Inspired Healthcare Capital wins $713.5M senior-living sale approval

Inspired Healthcare Capital won court approval Oct. 13 to sell nearly all of its senior-living portfolio for $713.5 million across 11 sale orders covering roughly 30 communities, The DI Wire reported Oct. 23.

The signed total is about $3.5 million below the roughly $717 million the Official Committee of Unsecured Creditors counted from the auction's winning bids before the sale hearing began. U.S. Bankruptcy Judge Mark X. Mullin signed the 11 orders within about 35 minutes of each other, closing a hearing that ran across Sept. 22, Sept. 29 and Oct. 5 without a ruling.

For allocators testing carrying values on senior-living real estate against completed sales, the reference number is now a court-signed $713.5 million across about 30 communities, not a creditors' committee estimate. The orders leave one piece of the cash unresolved: proceeds from Grapevine, Texas, and Delray Beach, Florida, must be escrowed, except amounts disbursed to HPI, pending a further stipulation.

The sales run to roughly 10 buyers, debtors' counsel told the court in September. The largest disclosed pieces include a roughly $197 million purchase by Welltower OP and a roughly $147 million deal tied to HPI. In the stalking-horse phase, Inspired Florida Acquisitions and Sonida Acquisition locked in $341.7 million across 18 communities, and the creditors committee fought bid protections on a separate $143.5 million National Healthcare Properties deal.

Four lenders—Provident Bank, Pinnacle Bank, UMB Bank and the HPI Fairmount/Delray Lender entities—objected that the proposed sale orders did not reflect terms they said were already agreed informally. Provident, Pinnacle and UMB resolved their objections through sealed stipulations entered Oct. 20. HPI's objection remains open, covering the Grapevine and Delray Beach sales, but those orders were entered Oct. 13 with the others, so the dispute did not hold up the sales. How much HPI ultimately collects is still to be set.