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Existing Venture Acquires Third Georgia Seniors Housing Community

 

APRIL 2, 2024 - Scribner Capital, LLC (“Scribner”) and William James Group, LLC (“WJG”) acquired Insignia of Newnan, which will be rebranded as The Haven at Newnan. The Haven at Newnan is being added to an existing joint venture that previously acquired two Georgia seniors housing communities.

 

Simultaneously with the transaction, Scribner and WJG acquired the remaining general partner equity interest thereby increasing their commitment to the venture.

 

The Haven at Newnan, consisting of 40 assisted living and memory care units, is stable with an excellent reputation for care and a strong on-site team. In 2022, the partnership acquired River Place, a 40-unit assisted living and memory care community, and Sunny Grove, a 34-unit assisted living and memory care community; both communities have maintained strong occupancy and cash flow since our acquisition. The portfolio is strategically located between Atlanta, Macon and Columbus.

 

The Haven at Newnan was recently updated on the interior. The business plan includes replacing the roof and gutters, updating the front porch and entrance as well as lighting, landscaping and signage to complement the updated interiors.

 

Jimmy Justice, Co-Founder of William James Group, said, "We are excited about the opportunity to add Haven at Newnan to the William James Group portfolio. We anticipate more opportunities to expand the partnership and acquire similar assets throughout the southeast.”

 

“We have been looking for the right situation to expand our Georgia portfolio and the Newnan community presented an exceptional opportunity. We were fortunate to have great partners to consummate a transaction in a difficult capital market environment,” said Mr. Scribner.

 

This marks the 16th seniors housing equity investment by Scribner to go along with three debt investments. In addition to Scribner’s capital solutions with its institutional capital partner, it can also provide flexible sponsor-level capital and joint venture equity through its proprietary network of accredited investors.

 

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About Scribner Capital

Scribner Capital was formed in 2020 during one of the most volatile periods in history to provide stable capital to owners, operators and developers of seniors housing and healthcare assets. For over 20 years, Principal and Founder James Scribner has been exclusively focused on providing creative and highly-structured capital solutions to the seniors housing and healthcare industry, including joint venture equity and subordinate debt, as well as bridge financing, FHA/HUD and GSE first mortgage financings. He has also led complex restructurings and distressed note purchases. For more information, visit www.ScribnerCapital.com.

 

About William James Group

William James Group, LLC, based in Myrtle Beach, SC, was formed in 2021 by two industry veterans, to create a best-in-class seniors housing operator and fill a need for high-quality operators in the seniors housing sector. WJG currently operates 11 seniors housing communities in six states. WJG specializes in identifying and revitalizing under-performing middle-market senior care facilities and implementing value-added programs and operations improvements. WJG’s focus is to provide exceptional care and experiences for residents and staff and superior financial performance for its financial partners.

 

Contact:

 

Scribner Capital

James Scribner

203-536-3578

 

William James Group

Jimmy Justice

843-359-1101

Expands Partnership with Foundry Commercial and Cascadia Senior Living

 

February 7, 2024 – Scribner Capital, LLC (“Scribner”), a firm dedicated to providing capital solutions to the seniors housing and healthcare industry, along with its institutional capital partner, is pleased to announce the acquisition of The Village at Keizer Ridge, in Keizer, Oregon in partnership with Foundry Commercial (“Foundry”) and its affiliated operating partner, Cascadia Senior Living (“Cascadia”). The transaction marks Scribner’s fourth transaction with Foundry and the second with Cascadia.

 

On December 29th, the partnership acquired The Village at Keizer Ridge, a 126-unit assisted living and memory care community in Keizer, Oregon an affluent suburb of Salem. While the community faced challenges though COVID, operations were stabilizing, and the community was nearly 90% occupied. Cascadia took over operations of the community upon acquisition.

 

The community was built in 2016. The business plan includes about $800,000 in capital investments to enhance the community and maintain its competitive positioning.

 

“It was a pleasure to work with Scribner on another successful closing,” said Kevin Maddron, Foundry’s President of Healthcare Services. “This particular deal presented numerous unique challenges and the teams worked seamlessly to close on a tight timeline by year-end. We look forward to growing our presence together in the Pacific Northwest.”

 

“It is always great to have an opportunity to do repeat business with a trusted partner,” said Mr. Scribner. “We truly value the partnership with Foundry and the have high growth expectations in 2024.”

 

This marks the 15th senior housing equity investment by Scribner to go along with three debt investments. With the ability to move quickly and invest throughout the capital stack, Scribner and its institutional capital partner focus on joint venture equity deals such as these, as well as preferred equity and mezzanine debt.


