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Expands Partnership with Foundry Commercial and Cascadia Senior Living

 

February 7, 2024 – Scribner Capital, LLC (“Scribner”), a firm dedicated to providing capital solutions to the seniors housing and healthcare industry, along with its institutional capital partner, is pleased to announce the acquisition of The Village at Keizer Ridge, in Keizer, Oregon in partnership with Foundry Commercial (“Foundry”) and its affiliated operating partner, Cascadia Senior Living (“Cascadia”). The transaction marks Scribner’s fourth transaction with Foundry and the second with Cascadia.

 

On December 29th, the partnership acquired The Village at Keizer Ridge, a 126-unit assisted living and memory care community in Keizer, Oregon an affluent suburb of Salem. While the community faced challenges though COVID, operations were stabilizing, and the community was nearly 90% occupied. Cascadia took over operations of the community upon acquisition.

 

The community was built in 2016. The business plan includes about $800,000 in capital investments to enhance the community and maintain its competitive positioning.

 

“It was a pleasure to work with Scribner on another successful closing,” said Kevin Maddron, Foundry’s President of Healthcare Services. “This particular deal presented numerous unique challenges and the teams worked seamlessly to close on a tight timeline by year-end. We look forward to growing our presence together in the Pacific Northwest.”

 

“It is always great to have an opportunity to do repeat business with a trusted partner,” said Mr. Scribner. “We truly value the partnership with Foundry and the have high growth expectations in 2024.”

 

This marks the 15th 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 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.

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

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

203-536-3578



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