Kutak Rock Serves as Special Borrower’s Counsel on $380,185,000 Senior Living Facility AcquisitionNews | April 10, 2019
Kutak Rock LLP served as special borrower’s counsel to Great Lakes Senior Living Communities LLC, a wholly owned subsidiary of Provident Resources Group Inc. in connection with the issuance of $385,185,000 Arizona Industrial Development Authority Senior Living Revenue Bonds (Great Lakes Senior Living Communities LLC Project) Series 2019. The Series 2019 Bonds financed the cost of the acquisition by the Borrower of eight stand-alone assisted living and memory care properties located in Portage and Lorain Counties, Ohio, and Eaton, Midland, Emmet, Wayne and Oakland Counties, Michigan. The acquired financed facilities consist of an aggregate of 1,254 rental units of independent living, enhanced living, assisted living, memory care and multifamily, including the buildings, furniture, fixtures and equipment comprising such facilities and including the real property upon which the facilities are located. The properties were built between 1993 and 2014. The properties range in size from 115 units to 209 units. A map depicting the location of the facilities is set forth below.
Great Lakes Senior Living Communities LLC is a Delaware limited liability company formed for the purpose of promoting, advancing and serving the special needs of the elderly through the acquisition, financing, ownership, operation, management, and maintenance of one or more independent living facilities, assisted living facilities, memory care facilities, and/or other types of senior living facilities and the provision of activities, services and programs designed to meet the special needs of the elderly. The sole member of the Borrower is Provident Resources Group Inc.
Kutak Rock partners Fred Marienthal, Kate Starick and Lucy Newberry worked on this transaction.