Arent Fox has represented its senior living clients in numerous real estate and corporate related transactions. The following projects and transactions provide a glimpse into the depth and breadth of our senior living practice.

Financing

• Fannie Mae in connection with the issuance by the California Statewide Communities Development Authority of $14 million of tax-exempt bonds for the purpose of providing permanent financing for certain senior living facilities throughout California.
• Fannie Mae in connection with the issuance by the Industrial Development Authority of the County of Maricopa of over $30 million in tax-exempt bonds for the purpose of providing permanent financing for three senior living facilities in Arizona.
• Fannie Mae in financings of senior living facilities and seniors apartments located throughout the United States.
• Fundamental Long Term Care in the $50 million senior credit facility agreement with Capital Source Bank.
• Sunrise Senior Living, Inc. in the negotiation of loan agreements for eight portfolios, consisting of more than 100 properties, with several  lenders; the assets are located in 21 states and are valued at a total of more than $1 billion.
• Sunrise Senior Living, Inc. in the real estate and title aspects of a debt refinancing transaction, including granting additional collateral in the form of liens on twenty properties in thirteen states and liens in several Canadian provinces.
• Lasell College in the $55 million public bond financing of a retirement facility, which includes assisted and independent living facilities, in Massachusetts.
• Cain Brothers in various transactions with St. Mary’s Hospital, North Park Nursing Home, Episcopal Senior Life Communities and St. John’s Home for the Aging in the first GNMA-backed security nursing home, assisted living and enriched senior housing financings in New York.
• Senior living facility owners in the negotiation of original loans, loan modifications, payment deferrals, forbearance arrangements and other workout arrangements with numerous institutional lenders such as Barclays Capital Real Estate, Capmark Bank, JPMorgan Chase Bank, KeyBank, Manufacturers & Traders Trust Company, the PrivateBank and Trust Company, The Prudential Insurance Company of America, Sovereign Bank and Wells Fargo Bank.

Purchases & Sales

• Horizon Bay Retirement Living, the 9th largest operator of senior living communities in the United States, in its sale to Brookdale Senior Living. The sale was structured as a sale of the membership interests of Horizon Bay Realty, Horizon Bay Retirement Living’s parent entity, and included a restructuring of various management arrangements.
• Horizon Bay Retirement Living in the $562 million sale/lease and manage-back of twenty Horizon Bay Retirement Living senior living facilities located in seven states.
• Horizon Bay Retirement Living in the negotiation of a master lease agreement under which the existing leases for 25 senior living facilities valued at approximately $1 billion, which are leased by affiliates of Horizon Bay Retirement Living from a publicly traded REIT and located in six states, were amended, restated and consolidated into a single, integrated master lease.
• Sunrise Senior Living, Inc., in the $204 million sale of a portfolio of 21 wholly-owned assisted living communities in 11 states to affiliates of Brookdale Senior Living Inc. and an unrelated third party, and the negotiation of loan assignment and assumption agreements in connection with the sale.
• Sunrise Senior Living, Inc., in the sale of numerous individual operating facilities and in the termination or renegotiation of management contracts for facilities owned by third parties.
• Integrated Health Services, Inc., in the $1.25 billion acquisition of Horizon Healthcare.
• Integrated Health Services, Inc., in the sale of 31 assisted living, senior living and continuing care facilities in seven states to Monarch Properties for $184.3 million.
• Integrated Health Services, Inc., in the transfer of operations of 68 leased healthcare and skilled nursing facilities located throughout the United States.
• Integrated Health Services, Inc. in the $47.7 million sale of its subsidiaries’ leasehold interests in leased facilities located in Idaho and Missouri.
• Marriott Senior Living Services in the $255 million sale of its senior living real estate holdings to a real estate investment company, including the sale of 21 assisted living, independent living and continuing care facilities in 13 states and the sale of a minority ownership interest in five partnerships owning five senior living facilities in four states.
• Marriott Senior Living Services in the $58.8 million sale of its equity interests in five partnerships owning five senior living facilities located in four states.
• Inova Health System Services in the sale of certain assets and liabilities relating to the operation of two skilled nursing facilities to a third party purchaser and the leasing of the land and improvements on which the skilled nursing facilities are located to an affiliate of the purchaser.
• Texas Healthcare Realty, LLC, in the $43 million sale of a portfolio of 16 skilled nursing facilities.
• THI of Baltimore, Inc., in the $39 million acquisition of nursing facilities from Extendicare Health Facilities, Inc.

