MOORESVILLE, IND. — Mainstreet, a skilled nursing developer based in Indiana, and Trilogy Health Services, an operator based in Kentucky, have completed construction of The Springs of Mooresville, a 70-bed skilled nursing facility in Mooresville, a suburb of Indianapolis. Construction began in March 2015. The community is now open. The 48,034-square-foot building cost $12.9 million to develop.
LAKE WORTH, FLA. — Walker & Dunlop Inc. has arranged a $68.2 million loan for the construction of Atria Villages of Windsor, a luxury independent living, assisted living and memory care community to be built in the Palm Beach County town of Lake Worth. Big Rock Partners, the borrower, is developing the community on a 22.5-acre site. When completed, the property will comprise 186 independent living units, 78 assisted living units and 54 memory care units. Big Rock, an investment firm with offices in Beverly Hills, Calif., and Delray Beach, Fla., plans to open the community in 2017.
TAMPA, FLA. — Cushman & Wakefield’s Equity, Debt & Structured Finance group has arranged a $28.7 million acquisition and redevelopment loan for Renaissance Senior Living, a 226-unit seniors housing community in Tampa. The borrower was The Carlyle Group, which will acquire the property and perform significant renovations. Changes include putting the levels of care offered — independent living, assisted living and memory care — into separate buildings, as well as enhancements to community amenities. Jay Wagner and Timothy Hosmer of Cushman & Wakefield’s National Senior Housing Capital Markets team arranged the financing through an unnamed regional bank.
ATLANTA — American Realty Capital Healthcare Trust III LLC (ARC), a healthcare REIT, has purchased Renaissance on Peachtree, a 229-unit independent living and assisted living community in Atlanta’s Buckhead district, for $78.6 million. Lisa Widmier and Matthew Whitlock of CBRE Capital Markets’ National Senior Housing team represented the seller, a joint venture between The Carlyle Group and Formation Development Group, in the transaction. The seniors housing community was 94 percent occupied at the time of sale.
RICHMOND, IND. — Mainstreet, an Indiana-based developer of skilled nursing and rehabilitation facilities, has opened The Springs of Richmond, a 70-bed property in Richmond, which is located midway between Indianapolis and Columbus, Ohio. The community includes 70 beds in a 48,034-square-foot building. Development costs totaled $12 million. Construction began in March 2015. The Springs of Richmond was developed in partnership with Trilogy Health Services, which now operates the community.
CHANDLER, ARIZ. — Medical Development Partners have unveiled plans for Parkland Memory Care, a 72-bed memory care community to be built in the Phoenix suburb of Chandler. Development costs were not disclosed. The City of Chandler recently approved the rezoning of the 4.5-acre site to construct the 36,377-square-foot community. The majority of the community’s 72 beds will be in private units. In addition to the single-story memory care community, the developers plan to construct two medical office buildings on the site. Lenity Architecture, an Oregon-based architecture firm, designed the building while Phillip Ryan of Ryan & Associates provided landscape architecture services. Raymond Poe and Neal Salmen are leading the development team at Scottsdale-based Medical Development Partners. JF Construction Co. is scheduled to start construction during the summer of 2016. Upon completion in 2017, Seasons Management Group, based out of Oregon, will operate the community.
CHEHALIS, WASH. — National Health Investors Inc. (NYSE: NHI) has acquired a 98-unit independent living community in Chehalis, approximately 90 miles southwest of Seattle, for $9.8 million. The name of the community was not disclosed. NHI leased the community to a partnership of Marathon Development and Village Concepts Retirement Communities. The acquisition was funded with borrowings on NHI’s revolving credit facility. The buyer has earmarked $350,000 for capital improvements to the community. The community was built in 1986, with additions built in 1993 and 2000. It was 95 percent occupied at the time of sale. The 15-year lease features an initial annual rate of 7.25 percent plus annual escalators between 2 percent and 3 percent.
BROCKPORT AND QUEENSBURY, N.Y. — Institutional Property Advisors, a division of Marcus & Millichap, has negotiated the sale of a two-property seniors housing portfolio in Upstate New York. Brookdale Senior Living acquired the two assets for $48 million. Totaling 183 units, the properties are Emeritus at Landing of Brockport and Emeritus at Landing of Queensbury. Mark Myers, Joshua Jandris and Charles Hilding of IPA represented the seller, a private family office, in the transaction.
WINTER GARDEN, FLA. — Sonata Senior Living, an Orlando-based owner and operator of senior living communities located in central Florida, has started construction of Sonata West. The luxury independent living and assisted living community will be located in the Orlando suburb of Winter Garden. The property will be located adjacent to Serenades by Sonata, a memory care community also owned and operated by Sonata. The community will feature 78 independent living units and 35 assisted living units in a 139,000-square-foot, two-story building. The community is scheduled for completion in early 2017. Development costs were not disclosed.
LONG GROVE, ILL. — William A. Randolph Inc. has broken ground on Long Grove Senior Care, a project in Long Grove, approximately 35 miles northwest of Chicago. GART Partners selected William A. Randolph Inc. to serve as the general contractor for the two-story, 100-unit senior living community, which includes assisted living and memory care. The project will be situated on 10 acres and will feature a bistro, a pub and billiards room, outdoor patios, walking paths, gardens, a theater and a greenhouse.
