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

New Partnership with Foundry Commercial Provides a Platform for Future Seniors Housing Acquisitions


NEW YORK, March 11, 2021 – Scribner Capital, LLC (“Scribner”), a firm dedicated to providing capital solutions to the seniors housing and healthcare industry, today announced it has partnered with Foundry Commercial, a full-service real estate services and investment firm, to provide equity financing for the acquisition of two seniors housing communities.


Most recently on March 2nd, the joint venture platform acquired Beach House Assisted Living & Memory Care, an 84-unit assisted living and memory care community in Jacksonville Beach, Florida. This follows the partnership’s first acquisition in December 2020 of The Piper, a 120-unit seniors housing community containing 60 assisted living units, 40 memory care units, and 20 physician-directed care units in Kansas City, Kansas.


Both communities will be managed by Foundry Commercial’s senior housing management platform, FSL Senior Living Ventures, LLC, which was formed in partnership with Missouri-based Foster Senior Living in June 2020.


“The profile of these two investments is similar – strong market, recent vintage, high-quality construction, but never fully leased-up and stabilized. This a great example of our ability to deliver joint venture equity to a great partner, Foundry Commercial, and operator, Foster Senior Living,” said Mr. Scribner. “We look to significantly increasing our investment activity in the industry as others are pulling back.”


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


With the ability to move quickly and invest throughout the capital stack, the Scribner focuses on joint venture equity deals, such as Beach House and The Piper, as well as preferred equity and mezzanine debt. 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

Financing Positions the Community for Continued Success with Flexible 10-Year Fixed Rate Debt

December 16, 2020 – Scribner Capital, LLC (“Scribner Capital”), a firm dedicated to providing capital solutions to the seniors housing and healthcare industry is pleased to announce the successful closing of a refinancing for Meadow Ridge, a Class A Life Plan Community in Redding, Connecticut.

The recapitalization of Meadow Ridge will save several million dollars a year in debt service as well as setting aside capital for a long-planned renovation project and the completion of the full continuum of care with the addition of a dedicated memory care wing.


In addition to having highly competitive terms and flexible covenants, it was important for the borrower to work with a single lender and not be subject to syndication risk. Truist Bank was selected through a highly-competitive process and provided a fully underwritten proposal. It is the bank’s intention to hold the entire loan for the term.

“James has been a long-time friend of Senior Care Development and continues to deliver for us – especially in the most difficult of conditions.” said David Reis, Chief Executive Officer, Senior Care Development. “In a large and complex transaction like Meadow Ridge, it takes a great team and Scribner Capital is an instrumental part of the SCD team.”

“Meadow Ridge has always been important to me, having arranged the prior financing about 10 years ago. I now live just a few miles away and it is a critical part of our community,” said Mr. Scribner. “It was an honor to work with Senior Care Development again and provide long-term stable capital to the community.”

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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.

Contact:


Scribner Capital

James Scribner

JS@ScribnerCapital.com

203-536-3578

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