Superior Living Foundation completed a $250.2 million acquisition of 14 skilled nursing facilities in eastern Texas. Meanwhile, a vacant assisted living and skilled nursing facility was sold in Waco, Texas.

Superior Living Acquires 14 SNFs in Texas for $250.2M

Superior Living Foundation, a Maryland-based nonprofit, completed a $250.2 million acquisition of 14 skilled nursing facilities in a high-growth market in eastern Texas. The transaction was finalized on Tuesday, March 11.

The seller, a private owner-operator, will continue managing the facilities under the terms of the agreement.

The acquisition was financed through a public offering of approximately $247.3 million in tax-exempt bonds together with private debt that was purchased by the seller. Oppenheimer & Co. Inc. served as sole bookrunner for the bond sale.

“This acquisition represents a significant step forward in expanding our mission-driven approach to health care and residential services,” Moiz Doriwala, president of Superior Living, said in a press release. “By maintaining the current owner-operator as our manager, we expect the high quality and levels of service to continue, while establishing a strong presence in the growing Texas market.”

Superior Living was represented by Foley & Lardner LLP, while Marathon Capital Strategies served as financial advisor to the organization’s board of directors.

Superior Living was founded in 2017 and offers a comprehensive range of services, including skilled nursing, assisted living, memory care, psychiatric and behavioral healthcare, and addiction treatment. By integrating health care and residential support, Superior Living ensures high-quality, holistic care solutions that address the diverse needs of individuals across all age groups.

Vacant AL and SNF in Waco, Texas, sold

Blueprint advised a repeat client on the sale of a vacant assisted living and skilled nursing facility located in Waco, Texas.

The 106-unit facility was built in 2015 and sits on an expansive 6.7-acre campus directly adjacent to Baylor Scott & White Medical Center – Hillcrest, the leading acute care provider in Waco, Texas.

Built to institutional standards, and well maintained by ownership, the building featured spacious apartments with in-unit bathrooms and a full suite of resident amenities including a grand dining room, outdoor courtyard, patio, and putting green, Blueprint said in a press release.

Last operated in 2018, this community closed due to the prior operator’s inability to service above market rent payments.

Given its market-leading sales activity within Texas, the repeat client engaged Blueprint to leverage its relationships with the most active buyers within the Lonestar State.

Blueprint advised the seller to move forward with a highly competitive all-cash offer that was submitted by a leading provider of transitional skilled nursing services that was looking to enter Texas with this acquisition.

Ziegler Closes $83.94M in financing for Westminster

Ziegler announced the successful closing of Westminster’s $83,940,000 Series 2025 Bonds, issued through the New Hope Cultural Education Facilities Finance Corporation for Westminster, a Texas not-for-profit corporation.

Westminster owns a Type A continuing care retirement community (CCRC). The property is located on approximately 9 acres in west central Austin and currently includes 367 independent living units, 36 assisted living units, 38 memory care units and 85 skilled nursing beds. Life Care Services (LCS) has provided management services to the facility since 1981.

Proceeds of the Series 2025 Bonds will be used, together with other available funds, to finance the costs of campus improvements, refinance the outstanding Series 2016 Bonds, and pay the costs of issuance of the 2025 Bonds.

As part of the multi-phase expansion, the CCRC will undergo new construction and renovations to existing buildings designed to enhance building connectivity and amenities in certain buildings including, a new lounge, a coffee shop/lunch bar, a bowling alley, an indoor sports simulator for golf and other games, a larger library, an IT help desk as well as a new speakeasy bar and rooftop sports court with pickleball.

“We appreciate our long-term strategic partnership with Ziegler and getting this deal done at attractive terms as this financing will enable the completion of our multi-phased expansion plan, including the addition of new amenities and improved connectivity across the campus, making it more accessible and convenient for residents and visitors,” Charles Borst, executive director at Westminster, said in a press release. “These improvements will not only enhance the quality of life for current residents but also make Westminster a more attractive option for future residents.”