Invesque has completed the sale of 20 seniors-housing communities managed by Commonwealth Senior Living, along with its majority ownership stake in the management company.

Financial terms were not disclosed. Proceeds from the transaction were used to fully repay Invesque’s associated property-level debt, settle outstanding preferred equity tied to the portfolio, and cover related transaction costs.

As a result of the sale, Commonwealth has ceased management of all Invesque-owned properties.

“We have determined that it is in the company’s best interest to exit the Commonwealth business and substantially reduce the leverage of the broader company,” said Invesque CEO Adlai Chester.

Invesque’s portfolio now includes 32 assets, 12 of which are under definitive contract for sale, pending satisfaction or waiver of due diligence and customary closing conditions.

The company is battling financial difficulties.

Invesque previously announced that it is seeking shareholder approval to sell or lease all or substantially all of its assets. The proposal will be voted on at the company’s annual and special meeting scheduled for June 18.

The Toronto-based company currently invests in independent living, assisted living, and memory care communities, primarily in the U.S. through various ownership and joint-venture arrangements, while also holding some Canadian assets.

Pictured: Invesque’s Terra Bluffs seniors housing complex in Parker, Colo.

Photo: Terra Bluffs/Invesque