Heartis Village Peoria

Firm has refinanced 1,048 units for $170 million in new debt this year, strengthening its financial position and reaffirming its commitment to the senior living sector.

DALLAS, Nov. 1, 2017 – Caddis, a national healthcare real estate firm headquartered in Dallas, announced that it recently refinanced a six-property Heartis® senior living portfolio of 642 assisted living and memory care units for a total of $108 million in debt originated by Key Bank.

This is Caddis’ second Heartis community portfolio recapitalization this year.

Caddis recently recapitalized six Heartis senior living communities, including the 108-unit Heartis Village Peoria in Illinois (top) and the 95-unit Heartis Waco in Texas (bottom). This is the company’s second Heartis recapitalization of the year.

The two refinancings represent a grand total of 1,048 units and $170 million in new debt. All of the properties are in Texas, except for the 108-unit Heartis Peoria in Illinois, and all feature assisted living and memory care apartments, except for Heartis Clear Lake which also offers independent living apartments and Conroe which offers only memory care units.

Caddis CEO Jason L. Signor said the recapitalizations provide many benefits. “These transactions showcase Caddis’ dedication and commitment to the senior living sector. They also tie into our long-term plans to continue expanding our senior living ownership and development activities throughout the country,” says Mr. Signor.

Jud Jacobs, Caddis Executive Vice President of Development and Partner, notes, “From a practical standpoint, these recapitalizations reduce Caddis’ debt, outstanding obligations and risk exposure. They also allow us to pay off current lenders and obtain additional loans so we can actively pursue more development projects. This ensures that we can grow our Heartis senior living network now and into the future.”

The recent recapitalization includes the following Heartis communities:

Name                            No. of Units           Square Footage      Date Completed

Heartis Arlington               89                        66,532                   Fall 2016

Heartis Clear Lake             167                       157,512                 Winter 2017

Heartis Longview               74                        51,000                   Acquired summer 2015

Heartis Peoria                   108                       97,471                   Winter 2017

Heartis San Antonio           109                       86,666                  Winter 2017

Heartis Waco                    95                        70,750                   Summer 2016

Earlier in the year, Caddis recapitalized the following communities:

Name                                     No. of Units              Square Footage      Date Completed

Heartis Amarillo                89                        63,671                   Winter 2015

Heartis Cleburne               89                        61,125                   Fall 2015

Heartis Conroe                  50                        32,557                   Fall 2013

Heartis Cypress                 89                        63,094                   Spring 2016

Heartis Eagle Mountain       89                        61,125                   Summer 2016

Heartis communities offer spacious apartments and a wide variety of amenities, including beautifully landscaped grounds and gardens; courtyards; large dining rooms serving delicious, chef-prepared meals; relaxing common areas; activity rooms; regularly scheduled social and recreational activities; and Class A finishes. Special services include nurse-supervised staff; 24-hour emergency call system; housekeeping and laundry services; and assistance with the activities of daily living.

Grant Saunders and Jay Jordan of KeyBank’s Healthcare Group arranged the financing for both transactions.