Ventas, Inc. announced this week that it had completed the acquisition of $3.1 billion in 118 properties with the aide of Red Mortgage Capital, Berkadia Commercial Mortgage and PNC Bank according to a National Real Estate Investor article. Ventas acquired the 118 community portfolio through mergers of Atria Senior Living Group, Inc., and certain other companies that owned communities previously managed by the group, with Ventas subsidiaries. The lenders originated more than 120 commercial mortgage loans made to subsidiaries of Atria noted Thomas Hauser, partner at Ballard Spahr, which led the legal team that advised the lenders in the transactions.
"We are gratified to acquire this exceptional portfolio of seniors housing communities located in affluent coastal markets managed by Atria Senior Living, an industry leading manager," Ventas Chairman and Chief Executive Officer Debra A. Cafaro said. "This transaction demonstrates Ventas's strength at structuring and completing complex, multi-party transactions collaboratively. We are excited to join forces with Lazard Real Estate Partners and Atria's management team."
"We have been working closely with Ventas to finalize this transaction, and we are so pleased that today we can announce its completion," said John A. Moore, Atria's Chief Executive Officer. "This has been a complicated process, especially the structure of the transaction and the portfolio location in high barrier-to-entry real estate markets that havecomplex regulatory frameworks, but I believe that our ability to work together with the Ventas team to ensure a smooth transition is a great sign of things to come. We couldn't be more excited about what the future holds."
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