

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

As a result of the financing, Happy Harbor Methodist Home, The Crossings, and Crestview will be added to four MRC-affiliated communities that are currently in the MRC portfolio.

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

South Pointe Assisted Living taps Ziegler to advise

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

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

Ziegler announced the successful remarketing of more than $126.6 million in series 2004A, 2008A, 2012A, 2013A, 2013B, 2018A, and 2018 variable rate demand bonds for Concordia Lutheran Ministries.

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

All told, Concordia’s 13 main campus locations include more than 700 independent living units, 1,100 assisted living units, and 500 skilled nursing beds.

Concordia landed at 23 in the 2021 LeadingAge Ziegler publication.

Georgia developer refinances $18Mfor 2019 project

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

Manor Lake Gainesville is located in Gainesville, Georgia and leased up quickly after opening its doors in 2019, according to a release from JLL.

Ziegler closes on $24Mfor Otterbein

Investment bank Zigler announced the closure of more than $24.4 million in financing for Otterbein Home Obligated Group in series 2021B Bonds.

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

The tax-exempt corporation operates more than independent living units, 475 assisted living units and 1,000 skilled nursing beds across nine SeniorLife communities and nine neighborhoods.

The bonds were used to pay costs associated with the company’s acquisition of the membership interest at Kendal at Granville.


Vitality Living takes over 4 Atria communities

Vitality Living will manage four Kentucky-based communities following their sale, according to a report from Business Journals.

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

The four properties are the first in Kentucky for Vitality, they are 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 announced 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 years or older that provides “an active lifestyle for like-minded adults in a similar age stage,” Greystar senior regional property manager Ally Hackney said.

Preleasing began in November.