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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

JS@ScribnerCapital.com

203-536-3578



Partnership with Venue Capital and Inspirit Senior Living Expands its Knoxville Seniors Housing Portfolio


October 4, 2022 - Scribner Capital, LLC (“Scribner”), a firm dedicated to providing capital solutions to the seniors housing and healthcare industry, along with its institutional capital partner, has added a third community to an existing partnership with Venue Capital and Inspirit Senior Living.


In August, the partnership acquired Windsor Ridge, a 62-unit assisted living community in Knoxville, TN. Windsor Ridge is a great complement to Emory Ridge, a nearby stand-alone memory care community acquired in June.


Located less than five miles from Downtown Knoxville, Windsor Ridge is a well-located assisted living community that serves the needs of senior residents in Knoxville, Powell, Fountain City and surrounding areas. The property is a single story, purpose-built community that features amenities such as a game room, TV room, and sunroom. Residents of Windsor Ridge get the experience of luxury living in a warm, private, country setting while reaping the benefits of an energetic environment.


Renovations will begin immediately to reflect the community's distinctive characteristics. The renovations will update the property into a welcoming and restorative environment for both residents and visitors, with comfortable furnishings and artwork that reflect and celebrate everything Knoxville offers.


Michael Goldberg, Chief Executive Officer of Venue, said, "We are excited about adding Windsor Ridge to the portfolio and expanding our capital relationship with Scribner. We are thrilled to source this opportunity and continue our growth in Tennessee.”


Dave McHarg, Chief Executive Officer of Inspirit, added, “Windsor Ridge is now part of the growing Inspirit family of properties. Windsor Ridge is an ideal complement to our growing Knoxville region, as it provides for operational scale and multiple acuity type options for the growing local population of seniors.”


“The ability to combine Windsor Ridge with two other recent acquisitions in the market provided economies of scale and creates a great three-property portfolio in a growing submarket. This an example of our ability to deliver follow-on equity to support the growth of one of our existing partners,” said James Scribner, Principal of Scribner Capital.


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.


Contact:


Scribner Capital

James Scribner

JS@ScribnerCapital.com

203-536-3578



New Venture Acquires Two Georgia Seniors Housing Communities


JULY 19, 2022 - Scribner Capital, LLC (“Scribner”) and William James Group, LLC (“WJG”) co-sponsored a joint venture to acquire a portfolio of two seniors housing communities in Georgia. Scribner provided co-sponsor equity and leveraged its network of high-net-worth investors to provide the limited partner equity. WJG provided co-sponsor equity as well and will operate the communities on behalf of the venture.


The newly formed partnership acquired River Place, a 40-bed assisted living and memory care community, and Sunny Grove, a 34-bed assisted living and memory care community. The two communities are located between Atlanta and Macon, Georgia. The portfolio was developed by a local owner-operator and are less than twelve miles apart. They have maintained strong occupancy and financial performance throughout the pandemic.


River Place, in Forsyth, Georgia, is an assisted living and memory care was built in 2017. It is conveniently located just off I-75 and adjacent to a high-end residential development that includes golf and equestrian facilities. Sunny Grove, in nearby Barnesville, Georgia, was built in 2007 and expanded in 2015. The portfolio has maintained 90%+ occupancy for several years, and Sunny Grove has the capacity to add both additional assisted living units as well as independent living cottages.


While the communities are stabilized and have historically performed well, WJG with its depth of experience has identified areas of improvement on both the revenue and expenses sides.


Jimmy Justice, Co-Founder of William James Group, said, "We are excited about the opportunity to add two communities to our management platform and look forward to future acquisitions. We anticipate significant opportunities to expand the partnership and acquire similar assets throughout the southeast.”


“We have been looking for the right opportunity to co-sponsor an acquisition and found a great partner in William James Group. We look forward to growing together for many years and actively pursuing deals. This a great example of our ability to deliver both co-sponsor capital as well as joint venture equity to a growing operator,” said Mr. Scribner.


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 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 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 operators five seniors housing communities in three 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

JS@ScribnerCapital.com

203-536-3578


William James Group

Jimmy Justice

jjustice@williamjamesgroupllc.com

843-359-1101


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