Transactions & Financings: Lifespace Sells 2 CCRCs; Cano Health Completes $4.4B SPAC Deal

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Lifespace Communities continues to make progress in its efforts to streamline its portfolio for development.

The West Des Moines, Iowa-based nonprofit persevering with care retirement group operator introduced it’s turning over possession and administration of two campuses — Deerfield, in Des Moines, Iowa; and Grand Lodge on the Protect in Lincoln, Nebraska — to Immanuel Communities.

Omaha, Nebraska-based Immanuel owns and operates 16, 55+ lively dwelling, unbiased dwelling, assisted dwelling and long-term care retirement communities on 9 campuses. Moreover, its Immanuel Pathways line operates three PACE (Program of All-Inclusive Take care of the Aged) facilities in Iowa and Nebraska.

Phrases of the deal weren’t disclosed. Lifespace didn’t return a request for remark from Senior Housing Information.

Affiliations

Cano Well being, Jaws Acquisition completes affiliation; will start buying and selling on New York Inventory Trade

Cano Well being, a value-based main care supplier for seniors and underserved communities, accomplished a enterprise mixture with Jaws Acquisition Corp. (NYSE: JWS). The affiliation, which was accredited by Jaws’ stockholders at a particular assembly on June 2, will allow Cano Well being to realize its imaginative and prescient of changing into America’s chief in main care and speed up the corporate’s development.

Starting June 4, Cano Well being’s shares of Class A standard inventory will commerce on the New York Inventory Trade below the image “CANO.” The corporate introduced the take care of Jaws in November 2020, valuing the corporate at round $4.4 billion and offering $935 million to develop and pay down debt.

Dr. Marlow Hernandez will proceed to guide Cano Well being as CEO and chairman of the board, alongside the corporate’s government group: Chief Scientific Officer Dr. Richard Aguilar; Chief Monetary Officer Brian Koppy; Chief Compliance Officer and Normal Counsel David Armstrong; Chief Technique Officer Dr. John McGoohan; Chief Inhabitants Well being Officer Pedro Cordero; Chief Folks Officer Jennifer Hevia; President of Cano Medical Facilities Gina Portilla; President of Wholesome Companions Bob Camerlinck; SVP of Acquisitions Joel Lago; and Chief Model Officer Barbara Ferreiro.

On account of the enterprise mixture, Cano Well being acquired roughly $1.49 billion of gross proceeds, together with roughly $690 million of money held in Jaws’ belief account and $800 million from personal placement (PIPE) buyers together with Barry Sternlicht and funds affiliated with Constancy Administration & Analysis Firm LLC in addition to funds and accounts managed by BlackRock, Third Level and Maverick Capital.

Gross sales and operator transitions

NewCourtland acquires Philadelphia senior condo constructing

NewCourtland Senior Companies, a Philadelphia-based nonprofit devoted to offering companies and look after seniors, acquired Burholme Senior Flats, a 62-unit unbiased dwelling condo constructing the place every resident’s hire is capped at 30% of their month-to-month earnings. The property was beforehand below the administration of Wesley Enhanced Residing.

Really helpful SHN+ Exclusives

Cushman & Wakefield completes 3 transactions

Cushman & Wakefield’s (NYSE: CWK) Senior Housing Capital Markets group accomplished $250 million in senior housing and long-term care gross sales quantity in April 2021.

This exercise included advising Lytle Enterprises on the sale of Broadway Correct, a 232-unit, unbiased and assisted dwelling group positioned in Tucson, Arizona. The property was acquired by a three way partnership between Harrison Road Actual Property and Stellar Senior Residing. This group additionally suggested the client on its acquisition financing, procuring non-recourse bridge financing from a nationwide financial institution.

Moreover, Cushman & Wakefield suggested a big public REIT on the disposition of two belongings. The primary asset, Brookdale West Bay is an assisted dwelling and reminiscence care group positioned within the Windfall Rhode Island market and was acquired by an east-coast personal fairness agency. The second asset, Sienna at Otay Ranch, is a 111-unit, assisted dwelling and reminiscence care group that opened in 2018.

Vice Chairman Richard Swartz, Govt Managing Director Jay Wagner, Managing Director Aaron Rosenzweig, and Administrators Dan Baker and Sam Dylag, have been concerned within the transaction.

Senior Residing Funding Brokerage Managing Administrators Jason Punzel, Brad Goodsell and Vince Viverito accomplished the sale of a 95-unit/107-bed assisted dwelling and reminiscence care facility in Ashland, Oregon. The client is a Utah-based investor with different senior housing communities in Texas. The vendor is a regional proprietor/operator trying to exit or concentrate on its core belongings. The client is planning enhancements to the group.

