Transactions And Financings: Sonida Acquires Unopened Community; Masonicare, United Methodist Homes Merge 

Transactions

Sonida acquires previously unopened community

Sonida Senior Living announced it purchased a senior living community located in Cincinnati, Ohio on Jan. 6.

According to a press release, the “upscale and amenitized asset” was completed in 2021 but never opened due to a foreclosure on the construction borrower. The community is located adjacent to Sonida’s existing Wellington at North Bend Crossing community, and presents a “unique densification” opportunity for the company.

The purchase price for the community was $16.3 million, or $198,000 per unit. The acquisition brings Sonida’s total portfolio to 94 communities.

Masonicare acquires Atria Greenridge Place

Not-for-profit Masonicare announced it acquired Atria Greenridge Place on Jan. 2.

Now operating as Masonicare at Greenridge Place, the organization continues to solidify its position in Connecticut, according to a press release.

“Masonicare is thrilled to welcome United Methodist Homes and Greenridge Place to our family,” Jon-Paul Venoit, president and CEO of Masonicare, said in the release. “By uniting under the Masonicare name, we strengthen our commitment to accessible, high-quality care for Connecticut seniors, leveraging the combined resources and expertise of two mission-driven organizations.”

SLIB sells 131-unit community

Senior Living Investment Brokerage announced it facilitated the sale of Moran Vista Senior Living, a 131-unit in Spokane, Washington on Jan. 2.

A press release states the community was originally built in 1997 and expanded and renovated in 2008.

The seller was a Pacific Northwest-based owner who opted to focus on the core assets in its portfolio The buyer was a regional owner and operator with a portfolio of 20 communities across Washington and Arizona.

Blueprint engaged in Hartford community sale

Blueprint announced its involvement in the sale of an independent living, assisted living and memory care community in the Hartford, Connecticut metropolitan area.

According to a press release, the community opened in 1998 and “boasted impressive historical occupancy and cash flows.”

The community was ultimately sold to a regional nonprofit owner and operator.

ESI arranges sale of Michigan skilled nursing facility

Evans Senior Investments announced that it sold the Villages of Lapeer in Lapeer, Michigan.

According to a press release, the facility faced operational and compliance challenges during the Covid pandemic, which impacted performance.

The facility was sold by an independent owner and operator looking to transition out of the industry.

Financings

BWE secures $76M refinance

National commercial and multifamily mortgage banking company BWE announced it secured a $76 million refinance for The Carlisle Naples in Naples, Florida on Jan. 2.

The refinancing was completed on behalf of a joint venture between Harbert Management Company and Senior Resource Group.

SRG operates the luxury 350-unity community, which spans over 18 acres.

Ziegler closes on $57M financing for Sun Health Services Obligated Group

Ziegler announced it has closed on a $56.8 million taxable term loan for Sun Health Services Obligated Group.

According to a press release, the funding will fund the acquisition of Freedom Plaza, a life plan community in Phoenix, Arizona. The community consists of 336 independent living units, 64 assisted living units, 16 memory care units, and 76 skilled nursing beds.

Sun Health is a nonprofit corporation that provides housing, health care and other related services, the release states.

Mergers

Masonicare, United Methodist Homes merge

On Jan. 2, Masonicare celebrated its formal merger with United Methodist Homes.

According to a press release, United Methodist Homes will continue operating under the Masonicare brand.

“Our alignment with Masonicare is an exciting opportunity to extend our mission and ensure that our residents benefit from both UMH and Masonicare’s renowned expertise in senior living and healthcare services,” David Lawlor, president and CEO of United Methodist Homes said in the release. “Under the Masonicare name, we represent a collective 280 years of excellence and a shared commitment to the highest standards of care.”

Ballard Spahr, Lane Powell combine

Legal firms Ballard Sphar and Lane Powell have formalized their combination effective Jan. 1.

According to a press release, the combined firm will operate under the Ballard Spahr name and will be led by Chair Peter Michaud. Lane Powell’s President Barbara Duffy will serve on the firm’s executive committee.

As a combined firm, Ballard Spahr has more than 750 lawyers in 18 offices across the country.

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