TEXAS and OKLAHOMA — Greystone Real Estate Advisors has closed the $210 million sale of an eight-property seniors housing portfolio in Texas and Oklahoma. Harrison Street Real Estate Capital and Bridgewood Property Co. sold the properties to Cardinal Bay, a private company based in Texas. Greystone represented the seller in the transaction. The properties are: • Village on the Park, Oklahoma City, 188 units • Carriage Inn, Bryan, Texas, 90 units • Carriage Inn, Conroe, Texas, 91 units • Village on the Park, Friendswood, Texas, 158 units • Village on the Park, Houston, 183 units • Carriage Inn, Huntsville, Texas, 81 units • Carriage Inn, Katy, Texas, 146 units • Carriage Inn, Lake Jackson, Texas, 102 units
MESA and APACHE JUNCTION, Ariz. — Lancaster Pollard has advised on the sale of two American Orchards Senior Living communities in Arizona for an undisclosed price. Madison Realty Cos. purchased the communities, both located in the Phoenix suburbs and offering assisted living and memory care. The Mesa location was built in 2010 and the Apache Junction location was built in 2012. American Orchards plans to focus its efforts on its newest development in nearby Gilbert. Lancaster Pollard managing directors Jason Dopoulos and Chad Elliott led the transaction.
HOMOSASSA, FLA. — Capital One has provided an $11 million, fixed-rate Fannie Mae loan to refinance Sunflower Springs Assisted Living Community, a 72-unit facility in Homosassa, approximately 60 miles north of Tampa. The property was built in 2009. Allison Holland of Capital One originated the12-year loan on behalf of the undisclosed borrower.
DELAND, FLA. — Brookdale Senior Living has announced plans to add 32 memory care units and 42 assisted living units to Brookdale DeLand, the company’s community in DeLand, approximately 40 miles north of Orlando. The cost of the expansion will be $8 million. In addition to the new units, the project will add an onsite therapy gym to the community. Brookdale is the largest owner and operator of seniors housing properties in the United States.
MASON, OHIO —CA Senior LLC (CAS) has entered into a joint venture with an affiliate of Goldman, Sachs & Co. to develop a 101-unit seniors housing community in the Cincinnati suburb of Mason. The community will contain 68 assisted living units and 33 memory care units. It is scheduled to open in summer 2017. Senior Lifestyle Corp. will manage the community. The facility represents the first project in a 14-property pipeline for the joint venture. Evercore Partners acted as financial advisor to CAS in the formation of the joint venture. Polsinelli acted as legal adviser to CAS. Goldman Sachs will serve as a capital provider in the joint venture.
MONTROSE, COLO. — Roaring Fork Lodge LLC has selected Denver-based architectural firm OZ Architecture to design Roaring Fork Lodge, a new independent living, assisted living and memory care community in Montrose, located in the southwestern portion of Colorado. The 80,000-square-foot community will be situated on a 10-acre plot. It will include 10 independent living duplex cottages, in addition to the main building that will feature 69 independent living, assisted living and memory care apartments. The site will also feature a retail component, coffee shop, café and small medical clinic. Colorado-based Vivage Senior Living will operate the community, which is expected to open in late 2016.
SAN FRANCISCO — CBRE Multifamily Capital has arranged a $17.1 million Fannie Mae loan for the acquisition of Eden Villa Assisted Living & Memory Care, a 54-unit assisted living and memory care community in San Francisco. A joint venture between Auctus Capital Partners and Och-Ziff Capital Management is purchasing the property from an undisclosed seller. The buyers will bring in Integral Senior Living to manage the property. Following the acquisition, the buyers plan to invest in adding additional units and cosmetic enhancements to the property. Aron Will, executive vice president of CBRE National Senior Housing, arranged the non-recourse, 10-year, fixed-rate loan with 60 months of interest-only payments.
LYNWOOD, CALIF. — JCH Senior Housing Group has brokered the sale of Bloomfield East, a 130-bed skilled nursing facility in the Los Angeles submarket of Lynwood, for an undisclosed price. A Los Angeles-based real estate investment company purchased the community from an undisclosed for-profit corporation, and immediately triple-net leased it to a new operator, Reliant Management Group. Shep Roylance, senior vice president with JCH, facilitated both the sale and lease transactions.
NORTH KANSAS CITY, MO. — Tutera Senior Living & Health Care will break ground this week on the $65 million Tiffany Springs Senior Community, a continuing care retirement community (CCRC) in North Kansas City, located just across the Missouri River from Kansas City proper. The 14-acre luxury community will feature more than 300 units of independent living, assisted living, memory care and rehabilitation in 300,000 square feet of buildings. Design company studioSIX5 is providing interior design services. Builders for the community include Nearing Staats Prelogar & Jones Architects of Prairie Village, Kan.; Lutjen Inc. of North Kansas City; and Luke Draily Construction Co. of Riverside, Mo. Based in Kansas City, Tutera Senior Living & Healthcare is a developer and operator of 47 seniors housing communities in 13 states throughout the Midwest, Southeast, Oklahoma and Texas.
DALLAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap serving institutional and private real estate investors, has arranged the sale of The Legacy at Preston Hollow, a nonprofit seniors housing facility featuring 45 assisted living beds and 113 skilled nursing beds. Built in 2000, The Legacy at Preston Hollow is located about 10 miles north of downtown Dallas, and 1.4 miles from 668-bed Medical City Dallas Hospital. Mark Myers, Joshua Jandris, Charles Hilding and Ryan Fleming of IPA, along with Kelsie Vogds of Marcus & Millichap, represented the seller. Myers, Jandris, Hilding and Fleming also procured the buyer.