LANCASTER, PA. — HJ Sims has secured $98 million in financing for Brethren Village, a continuing care retirement community in Lancaster. In 2016, Brethren hired Sims to serve as senior managing underwriter for the proposed refinancing of 2008 bonds on the facility. Sims worked with Brethren Village’s independent municipal advisor to pair the refinance with financing to develop an independent living expansion project known as Northside Court. The financing consists of fixed-rate refunding bonds structured with serial and term bonds, a 25-year maturity and level annual debt service. The 2017 refunding bonds include optional redemption provisions of 10 years to enable Brethren to repay the bonds prior to maturity. The Northside Court project financing was structured as a variable rate, tax-exempt direct placement with one bank. The term of the bank commitment is 10 years with a 25-year principal amortization.
CELEBRATION, FLA. — Big Rock Partners has topped off Windsor at Celebration, a new 239-unit seniors housing property in Celebration, the Disney-originated master-planned community in Central Florida. The independent living, assisted living and memory care project will be situated south of Walt Disney World along Interstate 4. The project team includes architect Gensler and construction manager Balfour Beatty Construction. Windsor at Celebration, which won’t require an up-front entrance fee, will comprise 151 independent living units, 55 one- and two-bedroom assisted living units and 33 one-bedroom memory care residences. Life Care Services, an LCS Co., will manage the new community upon completion. Big Rock Partners has launched preleasing at the project, which is set to open in spring 2018.
HEMET, CALIF. — Marcus & Millichap has arranged the $5.4 million sale of The Terrace at Seven Hills, a 40-unit seniors housing property in Hemet, located east of Los Angeles and north of San Diego. Built in 2012, the property is age restricted and features 12 one-bedroom, one-bath units and 28 two-bedroom, two-bath units. The sales price equates to $135,000 per unit and a capitalization rate just under 6 percent. Reza Ghaffari from Marcus & Millichap’s Ontario office represented the seller, a limited liability company. Ghaffari and Mark Bridge represented the buyer, a private investor.
LAMAR, COLO., MONTE VISTA, COLO., AND MYRTLE POINT, ORE. — Lancaster Pollard has arranged $9.5 million in FHA financing for Summit Healthcare REIT. The loans will refinance the acquisition loans on three skilled nursing facilities in the Western United States. The three facilities are Juniper Village at Lamar, a 60-unit skilled facility in Lamar; Juniper Village at Monte Vista, a 58-unit facility in Monte Vista; and Myrtle Point Care Center in Myrtle Point, which features 28 units of skilled nursing and 18 units of assisted living. Jason Dopoulos led the transaction for Lancaster Pollard. The financing, which has a 30-year term, lowered the fixed interest rate on the properties. Summit is a public, non-traded company that recently transitioned from an industrial REIT to a healthcare REIT.
MUSKEGO, WIS. — Heritage Senior Living will open its 16th community in Wisconsin in Muskego, about 20 miles southwest of Milwaukee, in summer 2018. Construction has begun on the two-story, 108,000-square-foot community, located on Janesville Road. The property will feature 108 units, consisting of 29 independent living apartments, 36 assisted and enhanced assisted living apartments and 43 memory care suites. Amenities at Heritage Muskego will include a therapy pool, therapy/rehab gym, two private dining rooms, salon, pub, bistro, convenience store, outdoor patio with fire pit and gas grills and walking paths around the community.
DECATUR, GA. — BMO Harris Bank’s Healthcare Real Estate Finance group has closed $44.2 million in construction and mini-perm financing for Solomon Holdings. The capital will be used to build The Holbrook of Decatur, a 200-unit seniors housing community in the Atlanta suburb of Decatur. The community will feature 71 independent living units, 96 assisted living units and 33 memory care units. The upscale property is located near Emory University and will feature multiple dining venues, a spa and indoor pool. Choate Construction Co. will build the community, which CDH Partners designed. Once completed, Speak Life Management will be the operator. Construction began in April, and an estimated completion date has not yet been announced.
SOUTHPORT, CONN. — Maplewood Senior Living has purchased 27 acres in Southport where it will build a 92,000-square-foot seniors housing community. Construction will begin this summer on Maplewood at Southport, a three-story, 98-unit assisted living and memory care center. Stein-Troost is the architect for the project, Landtech Engineering is the civil engineer, Milone & McBroom is the landscape architect and KBE Building Corp. of Farmington is the contractor.
KALISPELL, MONT. — Ziegler, a specialty investment bank, has arranged a total of $65.4 million in tax-exempt, fixed-rate bonds for Immanuel Lutheran Corp., which operates a seniors housing community in Kalispell, approximately 75 miles south of the Canadian border. The property is a nonprofit, faith-based community known as Immanuel Lutheran Communities. It features 106 units of independent living and assisted living and 155 units for skilled nursing on a 13-acre campus. Immanuel Lutheran Corp. will use the financing to refund two previous series of bonds and fund an expansion and renovation project at the community. The multi-phase plan will introduce entrance-fee independent living apartments, add a new memory care unit, expand amenities and “right-size” the skilled nursing area. Immanuel is partnering with seniors housing development and advisory firm Sawgrass Partners on the expansion project.
SANTA CRUZ, CALIF. — Dominion Mortgage Corp. has both arranged and provided a $4.2 million bridge loan for Villa Senior Housing. The 58-unit seniors housing community is located south of the Bay Area in Santa Cruz. No further details were disclosed.
SACHSE, TEXAS — Mustang Creek Estates will develop a $7.5 million assisted living and memory care facility in the Dallas-Fort Worth metro of Sachse. The 42,000-square-foot Mustang Creek Estates at Sachse is expected to open this fall and create as many as 50 new staffing jobs. The property will be Mustang Creek’s fifth seniors housing asset in the Dallas-Fort Worth area.