Scribner Capital closed its 13th seniors housing equity investment since forming in 2020, to go along with three debt investments in that time, with its involvement in the acquisition of two Nashville, Tennessee-area assisted living communities. The targets were Vitality Living Franklin in Franklin and Vitality Living Hendersonville in nearby Hendersonville, which were previously owned by an affiliate of the original developer. In total, the communities feature a combined 256 units of assisted living and memory care and had faced occupancy challenges during the pandemic. However, census steadily increased during due diligence.
Winterpast Capital Partners and its affiliated operating partner, Vitality Living, acquired the communities in partnership with Stamford, Connecticut-based Broadview Real Estate Partners. Vitality will operate them under a traditional third-party management agreement. To fund the deal, CBRE National Senior Housing originated a $32.2 million three-year acquisition loan through a regional bank. In addition, Scribner Capital and its institutional capital provider provided joint venture equity to Winterpast and Vitality. The communities will receive approximately $5 million in capital improvements over the first year of ownership to address deferred maintenance and improve their overall competitiveness.
