ALEXANDRIA, RICHMOND AND COLONIAL BEACH, VA. — Tryko Partners has acquired three skilled nursing facilities in Virginia as part of a planned geographic expansion in the Mid-Atlantic for the Brick, N.J.-based private equity investment firm. The facilities, which were part of the Cambridge Healthcare Portfolio, include the 307-bed Woodbine Rehabilitation & Healthcare in Alexandria, the 190-bed Lexington Rehabilitation & Healthcare in Richmond and the 66-bed Westmoreland Rehabilitation & Healthcare in Colonial Beach. Each property provides post-hospital care, short-term rehabilitation and long-term residential care. Tryko plans to invest nearly $9 million in renovations and programming enhancements at the facilities. Woodbine has the largest licensed capacity in Virginia, according to Tryko. The 94,000-square-foot facility, situated on a nearly four-acre parcel, consists of two interconnected buildings offering both private and semi-private rooms, as well as a dedicated ventilator unit. Lexington, which has been rebranded as Canterbury Rehabilitation & Healthcare Center, is a 69,358-square-foot, two-story building on a five-acre parcel. The facility offers both private and semi-private rooms. Westmoreland is the only licensed nursing facility in Westmoreland County. Situated on approximately four acres, the one-story, 25,000-square-foot building includes three patient wings with private and semi-private rooms, including a rehabilitation wing. Tryko has retained the …
Seniors Housing
PATCHOGUE, N.Y. — Renaissance Management, a New York-based investment firm, has acquired La Bonne Vie, a 915-apartment community on Long Island for $232.5 million. The property features 626 market-rate apartments and 289 age-restricted (55-plus) apartments and amenities such as indoor and outdoor pools, a gym, libraries and tennis courts. The buildings were completed in the mid-1970s and 1980s and have been preserved in their original conditions. Jeffrey Dunne, Jeremy Neuer and Gene Pride led a CBRE team that represented the building owners, an undisclosed consortium of partnerships, in the transaction. Shawn Rosenthal, Jason Gaccione and Thomas Didio of the Midtown Manhattan Debt & Structure Finance group arranged the financing for Renaissance Management’s acquisition and future planned renovations of La Bonne Vie. The team secured a $200.7 million senior loan from TPG Real Estate Finance. The three-year loan includes the option for three one-year extensions.
WEATHERFORD, TEXAS —Civitas Senior Living and PremCap Senior Living have opened West Fork at Weatherford, located west of the Dallas-Fort Worth (DFW) metroplex. The 75,800-square-foot community offers 70 assisted living apartments and 19 memory care suites. The community is located near Weatherford’s historic downtown and directly adjacent to Medical City Weatherford.
Lancaster Pollard Provides $7.2M Refinancing for Rosewood Courte Memory Care in Edmonds, Washington
by Amy Works
EDMONDS, WASH. — Lancaster Pollard has provided $7.2 million in refinancing for Rosewood Courte Memory Care in Edmonds, approximately 15 miles north of downtown Seattle. The Fannie Mae loan provides long-term, fixed-rate financing. The borrower will use the funds for capital improvements. Although the borrower was not disclosed, the property is listed on Northwest Care Senior Living’s website. Grant Goodman, Casey Moore and Doug Harper led the transaction for Lancaster Pollard.
Capital Funding, Bank Leumi Provide $27.8M Acquisition Loan for Seniors Housing Facility in New Jersey
by Alex Patton
WANAQUE, N.J. — Capital Funding LLC and Bank Leumi USA have provided a $27.8 million loan for the acquisition of Wanaque Center for Nursing and Rehabilitation, a seniors housing facility in Wanaque, New Jersey. The property is located approximately 30 miles northwest of Manhattan. The borrower and buyer, Philosophy Care Group, has rebranded the property as the Phoenix Center for Rehabilitation & Pediatrics. The facility features 92 pediatric skilled nursing beds and 135 geriatric skilled nursing beds. Capital Funding and Bank Leumi partnered to run a joint diligence process and co-funded the term loan, with Capital Funding serving as agent for the transaction. Tim Eberhardt of Capital Funding, and Daniel Csillag of Bank Leumi USA in, originated the transaction.
Live Oak Bank Provides $5.8M Refinancing for Seniors Housing Community in Upstate New York
by Alex Patton
SARATOGA SPRINGS, N.Y. — North Carolina-based Live Oak Bank has provided a $5.8 million loan for the refinancing of Home of the Good Shepherd Saratoga, a 100-unit seniors housing community located approximately 30 miles north of Albany. The five-year, floating-rate loan allowed the borrower to consolidate debt and position itself for future permanent financing options. The loan will refinance the community’s 42-unit memory care facility. The property was temporarily closed and extensively renovated in 2017. It has since reopened and been leased up and fully stabilized. Home of the Good Shepherd is a faith-based, nonprofit operator with four communities in Upstate New York.
GREELEY, COLO. — Live Oak Bank has provided an $8.1 million loan for Greeley Village, a 71-unit assisted living and memory care community in Greeley, approximately 50 miles north of Denver. The borrower is KSL Seniors, a developer/owner with communities in Colorado, Utah, Idaho and Oregon. The 51,000-square-foot community opened during in fourth-quarter 2019. Cadence Senior Living operates the property. The three- to five-year, floating-rate loan refinanced a construction line of credit, providing bridge-to-permanent financing. It also allowed the borrower to recapture a line of credit capacity to pursue future projects.
Lancaster Pollard Provides $11M Fannie Mae Loan for Providence Place Seniors Housing Community in Pennsylvania
by Alex Patton
DOVER, PA. — Lancaster Pollard has provided $11 million in Fannie Mae financing for Providence Place Senior Living of Dover, located approximately 25 miles south of Harrisburg. The community offers independent living, assisted living and memory care services to the Central Pennsylvania borough of Dover. The number of units was not disclosed. The borrower and owner is Providence Place Senior Living, headquartered in nearby Hershey. Miles Kingston, Doug Harper and Casey Moore of Lancaster Pollard arranged the long-term, fixed-rate financing.
Monticello Provides $117M in Financing for Skilled Nursing Facility Portfolio in North Carolina, Kentucky
by Alex Tostado
NEW YORK CITY — Monticello has provided $117 million in first lien debt financing for the acquisition of 12 skilled nursing properties and the refinance of one other in North Carolina and Kentucky. The skilled nursing portfolio totals 1,357 beds. The names and specific locations of the properties were not disclosed. The transaction also includes a $10 million working capital loan to the operators of the properties provided by Monticello’s asset-based lending group, Monticello Commercial Capital LLC. The borrower is an experienced owner and operator with a current portfolio of 8,752 licensed beds and has an established relationship with New York City-based Monticello. Prior to this deal, Monticello financed the acquisition of a number of facilities during 2018 and 2019 for the borrower.
HUNTINGTON, N.Y. — Sunrise Senior Living has completed construction of Sunrise of Huntington, a 90-unit seniors housing community located in the Long Island town of Huntington. The community features assisted living and memory care services, as well as convenient access to Syosset Hospital and Plainview Hospital. Sunrise held a ribbon-cutting ceremony on Wednesday, Feb. 19, for the .