Joint Ventures & Development

• Sunrise Senior Living, Inc., in the negotiation of joint venture and development agreements for eight portfolios, consisting of more than 100 properties, with six separate joint venture partners; the assets are located in 21 states and are valued at a total of more than $1 billion.
• Sunrise Senior Living, Inc., in an $88 million joint venture, development and loan transaction involving the conversion of a luxury high-rise hotel and apartment complex into senior living residences.
• Fundamental Long Term Care in a joint venture with a Texas owner/operator for the operation of 14 skilled nursing facilities.

Management & Leasing

• Horizon Bay Retirement Living in the negotiation of a master lease agreement for eight senior living facilities located in four states.
• Horizon Bay Retirement Living in the negotiation of single asset and portfolio management agreements for senior living facilities owned by institutional investors located in fourteen states.
• Sunrise Senior Living, Inc., in the negotiation of management agreements for eight portfolios, consisting of more than 100 properties; the assets are located in 21 states and are valued at a total of more than $1 billion.

• Horizon Bay Retirement Living, the 9th largest operator of senior living communities in the United States, in its sale to Brookdale Senior Living. The sale was structured as a sale of the membership interests of Horizon Bay Realty, Horizon Bay Retirement Living’s parent entity, and included a restructuring of various management arrangements.
• Horizon Bay Retirement Living in the $562 million sale/lease and manage-back of twenty Horizon Bay Retirement Living senior living facilities located in seven states.
• Horizon Bay Retirement Living in the negotiation of a master lease agreement under which the existing leases for 25 senior living facilities valued at approximately $1 billion, which are leased by affiliates of Horizon Bay Retirement Living from a publicly traded REIT and located in six states, were amended, restated and consolidated into a single, integrated master lease.
• Sunrise Senior Living, Inc., in the $204 million sale of a portfolio of 21 wholly-owned assisted living communities in 11 states to affiliates of Brookdale Senior Living Inc. and an unrelated third party, and the negotiation of loan assignment and assumption agreements in connection with the sale.
• Sunrise Senior Living, Inc., in the sale of numerous individual operating facilities and in the termination or renegotiation of management contracts for facilities owned by third parties.
• Integrated Health Services, Inc., in the $1.25 billion acquisition of Horizon Healthcare.
• Integrated Health Services, Inc., in the sale of 31 assisted living, senior living and continuing care facilities in seven states to Monarch Properties for $184.3 million.
• Integrated Health Services, Inc., in the transfer of operations of 68 leased healthcare and skilled nursing facilities located throughout the United States.
• Integrated Health Services, Inc. in the $47.7 million sale of its subsidiaries’ leasehold interests in leased facilities located in Idaho and Missouri.
• Marriott Senior Living Services in the $255 million sale of its senior living real estate holdings to a real estate investment company, including the sale of 21 assisted living, independent living and continuing care facilities in 13 states and the sale of a minority ownership interest in five partnerships owning five senior living facilities in four states.
• Marriott Senior Living Services in the $58.8 million sale of its equity interests in five partnerships owning five senior living facilities located in four states.
• Inova Health System Services in the sale of certain assets and liabilities relating to the operation of two skilled nursing facilities to a third party purchaser and the leasing of the land and improvements on which the skilled nursing facilities are located to an affiliate of the purchaser.
• Texas Healthcare Realty, LLC, in the $43 million sale of a portfolio of 16 skilled nursing facilities.
• THI of Baltimore, Inc., in the $39 million acquisition of nursing facilities from Extendicare Health Facilities, Inc.