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.
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.