SLP has hired William Mayes to lead the new venture as CEO, and Jennifer Rauschenburg as administrator and director of clinical services. The new venture, Senior Living Partners of Virginia (SLP), will allow both organizations to formally collaborate and expand their growth to serve those who currently do not live in senior housing. The JV also finalized the purchase of Williamsburg Landing Home Health and acquired its existing assets, including state and federal home health licenses and certifications. The home health company will operate as Affirmation Home Health. Sales and operator transitions
Lifespire of Virginia, Pinnacle Living finalize home health joint venture Affiliations
Lifespire of Virginia and Pinnacle Living have agreed to a joint venture agreement to provide home health and other organizational support services. Additionally, Welltower has two existing facilities outstanding: a $500 million term loan and a $250 million Canadian dollar ($250.5 million US) term loan. The new facility was supported by 31 incumbent and new financial institutions and was heavily oversubscribed. It consists of a tranche that matures on June 4, 2023 and a $3 billion tranche that matures on June 4, 2025. Both tranches may be extended for two successive terms of six months at Welltower’s option.
SLIB completes 2 transactions Senior Living Investment Brokerage completed the following transactions: Presbyterian Senior Living and Tryko Partners entered a contract of sale where private equity firm Tryko will acquire Westminster Village, a 178-bed CCRC in Allentown, Pennsylvania; and Heritage Run, a 34-unit independent living rental community in Baltimore. Upon the anticipated summer 2021 closing, Tryko will launch a capital improvement program to fully modernize Westminster Village.
Presbyterian Senior Living, Tryko Partners agree to buy Pennsylvania CCRC, Maryland independent living community Blueprint Healthcare Real Estate Advisors Executive Managing Director & Co-Founder Ben Firestone, Senior Director & Head of Capital Markets Alex Florea, Senior Director Amy Sitzman, and Senior Associate Giancarlo Riso were the sole brokers in the sale of a 100-unit independent living community in the southwest. The buyer and seller agreed to a letter of intent in March 2020, but paused the transaction due to the coronavirus pandemic. Blueprint maintained communications between the two parties, and completed the deal.
The News Highlights
- Transactions and Financing: Welltower’s $4 billion credit line; Ziegler’s $141 Million Financing Turnover
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