SAN ANTONIO — CBRE has arranged a refinancing for Franklin Park Alamo Heights, a 221-unit independent living, assisted living and memory care community in San Antonio. The borrower is a joint venture between Harrison Street Real Estate Capital and Franklin Development Properties. The amount of the loan was not disclosed. Aron Will and Tim Root of CBRE secured a three-year, floating-rate loan with 24 months of interest-only payments through an undisclosed debt fund.
MCLEAN, VA. — Freddie Mac has announced that Deborah Jenkins will be named executive vice president and head of its Multifamily division, effective immediately. Additionally, Jenkins has assumed a role as member of the company’s Senior Operating Committee. “Debby’s transition into her role as head of the Multifamily business has progressed very well,” said Donald Layton, CEO of Freddie Mac. “Debby is dedicated to ensuring this growing segment of our company continues to be an industry leader, innovator and a critical financier of rental housing that is affordable to low- and moderate-income families.” In September, Freddie Mac announced the retirement of CEO Donald Layton taking place in the second half of 2019, as well as the commencement of the CEO Succession Plan and the elevation of former head of Freddie Mac Multifamily, David Brickman, to president of the company. Since 2010, Jenkins has led Multifamily Underwriting and Credit, overseeing all credit approvals and due diligence processes, asset level securitization activities, as well as credit policies and governance for all Multifamily’s products.
BOSTON — Cushman & Wakefield Senior Housing Capital Markets, acting as advisor to HCP Inc., has arranged the sale of a portfolio of seniors housing communities managed by Brookdale Senior Living. HCP agreed to sell the 17 Brookdale-managed properties to funds managed by affiliates of Apollo Global Management LLC (NYSE: APO) for $264 million. The Cushman & Wakefield team involved in the transaction included Richard Swartz, Jay Wagner, James Dooley and Sam Dylag.
FOUNTAIN VALLEY, CALIF. — Bend, Oregon-based Sunshine Retirement Living has announced plans for Park View Estates, a 100,000-square-foot assisted living and memory care community in Fountain Valley, located approximately 35 miles southeast of downtown Los Angeles. The property will sit on 3.5 acres and feature 150 units adjacent to Fountain Valley Regional Hospital and Medical Center. Construction is scheduled for completion in the first quarter of 2020. The memory care neighborhood will total 44 units, all located on the first floor. The assisted living neighborhood will total 106 units spread across the first and second floors. Lantz-Boggio Architects & Interior Designers designed the community. Sunshine Retirement Living is a family-owned seniors housing company with 21 retirement communities in 10 states.
COEUR D’ALENE, IDAHO — Radiant Senior Living has broken ground on a 16-unit expansion at The Renaissance at Coeur D’Alene, a seniors housing community in Coeur D’Alene, near the Washington border. The community is broken up into chateaus of 16 units each, making this the fifth such building on the property. The Renaissance does not specify a type of care for each unit but customizes for each resident’s needs. Radiant expects to complete the 7,300-square-foot chateau in January 2019. Glauser Construction is building the project. Radiant owns and operates 19 assisted living communities in Idaho, Oregon, Washington, Nevada, Colorado and Montana.
NEW JERSEY — Monticello Asset Management has provided $65 million in bridge-to-HUD financing to HP Intermediate Administrative Services LLC for the acquisition of four seniors housing communities in New Jersey. In addition, Monticello provided a $4 million working capital loan to the operator of the communities. The portfolio totals 654 total beds. The majority of the portfolio is skilled nursing, though it does include 74 memory care units, 60 assisted living units and a 16-bed ventilator unit. The buildings average 64,000 square feet. The floating-rate financing features a three-year term and two six-month extension options.
DESOTO, TEXAS — Madison Marquette, which recently merged with PMRG, has broken ground on DeSoto Transitional Rehabilitation Center, a 55,000-square-foot skilled nursing facility in DeSoto, a southern suburb of Dallas. HMG Healthcare will operate the 100-bed facility, which is being developed in partnership with Global Health LLC and an associated group of multidisciplinary physicians and operation specialists. Completion is slated for the fourth quarter of 2019.
FARIBAULT, MINN. — Dougherty Mortgage has provided a $9.3 million Fannie Mae loan for the refinancing of Faribault Senior Living. The 90-unit senior living property is located in Faribault, about 50 miles south of Minneapolis. Built in 2011, the four-story property includes independent living, assisted living and memory care units. Property amenities include an outdoor patio with resident gardens, a hair salon, fitness room, game room, activity room, library, dining hall and lounge areas. The 12-year loan is amortized over 30 years. Faribault Senior Living LLC was the borrower.
CHANDLER, ARIZ. — Koelsch Communities is in the midst of construction for Park at Copper Creek, a luxury independent living community in the Phoenix suburb of Chandler. The three-story, 166,000-square-foot property will offer 135 apartments. Development costs were estimated at $40 million. RJ Development, which is partnering with Koelsch on the project, purchased the six-acre development site in 2017 for $3.2 million. PNC Bank provided $30.5 million in construction financing, while private investors funded the remainder of the costs. Koelsch Construction is acting as general contractor. Judy Koelsch and David Goularte of JSK Design will handle interior designs, and Koelsch Communities will operate the property. Construction is scheduled for completion in spring 2019.
KALISPELL, MONT. — Immanuel Lutheran Communities has completed a 58,000-square-foot independent living expansion at its continuing care retirement community in Kalispell, which it claims as the only continuing care retirement community (CCRC) in Northwest Montana. Known as The Villas at Buffalo Hill, the project added 36 units to the larger community. A grand opening will be held Saturday, Nov. 3. “We have been expanding and renovating in phases over the last few years, including the goal to significantly grow the number of our independent living residences to meet the evolving senior demographic,” said Jason Cronk, the company’s CEO. The new community also features the Wooden Nickel Bistro and Lounge with coffee bar and outdoor café dining, the Claremont Restaurant, and a variety of other services and amenities. Swank Enterprises built the expansion, which MMW and CJMW Architects designed. Sales and marketing services are provided by Solutions Advisors. Sawgrass Partners provided development advisory and financial planning services.
