VANCOUVER, WASH. — Senior Living Investment Brokerage has arranged the sale of a 48-unit assisted living community in Vancouver, just across the Columbia River from Portland, Ore., for $7.5 million. A regional company received the community out of bankruptcy and sold it to a regional owner-operator. The new owner plans to invest in improvements, including converting some employee apartments into units for more residents. The community was built in 2013. The name was not disclosed. Matthew Alley, Jason Punzel and Jeff Binder of Senior Living Investment Brokerage arranged the deal on behalf of the seller.
AUBURN, WASH. — KeyBank’s Community Development Lending & Investing group has provided $95.2 million in tax-exempt bond financing to construct two affordable housing communities in the Seattle suburb of Auburn, one for families and one for seniors. AVS Communities is developing the two properties. The Villas at Auburn will offer 295 units of affordable housing for families while The Reserve at Auburn will offer 297 units of affordable housing for seniors. Both projects will serve residents making 60 percent or less of the area median income. KeyBank provided a $47 million construction loan for The Reserve at Auburn, with a $40.6 million Freddie Mac Tax Exempt Loan (TEL) component arranged by Key’s Commercial Mortgage Group. The company provided a $48.2 million construction loan for The Villas at Auburn, with a $40.9 million Freddie Mac TEL arranged by Key’s Commercial Mortgage Group. The Washington State Housing Finance Commission issued the tax-exempt bonds. Victoria Quinn and Al Beaumariage arranged the financing.
GRAPEVINE and BUDA, TEXAS — Harborview Capital Partners, a New York-based commercial real estate finance, equity and advisory firm, has closed $17 million in loans for seniors housing communities in Texas. The first loan was a $10.9 million acquisition loan for a 100-bed skilled nursing facility in the Dallas suburb of Grapevine. The second loan was a $6.1 million construction loan for a 48-bed assisted living facility in the Austin suburb of Buda. Avi Begun, senior originator with Harborview, closed both transactions. The borrowers and names of facilities were not disclosed.
TAMPA, FLA. — Rookis Investment Partners and Gulf Coastal Development have broken ground on Arbor Terrace Senior Living, a 139-unit independent living community in Tampa. Atlanta-based The Arbor Co. will manage the community, which is slated for completion in spring 2018. Tampa-based Chancey Design Architects and Interiors designed the project. The company will also handle interior design. Gulf Coastal Development is a Tampa-based developer of residential properties. Rookis Investment Partners brings together architects, builders and real estate professionals to create residential and commercial developments, mainly in Florida.
SANTA FE, N.M. — A joint venture between Westport Capital Partners and Integro Healthcare Consulting has sold Montecito Santa Fe, a 146-unit independent living and assisted living community in Santa Fe. Sabra Health Care REIT purchased the property for an undisclosed sum. The sellers originally purchased the property out of bankruptcy and repositioned it as a Class A asset. Integro will continue to operate the community after the change in ownership. Richard Swartz, Jay Wagner, Aaron Rosenzweig and Timothy Hosmer of Cushman & Wakefield executed the transaction.
PHOENIX — Cushman & Wakefield has arranged $15.1 million in acquisition and renovation financing for The Palazzo, a 359-unit continuing care retirement community in Phoenix. The renovations will modernize the community and change the unit mix among the continuum of care. The firm’s Richard Swartz, Jay Wagner, Aaron Rosenzweig and Timothy Hosmer arranged the financing on behalf of a joint venture between Westport Capital Partners and Integro Healthcare Consulting. PNC Bank provided the capital. Integro will operate the community after the acquisition.
MAYNARD, MASS. — Colliers International, on behalf of developer Capital Group Properties, has secured a grocery anchor for the planned 293,500-square-foot Maynard Crossing property in Maynard. Market 32 by Price Chopper has signed a lease for 68,000 square feet of space at the mixed-use project, which is slated to break ground in the second quarter of 2017 with completion scheduled for summer 2018. Upon completion, the project will feature two full-service and two fast-casual restaurants, a 20,000-square-foot health club, a community bank, hardware store, apparel stores, and medical care center, as well as 180 residential rental units and a 143-unit independent senior living facility. Colliers International Boston is the leasing team for the development.
ALLEN, TEXAS — Adolfson & Peterson Construction has completed construction of Christian Care Senior Living Community, an 88-unit independent living, assisted living and memory care community in the Dallas suburb of Allen. Christian Care Centers owns the community, which REES Architects designed. Christian Care Senior Living Community features 22 independent living cottages, 32 assisted living units and 34 memory care units in a 72,000-square-foot, two-story building. Christian Care Centers is a nonprofit, faith-based owner and operator of several communities in the Metroplex area. The company is headquartered in Mesquite, Texas. Adolfson & Peterson Construction is a construction firm with offices in Charlotte, Dallas, Denver, Los Angeles, Minneapolis, Phoenix, Portland, Ore., and Tacoma, Wash.
NIPOMO, CALIF. — Harborview Capital Partners, a New York-based commercial real estate finance, equity and advisory firm, has closed a $16.2 million construction loan for a 110-bed assisted living and memory care facility in Nipomo. The city is situated along the California coast between Los Angeles and San Francisco. Avi Begun, senior originator with Harborview, closed the transaction. The borrower and facility name were not disclosed.
MARSHALL TOWNSHIP, PA. — The Waters, a Minneapolis-based seniors housing developer and manager, has purchased an 18-acre site in the Pittsburgh suburb of Marshall Township. The company plans to construct The Waters of Wexford, a 143-unit seniors housing community on the plot. Units will be split between independent living, assisted living and memory care. The developer plans to break ground before the end of 2016 for a scheduled opening in May 2018. Development costs are estimated at $38 million. The project is the first outside the Midwest for The Waters, which operates eight communities in Minnesota and is developing two more in Minneapolis and Milwaukee. “Through extensive research we identified Pittsburgh has a great opportunity nearly four years ago,” says Kyle Didier, president of The Waters. “Over the next three years we hope to bring at least four or five new senior living communities to the greater Pittsburgh area.” Aron Will of CBRE secured a $27.1 million, five-year, floating-rate construction loan with 42 months of interest-only payments from a regional bank to fund the upcoming development.