Invesque Inc. disclosed in its second-quarter earnings release that it plans to transfer 13 of its assets operated by Greenfield Senior Living's affiliates to its own affiliates and strategic operating partners.
Under agreed terms, Invesque will fully acquire Greenfield's interests in the 13 assets across 10 triple-net leased assets and a three-property joint venture.
The healthcare real estate company will transition 10 of the communities operated by Greenfield to Commonwealth Senior Living LLC, and Invesque's affiliates will own, operate and managed the properties.
Two of the Greenfield-operated assets in Pennsylvania and New Jersey will be transferred to Heritage Senior Living. Invesque already transferred one of the Greenfield-operated assets to Commonwealth on Aug. 2.
Additionally, Invesque said it recently formed a joint venture with Magnetar Capital's certain affiliates to own mainly skilled nursing facilities.
The company injected three properties leased to Bridgemoor Transitional Care Operations LLC and five properties leased to The Ensign Group Inc. into the venture in exchange for $23.0 million in cash. Invesque will contribute one additional asset leased to Bridgemoor, after which Magnetar will own a 35% stake in the venture.
Invesque, which received rights in a warrant for a 9.8% stake in Bridgemoor, noted that it will provide a working capital loan of up to $10.0 million to the latter and certain of its units.