Ziegler announced the closing of Masonicare’s Series 2024 Taxable Loan totaling $17 million for the Senior Living Finance Practice. The loan closed December 16, 2024. Masonicare finalized an affiliation with United Methodist Homes (of Connecticut), which owns/operates five communities in Connecticut and owns The Long Hill Company, which has current operations in Texas, Oklahoma and Oregon. Together, UMH and Long Hill care for approximately 2,000 residents. The combined organization will feature over 4,000 owned and managed units, which would make it one of the largest not-for-profit senior living providers in the Northeast region.
Masonicare entered into a purchase and sale agreement for the acquisition of Atria at Greenridge Place, now known as Masonicare at Rocky Hill. Masonicare at Rocky Hill is a 108-unit independent living/assisted living community in Rocky Hill, CT. This acquisition was won via a competitive process facilitated by another broker dealer, which appears to be Blueprint.
Proceeds of the loan will be used to fund the acquisition price, fund working capital (a portion of which will be drawn after closing) and pay for costs of issuance associated with the financing.
Ziegler also closed a $56.75 million taxable term loan for Sun Health Services Obligated Group, a not-for-profit that currently owns/operates three CCRCs throughout the Phoenix area. The transaction funded the acquisition of Freedom Plaza, a CCRC in the West Valley of Phoenix, through a newly formed Sun Health Freedom Plaza LLC. Sun Health Services will be sole corporate member of Sun Health Freedom Plaza LLC and Freedom Plaza will become a member of the Sun Health Services Obligated Group. Freedom Plaza comprises 336 independent living, 64 assisted living, and 17 memory care units as well as 76 skilled nursing beds.
In addition to the acquisition of Freedom Plaza assets and operations, Sun Health will use the proceeds of the Taxable Term Loan to purchase the land under Freedom Plaza and terminate the lease agreements, payoff an existing Obligated Group line of credit, pay off existing debt at Freedom Plaza and fund the costs of issuance.
