REBusinessOnline

Lancaster Pollard Places Two Bridge Loans Totaling $42M for Skilled Nursing Portfolio in Texas

TEXAS — Lancaster Pollard Mortgage Co. has placed two bridge loans totaling $42 million for the recapitalization of a five-property portfolio of skilled nursing facilities located throughout Texas. In the first transaction, Lancaster Pollard provided a $12 million loan with a 12-month term for two facilities in South Texas. The transaction refinanced existing debt and provided equity-out proceeds. In the second transaction, Lancaster Pollard worked with syndicate partner MB Financial Bank …

Hunt Capital Partners Obtains $8.4M Financing for Affordable Seniors Housing Project in Irving

IRVING, TEXAS — Hunt Capital Partners, in partnership with Saigebrook Development and O-SDA Industries, has obtained $8.4 million in federal low-income housing tax credits for the development of Canova Palms, an affordable seniors housing project in Irving. The three-story property will feature 58 units. Of those, 50 will be reserved for seniors who earn up to 30, 50 and 60 percent of the area median income. Maker Bros. is the general contractor, and Miller Slayton Architects Inc. is the …

WellQuest Breaks Ground on Seniors Housing Community Near Sacramento

GRANITE BAY, CALIF. — WellQuest Living has broken ground on WellQuest of Granite Bay, a seniors housing community in Granite Bay, approximately 25 miles northeast of Sacramento. Once complete, the property will offer independent living, assisted living and memory care. The project is set for completion in summer 2020. WellQuest will have over 1,000 senior living apartments in operation or under construction by the end of 2019 throughout California and Nevada. The Salt Lake City-based …

ITEX Group, Austin Housing Authority Reopen Affordable Seniors Housing Community

AUSTIN, TEXAS — The ITEX Group, in partnership with the Housing Authority City of Austin (HACA), has reopened Pathways at Gaston Place, an affordable seniors housing community in Austin. HACA owns the property, which was initially built in 1978 to provide housing to the elderly (62 or older), disabled or those displaced by natural disasters. ITEX provided development and construction services for the redevelopment project. Gaston Place was in need of repairs, renovations and upgrades to meet …

SRI Management, Gordon Cos. Open 125-Unit Assisted Living Community in Central Florida

LADY LAKE, FLA. — SRI Management LLC has opened Village Veranda, a 125-unit assisted living and memory care seniors community in Lady Lake, about 50 miles northwest of Orlando. Gordon Cos. developed the community for owner Village Veranda Lady Lake LLC. SRI Management is the operator. The 117,000-square-foot community offers 100 assisted living apartments up to 875 square feet and ranging from studio to two-bedroom options. In addition, the facility offers 25 memory care apartments between …

CA Ventures Breaks Ground on 192-Unit Seniors Housing Project in Suburban Philadelphia

WAYNE, PA. — CA Senior Living LLC, the seniors housing arm of Chicago-based CA Ventures, has broken ground on Anthology of King of Prussia, a 192-unit community in Wayne, Pennsylvania, a northwestern suburb of Philadelphia. The 11-story building, which is slated for a late 2020 completion, will be located within the 122-acre The Village at Valley Forge mixed-use development. New York-based Perkins Eastman designed the property, which will consist of 97 independent living, 63 assisted living …

Carnegie Capital Arranges $8M Loan for Refinancing of Skilled Nursing Facility in Connecticut

CONNECTICUT — Carnegie Capital has arranged an $8 million loan for the refinancing of a 90-bed skilled nursing facility in Connecticut. The loan includes funding for a capital expenditure project that will add 10 assisted living beds at the community. Further details on the name and location of the facility, as well as the lender, were not disclosed. J.D. Stettin of Carnegie Capital sourced and structured the loan with an interest rate of approximately 5.5 percent, a five-year term and …

Harborview Capital Arranges $51.9M HUD Acquisition Loan for Skilled Nursing Portfolio in California

NEW YORK CITY — Harborview Capital Partners, a commercial real estate finance based in New York City, equity and advisory firm, has arranged a $51.9 million bridge-to-HUD loan for the acquisition of six skilled nursing facilities across California. The portfolio totals 678 beds, and the borrower is a national private investment group. Further details regarding the properties were not disclosed. The financing is a three-year bridge loan at 90 percent leverage. Harborview's Jonathan …

Atria, Related Cos., Welltower Buy Former TV Studio in San Francisco for Seniors Housing Conversion

SAN FRANCISCO — A joint venture between Related Cos. and Atria Senior Living, along with funding support from Welltower, has acquired the former KRON-TV headquarters in San Francisco, with plans to convert the property to seniors housing. Onyx Partners sold the property for an undisclosed price. Located one block from the new Sutter California Pacific Van Ness Medical Center and along the Van Ness Bus Rapid Transit (BRT) line now under construction, the community will be at the center of …

Tutera Underway on $1.5M Renovation of Senior Living Community in Overland Park, Kansas

OVERLAND PARK, KAN. — Tutera Senior Living & Health Care is underway on a $1.5 million renovation of its senior living community in Overland Park known as The Atriums. This month, Tutera expects to complete Phase I of the project, which includes renovation of the first-floor common living areas. Tutera will also begin Phase II, an expected $1 million remodel of the property’s 203 units. Amenities within the 50,000-square-foot common living area include a dining area, pub, billiards …

Conferences