AMARILLO, CLEBURNE, CONROE, CYPRESS AND FORT WORTH, TEXAS — KeyBank Real Estate Capital originated and fully underwrote a $62 million term loan for Caddis, which used the proceeds of the loan to recapitalize a five-property seniors housing portfolio in Texas. The newly built assisted living and memory care facilities total 352 units and 406 beds. Operated under the Heartis brand, the properties include Heartis Amarillo in Amarillo, Heartis Cleburne in Cleburne, Heartis Conroe in Conroe, Heartis Cypress in Cypress and Heartis Eagle Mountain in Fort Worth. Grant Saunders and Jay Jordan of KeyBank’s Healthcare Group arranged the financing.
DELRAY BEACH, FLA. — Meridian Capital Group has arranged $23.9 million in financing for the development of a three-story, 118-unit seniors housing community in Delray Beach. The five-year loan, provided by a regional balance sheet lender, features a floating interest rate of 3.25 percent over LIBOR and three years of interest-only payments. Ari Adlerstein, Ari Dobkin and Josh Simpson, all based in the Meridian’s New York City headquarters, arranged the financing.
SMITHTOWN, N.Y. — Benchmark Senior Living is developing Whisper Woods, an assisted living community located at Route 25A and River Heights Drive in Smithtown. Slated to open in June 2018, the $25 million property will feature 101 units. Project members include EW Howell Construction Group and Moseley Architects. The property will be Benchmark’s first assisted living facility in New York.
SANTA ROSA, CALIF. — Cushman & Wakefield has negotiated Anvil Development’s acquisition of four acres in Santa Rosa, just north of San Francisco, for $1.5 million. The developer plans to build a 59-bed skilled nursing facility on the property. A.J. Ventures sold the plot. The skilled nursing facility will be 37,000 square feet once completed. The Cushman & Wakefield team of Travis Ives, Matt Davis, Terry Jackson and Curtis Buono represented the buyer in the transaction.
LANSDALE, PA. — CBRE has arranged $10 million in financing for the acquisition of Spring Meadows of Lansdale, a 120-unit assisted living and memory care community in the Philadelphia suburb of Lansdale. A joint venture between Care Investment Trust and Greenfield Senior Living purchased the community and will change the name to Greenfield of Lansdale. The five-year, floating-rate loan includes 12 months of interest-only payments. A regional bank provided the capital. Aron Will, vice chairman of CBRE National Senior Housing, arranged the financing. Care Investment Trust is a seniors housing-focused real estate investment company and a wholly owned subsidiary of Tiptree Inc. Greenfield Senior Living is a seniors housing operator based in Virginia with 1,300 residents in six states.
TALLAHASSEE, FLA. — KeyBank Real Estate Capital has arranged a $22.8 million Fannie Mae loan for The Luxe on West Call, a 390-bed student housing property near Florida State University in Tallahassee. Built in 2013, the community features 14,329 square feet of retail space leased to Maple Street Biscuit Co., Asian Rox and Bellezza Beauty Bar. Erik Storz of KeyBank arranged the seven-year acquisition loan with two years of interest-only payments and a 30-year amortization schedule.
SURPRISE, ARIZ. — Koelsch Communities has started construction of The Park at Surprise, a 155-unit independent living community in the Phoenix suburb of Surprise. The 202,000-square-foot project is being built on an 8.5-acre plot. Development costs are estimated at $46 million. The Park at Surprise will be the fourth Koelsch community in Arizona, and is scheduled to open in summer 2018. Madrona Point Development is partnering with RJ Development, both based in the city of Olympia, Wash., to develop the project. Koelsch Construction will serve as general contractor. Koelsch Communities operates 22 communities in seven states and is planning to open 16 communities in the next two years.
ANAHEIM, Calif. — Kisco Senior Living has started the $22.5 million expansion and renovation of Emerald Court, a 194-unit independent living and assisted living community in Anaheim. The project was originally announced in March 2016, but the company added more plans and committed more money. The project is currently underway, with a scheduled completion of fall 2017. Plans call for a two-story building adding 58 new assisted living units to the property, as well as a demonstration kitchen, dining venue and wellness center. Kisco will also renovate the existing dining room, corridors, lighting, activity room and salon. The project will add a total of 58,000 square feet to the property. Emerald Court’s assisted living units are currently full with a waiting list. The expansion will more than double the number of assisted living units. Based in Carlsbad, Kisco Senior Living owns and operates 22 seniors housing communities in seven states, with a heavy concentration in California.
CANONSBURG, PA. — Monticello Asset Management LLC has provided $9 million in first lien debt financing to Greenery Realty Group LLC, which will use the capital to acquire and renovate a skilled nursing facility in the Pittsburgh suburb of Canonsburg. The financing is a bridge-to-HUD loan for Greenery, a skilled nursing operator. The 140-bed facility was built in 1985 and renovated in 1995. Upon closing, the borrower implemented an initial construction project of $1.2 million and is currently in the process of making more capital expenditures. The property consists of a 52,909-square-foot, single-story skilled nursing building, a 1,700-square-foot maintenance building and a 4,000-square-foot, two-story medical office building.
SARASOTA, BRANDON AND WESTCHASE, FLA. — Autumn Senior Living LLC has broken ground on three new assisted living and memory care communities, located in the Tampa suburbs of Sarasota, Brandon and Westchase. Development costs are estimated at $100 million for the nearly 400 units. Autumn expects to complete the three communities in early 2018, creating more than 200 permanent jobs in the process. Autumn Senior Living is a seniors housing developer and operator that has managed 45 properties totaling 3,600 units over the company’s history.