OGDEN, UTAH — Marcus & Millichap has arranged the sale of an undisclosed skilled nursing facility in Ogden for $7.5 million. A regional operator bought the 88-bed facility. Tony Cassie and Dan Mahoney of Marcus & Millichap represented both the buyer and seller in the transaction.
IRVINE, CALIF. — HCP has sold a portfolio of 64 properties leased to Brookdale Senior Living Inc. for $1.1 billion. Affiliates of Blackstone Real Estate Partners VIII L.P. bought the 5,967-unit portfolio, which equates to a $189,000-per-unit sale price. Occupancy for the portfolio was 85.2 percent at the time of sale. Proceeds from the sale will be used to pay down debt and general corporate purposes. In addition to selling the Brookdale properties, HCP plans to terminate leases on 25 Brookdale properties totaling 2,031 units over the next year. The moves are part of a strategy by HCP to reduce the saturation of Brookdale-operated properties within its portfolio. HCP also plans to transfer eight expiring Brookdale triple-net leases to a RIDEA structure, through a joint venture where Brookdale acquires 10 percent interest in the properties.
NORWALK, CONN. — Waltham, Mass.-based EPOCH Senior Living, in partnership with National Development, has broken ground on Bridges by EPOCH, a memory care assisted living community located at 123 Richards Ave. in Norwalk. Slated to open in fall 2017, the community will feature 64 memory-care suites and is designed for individuals living with all stages of memory impairment.
SIERRA MADRE, CALIF. — RED Capital Group has arranged a $29 million Fannie Mae loan for Kensington SM GP LLC, which will use the capital to refinance The Kensington Sierra Madre, a luxury assisted living and memory care community in the Los Angeles suburb of Sierra Madre. The Kensington Sierra Madre features 41 assisted living suites and 34 memory care suites. Kensington Senior Living LLC owns and operates the community. The financing replaces the community’s original construction loan, which RED also provided. Kensington Senior Living owns and operates five assisted living communities in California, Maryland, Virginia and New York, with four more currently in development.
INDIANAPOLIS — The city of Indianapolis, along with TWG Development LLC and community leaders, recently celebrated the grand opening of Illinois Street Senior Apartments, a 63-unit, low-income housing community, on Oct. 28. Facilitated through the Department of Metropolitan Development (DMD), TWG was awarded U.S. Department of Housing and Urban Development (HUD) grant funds to purchase and develop the historic building at 1352 N. Illinois St. The vacant building once housed Fame Laundry Co. The city supported this project with two HUD funds: the HOME Investment Partnerships Program (HOME), which supports affordable housing projects across the city, and the National Stabilization Program (NSP), a competitive grant created to help local governments acquire and redevelop buildings. The Community Investments Division of DMD earned the NSP grant in 2015, enabling the city and TWG to invest in the property and return it to a community asset.
LOS ANGELES — Capital Funding Group has provided three separate loans totaling $25 million for seniors housing communities in California, North Carolina and Texas. This includes a $2.5 million working capital line of credit for The Rehabilitation Center on La Brea in Los Angeles. The firm’s Chip Woelper originated the loan.
WALLA WALLA, WASH. — Walker & Dunlop Inc. has arranged a $25 million loan for Wheatland Village, an independent living, assisted living and memory care community in Walla Walla, located in the southeastern corner of Washington near the Oregon border. Portland, Ore.-based Generations Senior Living operates the Class A community. The company developed the property in 2004 through a partnership with a nonprofit hospital. Wheatland Village features 134 independent living units, 62 assisted living units and 38 memory care units. The memory care portion was added in 2013. Jeffrey Ringwald and William Jackson of Walker & Dunlop structured the 15-year, fixed-rate, Fannie Mae loan with a 30-year amortization schedule. The transaction consolidates two existing loans and features a 60 percent loan-to-value ratio.
EDMOND, OKLA. — CBRE has brokered the sale of Tealridge Assisted Living and Memory Care, a 52,283-square-foot seniors housing facility in Edmond. MOC Assisted Living sold the property for $6.8 million to a nonprofit private investor that is looking to establish a presence in the Oklahoma market. Tealridge Assisted Living and Memory Care is located at 2200 N.W. 140th St. at the intersection of East Memorial Road and North Eastern Avenue. The facility was constructed in 2010 and includes 65 units. Daniel Morris of CBRE’s Oklahoma City office represented the buyer in the transaction.
JACKSONVILLE, FLA. — Greystone’s Real Estate Advisors group has arranged the $21.5 million sale of Wyndham Lakes, a 245-unit independent living, assisted living and memory care community in Jacksonville. A private equity group purchased the property from a publicly traded REIT. Formerly operated by Brookdale Senior Living, Wyndham Lakes is situated on 14 acres of land. The community consists of 12 residential buildings and one common area structure. Mike Garbers and Cody Tremper of Greystone represented the seller in the transaction. Tremper also arranged non-recourse acquisition financing through a regional bank.
BALTIMORE AND WASHINGTON, D.C. — An affiliate of HCP Inc. (NYSE: HCP), a seniors housing REIT based in Irvine, Calif., has purchased a portfolio of assisted living and memory care properties in the Mid-Atlantic for approximately $186.3 million. Developed between 1993 and 2013, The Morningside House Mid-Atlantic Portfolio consists of seven seniors housing communities located in the greater Baltimore and Washington, D.C. areas. The seller, a joint venture between Morningside House Senior Living and Harrison Street Real Estate Capital, sold the portfolio for roughly $354,000 per unit. HCP has selected Chicago-based Senior Lifestyle Corp. to operate the assets. The portfolio included: — Morningside House of Ellicott City in Ellicott City, Md. — Morningside House of Friendship in Hanover, Md. — Morningside House of Laurel in Laurel, Md. — Morningside House of Satyr Hill in Parkville, Md. — Morningside House of Leesburg in Leesburg, Va. — Morningside House of Saint Charles in Waldorf, Md. and — Poet’s Walk Memory Care in Fredericksburg, Va. Lisa Widmier and Matthew Whitlock led CBRE Capital Markets’ National Senior Housing team in representing the joint venture in the sale. “This transaction had multiple moving parts, including a new operator — Senior Lifestyle — partnering with a …