Thrive Senior Living Expands to Chattanooga: Ziegler Secures $600M Financing in Senior Living Dealbook
Transactions
Thrive Senior Living Expands into Chattanooga
Thrive Senior Living has made a significant move by expanding into Chattanooga, Tennessee, with the introduction of Rockbridge Oaks Senior Living. This new community is designed to provide a comfortable and engaging environment for its residents.
Rockbridge Oaks offers 24-hour staffing and restaurant-style dining, ensuring that residents receive the care and culinary experiences they deserve. The community also boasts a variety of amenities, including a theatre, library, art studio, landscaped courtyard, dog park, hair and nail salon, massage services, and hydration offerings. “Rockbridge Oaks embodies the same values that define our company: purpose, stewardship, and a deep belief in the value and potential of each person we have the opportunity to touch,” stated Sebby Kannukkaden, Thrive’s president and CFO.
BH Group Acquires Two Blackstone Properties
In another notable transaction, BH Group has partnered with Gold Standard of Care to acquire two Blackstone properties located in Florida. Gold Standard of Care will spearhead the redevelopment strategy for these communities in Aventura and Boca Raton.
“These communities represent the best of what Florida’s senior living market has to offer, and we’re excited to unlock their full potential through thoughtful repositioning and operational excellence,” a spokesperson for Gold Standard of Care remarked.
Additionally, Middle Street Partners and Parse Capital have acquired Outlook Hamilton in Hamilton County, Indiana, marking their second active adult community acquisition this year. “We’re excited about our recent acquisitions and the continued opportunities emerging in the active adult sector,” said Chris McGuffin, managing director of Middle Street Partners. Earlier this year, they also closed on Elate Royal Oaks in Houston.
Blueprint has been engaged by an institutional private equity client to market a 120-unit community in Ashland, Oregon. This community, built in the late 1990s, has a history of stable operations and consistent occupancy. An Oregon-based owner-operator with a regional presence has been selected as the buyer.
Unbridled Living Announces Dallas Acquisition
Unbridled Living has announced its acquisition of The Reserve at North Dallas, a 273-unit independent living and assisted living community. This transaction was financed with ArrowMark Partners and marks Unbridled Living’s second acquisition this year, as well as the first investment from its $100 million fund with Providence Capital Group.
In Central Florida, Berkadia successfully sold a 156-unit independent living, assisted living, and memory care campus. This community was sold by a Tampa-based real estate investment group and purchased by a Florida-based family office with an established in-house operator. Senior Director Brooks Minford of Berkadia Seniors Housing and Healthcare facilitated the transaction.
Blueprint also closed on the sale of a partially completed senior living community in Pearland, Texas. Originally envisioned as a 198-unit community offering independent living, assisted living, and memory care services, the project was 60% completed before development stalled. It has now been acquired by Moody National Companies, a Houston-based developer.
Lument Closes on $140M Sale
Lument Securities has successfully sold four long-term care communities, totaling 511 beds, for $140 million. The communities were acquired by Marx Development Group, with its subsidiary Majestic Care taking over operations. MDG was chosen for its strong track record and ability to serve as a vertically integrated developer.
Partnerships
Grace Management Takes on Five Ventas Communities
Grace Management has expanded its relationship with Ventas (NYSE: VTR) by transitioning five communities into its portfolio. The communities include The Hallmark in Chicago and several Inspirations locations across Illinois, Arizona, and Oklahoma. Following these transitions, Grace Management now oversees 77 communities across 23 states.
Financings
Ziegler Closes $600M Financing
Ziegler has priced $600 million in bond financing on behalf of Horizon House, set to close in December. This financing will support the operator’s 33-story independent living high-rise, which will feature 202 independent living apartments and significant reinvestment throughout the Horizon House campus.
CFG Closes $351 Million Across 12 Deals
Capital Funding Group has financed over $350.9 million across 12 transactions from mid-September to the end of October. These transactions supported 25 skilled nursing facilities and one mixed skilled nursing and assisted living facility across multiple states, with the largest transaction being a $137 million bridge loan for the acquisition of eight skilled nursing facilities.
