SAN MARCOS, TEXAS — Investcor Development and Integral Senior Living have begun construction on a 92-unit seniors housing project in San Marcos, located between Austin and San Antonio. The 72,500-square-foot community will offer assisted living and memory care services. Pi Architects is designing the community, a completion date for which was not disclosed.
NEW YORK CITY — Berkadia has provided a $104.2 million HUD loan for the refinancing of Workmen’s Circle Multicare Center, a skilled nursing facility in The Bronx. In addition to skilled nursing care, the property offers mental health services, palliative care and social services. Gemma Geldmacher and Richard Price of Berkadia negotiated the transaction through HUD’s 232/223(f) program, which specifically targets residential care facilities. The loan, which was provided for Woodbury, New York-based Cassena Care, was structured with a fixed interest rate and a 20-year, fully amortizing schedule.
TUSTIN, CALIF. — CBRE has arranged $15 million in Fannie Mae financing for The Groves of Tustin. The 83-unit assisted living and memory care community is located in Tustin, between Los Angeles and San Diego. The borrower is Capitol Seniors Housing, which leases the community to Integral Senior Living under a third-party management contract. Capitol originally purchased the property in 2014, and has invested elective capital to modernize the building, bringing it up to the competitive standards of the area. Aron Will, Austin Sacco and Adam Mincberg of CBRE National Senior Housing arranged the 10-year, floating-rate loan with 84 months of interest-only payments. The transaction refinances existing debt on the property
CHICAGO — Evergreen Real Estate Group has completed a $4 million renovation of Bethel Terrace Apartments, a 123-unit affordable seniors housing community in Chicago’s Englewood neighborhood. Evergreen Construction Co., the firm’s full-service construction arm, managed the six-month project. Evergreen also helped secure the renewal of the HUD Section 8 HAP (Housing Assistance Payment) contract, which provides tenant-based assistance, for an additional 20 years. Updates to the residential units at Bethel Terrace included new flooring and paint; new appliances, cabinetry and countertops in kitchens; new vanities and plumbing fixtures in baths; energy-efficient baseboard heaters with programmable thermostats; and LED lighting. Improvements to common areas included new paint, flooring, lighting, elevator upgrades, shared Wi-Fi and an enhanced security system. Outside, Evergreen Construction Co. completed a façade restoration and roof replacement, installed new lighting and landscaping, replaced fencing, repaired sidewalks, repaved the parking lot, and added a new garden patio with accessible seating. The Illinois Housing Development Authority (IHDA) provided financing for the rehabilitation. The community’s nonprofit owner is Englewood Cooperative Apartments. Bethel Terrace is connected by a ground-level corridor to the adjacent Sangamon Terrace Apartments, a four-story affordable seniors housing development that Evergreen is currently building.
CHICO, CALIF. — CBRE has arranged $24.5 million in financing for Westmont Living. The funds will refinance existing debt on The Inn at the Terraces of Chico, an 80-unit assisted living property located 90 miles north of Sacramento in Chico. The average housing value within a one-mile radius of the property is $514,032, while average household income sits at $103,847. Andrew Behrens, Aron Will, Austin Sacco and Adam Mincberg of CBRE National Senior Housing arranged the Freddie Mac financing. The 10-year, fixed-rate, cash-out loan features 72 months of interest-only payments. CBRE also financed the first phase of the development via agency debt in 2016.
AVENTURA, Fla. — Rieber Developments has unveiled plans for 12|12 Aventura, a mixed-use project with offices for medical professionals, a luxury senior living component and retail. The project is planned for a plot in Aventura, a northern suburb of Miami. Designed by Arquitectonica, 12|12 Aventura will be a 12-story complex consisting of 30,000 square feet of commercial retail space, 30,000 square feet of offices, a 150-unit luxury senior living component and a structured parking garage. The retail space will include a Chelsea Market-style food hall on the ground floor. The community will join a sister project, Ivory 214, currently under construction nearby. Ivory 214 will feature medical and professional office space, as well as a Hilton-branded hotel. The two projects will combine as the center of what the developer is calling the “Aventura Medical District.” Located less than one mile from Aventura Mall and directly adjacent to Aventura Hospital, 12|12 Aventura will benefit from more than 300 surrounding medical practices, and Aventura Hospital’s designation as a Level II trauma center — one of only two facilities in Miami-Dade County with this designation. Cervera Real Estate is the exclusive brokerage for leasing efforts. ID & Design International is outfitting the interiors …
NEW YORK CITY — A partnership led by Enterprise Housing Credit Investments LLC has purchased 1080 Washington Avenue in The Bronx for $82 million, with plans to develop an affordable seniors housing community on the site. Project plans currently call for the development of a 12-story building with 154 units, including 57 supportive homes for homeless seniors, with all units being reserved for households earning 50 percent or less of the area median income. The project will be funded through bond financing and Low-Income Housing Tax Credits (LIHTC), as well as through subsidies from New York State Homes and Community Renewal and the New York City Department of Housing Preservation and Development. Demolition of the current structure is underway, and construction is set to begin later this year and to be complete in fall 2021.
TEXAS — Live Oak Bank has provided a $10 million conventional loan for the acquisition and renovation of a 90-unit assisted living and memory care community. The name and location were not disclosed, though the lender noted the property is located “in a significant Texas market.” The borrower was a private investment firm that acquired the project from the original developer and will introduce new management with a multi-year plan to stabilize the project. The balance sheet loan features a 70 percent loan-to-value ratio, five-year term, interest-only period and flexible prepayment options.
WEST CHESTER, PA. — HJ Sims has arranged $20.5 million for the rebuilding of a portion of Barclay Friends, a nonprofit continuing care retirement community (CCRC) in West Chester, a borough 25 miles west of Philadelphia. In 2017, a fire destroyed the Woolman Building, which housed residential, dining, common areas, administrative space and the memory care programming. While the skilled nursing areas reopened following renovations in 2018, ownership is still finalizing plans to replace the Woolman Building. Barclay’s property and casualty insurance coverage was expected to fund a portion of the replacement facility along with an equity contribution; the remainder was to be provided via external debt financing. Sims arranged the financing package, which will both fund the rebuilding and refinance existing debt. M&T provided the capital. Construction is scheduled to begin this year
FULTON, MD. — Capitol Seniors Housing has opened Arbor Terrace Fulton, an assisted living and memory care community in Fulton, approximately 20 miles north of Washington, D.C. The $27.5 million, 73,000-square-foot community features 86 apartments. The location is immediately adjacent to the Marketplace at Maple Lawn, a mixed-use community anchored by Harris Teeter. Arbor Terrace Fulton is also next to Fulton Elementary, Lime Kiln Middle School and the Reservoir High School, which will add an intergenerational quality to the community. The Arbor Co. partnered with Capitol on the project, and will serve as operator. Baltimore-based BCT Architects designed the property, while Dallas-based Faulkner Design Group handled the interiors.