PHOENIX — Harborview Capital Partners, a commercial real estate finance, equity and advisory firm, has arranged the sale of three seniors housing properties near Phoenix. The portfolio includes two skilled nursing facilities and an independent and assisted living facility. The names of the properties, buyer and seller were not disclosed. In connection with the transaction, Harborview arranged $37.4 million in HUD financing for the buyer. The loan features a 35-year term at a fixed rate. Eli Kutner originated the loan, along with the firm’s principals Ephraim Kutner and Jonathan Kutner.
BRUSH, COLO. — Lancaster Pollard has closed $34.7 million in financing for the refinancing and expansion of Eben Ezer Lutheran Care Center in Brush, approximately 90 miles northeast of Denver. In addition to refinancing existing debt with long-term, fixed-rate financing, the loan will allow for construction of 46 units of memory care in three buildings, a 54-unit assisted living building and new physical therapy area. The expansion will also include a new kitchen, laundry and central receiving facilities, as well as the demolition of several existing structures. Rob McAdams led the transaction for Lancaster Pollard.
SPRING VALLEY, CALIF. — Covenant Retirement Communities has opened Peterson Life Center, a $19.1 million expansion at Mount Miguel Covenant Village in the San Diego suburb of Spring Valley. The Peterson Life Center will serve as a hub for Mount Miguel’s 400-plus residents. The property features an enclosed courtyard, three dining venues, an art studio and gallery, library, wellness center and fitness studio, outdoor pool with two lap lanes, a hot tub, and locker rooms. For entertainment and social gatherings, there’s a 24-seat movie theater, game and billiards room, kids’ corner for visiting children and more. Construction for the 33,082 square-foot, two-story, Spanish-style building started in 2014. Residents at Mount Miguel span the continuum of care. Peterson Life Center is named after Paul Peterson, retired Covenant president and former Mount Miguel administrator. Covenant is the sixth largest nonprofit seniors housing provider, featuring 15 communities in 10 states. It is a ministry of the Evangelical Covenant Church.
LINDON AND SALT LAKE CITY, UTAH — Ridgeline Management Co. has added two Osmond Senior Living properties to its operational portfolio, both in the Salt Lake City metro. The two properties are Osmond Senior Living in Lindon and Osmond Senior Living Memory Care in Salt Lake City. Ridgeline began operating the communities April 1. Ridgeline Management Co. is a seniors housing operator based in West Linn, Ore., with a portfolio of 24 communities in 10 states.
RESTON, VA. — Atlantic Realty Cos. has kicked off construction today on Hunters Woods at Trails Edge Senior Living Community located at 2222 Colts Neck Road in Reston, about 22 miles west of Washington, D.C. The $72 million seniors housing facility will span 230,000 square feet on a 4.3-acre lot. The development team, which comprises Atlantic Realty, AEW Capital Management and IntegraCare, is demolishing the existing United Christian Parish Church to make way for the 210-unit community by January 2019. The property will feature 90 independent living, 81 assisted living, 15 special needs and 24 memory care units. The project will offer 20 percent of the independent living units as affordable units and 4 percent of the assisted living beds will be available for residents who are eligible for the Virginia Department of Aging and Rehabilitative Services Auxiliary Grant Program. Community amenities will include an arts studio, barbershop, salon, advanced security and communication technology and community-wide Wi-Fi. Jim Kornick of Avison Young’s Washington, D.C., office was the lead advisor bringing the project to fruition.
STILLWATER, OKLA. — Integrated Facility Services (IFS) has begun work on a $7.1 million HVAC and plumbing project for The Ranch, a $58 million retirement community under the Epworth Living brand in Stillwater that is currently under construction. Situated on 55 acres near Oklahoma State University, the 325,000-square-foot property will feature amenities such as 35,000 square feet of common area space, a fitness center, coffee shop and library. Completion of The Ranch is slated for March 2018.
Cushman & Wakefield Negotiates Sale of 80-Unit Seniors Housing Community in Webster Groves, Missouri
WEBSTER GROVES, MO. — Cushman & Wakefield has negotiated the sale of Provision Living at Webster Groves, an 80-unit assisted living and memory care community in suburban St. Louis. Built in 2012, the three-story community consists of 62 assisted living units and 18 memory care units. Amenities include a bowling alley, theater, physician’s space and bistro/café. Sunrise Senior Living purchased the property for an undisclosed price. Richard Swartz, Jay Wagner and Jim Dooley of Cushman & Wakefield represented the seller, a joint venture between Provision Living Senior Communities and WellTower.
FORSYTH COUNTY, GA. — Greystar plans to develop a 300-unit apartment community and a 160-unit seniors housing property within Halcyon, a $370 million mixed-use development located off exit 12 on Ga. 400 in Forsyth County. The multifamily community, known as Elan Halcyon, will feature top-of-market amenities and 11,000 square feet of ground-floor retail space. The seniors housing property will feature 12,000 square feet of resort-style amenities, including a resident clubhouse, pool and spa, demonstration kitchen, game room, theater room, fitness center and a golf simulator. RocaPoint Partners, an Atlanta-based affiliate of The Georgetown Co., is the master developer of Halcyon. Set to open in 2018, the development will include more than 500,000 square feet of office and retail space, a high-end CMX movie theater, two hotels and 690 residential units, including Greystar’s two projects.
BOCA RATON AND ORLANDO, FLA. — Kayne Anderson Real Estate Advisors (KAREA) has entered into a definitive merger agreement under which affiliates of KAREA will acquire Sentio Healthcare Properties Inc. KAREA will acquire all of the outstanding shares of Sentio in an all-cash transaction valued at $825 million. Sentio is a public, non-listed real estate investment trust (REIT), externally advised by Sentio Investments. The firm’s portfolio includes 34 seniors housing communities and medical office buildings located in 16 states across the United States. The Orlando-based company is financially backed by KKR (NYSE: KKR), a global private equity firm based in New York City. The merger would end KKR’s partnership with Sentio. Sentio’s board of directors has unanimously approved the merger, which is expected to close in the third quarter of this year. KAREA plans to increase the value of the Sentio portfolio through property renovations, facility expansions and other operational enhancements. KAREA is part of Kayne Anderson Capital Advisors LP, a $26 billion, Los Angeles-based alternative investment management firm with more than 30 years of experience in the energy, infrastructure, growth capital, real estate, middle market credit and distressed municipal sectors. KAREA, which operates out of Boca Raton, focuses on …
KIMBERLY, WIS. — Heritage Senior Living will open its 15th senior living community in Wisconsin at 825 Cobblestone Lane in Kimberly, east of Appleton. Aspire Senior Living will consist of 136 units and 140,000 square feet. The property will feature 45 independent living apartments, 48 assisted living apartments and 43 memory care suites. Independent living residents are expected to move in this June, followed by assisted living and memory care residents in July. Community amenities include two private dining rooms, a movie theater, a rehabilitation gym and pool, barber salon, pub, game room, bistro and convenience store. Rents for one-bedroom independent living units start at $1,990 a month, which includes parking, housekeeping and one meal a day.