Transactions
Thrive Senior Living Expands into Chattanooga
Thrive Senior Living has made a significant move by expanding into Chattanooga, Tennessee, with the introduction of Rockbridge Oaks Senior Living. This new community is designed to provide a comfortable and engaging environment for its residents.
Rockbridge Oaks offers 24-hour staffing and restaurant-style dining, ensuring that residents receive the care and culinary experiences they deserve. The community also boasts a variety of amenities, including a theatre, library, art studio, landscaped courtyard, dog park, hair and nail salon, massage services, and hydration offerings. “Rockbridge Oaks embodies the same values that define our company: purpose, stewardship, and a deep belief in the value and potential of each person we have the opportunity to touch,” stated Sebby Kannukkaden, Thrive’s president and CFO.
BH Group Acquires Two Blackstone Properties
In another notable transaction, BH Group has partnered with Gold Standard of Care to acquire two Blackstone properties located in Florida. Gold Standard of Care will spearhead the redevelopment strategy for these communities in Aventura and Boca Raton.
“These communities represent the best of what Florida’s senior living market has to offer, and we’re excited to unlock their full potential through thoughtful repositioning and operational excellence,” a spokesperson for Gold Standard of Care remarked.
Additionally, Middle Street Partners and Parse Capital have acquired Outlook Hamilton in Hamilton County, Indiana, marking their second active adult community acquisition this year. “We’re excited about our recent acquisitions and the continued opportunities emerging in the active adult sector,” said Chris McGuffin, managing director of Middle Street Partners. Earlier this year, they also closed on Elate Royal Oaks in Houston.
Blueprint has been engaged by an institutional private equity client to market a 120-unit community in Ashland, Oregon. This community, built in the late 1990s, has a history of stable operations and consistent occupancy. An Oregon-based owner-operator with a regional presence has been selected as the buyer.
Unbridled Living Announces Dallas Acquisition
Unbridled Living has announced its acquisition of The Reserve at North Dallas, a 273-unit independent living and assisted living community. This transaction was financed with ArrowMark Partners and marks Unbridled Living’s second acquisition this year, as well as the first investment from its $100 million fund with Providence Capital Group.
In Central Florida, Berkadia successfully sold a 156-unit independent living, assisted living, and memory care campus. This community was sold by a Tampa-based real estate investment group and purchased by a Florida-based family office with an established in-house operator. Senior Director Brooks Minford of Berkadia Seniors Housing and Healthcare facilitated the transaction.
Blueprint also closed on the sale of a partially completed senior living community in Pearland, Texas. Originally envisioned as a 198-unit community offering independent living, assisted living, and memory care services, the project was 60% completed before development stalled. It has now been acquired by Moody National Companies, a Houston-based developer.
Lument Closes on $140M Sale
Lument Securities has successfully sold four long-term care communities, totaling 511 beds, for $140 million. The communities were acquired by Marx Development Group, with its subsidiary Majestic Care taking over operations. MDG was chosen for its strong track record and ability to serve as a vertically integrated developer.
Partnerships
Grace Management Takes on Five Ventas Communities
Grace Management has expanded its relationship with Ventas (NYSE: VTR) by transitioning five communities into its portfolio. The communities include The Hallmark in Chicago and several Inspirations locations across Illinois, Arizona, and Oklahoma. Following these transitions, Grace Management now oversees 77 communities across 23 states.
Financings
Ziegler Closes $600M Financing
Ziegler has priced $600 million in bond financing on behalf of Horizon House, set to close in December. This financing will support the operator’s 33-story independent living high-rise, which will feature 202 independent living apartments and significant reinvestment throughout the Horizon House campus.
CFG Closes $351 Million Across 12 Deals
Capital Funding Group has financed over $350.9 million across 12 transactions from mid-September to the end of October. These transactions supported 25 skilled nursing facilities and one mixed skilled nursing and assisted living facility across multiple states, with the largest transaction being a $137 million bridge loan for the acquisition of eight skilled nursing facilities.
