HOUSTON — Investment and management firm Capital Square 1031 has launched an investment fund for the acquisition of a memory care community in the Kingwood neighborhood of Houston. The 10,000-square-foot community includes 16 beds, and was delivered in April. Village Green Alzheimer’s Care Home, a local operator of five memory care communities in metro Houston, operates the property under an absolute net lease whereby Village Green is responsible for all expenses, including structure, maintenance and repairs. Bill Pyle of EDGE Realty Capital Markets represented the seller, Verdad Real Estate, in the transaction. Bear Real Estate Advisors represented Capital Square 1031.
MANAHAWKIN, N.J. — Locally based developer Walters has completed Cornerstone at Stafford, a 100-unit seniors housing community in Manahawkin, located east of Philadelphia in coastal New Jersey. The development is open to adults age 55 and above earning less than 60 percent of the county’s median income. Monthly rents range from $874 to $994 for one-bedroom units and from $1,048 to $1,250 for two-bedroom residences. Units feature granite countertops and full appliance packages, washers and dryers and emergency alarm systems. Amenities include a full kitchen, outdoor grilling areas, exercise areas and a resident clubhouse.
CORPUS CHRISTI, TEXAS — Cushman & Wakefield has brokered the $20.3 million sale of Mirador, a 228-unit seniors housing community in Corpus Christi. The Class A facility was developed in 2011 and offers 125 independent living apartments, 44 assisted living residences, 18 memory care units and 41 skilled nursing units. Mirador was 82 percent occupied at the time of sale. Allen McMurtry, Paul Carr and David Kliewer of Cushman & Wakefield represented the seller, Addison, Texas-based Senior Quality Lifestyles Corp., in the transaction. The buyer was an affiliate of Methodist Retirement Communities, which is based in metro Houston.
ROANOKE, TEXAS — Civitas Senior Living and LKP Ventures have broken ground on Harvest of Roanoke, an 83-unit seniors housing community in Roanoke, located due north of Fort Worth. Situated on 5.2 acres along the Texas 114 Corridor, the developers claim this is the first senior living community to be developed in the area. The community will feature 67 assisted living and 16 memory care apartments in a 67,000-square-foot building. Harvest of Roanoke is scheduled to open in fall 2020. Arrive Architects, Senior by Design and Ridgemont Commercial Construction are also contributing to the project.
PORT JERVIS, N.Y. — Sentinel Senior Living LLC has opened The Sentinel of Port Jervis, a 160-unit assisted living community in Port Jervis, located along the Pennsylvania border approximately 70 miles northwest of New York City. The building was formerly a Days Inn, which was renovated and expanded for the project. The 65,000-square-foot building sits on over five acres. The Sentinel is seeking to expand its footprint in the area, completing a similar project in Amsterdam in 2017. The company plans to use these projects as a blueprint for future developments.
TAMPA, FLA. — Solutions Advisors Group (SAG) has planned a May 16 grand opening for Tessera of Westchase, a seniors housing community in Tampa. The $27.5 million, 122,000-square-foot property features 64 assisted living apartments and 38 memory care apartments. Solvere Living, a division of SAG, will operate the community upon opening. Tampa-based Lindell Investments Inc. is the developer of the project, and the architectural firm is St. Petersburg-based Bessolo Design Group Inc.
TEXAS — Capital Funding LLC has provided a total of $18.5 million in bridge-to-HUD financing for the acquisition of four skilled nursing facilities in Texas. The portfolio totals 491 beds. The borrower, seller(s) and names of the facilities were not disclosed. A third-part operator will manage the properties. Patrick McGovern of Capital Funding originated the deal.
KENTWOOD, MICH. — Pathway to Living has completed a $2.1 million renovation of Azpira Place of Breton, an 81-unit assisted living and memory care community in Kentwood near Grand Rapids. Pathway acquired the property, formerly known as Elmcroft of Kentwood, in February 2018. Pathway’s improvements to the property included upgraded common areas with new paint, carpeting and furniture; a remodeled community room and the addition of a fireplace in the dining room. Pathway also added an exercise room. All units received new paint, carpet and remodeled kitchenettes. The memory care portion received new windows, artwork and furniture.
PLAINFIELD, CONN. — Greystone has provided $7.1 million in bridge financing for the acquisition of Colonial Health & Rehab, a 90-bed skilled nursing facility in Plainfield, located near the Rhode Island border. The borrowers were owner-operators Curtis Rodowicz and Robert Darigan. Lisa Fischman of Greystone originated the loan, with the expectation that it will eventually be converted to FHA-insured financing. The nonrecourse loan features a 35-year term and fixed interest rate.
FITCHBURG, WIS. — Hunt Capital Partners, in collaboration with Plesko Properties LLC, has arranged federal and state low-income housing tax credit (LIHTC) equity financing for the construction of Fitchburg Senior Apartments. Located in the Madison suburb of Fitchburg, the community will feature 160 affordable housing units for seniors who are age 55 and older. Units will be restricted to households who earn up to 80 percent of the area median income. The development team broke ground on Fitchburg Senior Apartments in March. The four-story community will provide 80 one-bedroom units and 80 two-bedroom units upon completion, which is slated for July 2020. The total development cost for Fitchburg Senior Apartments is $34.4 million. The development team was awarded $15 million in federal and state LIHTCs. Hunt Capital Partners facilitated the federal tax credits through its multi-investor fund, Hunt Capital Partners Tax Credit Fund 27. Advantage Capital purchased the state LIHTC credits through Fund 27 as well. The Wisconsin Housing and Economic Development Authority (WHEDA) provided $23 million in taxable and tax-exempt construction and permanent financing and $1.5 million in soft financing. Plesko Properties, the project developer, selected Baker Tilly Virchow Krause LLP as the project consultant. Stevens Construction Corp. is …