REBusinessOnline

Seniors Housing

Capital Funding Negotiates $25.5M Bridge-to-HUD Loan for Skilled Nursing Facility in Pennsylvania

WASHINGTON, PA. — Capital Funding Group, a Baltimore-based lender, has closed a $25.5 million bridge-to-HUD loan for the acquisition of Washington County Health Center, a skilled nursing facility in the Pittsburgh suburb of Washington. Craig Casagrande of Capital Funding originated the loan. No further details were disclosed.

December 6, 2017

iBorrow Provides $16.5M Loan for Two Assisted Living Facilities in California

TARZANA AND ORANGE COUNTY, CALIF. — iBorrow, a private direct lender for commercial real estate, has provided a $16.5 million loan for assisted living facilities in the Los Angeles suburbs of Tarzana and Orange County. The first property is an 88-unit, 50,054-square-foot facility and the second property is an 81-unit, 40,207-square-foot facility. Both properties are private pay, were built in 1974 and were renovated in 2016. Their names were not disclosed. The borrower is a local..

December 5, 2017

National Healthcare Development Completes 50-bed Skilled Nursing Facility in Las Cruces

LAS CRUCES, N.M. — National Healthcare Development, an affiliate of National Healthcare Realty, has completed the development of Welbrook Las Cruces, a 50-bed skilled nursing facility in Las Cruces, approximately 40 miles north of El Paso, Texas. The 37,000-square-foot facility is located near Mountain View Medical Center. Welbrook Senior Living, a Utah-based provider, operates the property. This will be Welbrook’s first facility to open in New Mexico, while a second facility is also..

December 5, 2017

Koelsch Communities Acquires Memory Care Community Near Phoenix

SURPRISE, ARIZ. — Koelsch Communities has acquired Rock Creek Memory Care Community in the Phoenix suburb of Surprise. JEA Senior Living sold the community for an undisclosed price. The 31,372-square-foot community currently houses 66 residents. JEA opened the property in 2011. The Rock Creek acquisition is part of a larger plan in the area for Koelsch. The company recently purchased Park Wood Assisted Living Community, located next door to Rock Creek, from Sunshine Retirement Living...

December 4, 2017

KeyBank Secures $192.5M Refinancing for Seniors Housing Portfolio in Texas

CLEVELAND — Cleveland-based KeyBank Real Estate Capital has provided $192.5 million in refinancing for a portfolio of six seniors housing properties located throughout Texas. The properties were all built between 2006 and 2008 and total 1,238 units. Charlie Shoop and Caleb Marten of KeyBank structured the Freddie Mac loans, which included 10-year interest-only terms and were used to refinance an existing bridge loan provided by KeyBank. The funds were secured on behalf of the borrower,..

December 1, 2017

Lancaster Pollard Arranges Four Refinancings Totaling $55.1M for Summit Healthcare REIT

PORTLAND, ORE. — Lancaster Pollard has arranged $55.1 million in FHA Sec. 232/223(f) loans to refinance four Summit Healthcare REIT properties in Delaware and Oregon. The program provides for the acquisition and refinancing of healthcare properties  including licensed skilled nursing facilities, assisted living, intermediate care facilities, board and care, and combinations thereof. The four properties refinanced were Atlantic Shores Rehabilitation & Health Center, a 181-bed skilled..

November 30, 2017

JV Starts Construction of 246-Unit Seniors Housing Community in Arizona

CHANDLER, ARIZ. — LCS, Harrison Street Real Estate Capital and Ryan Cos. US Inc. have started construction of Clarendale of Chandler, a 262,000-square-foot seniors housing community in the Phoenix suburb of Chandler. Once completed, the Class A community will be located on 16.5 acres and offer 116 independent living units, 64 assisted living units, 38 memory care units and 14 duplex villas. It will be the sixth Clarendale-branded community in the country, and the first in the..

November 30, 2017

KeyBank Provides $99.8M in Financing for Northeast Seniors Housing Portfolio

NEW HAMPSHIRE, VERMONT AND RHODE ISLAND — KeyBank Real Estate Capital has provided a total of $99.8 million in FHA financing for a six-property seniors housing portfolio located across New Hampshire, Vermont and Rhode Island. The skilled nursing facilities total 664 beds and were built between 1972 and 2007. The properties are Ridgewood Center - Bedford in Bedford, N.H.; Mountain Ridge Center in Franklin, N.H.; Keene Center in Keene, N.H.; Harris Hill Center in Concord, Vt.; Mountain View..

November 27, 2017

LCB Senior Living Breaks Ground on 104-Unit Community in Connecticut

TAMFORD, CONN. — LCB Senior Living has broken ground on The Residence at Summer Street, a 104-unit independent living, assisted living and memory care community in Stamford, approximately 25 miles northeast of New York City. LCB will both own and operate the community, which is scheduled to open in summer 2018. Headquartered in Massachusetts, LCB Senior Living owns and/or operates communities throughout New England and the Mid-Atlantic states.

November 27, 2017

Kisco Completes $22.5M Expansion, Renovation of Seniors Housing Community in Anaheim

ANAHEIM, CALIF. — Kisco Senior Living has completed expansion and renovations at Emerald Court, an independent living and assisted living community in Anaheim. The $22.5 million project includes a new two-story building with 58 assisted living residences, a demonstration kitchen and dining venue, and a wellness center. The expansion physically connects with the existing building and adds additional space to the courtyard. As part of the project, renovations were made to the main dining..

November 22, 2017