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 sale. Matthew Alley of SLIB arranged the transaction.
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 was 38 percent pre-leased before opening. “The ideal seniors housing model is a continuum-of-care campus serving private-pay, middle-income seniors that allows residents to age in-place,” says John Strockis, president and chief investment officer of SSSHT. “We maintain a resident-focused perspective and understand the growing need to provide quality memory care in our communities. Courtyard at Mt. Tabor Pavilion delivers additional units to help offset that demand.” R&H Construction built the project, which Ankrom Moisan Architects designed. Construction took approximately 12 months. The operator is Integral Senior Living.
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 Associates manages two. Prime Care has owned the facilities since they were built in the late 1990s.
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 Brookfield to support the development of a public park. Heartis Village Brookfield is the fourth Heartis-owned community managed by Pathway.
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 Lancaster Pollard.
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 disclosed.
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 Living also owns and operates a senior living rental independent and assisted living community in Bixby, Okla. Covenant Living at Bixby has been in operation for five years.
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 active adult, enriched and inspired living communities across the Southeast.
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 the obstacles thrown our way,” says Craig Thomas, who served as the general partner for the project. “Our mission of providing safe, affordable housing is stronger than the issues we faced during this process.” The project is 100 percent LIHTC units. AVS Communities was the developer, Charles Morgan & Associates was the architect and Exxel Pacific Inc. was the general contractor.
REXBURG, IDAHO — Blueprint Healthcare Real Estate Advisors has brokered the sale of Rexburg Care Center, a 119-bed skilled nursing facility in Rexburg, approximately 50 miles west of the Wyoming border. A publicly traded REIT and its operating partner sought to reduce their footprint in the state. The Ensign Group acquired the property for an undisclosed price. Rexburg Care Center is a 5-Star CMS rated facility situated adjacent to Brigham Young University-Idaho and less than 1.5 miles from the nearest regional hospital. With only one local competitor and the facility’s participation in the state’s Upper Payment Limit (UPL) supplemental payment program, Rexburg Care Center produced positive and increasing cash flow year-over-year. However, census remained at relatively low levels compared to industry averages. Blueprint positioned this as an upside opportunity, as only half of the facility’s operational capacity was being utilized, allowing for the potential introduction of lower acuity and/or specialty care services to boost overall census. Pennant Healthcare, Ensign’s portfolio company based in the Pacific Northwest, will operate the property following the sale. Christopher Hyldahl, Ben Firestone, Gideon Orion and Michael Segal facilitated the sale for Blueprint.