News & Deals | Scribner Capital

Scribner Capital Adds Community to Existing Partnership

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

Scribner Capital and William James Group Co-Sponsor Seniors Housing Acquisition

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

Scribner Capital Adds New Joint Venture Operating Partners

New Partnership with Venue Capital and Inspirit Senior Living Acquires two Knoxville Seniors Housing Communities

JULY 7, 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 partnered with Venue Capital and Inspirit Senior Living, to provide joint venture equity for the acquisition of two seniors housing communities.

On June 14th, the newly formed partnership acquired Rain Forest Landings, a 62-unit assisted living and memory care community in Knoxville, Tennessee, and Emory Ridge, a 40-unit stand-alone memory care community in nearby Powell, Tennessee. Formerly operated by a national operator, these new Inspirit Senior Living communities are now rebranded and will receive capital investments to improve their competitive positioning.

Rain Forest Landings is an assisted living and memory care community nestled on just under 10 acres in West Knoxville. Residents enjoy beautifully furnished common areas including a grand dining room, numerous amenity spaces, walking paths and more. Emory Ridge is a freestanding memory care property on almost three acres in the heart of the Powell community. The community offers residents around-the-clock nursing care, safe and secure courtyards, activity rooms, community patios, and large common areas.

The plan is to immediately begin renovations that will be highly customized to reflect each community’s distinctive characteristics. The renovations will transform the properties into welcoming and restorative environments for both residents and visitors, with comfortable furnishings paired with artwork that reflects and celebrates everything Knoxville has to offer.

Like other Inspirit communities, the properties offer assisted living and Inspirit’s Sage Program, which is specifically designed for the memory impaired. The Sage Program’s mission is to honor its residents — creating meaningful interactions, in safe hands, while working within its residents’ memories and abilities.

Michael Goldberg, Chief Executive Officer of Venue, said, "We are excited about the opportunity to expand our capital relationships to include Scribner and look forward to future acquisitions.”

Dave McHarg, Chief Executive Officer of Inspirit, added, “Rain Forest Landings and Emory Ridge are now part the growing Inspirit family of properties, and we are honored to work with the dedicated and highly skilled local teams to deliver superior experiences for our residents.”

“The profile of this transaction squarely fits our investment strategy – partnering with strong, regional operators to acquire high-quality, recent vintage communities that for various reasons are not stabilized. This a great example of our ability to deliver joint venture equity to support the growth of our partners,” said Mr. Scribner.

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About Scribner Capital

Contact:

Scribner Capital

James Scribner

JS@ScribnerCapital.com

203-536-3578