Sonida Finances CNL Merger
Sonida Senior Living announced that it has secured $900 million of committed permanent debt financing, inclusive of a $350 million accordion feature that provides for total potential capacity of up to $1.25 billion, to support the previously announced definitive merger agreement with CNL Healthcare Properties. The financing replaces the existing 364-day $900 million bridge facility provided by RBC Capital Markets and BMO Capital Markets, refinances CHP’s corporate credit facilities, and supersedes Sonida’s existing revolving credit facility at transaction close. Sonida entered into a new and upsized $375 million four-year secured revolving... Read More »City of Wichita Issues Bond Financing
Ziegler successfully closed Larksfield Place’s $45.205 million Series 2025 bonds, issued through the City of Wichita, Kansas. Larksfield is a not-for-profit, single-site CCRC founded in 1988 in northeast Wichita. The 67-acre campus includes 22 independent living villas, 164 independent living apartments, 62 assisted living apartments, 10 memory care apartments and 80 private skilled nursing suites. Residents are offered an 80% refundable “Type C” entrance fee contract. Larksfield is significantly expanding its campus with the development of a four-story, 48-apartment independent living building known as “Larksfield Landing,” featuring under-building enclosed parking alongside additional... Read More »
Life Plan Community Secures Bond Financing
Ziegler closed Meadowlark Hills’ $53.8 million Series 2025 bonds through the City of Manhattan, Kansas. Founded in 1975, Meadowlark is a CCRC on 55 acres in Manhattan with 137 independent living apartments, 50 independent living duplexes and cottages, 38 assisted living apartments, and a 134-bed skilled nursing facility (60 private beds and 74 semi-private). Meadowlark Hills offers primarily “Type B” entrance fee plans to their residents. Meadowlark most recently came to the bond market in 2022 to fund “The Monarch” expansion, which filled in just 40 days. Meadowlark currently maintains a waitlist of over 400 prospective residents for its current campus. This financing... Read More »
National Health Investors’ New Investments
A publicly traded REIT based in Murfreesboro, Tennessee, acquired two assisted living and memory care communities and closed two loan agreements, investing $89.2 million, including transaction costs, across the four separate deals at an average initial yield of 8.02%. National Health Investors purchased a 107-unit AL/MC community in Jamison, Pennsylvania, that is operated by Priority Life Care. It appears to be The Bridges at Warwick, and Priority will remain in-place, marking a new relationship with NHI. The sales price was $52.1 million, or $486,900 per unit, including transaction costs. The community is leased pursuant to a five-year term with an initial lease rate of 8.00%... Read More »
JV Acquisition Supported by Structured Capital Stack
After Verdot Capital announced that they partnered with 12 North Capital to purchase Cascades of Grants Pass (a 64-unit full-continuum community in Grants Pass, Oregon), Blueprint revealed that it structured the capital stack for the acquisition. Kristen Ahrens and Pat Maloney presented the transaction to more than 50 capital sources, leading to several parties showing interest. Both the debt and preferred equity were sourced on behalf of the experienced GP borrower. Blueprint targeted regional/national banks, life companies and private lenders for the debt, with a large regional bank winning the debt as a result of their strong terms and pricing, which... Read More »Schedule a demo
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