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Seniors Housing

ArizonaMultifamilySeniors HousingWestern

Welbrook Starts Construction of $13M Skilled Nursing Facility in Flagstaff

by Nellie Day

FLAGSTAFF, ARIZ. — Welbrook Senior Living has started construction of a 50-bed skilled nursing facility in Flagstaff. Services at the facility will focus on transitional rehabilitation. Development costs were estimated at $13 million. Welbrook has partnered with Embree Asset Group to develop the facility. Construction is slated for completion in late 2017. Based in California, Welbrook is a seniors housing operator just entering the transitional rehab space. Embree is a construction and development company that has worked in all 50 states.

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MultifamilySeniors HousingWashingtonWestern

CBRE Arranges $60M Acquisition Loan for Four-Property Portfolio in Metro Seattle

by Nellie Day

SEATTLE — CBRE has arranged $60 million in acquisition financing for a joint venture between Capitol Seniors Housing and the Carlyle Group. The JV will use the funds to purchase a four-property seniors housing portfolio throughout the Seattle metro area. The four communities total 368 units of assisted living and independent living. Following the acquisition, MBK Senior Living will operate all the properties. The seller and the names of the four properties were not disclosed. The non-recourse, floating-rate loan includes a five-year term with 36 months of interest-only payments. Total loan proceeds include a loan of $51.9 million for the acquisition of the property along with $8 million for planned capital improvements. Aron Will of CBRE National Senior Housing arranged the financing.

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CaliforniaMultifamilySeniors HousingWestern

M&M Brokers $15.6M Sale of 87,526 SF Seniors Housing Community in Sacramento

by Nellie Day

SACRAMENTO, CALIF. — Marcus & Millichap has arranged the sale of Gramercy Court, an 87,526-square-foot assisted living and skilled nursing facility in Sacramento, for $15.6 million. The eight-building community sits on a 5.4-acre campus. It features 71 assisted living units and 120 skilled nursing beds. Max McCabe and Krone Weidler both in Marcus & Millichap’s Tampa office represented both the buyer, a fund manager, and the seller, an individual trust, in the transaction.

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ColoradoMultifamilySeniors HousingWestern

Drever to Build 64-Unit Memory Care Community in Fort Collins

by Nellie Day

FORT COLLINS, COLO. — Drever Capital Management has unveiled plans for a new Windsong-branded memory care community in Fort Collins, about 60 miles north of Denver. Vista Pointe Development will assist in the development of the project. Construction is slated to begin in September. Rental rates are expected to range between $4,900 and $5,200, well below the market’s average, according to Drever. Based in California, Drever Capital Management acquires, manages and develops commercial real estate properties.

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FloridaSeniors HousingSoutheast

Big Rock Starts Construction of $82M CCRC in Metro Orlando

by John Nelson

CELEBRATION, FLA. — Big Rock Partners has started construction of a luxury continuing care retirement community (CCRC) in the Orlando suburb of Celebration. The project, which doesn’t yet have a name, has increased in size since it was announced last year. The $60 million development costs have increased to $82 million, and the 225 planned units have increased to 239. The six-story community will sit on a nine-acre site, and is the only planned seniors housing development in Celebration, according to Big Rock. Balfour Beatty is the construction manager on the project, which is scheduled for completion in spring 2018. Gensler designed the community. Once complete, Life Care Services will operate. Big Rock Partners is a private real estate investment management firm with three seniors housing projects in Florida under development worth approximately $200 million.

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IdahoMultifamilySeniors HousingWestern

CareTrust REIT Invests $2.2M in Skilled Nursing Development in Idaho

by Nellie Day

NAMPA, IDAHO — CareTrust REIT Inc. has made a $2.2 million preferred equity investment with Cascadia Healthcare LLC to fund the construction of a 99-bed skilled nursing facility in the Boise suburb of Nampa. The investment is the first of its kind between CareTrust and Cascadia, and includes a purchase option that will allow CareTrust to buy the facility once it is stabilized. Construction of the 52,000-square-foot began last week, for scheduled completion in mid-2017. CareTrust is a publicly traded healthcare REIT based in California. Cascadia is a skilled nursing operator based in Idaho.

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CaliforniaMultifamilySeniors HousingWestern

CareTrust REIT Acquires Four-Property Seniors Housing Portfolio in Central California for $34.4M

by Nellie Day

SAN CLEMENTE, CALIF. — CareTrust REIT Inc. has acquired two seniors housing communities and two skilled nursing facilities in California’s Central Valley for approximately $34.4 million. The portfolio consists of 79 assisted living units and 293 skilled nursing beds, and is currently leased to affiliates of California-based Covenant Care LLC. The sellers included three related ownership groups. The names and specific locations of the communities were not disclosed. The existing leases have terms that expire in 2019, subject to two five-year extension options, and include CPI-based rent escalators. CareTrust funded the acquisition through its $400 million unsecured revolving credit facility. CareTrust is a publicly traded seniors housing and healthcare REIT based in San Clemente. It owns properties in 20 states.

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IllinoisMidwestMultifamilySeniors Housing

Lifespace Communities Completes $19M Expansion of Seniors Housing Community Near Chicago

by Christina Cannon

LOMBARD, ILL. — Lifespace Communities Inc. has completed the $19 million expansion and renovation of Beacon Hill, a continuing care retirement community in Lombard, approximately 20 miles west of Chicago. The expansion added a 28,000-square-foot building to the community featuring a new theater and lounge, multiple dining venues, a kitchen and culinary preparation space, and various activity areas for entertainment and wellness functions. Beacon Hill is 32 years old and hosts more than 500 residents in its 360 apartments homes and undisclosed number of memory care and skilled nursing suites. Construction on the new building and renovations began in 2014. Chicago-based Walsh Construction was the contractor for the project, which Minneapolis-based Tremain Architects & Planners designed.

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IowaMidwestMultifamilySeniors Housing

Marcus & Millichap Arranges $3.7M Sale of 36-Unit Assisted Living Community in Iowa

by Christina Cannon

BURLINGTON, IOWA — Marcus & Millichap has arranged the sale of Rosebush Gardens, a 36-unit assisted living community in Burlington, for $3.7 million. Burlington is located along the Mississippi River near the Illinois and Missouri border. A local private owner sold the property to a regional owner-operator. The 28,049-square-foot facility was built in 1999. It was 83 percent occupied at the time of sale. The price per unit was $102,778. Ryan Fleming, Eric Bell, Mark Myers, Joshua Jandris and Charles Hilding of Marcus & Millichap represented the seller in the transaction.

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LoansMultifamilyNew YorkNortheastSeniors Housing

Lancaster Pollard Arranges $7M Refinance for Assisted Living Home in New York

by Amy Works

LAKE RONKONKOMA, N.Y. — Lancaster Pollard has arranged a $7 million refinance for The Lake Shore Assisted Living Home in Lake Ronkonkoma. Ken Gould of Lancaster Pollard secured the 30-year non-recourse loan through the FHA Section 232/223(f) program. Lake Shore features 200 assisted living units.

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