Grandbridge Real Estate Capital’s Tampa-based Senior Housing Investment Sales team arranged the recapitalization of a large senior living campus in Jackson, Michigan. Located about 35 miles west of Ann Arbor, the 20-acre campus includes 32 cottages, 181 independent living units, 46 assisted living units, 23 memory care units and 36 skilled nursing units. It was built in stages in 1972, 1977 and 2002. Its SNF holds a five-star rating from CMS, and the community offers both entrance fee and rental plans.
Not-for-profit owner Vista’s partner, Kauhale Health, operated the campus. The Grandbridge team led by Jay Jordan and Dave Kliewer was brought in to market the community for an outright sale and ultimately selected Lapis Advisers to recapitalize the existing indebtedness of Vista. The recapitalization plan consisted of restructuring about $22 million of prior debt, together with new committed funding of about $8 million to put toward capital investment and stabilizing the community. Vista’s advisor, Marathon Capital Strategies, and an advisor to the trustee, Certus Financial, also helped facilitate the deal.
