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Transactions & Financings: Five Star Offers Business Update; Front Porch’s $306M


Five Star Senior Living (Nasdaq: FVE) this week offered a business update, covering its transition of 108 communities to new operators, as well as occupancy improvements for the communities it will continue to operate for Diversified Healthcare Trust (Nasdaq: DHC).

Occupancy across the Diversified portfolio ended August at 74.7%, a 100 basis point improvement over July’s numbers. Occupancy across Five Star’s wholly owned communities ended August at 73.7%, a 320 basis point increase over the previous month.

To date, Five Star completed transitioning 62 of 108 smaller communities to other operators, and will complete the remaining communities by year-end. Additionally, all employees who work in its communities and Ageility clinics are fully vaccinated against Covid-19, with only 4.3% of its workforce resigning.

Sales and operator transitions

National Church Residences expanded its affordable housing footprint in Georgia with the acquisition of McFadden Place, a 30-unit affordable senior housing community in Pembroke, Georgia for low income older adults age 62 and over.

National Church Residences acquired McFadden Place, an affordable senior housing community in Pembroke, Georgia.

The addition brings the providers total affordable footprint in the Peach State to 13 communities totaling 1,612 apartments, From Atlanta to Savannah.

Livingston Street acquires 2 Texas active adult communities

Livingston Street Capital acquired two 55+ active adult communities totaling 402 units in the Dallas-Fort Worth metropolitan area.

The properties include a 162-unit community in Fort Worth, which was rebranded as The Spring at Silverton; and a 240-unit property in Denton, Texas, rebranded as Sunstone Village. Livingston Street’s active adult and independent living portfolio now totals more than 1,500 units nationally – almost 600 units are centered in the Dallas-Fort Worth area.

SLIB brokers sale of Florida assisted living facility

Senior Living Investment Brokerage Senior Vice President Daniel Geraghty and Managing Director Bradley Clousing facilitated the sale of The Legacy at Highwoods Preserve, an 82-unity assisted living and memory care facility in Tampa, Florida. The seller developed the property in 2015, and disposed of the asset as it is looking to consolidate its portfolio within the central and southwest U.S. The buyer is Alta Senior Living, which is looking to strategically scale its Florida footprint.

Financings

Front Porch closes $306M refinancing package

Nonprofit provider Front Porch successfully refinanced the majority of its outstanding debt. The Glendale, California-based provider completed a Series 2021B tax-exempt bond issuance totaling nearly $305.6 million.

Recommended SHN+ Exclusives

The issuance received over 50 participants, and was rated “A” by Fitch Ratings and “A-” by S&P. Both agencies affirmed Front Porch’s rating outlook as stable. The bond issuance reduces the provider’s aggregate debt service by $5 million annually, locks in long term committed capital, and levels overall aggregate debt service.

Ziegler closes 3 transactions totaling $109M

Ziegler completed the following financing packages:

— Ziegler closed an $80 million Series 2021 bond issuance for The Mayflower Retirement Center obligated group, owner and operator of Mayflower Retirement Community in Winter Park, Florida. The obligated group is undertaking a two-phase campus repositioning project consisting of a new health care center consisting of 24 private memory care units and 60 private skilled nursing rooms. Phase 2, which this issuance will cover, consists of 50 new independent living units, a clubhouse that will provide dining and social spaces, and the renovation of existing space currently used to house the skilled nursing beds into 21 assisted living units. Both the Series 2020A Bonds and the Series 2021 Bonds are rated BB+ (stable) by Fitch Ratings. Sawgrass Partners, LLC, is serving as the development consultant for the repositioning.

— Ziegler closed a $20.65 million Series 2021 bond issuance on behalf of Lifecare, Inc., doing business as Friendship Village Kalamazoo. The issuance consists of $8.685 million limited obligation revenue refunding bonds issued through the Michigan Strategic Fund and $11.965 million in limited obligation revenue and revenue refunding bonds issued through the Economic Development Corporation of the City of Kalamazoo. Proceeds, along with other available funds, will be used to refund the outstanding Series 2010 EDC Bonds and Series 2014 MSF Bonds, terminate an interest rate swap associated with the Series 2010 EDC Bonds, refinance other outstanding indebtedness incurred by the obligated group, finance or…



Read More: Transactions & Financings: Five Star Offers Business Update; Front Porch’s $306M

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