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Existing Venture Acquires Third Georgia Seniors Housing Community
APRIL 2, 2024 - Scribner Capital, LLC (“Scribner”) and William James Group, LLC (“WJG”) acquired Insignia of Newnan, which will be rebranded as The Haven at Newnan. The Haven at Newnan is being added to an existing joint venture that previously acquired two Georgia seniors housing communities.
Simultaneously with the transaction, Scribner and WJG acquired the remaining general partner equity interest thereby increasing their commitment to the venture.
The Haven at Newnan, consisting of 40 assisted living and memory care units, is stable with an excellent reputation for care and a strong on-site team. In 2022, the partnership acquired River Place, a 40-unit assisted living and memory care community, and Sunny Grove, a 34-unit assisted living and memory care community; both communities have maintained strong occupancy and cash flow since our acquisition. The portfolio is strategically located between Atlanta, Macon and Columbus.
The Haven at Newnan was recently updated on the interior. The business plan includes replacing the roof and gutters, updating the front porch and entrance as well as lighting, landscaping and signage to complement the updated interiors.
Jimmy Justice, Co-Founder of William James Group, said, "We are excited about the opportunity to add Haven at Newnan to the William James Group portfolio. We anticipate more opportunities to expand the partnership and acquire similar assets throughout the southeast.”
“We have been looking for the right situation to expand our Georgia portfolio and the Newnan community presented an exceptional opportunity. We were fortunate to have great partners to consummate a transaction in a difficult capital market environment,” said Mr. Scribner.
This marks the 16th seniors housing equity investment by Scribner to go along with three debt investments. 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 over 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 currently operates 11 seniors housing communities in six 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
203-536-3578
William James Group
Jimmy Justice
843-359-1101