SOUTHAMPTON, N.Y. — Greystone has provided a $58.8 million HUD-insured loan to refinance a skilled nursing facility in Southampton. Situated on nine acres on the South Fork of Long Island in The Hamptons, the 280-bed Hamptons Center for Rehabilitation & Nursing offers both short-term and long-term care and two separate, secure dementia care units. The facility is located close to affluent areas such as Sag Harbor, Bridgehampton and Sagaponack. The nearest skilled nursing facility is 15 miles away. Fred Levine of Greystone originated the fixed-rate, nonrecourse loan with a 35-year term and amortization.
LAKE OSWEGO AND WILSONVILLE, ORE. — CBRE has arranged $61 million in financing for the acquisition of The Springs at Carman Oaks in Lake Oswego and The Springs Wilsonville in Wilsonville, both seniors housing communities in the greater Portland area. The borrower was The Springs Living, which sought to buy out its partner on the properties and become sole owner. Springs initially purchased the communities in 2012 with an institutional equity partner, and subsequently repositioned the assets. Springs will remain as operator following the transaction. The portfolio features a total of 145 independent living units, 82 assisted living units and 41 memory care units. Aron Will, Austin Sacco and Adam Mincberg of CBRE National Senior Housing arranged the four-year, floating-rate loan with 30 months of interest-only payments. A national bank provided the capital.
SHREWSBURY, N.J. — Investment and development firm Capitol Seniors Housing and operator Chelsea Senior Living have opened The Chelsea at Shrewsbury, an assisted living and memory care community located approximately 20 miles south of New York City. Development costs were estimated at $29.3 million for the three-story, 73,000-square-foot property. The community features a total of 85 units, 27 of which are for memory care. Meyer Senior Living Studio, based in the Philadelphia area, designed the community. Chelsea will collaborate with Shrewsbury’s Guild of Creative Arts, the oldest and largest art community in New Jersey, for amenities and activities. Chelsea Senior Living operates more than 17 communities, including 14 in New Jersey. In addition to The Chelsea at Shrewsbury, Capitol Seniors Housing is currently building another community Chelsea will operate in Greenburgh, N.Y., slated to open this September.
LANCASTER, CALIF. — Lee & Associates-LA North/Ventura has negotiated the sale of Aurora Village Apartments, a low-income seniors housing project in Lancaster. The property is located in what city planners hope will be a “Medical Main Street” district for the city, which is north of Los Angeles in the western Mojave Desert area. It features 132 units on a 3.4-acre site within the city’s Amargosa Creek Master Plan, which envisions a mixed-use, pedestrian-friendly district with retail and medical amenities. The seller, Aurora Village LP, was the original developer and used federal Low Income Housing Tax Credit funding to finance the project. Afton Properties acquired the community for $8.7 million. Matt Benwitt of Lee & Associates-LA North/Ventura represented the seller in the transaction. Edward Mulflur of Re/Max Commercial represented the buyer. “With the expiration of the 15-year initial operation period, the new buyer is able to sell new tax credits,” says Benwitt. “The buyer will also benefit from the property’s location in an Opportunity Zone. Recent installation of solar electric and water heating systems by the seller presented an attractive package to the buyer.”
TEXARKANA, TEXAS — CBRE has arranged the sale of Waterton Plaza at Cowhorn Creek, a 76-bed skilled nursing facility in Texarkana, located along the Texas-Arkansas border. Daniel Morris of CBRE represented the seller, The Waterton at Cowhorn Creek LLC, in the transaction. The buyer was a partnership between Trinity Healthcare and Live Oak Healthcare, both of which are based in the DFW metroplex.
LEOMINSTER, MASS. — KeyBank Real Estate Capital has originated a $12.2 million Fannie Mae, first mortgage loan for Sunrise of Leominster in Leominster, approximately 40 miles west of Boston. Built in 1996, the three-story property features 70 units on a five-acre plot. The property originally comprised 48 assisted living units, with 23 memory care units added in 1999. In 2013, 10 existing assisted living units were converted into nine memory care units. During that renovation, a new common room and dining room were added. Carolyn Nazdin of KeyBank’s Commercial Mortgage Group arranged the non-recourse, fixed-rate loan with a 10-year interest-only term. The loan was used to refinance existing debt.
VISTA, CALIF. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Vista Gardens, a 71-unit memory care community in Vista, located between San Diego and Los Angeles. A private equity firm based in Colorado acquired the community for $22.8 million as part of a growth strategy in seniors housing. The seller was a local, single-asset owner seeking to exit the industry. Vista Gardens totals 44,000 square feet and is located on a 4.5-acre plot. The price equates to $321,000 per unit. Alec Blanc of Monarch Advisors (an affiliate of SLIB) sourced the senior debt for the transaction. It consisted of an $18.1 million loan, including $1.9 million for planned capital expenditures, from a regional commercial bank. The loan is structured with a five-year term, interest-only payments for the first two years and partial recourse from the buyer with a burn-off provision. Jason Punzel, Brad Goodsell and Vince Viverito of Senior Living Investment Brokerage handled the transaction.
CANTON, MASS. — HJ Sims has arranged $20 million in bonds to refinance Orchard Cove, a continuing care retirement community in Canton. Hebrew SeniorLife (HSL) operates the community, which opened in 1993. HJ Sims underwrote the original bonds to build the community in 1992, and has provided expansion financing and capital planning over the intervening years. The new transaction will refinance the community’s existing tax-exempt, fixed-rate bonds. Financing objectives included creating a level annual debt service schedule compared with the fluctuating existing schedule, and maximizing annual debt savings over the near term to fund community improvements without increasing the debt load. The maturity on the new bonds was extended and amortized over 30 years, but included a five-year call provision to maintain future flexibility. The maximum annual debt service was reduced by approximately $1.2 million, and aggregate debt-service savings over the next seven years will be $15.4 million, according to HJ Sims.
BARTLETT, ILL. — Love Funding has provided a $4.7 million HUD loan for the refinancing of Victory Centre of Bartlett Senior Apartments. Built in 2007, the 104-unit property is dedicated to residents 55 and older. Amenities include a library, dining area, clinic, salon and fitness center. Ken Charbauski of Love Funding secured the loan through HUD’s 223(f) loan insurance program. The nonrecourse loan will be used to pay off the existing loan and fund some minor repairs to the property.
FAIRFIELD, CALIF. — Cushman & Wakefield Senior Housing Capital Markets has arranged a $26.4 million first mortgage loan to refinance Rockville Terrace, an assisted living community in the Bay Area city of Fairfield. The borrower was a joint venture between Blue Mountain Enterprises Inc. and Calson Management. PNC is the lender. The two-story Rockville Terrace offers 112 units of assisted living and 36 units of memory care. Blue Mountain, a local developer, and Calson, a regional operator, built the community as the second ground-up development for the partnership. The Cushman & Wakefield team involved in the transaction included Aaron Rosenzweig, Jay Wagner and Sam Dylag.