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About Scribner Capital

Scribner Capital was formed during one of the most volatile periods in history to provide stable capital to owners, operators and developers of seniors housing and healthcare assets. For over 15 years, Principal and Founder James Scribner has been exclusively focused on providing creative and highly-structured capital solutions to the seniors housing and healthcare industry, including joint venture equity and subordinate debt, as well as bridge financing, FHA/HUD and GSE first mortgage financings. He has also led complex restructurings and distressed note purchases. For more information, visit www.ScribnerCapital.com.

New Partnership with Winterpast Capital Partners Acquires Nashville Seniors Housing Portfolio


July 10, 2023 - Scribner Capital, LLC (“Scribner”), a firm dedicated to providing capital solutions to the seniors housing and healthcare industry, along with its institutional capital partner, provided joint venture equity to Winterpast Capital Partners (“WCP”) and its affiliated operating partner, Vitality Living, for the acquisition of two seniors housing communities.


On June 30th, the newly formed partnership acquired Vitality Living Franklin in Franklin, Tennessee, and Vitality Living Hendersonville in nearby Hendersonville, Tennessee. In total, the portfolio consists of 256 assisted living and memory care units. The communities, located within high-growth suburbs of Nashville, had faced occupancy challenges during COVID, but had steadily increased occupancy through diligence underscoring the strength of the markets. Vitality Living Franklin is located 16 miles southwest of downtown Nashville and Vitality Living Hendersonville is located 13 miles northeast of downtown Nashville.


The seller was an affiliate of the original developer and built the communities to be competitive for the long-term. The communities are highly amenitized with fitness centers, dining rooms, lounge areas, movie theaters, cafes and more. These newly branded Vitality Living communities will receive approximately $5 million in capital investments over the first year to address deferred certain maintenance and improve their competitive positioning.


Formerly operated by an out-of-state developer/operator exiting the industry and owned in partnership with an institutional investor for nearly a decade, WCP and Vitality Living, headquartered in nearby Brentwood, Tennessee, will provide expectational local support to the portfolio.


Blanding Beatty, Managing Principal of WCP & Chief Investment Officer of Vitality Living, said, "As a Nashville-based company, we are excited to add these local communities to our portfolio and broaden our capital relationships. This is our first acquisition with Scribner and they were a true partner throughout the entire acquisition process.”


Chris Guay, Founder & Chief Executive Officer of Vitality Living, added, “Hendersonville and Franklin are now part of the Vitality Living family. The two communities fit nicely into our geographic footprint as well as their institutional size and quality. We look forward to executing on our business plan to bring the best out of these assets for the residents, staff, and local community.”


“Given current market conditions, this was a true team effort, and we could not be more pleased with the outcome. The profile of the deal fits our capital perfectly, and the opportunity to partner with WCP and Vitality on an acquisition in their backyard made it special,” said James Scribner, Principal of Scribner Capital.


This marks the 13th senior housing equity investment by Scribner to go along with three debt investments. With the ability to move quickly and invest throughout the capital stack, Scribner and its institutional capital partner focus on joint venture equity deals such as these, as well as preferred equity and mezzanine debt.


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About Scribner Capital

Scribner Capital was formed in 2020 - during one of the most volatile economic periods in history - to provide stable capital to owners, operators and developers of seniors housing and healthcare assets. For nearly 20 years, Principal and Founder James Scribner has been exclusively focused on providing creative and highly-structured capital solutions to the seniors housing and healthcare industry, including joint venture equity and subordinate debt as well as bridge financing, FHA/HUD and GSE first mortgage financings. He has also led complex restructurings and distressed note purchases. For more information, visit www.ScribnerCapital.com.


About Winterpast Capital Partners

Founded in 2016, Winterpast Capital Partners (“WCP”) is a real estate private equity and development firm headquartered in Brentwood, TN. WCP’s investment activities include single tenant build-to-suit, residential development and seniors housing. WCP has developed/acquired 28 communities in the seniors housing space and has executed related transactions valued at over $500M. WCP’s operating company is Vitality Living, a premier regional operator of 27 communities across 10 states. For more information, visit www.winterpastcapital.com.

About Vitality Living

Founded in 2016, Vitality Living is a Nashville-based senior housing operator which manages assets in Tennessee, Florida, Texas, Alabama, Virginia, Arkansas, Georgia, Mississippi, Oklahoma, and Kentucky. Vitality’s leadership collectively has 200 years of combined senior housing operating experience, including CEO Chris Guay whose background includes executive roles with Emeritus and Brookdale. Through its partnership with Winterpast Capital Partners, Vitality maintains an ownership interest in all 27 communities they manage. For more information, visit www.vitalityseniorliving.com.



Contact:


Scribner Capital

James Scribner

203-536-3578



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