REBusinessOnline

Capital One Funds $7.7M Acquisition Loan for Age-Restricted Community in California

MANTECA, CALIF. — Capital One has provided a $7.7 million Fannie Mae loan for the acquisition of Almond Blossom Estates. The 139-unit, age-restricted, manufactured housing community is located in Manteca, a Central Valley city 75 miles east of San Francisco. The sponsor is a long-time Capital One and Fannie Mae customer. Damon Reed and Monica Schroeder of Capital One originated the transaction. The fixed-rate loan has a 12-year term with five years of interest-only payments followed by …

SLIB Arranges $3.4M Sale of Assisted Living Community in East Texas

HUNTSVILLE, TEXAS — Senior Living Investment Brokerage (SLIB) has arranged the sale of The Lexington Center, a 40-unit assisted living facility in Huntsville, approximately 70 miles north of Houston. A local family owner-operator exiting the industry was the seller. An independent, Houston-based owner-operator bought the property for $3.4 million. The 35,686-square-foot community sits on 6.7 acres and was built in 2004. The Lexington Center’s occupancy rate was 83 percent at the time of …

SSSHT Opens Memory Care Expansion at Community in Portland

PORTLAND, ORE. — Strategic Student & Senior Housing Trust Inc. (SSSHT), a public, non-traded REIT sponsored by SmartStop Asset Management, has completed a freestanding memory care expansion in Portland. The project extends the offerings at Courtyard at Mt. Tabor, which already offered independent living and assisted living. The expansion adds a 16,000-square-foot building and 23 units. The 7.1-acre community now offers 309 total units. Known as The Pavilion, the memory care project …

Capital One Provides $285M Loan for Refinancing of Prime Care Seniors Housing Portfolio

NEW YORK CITY — Capital One Healthcare, a New York-based lender, has provided a $285 million bridge loan for the refinancing of a portfolio of 13 seniors housing communities owned by Prime Care Properties LLC. Specific names and locations of the properties involved in the financing were not disclosed. The properties total 1,081 assisted living, 301 memory care and 85 skilled nursing units across seven states. Sunrise Senior Living manages 11 of the facilities while Harbor Retirement …

Pathway to Living, Caddis Open Assisted Living Facility in Wisconsin

BROOKFIELD, WIS. — Pathway to Living and Caddis Healthcare Real Estate have opened Heartis Village Brookfield, an assisted living and memory care community in Brookfield, a suburb of Milwaukee. The property totals 70 assisted living units and 24 memory care units on a 10-acre plot. Assisted living units range in size from 351 to 917 square feet. Memory care units range in size between 293 to 306 square feet. During development, Caddis Healthcare gifted 2.9 acres of land to the city of …

Lancaster Pollard Arranges $7.5M Refinancing for Assisted Living Community in Utah

SOUTH JORDAN, UTAH — Lancaster Pollard Mortgage Company has arranged a $7.5 million refinancing for Riverway Assisted Living and Memory Care in South Jordan, approximately 15 miles south of downtown Salt Lake City. The borrowers are Giza Development and SAL Management Group. The financing represents a long-term financing solution through Fannie Mae, as well as some cash out. The deal is Giza’s second with Lancaster Pollard in 2019. Ross Holland and Rodger Davis led the transaction for …

NorthMarq Arranges $12.5M Refinancing for Seniors Housing Property in Bettendorf, Iowa

BETTENDORF, IOWA — NorthMarq has arranged a $12.5 million loan for the refinancing of The Fountains Independent Living in Bettendorf. The seniors housing property is located at 3728 Thunder Ridge Road. Jason Kinnison of NorthMarq structured the loan with an immediate funding of $8.5 million and a construction component in the amount of $4 million, which will be used to complete an addition to the property. The borrower was not

Covenant Living Acquires 343-Unit Continuing Care Retirement Community in Tulsa

TULSA, OKLA. — Covenant Living Communities and Services has acquired Inverness Village, a continuing care retirement community (CCRC) in Tulsa, for an undisclosed price. As part of the transition, the community will be rebranded as Covenant Living at Inverness. The community opened in 2003 and features 196 independent living apartments, 40 cottages, 20 garden homes, 31 assisted living apartments, 12 memory care units and 44 skilled nursing rooms. The property sits on 192 acres. Covenant …

Holbrook Completes $74M Seniors Housing Community in Decatur, Georgia

DECATUR, GA. — Holbrook has completed construction of Holbrook Decatur, a 200-unit active adult community located roughly 10 miles northwest of downtown Atlanta. Development costs were estimated at $74 million. The five-story building offers 18 individualized floor plans. A grand opening was held Thursday, Oct. 24 at the community. Amenities include custom closets, a fireplace, wine chiller, air ionization and UV water purification. Alpharetta, Ga.-based Holbrook develops, owns and manages …

Alliant Capital Completes 295-Unit Seniors Housing Community at Former Shopping Center Near Seattle

LYNNWOOD, WASH. — Alliant Capital has completed construction of The Reserve at Lynnwood, a 295-unit affordable seniors housing community in Lynnwood, approximately 15 miles north of Seattle. The development struggled in its early days, dealing with environmental contamination at the site, which was formerly a 1950s-era decrepit shopping center, as well as a fire that destroyed initial construction in 2017. “This project certainly had its challenges, but we were determined to overcome …

Conferences