Post-Acute & Senior Living: More Senior Living News

■ CNL Lifestyle Properties Inc. of Orlando, Fla., says it recently acquired senior living communities in Montana and Oregon for a total of about $45.85 million. The Orlando-based real estate investment trust (REIT) says it acquired Bozeman Lodge, a 131-unit independent and assisted living community in Bozeman, Mont., and Pioneer Village, a 99-unit independent and assisted living community in Jacksonville, Ore. Both communities were in the 94 percent to 95 percent occupancy range at the time of the acquisitions, and both will be operated by an affiliate of Radiant Senior Living Inc. 

■ Spectrum Retirement Communities LLC, a Denver-based developer, owner and operator of senior retirement communities across the country, recently completed a $124 million financing transaction led by Bank of the West as the agent bank, according to a news release. Spectrum plans to use the term loan to refinance existing debt and buy out equity partner Kimco Realty on a six-property, 722-unit independent living, assisted living and memory care portfolio in Kansas, Missouri, Illinois and Arizona.  Bank of the West acted as administrative agent and lead arranger for the syndicated loan. Other lenders in the syndicated loan were Compass Bank, Colorado Business Bank and Raymond James Bank NA.

■ Presbyterian Manors of Mid-America Inc. (PMMA) plans to use a portion of a recent $85 million refinancing to reposition its 173-bed Wichita Presbyterian Manor campus at 4700 W. 13th St. in Wichita, Kan. The campus was designed in the late 1960s and needs a “refresh,” PMMA says. Phase I of the $35 million redevelopment project is underway. Phase I is slated to include replacing “dated” assisted living and nursing beds and related common areas with new residential-style assisted living apartments, memory care suites and a new SNF, part of which is to be dedicated to post-acute-to-home (PATH) rehab units. Phase II plans call for development of entrance fee independent living units. Phase II construction will begin as soon as 90 planned units have been reserved and PMMA is able to secure construction financing – something the organization hopes to accomplish by next year. The target opening date is October 2015. The total bed count at Wichita Presbyterian Manor will be reduced to 162 by the redevelopment and repositioning. Ziegler, a Chicago-based investment bank, handled the bond sale, which closed in early September. The Wichita campus is operated by a PMMA and an affiliate, Aberdeen Village Inc. Greystone, an Irving, Texas-based senior living consulting firm, is serving as PMMA’s development consultant for the Wichita project and AG Architecture of Wauwatosa, Wis., is the architect. PMMA is a not-for-profit, faith-based organization that operates 18 affiliated senior living communities in Missouri and Kansas with more than 2,100 employees serving about 2,500 residents.

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