Invesque recently announced several transaction and refinancing updates. First, in September, the company sold an Illinois skilled nursing facility for $16.5 million, with proceeds from the sale going towards reducing borrowings under the KeyBank credit facility. Invesque now only owns two SNFs.
Next, in October, Invesque sold seven seniors housing assets in Maryland (three), Virginia (three) and Tennessee. They comprise 355 units and were previously managed by Commonwealth Senior Living. Invesque originally acquired a 17-property (and later 20-property) Commonwealth portfolio in 2019 for approximately $285.4 million, or $236,800 per unit. The 2024 sale price for the seven assets was $65.4 million, or $184,000 per unit. Sale proceeds were used to pay off the property level mortgage debt associated with the communities, and further reduce borrowings under the KeyBank credit facility by $6.1 million. The remaining cash ($7.8 million) was retained by the company to maintain appropriate liquidity levels.
Additionally, during the first three quarters of the year, Invesque completed nearly $270 million in refinancings, better positioning its balance sheet and current debt maturities. Over $53 million of these refinancings have been on assets previously encumbered by its KeyBank credit facility, under which borrowings have been reduced by over $100 million to date this year.
Lastly, Invesque has entered into a definitive agreement to sell its interest in 20 seniors housing assets currently managed by Commonwealth, and its interests in Commonwealth’s management company. The proposed sale includes pricing above the company’s depreciated book value and, after the release of $222 million in mortgage debt, the release of $58.6 million in preferred equity plus any accrued and unpaid preferred return, and payment of other standard working capital adjustments, will provide cash proceeds that will be used to further reduce borrowings under the KeyBank credit facility and will be retained to maintain appropriate liquidity levels. Invesque expects this sale to close during Q1:25, subject to satisfaction or waiver of a due diligence condition in favor of the purchaser and other customary closing conditions
