Sullivan
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Senior couple embracing in front of residential home

Sullivan has vast experience representing owners, operators, lenders, investors and others in all transactional aspects of the senior living industry regardless of acuity level. Whether dealing with aged restricted independent living communities, assisted living communities, memory care facilities, skilled nursing facilities or anywhere in between, we are there to assist our clients in navigating the transactions. Sullivan relies on an interdisciplinary team to handle acquisitions, dispositions, financings, leasing, and tax and operational matters in this space. Sullivan also has a network of licensing counsel throughout the country to help coordinate healthcare licensing issues that may arise in the course of a transaction or other representation in this area.

Bringing together our corporate, tax and real estate groups, our client work includes:

  • Representing a client in the acquisition of 38 senior living properties across 16 states for approximately $790 million, including $151.6 million of assumed debt (including Fannie Mae debt), partially in a RIDEA-compliant structure, on behalf of a public REIT client
  • Represented a client in the restructuring of its management agreements for 228 senior living communities from a structure with one manager to a structure with ten unrelated managers. The restructured portfolio had a carrying value of approximately $4 billion
  • Represented a publicly held senior living services provider in $44 million acquisition of seven senior living facilities in North Carolina and South Carolina out of bankruptcy
  • Represented a public senior living community operator in a convertible note offering
  • Represented a client in the acquisition of six senior living communities in Indiana on behalf of a national healthcare and senior living services provider for approximately $123 million, including the assumption of approximately $20 million of Freddie Mac mortgage debt
  • The portfolio sale of three skilled nursing facilities containing approximately 537 units in Wisconsin for an aggregate sales price of $11.5 million
  • Represented a healthcare REIT in a $1 billion public senior note offering, and in several restructurings of its business arrangements with a public senior living operator
  • Represented a publicly held senior living facility REIT in the $63 million acquisition of eight senior living facilities in Indiana and the assumption of existing debt on the properties
  • Represented a publicly held senior living services provider in $44 million acquisition of seven senior living facilities in North Carolina and South Carolina out of bankruptcy