NASHVILLE, TENN. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 119-bed skilled nursing facility in Nashville. A public REIT sold the undisclosed property to an owner-operator looking to grow in the area for $16 million. The multi–story facility was originally built in 1970, then renovated and expanded in 2013. The nearly 100,000-square-foot facility was later acquired in 2016 as part of a large portfolio transaction, and the lessee was retained to continue operating the portfolio. Ben Firestone and Michael Segal of Blueprint arranged the transaction.
GILBERT, ARIZ. — Greystone has arranged $25.8 million in financing for the construction of a seniors housing community in Gilbert. The borrower was Fort Worth, Texas-based developer Aspens Senior Living. A publicly traded bank provided the loan for the construction of The Aspens at Mariposa Point in the Phoenix suburb of Gilbert. The community is restricted to residents age 55 and older, and will feature 204 units. The project is a joint venture between Aspens Senior Living, McFarlin Group and Pennybacker Capital. Construction began on the community in May 2017.
NEWTON, MASS. — Benchmark Senior Living has selected Erland Construction to manage the construction of a 50-unit memory care community in the Boston suburb of Newton. The project will be located on the former campus of Andover Newton Theological Seminary in Newton Centre. Plans include construction of a 34,683-square-foot building, as well as renovations to an existing five-story building on the site. Combined, the project will total 54,597 square feet. Bechtel Frank Erickson designed the community. Waltham, Mass.-based Benchmark’s portfolio totals 56 communities in seven states.
COLUMBUS, OHIO — The Woda Group Inc. has opened Wheatland Crossing in the Hilltop neighborhood of Columbus. The $8.6 million project features 42 affordable seniors housing units, developed for residents 55 and older who earn 60 percent or less of the area median income. The Ohio Housing Finance Agency provided private activity bonds, while the city of Columbus contributed a housing preservation bond grant. The project was also supported by the Low-Income Housing Tax Credit (LIHTC) program.
LOS ANGELES — Front Porch and Brookmore Apartment Corp. have acquired Vista Tower Apartments, a 230-unit affordable seniors housing community in Los Angeles, with plans to rehabilitate the property. Front Porch subsidiary CARING Housing Ministries (CHM) manages the property. Brookmore acquired the property in July from Baptist Services Corp. Capital partners on the acquisition and renovations include Citi Community Capital, Alden Capital Partners and the California Public Finance Authority. Low Income Housing Tax Credits have ensured that the property will serve low-income seniors for at least the next 55 years. Front Porch, its partners (including California Lutheran Homes and Community Services), and Brookmore contributed a total of $1.5 million dollars to preserve Vista Tower as an affordable housing community.
YUMA, ARIZ. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 151-unit assisted living community in Yuma for $3.1 million. The name of the community was not disclosed. The property was originally built as a limited-service hotel before the nonprofit owner began converting it to assisted living. The owner ran into financial trouble and was unable to complete the conversion. Blueprint was tasked with the sale by a court-appointed receiver and positioned the community as a turnaround opportunity. A Phoenix-based investor purchased the property, marking its first entry into the seniors housing space. Jacob Gehl, Amy Sitzman, and Giancarlo Riso of Blueprint were the lead advisors on the transaction.
TUCSON, ARIZ. — CBRE has arranged $75.4 million in supplemental financing for a seven-property portfolio of continuing care retirement communities owned by a joint venture that includes The Freshwater Group and Watermark Retirement Communities. The group of properties is spread across six states and comprises of 1,308 independent living beds, 541 assisted living beds, 97 memory care beds and 373 skilled nursing beds. The financing, arranged by Aron Will of CBRE National Senior Housing, will supplement a $410 million financing that CBRE arranged for the joint venture in 2015. That overall financing is for a larger portfolio totaling 15 properties and 3,804 beds, including the seven properties included in the supplemental financing. The use of the funds was not disclosed. Tucson-based Watermark, which is the wholly owned management arm of The Freshwater Group, will continue to operate the properties.
RANCHO SANTA MARGARITA, CALIF. — Marcus & Millichap (NYSE: MMI) has arranged the sale of Buena Vida at Town Center, a 115-unit age-restricted community in the Orange County city of Rancho Santa Margarita. A private investor sold the property to an undisclosed buyer for $34.8 million, or $302,000 per unit. Built in 2006 on more than three acres, the three-story property is located directly across the street from Central Park in Rancho Santa Margarita, near the Santa Margarita Parkway, and approximately half a mile from California State Route 241. Tyler Leeson and Alex Mobin of Marcus & Millichap represented the seller. Leeson, Mobin and David Yeh procured the buyer. Alexander Garcia Jr. and Christopher Zorbas of Marcus & Millichap’s Institutional Property Advisors (IPA) division also provided representation, along with Tyler Martin and Mathew Kipp.
FREMONT, CALIF. — Cushman & Wakefield Senior Housing Capital Markets Group has arranged the sale of Fremont Hills, a 97-unit assisted living and memory care community in the Silicon Valley city of Fremont. The price was not disclosed. A joint venture between Kayne Anderson Real Estate Advisors and Watermark Communities acquired the property from Capitol Seniors Housing. Watermark will operate the community following the sale. Originally built in 2004, Fremont Hills features 76 assisted living units and 21 memory care units in a three-story building. The 63,000-square-foot community has been fully occupied since 2015. The Cushman & Wakefield team involved in the transaction included Richard Swartz, Jay Wagner, Aaron Rosenzweig and Alex Petrosian.
WHITE PLAINS, N.Y. — Congress / Consigli, a joint venture between Congress Building Corp. and Consigli NY, has started construction of White Plains Institute for Nursing and Rehabilitation and Skilled Nursing, a skilled nursing facility in the New York City suburb of White Plains. Development costs for the 110,000-square-foot building are estimated at $60 million. When completed, the property will feature 160 skilled nursing beds, including 76 for specialized rehabilitation, 42 for memory care and 42 for long-term care. In addition to its part in the joint venture, Congress has also been selected as the developer. The Architectural Team is the architect for the project. The project is scheduled for a mid-2019 completion.