WOODBURN, ORE. — Lancaster Pollard has arranged an $8.8 million HUD refinancing for Heartwood Memory Care Community in Woodburn. The 48-bed community offers exclusively memory care services. The owner sought long-term financing after a successful opening in 2014. The new FHA-insured structure allowed the borrower to refinance senior and mezzanine construction financing into a non-recourse, 35-year, fixed-rate loan. Matt Lindsay and Casey Moore led the transaction for Lancaster..
PETALUMA, CALIF. — Senior Living Investment Brokerage Inc. has arranged the sale of Adobe House of Petaluma, a 40-unit memory care community in Petaluma, approximately 40 miles northwest of San Francisco. Constructed in 1996, Adobe House totals 26,000 square feet and sits on 1.68 acres. TIC Investor Group sold the community to a regional operator based in Southern California. The new operator plans to invest considerable capital into the building. Although the sale price was not..
Contemporary Healthcare Closes $2.8M Loan for Acquisition of Two Assisted Living Communities in Oregon
MEDFORD, ORE. — Contemporary Healthcare Capital has arranged a $2.8 million mezzanine loan to affiliates of Sapphire Health Services. The loan will help finance the acquisition of two assisted living facilities in Medford. Contemporary’s senior lending partner on the transaction was Sunwest Bank of Irvine. The combined loans of approximately $11.8 million were used for the acquisitions of West Wind Enhanced Care, a licensed assisted living facility serving residents afflicted with..
Trez Forman Provides $44.8M Construction Loan for Active Adult Rental Community on Florida’s Gulf Coast
VENICE, FLA. — Florida-based Trez Forman Capital Group has provided a $44.8 million loan for the construction The Floridian Club of Sarasota, a 309-unit active adult rental community in Venice. The gated community is located at 2445 E. Venice Ave., about four miles east of Venice Beach. Ben Jacobson of Trez Forman originated the loan on behalf of the developer, Sarasota Floridian LLC, an entity led by Larry Lieberman and Fred Starling. The community will include 261 single-story attached..
CORVALIS, ORE. — Contemporary Healthcare Capital (CHC) has arranged a $1.2 million mezzanine loan to refinance a 32-unit memory care community in Corvalis, approximately 80 miles south of Portland. The borrower is Benicia Senior Living. Millennium Bank of Chattanooga provided the capital. The combined loans totaling approximately $5.45 million will be used for a bridge-to-HUD loan for Conifer House. The 24,640-square-foot, single-story facility was originally constructed in..
BUTTE, MONT. — Evans Senior Investments (ESI) has arranged the sale of Copper Ridge Health & Rehab Center, a 98-bed skilled nursing facility in Butte, for $5.7 million. Built in 1975, the facility underwent a significant renovation in 2008. The facility operates with 98 functional beds but is licensed for 186 beds. ESI represented the seller, an independent owner-operator. The buyer was a publicly traded healthcare REIT. Eduro Healthcare, a regional operator in the Wisconsin,..
ROSEMOUNT, MINN. — Dougherty Mortgage LLC has provided a $13.7 million Fannie Mae loan for the refinancing of The Rosemount Senior Living at Steeple Center in Rosemount, about 25 miles south of Minneapolis. The 92-unit seniors housing property offers a variety of living options, including independent and assisted living, and memory care. Residents have access to a range of amenities including a fitness room, beauty salon, lounge area, memory care garden, children’s play area, multipurpose..
ANAHEIM, CALIF. — WNC and its subsidiary Community Preservation Partners (CPP), along with nonprofit Jamboree Housing Corp., have completed the $6.56 million (or $36,635 per unit) renovation of Miracle Terrace Apartments in Anaheim. WNC provided approximately $17 million in low-income housing tax credit (LIHTC) equity to help fund the acquisition of and renovations to the 179-unit, age-restricted, affordable community. The community features 71 studio units, 107 one-bedroom units, and a..
BOISE — Hunt Mortgage Group has provided a $1.8 million Freddie Mac Small Balance Loan to refinance Leisure Villa Apartments, an age-restricted community in Boise. The 57-unit property was built in 1973 and expanded in 2000. The four buildings are located on three acres, and the property also includes a clubhouse. The 10-year, fixed-rate loan features a 30-year amortization schedule and a yield maintenance prepayment schedule.
IRVINE, CALIF. — Michael McKee, executive chairman of Irvine-based healthcare REIT HCP Inc. (NYSE: HCP), has announced he plans to retire on March 1. Following his official retirement, McKee will continue to serve on the board of directors as a consultant until HCP’s annual meeting on April 26. Dave Henry, previously the lead independent director, has been appointed to serve as non-executive chairman. McKee has served as HCP's executive chairman since May 2016 and as a member of the..