REBusinessOnline

Interra Brokers $6M Sale-Leaseback of Skilled Nursing Facility in Chicago’s West Loop

CHICAGO — Interra Realty has brokered the sale-leaseback of Monroe Pavilion, a four-story skilled nursing facility in Chicago’s West Loop, for $6 million. The property is located at 1400 W. Monroe Ave. David Goss and Lucas Fryman of Interra represented the buyer, JK Equities, which plans to repurpose the building but has not yet disclosed specific plans. Jon Morgan and Colin O’Malley of Interra represented the seller, Symphony Post Acute Network, a provider of post-acute

General Contractor Hill & Wilkinson Completes 534-Bed Student Housing Property on UTA Campus

ARLINGTON, TEXAS — Richardson-based general contractor Hill & Wilkinson has completed West Hall, a 534-bed student housing property in Arlington. The community, which is the first of two phases of planned development, is located on the campus of University of Texas at Arlington (UTA). The four-story, 100,000-square-foot residence hall offers double-occupancy, semi-suite or pod-style configurations. Amenities include community learning and social spaces, as well as a game room and outdoor …

Non-Traded REIT Acquires 286-Unit Seniors Housing Community in Portland for $92M

PORTLAND, ORE. — Strategic Student & Senior Housing Trust Inc. (SSSHT) has acquired Courtyard at Mt. Tabor, a seniors housing community in Portland, for $92 million. The property offers 286 units of independent living, assisted living and memory care. The new owners will execute an existing plan to add 23 additional memory care units, with groundbreaking scheduled for fall 2018. The buyer is a non-traded REIT sponsored by SmartStop Asset Management. Located on 7.1 acres in the …

Mission Senior Living Breaks Ground on $8M Assisted Living Community in Nevada

MESQUITE, NEV. — Mission Senior Living has broken ground on Mesa Valley Estates Assisted Living and Memory Care, a 78-unit community in Mesquite, near the Utah and Arizona borders. Development costs were estimated at $8 million. MSL Construction will build the property, which Pinnacle Architects will design. The site is across the street from Mesa View Regional Hospital. Mesa Valley Estates will feature 54 assisted living units and 24 memory care units in a single-story, …

Senior Living Communities Invest in Technology to Improve Resident Care

ATLANTA — As internet-connected technology continues to become ubiquitous in our everyday lives, residents at senior living facilities across the United States are using more and more devices. “From seven years ago to today, the average resident has gone from two devices to seven to nine devices,” said Kevin Merrill, business development director at Inviacom during an “Investing in Technology” panel at the InterFace Seniors Housing Southeast conference. The event was held …

USDA Approves $34M Funding for 240-Bed Skilled Nursing Facility in Pennsylvania

COLLEGE TOWNSHIP, PA. — The U.S. Department of Agriculture has approved a $34 million direct loan for development of Centre Care Health Center in College Township. Located in Central Pennsylvania near Penn State University, the 240-bed, 135,645-square-foot skilled nursing facility will replace the existing Centre Crest property. The USDA’s funding is contingent upon the developer — Centre Care — providing an additional $6 million for the project through a fundraising campaign. Miles …

Cadence Living Acquires Seniors Housing Community in Bay Area, Plans Renovations

MILLBRAE, CALIF. — Cadence Living, a senior living development and management company based in Arizona has acquired Marymount Greenhills Retirement Center an undisclosed price. The independent living, assisted living and memory care community is located in Millbrae, a suburb near the San Francisco International Airport. The new owner has rebranded the property as Cadence Millbrae and plans extensive renovations for the next year. The project is part of the city’s plans to redevelop …

Red Stone Provides $20.2M Bond Financing to Rehabilitate Two Seniors Housing Communities in Rensselaer, New York

RENSSELAER, N.Y. — Red Stone Tax-Exempt Funding LLC has provided $20.2 million in tax-exempt bonds for the rehabilitation of two affordable seniors housing communities in Rensselaer, located just across the Hudson River from downtown Albany. The Section 8 properties, Van Rensselaer Heights and Renwyck Place, were originally constructed in 1980. Millennia Housing Development will perform the renovations on a budget exceeding $45,000 per unit. An affiliate of Red Stone is the borrower, and will …

Live Oak Bank Provides $5M Financing for Two Assisted Living Communities Near Salt Lake City

MILLCREEK, UTAH — Live Oak Bank has provided $5 million in financing. The borrower, All Seasons Health Services Co., will use the funds to acquire two assisted living properties in the Salt Lake City suburb of Millcreek. The two properties were built in 2013 and 2016 and feature 20 and 24 beds, respectively. Each stabilized community operates under the BeeHive Homes franchise system. The principal of the borrower lives in the area and is an operator of six BeeHive Homes locations in …

Walker & Dunlop Provides $19.5M HUD Financing for Seniors Housing Community in Nashville

NASHVILLE, TENN. — Walker & Dunlop Inc. has arranged $19.5 million in financing for the acquisition and rehabilitation of Dandridge Towers, an affordable seniors housing community in Nashville.  The community features 153 units. The borrower was LHP Capital LLC, which developed and manages the property. The seller was not disclosed. Rob Rotach of Walker & Dunlop secured the 40-year, fixed-rate, fully amortizing loan through HUD’s Substantial Rehabilitation program, which insures …

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