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


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.


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 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



Creative Development Financing Solution for Link Senior Development


NEW YORK, March 29, 2021 – Scribner Capital, LLC (“Scribner”), a firm dedicated to providing capital solutions to the seniors housing and healthcare industry, today announced it has provided a construction mezzanine loan for the development of Ativo Senior Living of Prescott Valley, sponsored by Link Senior Development (“Link”), a comprehensive seniors housing development services firm.


Ativo Senior Living of Prescott Valley will be a 136-unit senior living community consisting of a central building with 25 independent living units, 75 assisted living units and 30 memory care units, as well as six independent living cottages. The community will open in the summer of 2022 and feature large floor plans with an abundance of natural light. Residents will be able to take advantage of numerous best-in-class amenities, including enjoying dinner and a movie in the on-site theater, or relaxing while enjoying the mountain views in the club room.


An experienced developer of seniors housing in secondary and tertiary markets throughout the Mountain West, Link will operate the community through its integrated management company, Insight Senior Living.


Scribner provided the financing as part of its strategic partnership with a leading alternative asset manager focused on municipal, public purpose and community assets.


“Development financing has not been this difficult since the wake of the Great Financial Crisis, and our creativity was instrumental in making Link’s vision a reality,” said Mr. Scribner. “Having worked with Link on several prior projects, we know how strong the team is when it comes to site selection and development. With the tightening bank lending market, the sizing and structural needs of the financing increased, and our flexible capital and creativity allowed us to be nimble in servicing those needs.”


“Link is proud to bring Prescott Valley to Arizona – our sixth seniors housing development in the state – and we value the partnership and collaboration with Scribner,” stated Ron Ziebart, CEO of Link Development. “The creative financing solutions allowed us to get this development underway during such a challenging environment, and we know that our collective vision for Ativo of Prescott Valley will create a best in class and welcoming home for residents in the near future.”


With the ability to move quickly and invest throughout the capital stack, Scribner focuses on providing mezzanine debt, like the Ativo community, preferred equity and joint venture equity to seniors housing projects. The partnership also expects to target non-performing debt and opportunities in the debt capital markets.


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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.


Investor and Media Contacts:


Scribner Capital

James Scribner

JS@ScribnerCapital.com

203-536-3578

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