Financings

Sienna Senior Residing completes $125M senior debt providing

Sienna Senior Residing (TSK: SIA) accomplished its beforehand introduced providing of $125 million of sequence C senior unsecured debentures. The providing was led by TD Securities, BMO Capital Markets and CIBC Capital Markets, as joint lead brokers and bookrunners. The debentures carry a coupon price of two.82% yearly and can mature on March 31, 2027.

Sienna will use the web proceeds from the providing to repay present indebtedness and for basic company functions.

BAW Improvement Secures $94M building financing for New Jersey redevelopment

BAW Improvement closed on a $94 million financing bundle for the redevelopment of the Hinchliffe Stadium Neighborhood Restoration Undertaking (HSNRP), in Paterson, N.J., which incorporates Hinchliffe Stadium, one among simply two remaining stadium constructions that was residence to a Negro League baseball group. The redevelopment consists of the development of a six-story, 75-unit reasonably priced senior housing constructing.

The financing comes through a mix of personal loans, tax credit and different automobiles, together with a $60 million building mortgage from Goldman Sachs and $10 million in new market tax credit score and federal historic tax credit score fairness from U.S. Bancorp Group Improvement Company, U.S. Financial institution’s tax fairness and group improvement subsidiary.  

The financing additionally consists of $21 million of latest market tax credit score allocation from 4 group improvement entities (CDE): Group Mortgage Fund of New Jersey, Consortium America, RBC Group Improvement and USBCDE. The Passaic County Enchancment Authority additionally issued a bond in assist of the challenge, bought by Goldman Sachs by means of its building mortgage, which serves as a bridge mortgage for the New Jersey Financial Redevelopment and Development (ERG) credit.

All financing was managed by BAW’s companion on the redevelopment, RPM Improvement Group.

Cushman & Wakefield arranges $61M in building financing

Cushman & Wakefield’s Senior Housing Capital Markets group procured two building loans totaling $61 million.

The primary transaction was a $32 million building mortgage for the event of The Waters of Pewaukee, a 161-unit, unbiased dwelling, assisted dwelling and reminiscence care group positioned in Pewaukee, Wisconsin. The mortgage was supplied by a nationwide healthcare lender and the borrower was a three way partnership between The Waters and a personal fairness companion.

Cushman & Wakefield additionally closed on a $29 million building mortgage on behalf of a three way partnership between Avenida Companions and LaSalle Funding Administration for a Class-A, 154-unit lively grownup challenge positioned within the Denver metro space.

CBRE secures $43M building financing bundle

CBRE Nationwide Senior Housing Vice Chairman Aron Will, First Vice President Austin Sacco and Vice President Matthew Kuronen partnered with Govt Vice Presidents John Parrett and Peter Marino from CBRE Chicago’s Debt and Structured Finance group on a five-year, $43 million building mortgage for an lively grownup group being constructed within the Chicago market.

The mortgage is floating-rate with 42 months of curiosity solely by means of a nationwide financial institution.

Scores Outlooks

Fitch declares bond ranking updates on 2 CCRCs

Fitch Scores introduced the next bond rankings updates:

  • Fitch downgraded the rankings on $29.6 million in sequence 2013 income bonds, and $19.4 million in sequence 2014A income bonds issued by the New Jersey Financial Improvement Authority (NJEDA) on behalf of United Methodist Properties of New Jersey, now doing enterprise as United Methodist Communities, to “BB+” from “BBB-.” The ranking outlook was revised from steady to adverse. Key ranking drivers embrace poor income defensibility pushed by weak unbiased dwelling occupancy, declining liquidity and operations, and a average debt burden.
  • Fitch affirmed the “A-” issuer default ranking on Maine Life Care Retirement Group, Inc., doing enterprise as Piper Shores. The ranking outlook is steady. Key ranking drivers embrace being a vacation spot retirement group with a nationwide gross sales draw supporting robust demand, an ongoing growth challenge, and constant money stream offsetting weaker operations.

Miscellaneous

WellSky Basis awards $50K grant to nonprofit

The WellSky Basis gifted $50,000 to Second Wind Goals, a nonprofit group acknowledged worldwide for its Digital Dementia Tour sensitivity coaching program, and its dedication to altering the notion of growing older by means of the achievement of desires. Second Wind Goals will use the funding to offer academic scholarships and coaching to caregivers in underserved elder care communities.

VDT is an evidence-based program that permits caregivers to step straight into the perspective of their sufferers by quickly altering their bodily and sensory talents, and mimics modifications related to cognitive deterioration.

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