OLATHE, KAN. — Mainstreet, an Indiana-based skilled nursing developer, and The Ensign Group, a California-based operator, have opened The Healthcare Resort of Olathe, a 100-bed skilled nursing facility in Olathe, a suburb of Kansas City. Construction started on The Healthcare Resort of Olathe in July 2014 and was completed in October 2015. Estimated development costs for the 68,3530-square-foot community were $16.4 million.
TOMS RIVER, N.J. — Walters Group has broken ground on Cornerstone at Toms River, a 102-unit affordable seniors community in Toms River. Situated on 11 acres, the community will consist of a three-story apartment building with one- and two-bedroom floor plans, encompassing 94 one-bedroom and eight two-bedroom units for residents age 55 or older; and a 7,000-square-foot community clubhouse with a kitchen, game room, state-of-the-art fitness area and conference room. The property is being built to LEED specifications and will be Energy Star-certified upon completion.
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.
