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Transactions & Financings: United Church Homes & Services Rebrands; Capital Bay’s $590M European Senior Housing JV

September 1, 2021

August 30, 2021

United Church Homes and Services has a new name.

The Newton, NC-based nonprofit provider is rebranding as EveryAge, in conjunction with the organization’s 50th anniversary.

“While our name is changing, our mission and vision remain steadfast,” EveryAge President and CEO Lee Syria said in a statement. “EveryAge is committed to enriching lives by providing the right services, at the right time, in the right setting. We are honoring our legacy while broadening the role we play in helping individuals live life to the fullest.”

EveryAge serves over 2,000 older adults in North Carolina and Virginia via three retirement communities, seven affordable senior apartment buildings, and PACE (Programs of All Inclusive Care for the Elderly) programs. It ranks 92nd on the 2020 list of the 200 largest nonprofit providers, compiled by investment bank Ziegler and industry association LeadingAge.

Sales and operator transitions

Veritas adds 2 communities

Veritas Senior Living added two communities to its operating portfolio: Vantage Pointe Village, an assisted living and memory care facility in Ashland City, TN; and Gaines Park Senior Living, a personal care community in Kennesaw, GA.

These additions bring Veritas’ total operating portfolio to six communities. The Signal Mountain, TN-based operator has added three new communities in 2021, to date.

SLIB completes 2 sales

Senior Living Investment Brokerage completed the following transactions:

– Senior Vice President Patrick Burke and Vice President Dave Balow facilitated the sale of two identical 87-unit assisted living and memory care facilities in highly competitive markets in Tennessee. The seller is an independent owner/operator. The buyer is a joint venture between a REIT and an operator committed to building scale across the Volunteer state. Each site has adjacent land which enables future expansion or development.

– Balow was the sole broker in the $8 million sale of Manor Hills Assisted Living, an 87-unit, 137-bed assisted living and memory care facility in Wellsville, NY. The seller is a private owner exiting the industry. The buyer is an Albany, NY-based owner/operator looking to expand its footprint in the area.

Standard Communities acquires New Jersey affordable senior apartments

Standard Communities acquired New York Avenue Apartments, a 151-unit affordable senior apartment building in Atlantic City, NJ. Standard led a public-private partnership on the deal, with a total capitalization of $35.9 million.

Standard completed this transaction in partnership with the U.S. Department of Housing and Urban Development and the New Jersey Housing and Mortgage Finance Agency. The transaction was financed with Low Income Housing Tax Credits arranged in partnership with PNC Bank, with additional financing provided by Citibank. The firm will also launch a $10 million capital improvement project to modernize the building.

Capital Square 1031 acquires Florida manufactured housing community

Capital Square 1031 acquired Midway Estates, a 55-plus manufactured housing community consisting of 183 homes in Vero Beach, FL. The firm plans to invest $3.8 million in capital improvements to enhance quality and compete with surrounding communities obtaining significantly higher rents.

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