ANAHEIM, CALIF. — WNC and its subsidiary Community Preservation Partners (CPP), along with nonprofit Jamboree Housing Corp., have completed the $6.56 million (or $36,635 per unit) renovation of Miracle Terrace Apartments in Anaheim. WNC provided approximately $17 million in low-income housing tax credit (LIHTC) equity to help fund the acquisition of and renovations to the 179-unit, age-restricted, affordable community. The community features 71 studio units, 107 one-bedroom units, and a single two-bedroom unit for the onsite manager. The community is open to seniors age 62 and older with household incomes between 35 percent and 60 percent of the area’s median income level. CPP is an affordable housing rehabilitation company that owns more than 5,000 units across the United States.
BOISE — Hunt Mortgage Group has provided a $1.8 million Freddie Mac Small Balance Loan to refinance Leisure Villa Apartments, an age-restricted community in Boise. The 57-unit property was built in 1973 and expanded in 2000. The four buildings are located on three acres, and the property also includes a clubhouse. The 10-year, fixed-rate loan features a 30-year amortization schedule and a yield maintenance prepayment schedule.
IRVINE, CALIF. — Michael McKee, executive chairman of Irvine-based healthcare REIT HCP Inc. (NYSE: HCP), has announced he plans to retire on March 1. Following his official retirement, McKee will continue to serve on the board of directors as a consultant until HCP’s annual meeting on April 26. Dave Henry, previously the lead independent director, has been appointed to serve as non-executive chairman. McKee has served as HCP’s executive chairman since May 2016 and as a member of the board since 1989. From July to December 2016, he served as interim president and CEO, filling the gap between Lauralee Martin’s departure and Tom Herzog’s promotion. McKee has been one of the few constants for a REIT that underwent massive changes in recent years. In his 20 months as executive chairman, the company spun off its 320-property HCR ManorCare skilled nursing portfolio into a separate REIT known as Quality Care Properties Inc. (NYSE: QCP). Additionally, the executive team saw nearly constant change during this time. Herzog was re-hired to his previous position of CFO and eventually promoted to CEO following Martin’s tenure. The company was also able to woo longtime industry veterans Justin Hutchens and Kai Hsiao, before losing them both …
OREGON — Harborview Capital Partners, a commercial real estate finance, equity and advisory firm, has arranged a $13.3 million loan for the construction of an 84-unit assisted living and memory care community in Oregon. Avi Begun of Harborview closed the transaction for the Oregon-based client.
BETHESDA, MD. — Brightview Senior Living has received a $43.6 million construction loan from SunTrust Bank to finance the development of Brightview Bethesda Woodmont, a seniors housing community in Bethesda, roughly seven miles north of Washington, D.C. The community will include 112 private and semi-private apartment units — 91 for assisted living and 21 for Wellspring Village, Brightview’s specialized neighborhood for people with Alzheimer’s and other forms of dementia. The community will offer studio, one- and two-bedroom apartment homes and feature rooftop dining, a sloped floor theater, fitness area, salon/spa services and an activity room with full-scheduled programming. Bethesda Woodmont, which marks Brightview’s 40th community since 1999, is expected to create more than 100 jobs. The project is slated for completion by summer 2019.
Cushman & Wakefield Arranges $20.6M Construction Loan for Assisted Living Community in Sonoma County
ROHNERT PARK, CALIF. — Cushman & Wakefield’s Senior Housing Capital Markets Group has arranged $20.6 million in construction financing for Clearwater at Sonoma Hills, a 90-unit assisted living and memory care community in the Sonoma County metro of Rohnert Park. The borrower is Clearwater Living, which is developing and operating the community. It sits adjacent to Oak View of Sonoma Hills, an active adult community developed by Clearwater CEO Tony Ferrero in the early 2000s. PNC Bank provided the loan. The Cushman & Wakefield team involved in the transaction included Richard Swartz, Aaron Rosenzweig, Timothy Hosmer and Alex Petrosian.
CLEVELAND — KeyBank Real Estate Capital has provided $161.5 million for the refinancing of a 13-property seniors housing portfolio with approximately 1,500 units in Missouri, Nebraska, New York and New Hampshire. KeyBank provided $113.25 million of debt through the Fannie Mae DUS program and $48.25 million through its balance sheet. Six of the properties were in the process of lease-up and were therefore financed through Fannie Mae’s near-stabilization program. Dirk Falardeau and David Pyc of KeyBank originated the loan on behalf of the borrower, Calamar Enterprises Inc.
SCOTTSDALE, ARIZ. —Western States Lodging has broken ground on Legacy Village of Salt River, a 216-unit assisted living and memory care community in the Phoenix suburb of Scottsdale. The property will be the company’s third in the Phoenix metro, as it continues its expansion into seniors housing. The property is located within Pima Center, a 232-acre, mixed-use business park developed by MainSpring Capital Group containing more than 1.5 million square feet of office, flex and light industrial facilities. The Block, a full-service retail center, is currently under construction within the park. Salt Lake City-based Beecher Walker Architects designed the community, which hardison/downey construction is building. The community is scheduled to open in early 2019. Development partners include The Boyer Group and the Colmena Group. Zions Bank provided development financing. Western States Lodging’s portfolio includes hotels, senior apartments and seniors housing communities in Utah, Oregon, Idaho, Washington, Hawaii, Colorado, Nevada and Arizona.
LYNNWOOD, WASH. — NorthMarq Capital has arranged a Freddie Mac loan to refinance Quail Park of Lynnwood, a 130-unit seniors housing community in the Seattle Suburb of Lynnwood. The size of the loan was not disclosed. Quail Park is a three-story building located on 15 acres featuring independent living, assisted living and memory care. The property opened in 2014. Stuart Oswald of NorthMarq Capital’s Seattle regional office arranged the financing. The loan includes a seven-year term on a 30-year amortization schedule with two years of interest-only payments. The refinance allows for funds to be used for the the second and third phases of the community’s development, and repaid an existing Freddie Mac loan that NorthMarq originated for the previous owner. Although the borrower was not disclosed, CA Senior Living acquired the community in May 2017 in a joint venture with Living Care Lifestyles (the operator) and Goldman Sachs. Phase II of development includes plans for a 109-unit expansion.
Vitus Acquires Affordable Housing, Seniors Community in Atlanta’s Pittsburgh Neighborhood for $26.3M
ATLANTA — Vitus has acquired Heritage Station, a 370-unit affordable housing community in downtown Atlanta’s Pittsburgh neighborhood, for $26.3 million. The name of the seller was not disclosed. All of the units are reserved for residents making 60 percent or less of the area median income, and 40 percent of the units will be set aside as designated seniors housing. Constructed in 2007, Heritage Station features a business center, laundry facility, library, fitness center, swimming pool, picnic area, theater, playground and an afterschool program. Individual units feature central air conditioning, ceiling fans and private patios or balconies. In addition, the property is compliant with regulations set by the Americans with Disabilities Act, and units reserved for seniors are equipped with emergency pull cords and accessible bathrooms. The purchase marks Vitus’ third acquisition in the Atlanta market in the past 18 months. The company plans to purchase two additional low-income properties in Georgia before the end of the year.