Senior Living Dealbook: SLTC, Sabal JV Makes Acquisition; Monticelloam Originates, Finances $45M loan

Transactions

SLTC, Sabal Investment Holdings joint venture makes acquisition

A joint venture between Senior Living Transformation Company, LLC and Sabal Investment Holdings has acquired two communities.

In total, the joint venture will “invest nearly $50 million to acquire the communities and upgrade their physical, technological, and operational infrastructure to better serve their respective markets,” according to a press release.

The communities include Daylesford Crossing in Paoli, Pennsylvania and The Villages of Windcrest in Fredericksburg, Texas. Both have assisted living and memory care offerings.

Continuum Advisors announced the sale of Arbor Terrace Citrus Park Independent Living, a 139-unit Class A senior living community located in Tampa, Florida.

The community was developed in 2018 and is situated on nine acres, according to a press release.

The buyer will retain The Arbor Company as the management company.

Berkadia announced it sold and financed The Ambassador of Scarsdale, a 121-unit Class-A assisted living and memory care community in Westchester County, New York.

The community is situated in a “premier infill location in affluent Scarsdale” and the community “draws from a wealthy demographic, commands premium rents, maintains stable operations and stands among the top senior living assets in the New York metropolitan area,” according to a press release.

Senior Managing Directors Ross Sanders, Dave Fasano, Cody Tremper and Mike Garbers of Berkadia Seniors Housing & Healthcare closed the sale transaction on behalf of the seller, the release states.

Senior Living Investment Brokerage facilitated the sale of a 95-unit assisted living and memory care community in Port Charlotte, Florida.

The community is located near “one of the region’s busiest commercial hubs,” according to a press release.

The seller was a private real estate investment trust, and the buyer was a Florida-based regional operator and “is a strategic fit within their current portfolio,” the release states.

New Orleans area community trades hands

Blueprint announced the sale of Sage Lake Senior Living of Covington, an 82-unit assisted living and memory care community located in an affluent northern submarket of the greater New Orleans metropolitan area.

The community opened in 2019 and achieved 100% occupancy at the time of marketing, a press release states.

The previous owner selected a buyer “aligned with the incumbent operator, further strengthening an existing relationship and providing continuity for the community moving forward,” the release states.

Senior Living Investment Brokerage was engaged to sell a 26-unit senior living community in Cortez, Colorado.

SLIB was engaged by a Denver-based nonprofit to sell the community, which allows the nonprofit to redeploy capital, according to a press release.

A Denver-based owner-operator acquired the community as part of its continued expansion within the senior living sector, the release states.

Financings

Monticelloam originates, finances $45M loan

Monticelloam LLC, a specialized seniors housing and multifamily bridge lending platform, financed a $45 million bridge loan to refinance a New York assisted living community.

The financing “supports an experienced, New York-based owner-operator that has meaningfully improved occupancy and cash flow performance at the property since acquisition,” a press release states.

The transaction was “originated alongside a related mortgage loan secured by three affiliated assisted living properties, [and] both loans are intended to position the underlying properties for eligible takeout financing under the HUD 232 Program,” according to the release.