WESTLAKE VILLAGE, CALIF. — LTC Properties Inc. (NYSE:LTC), a seniors housing and healthcare real estate investment trust based in Westlake Village, has completed the previously announced acquisition of a 10-property portfolio for $142 million. The properties provide 891 units of independent living, assisted living and memory care services. Nine of the properties are located in Wisconsin and one is located in Illinois. Specific names and locations were not disclosed. LTC entered into a triple-net master lease agreement with an affiliate of Senior Lifestyle Corporation, which will operate the communities. Blueprint Healthcare Real Estate, led by Ben Firestone, brokered the deal on behalf of the undisclosed seller. The purchase was funded by the LTC’s revolving credit facility. LTC’s stock closed at $43.90 on Wednesday, Aug. 19, up from $40.03 a year prior.
ZEPHYRHILLS, FLA. — American House Senior Living Communities has acquired Commons on Pretty Pond, an independent living, assisted living and memory care community in Zephyrhills. The purchase price was not disclosed. The community, which will be renamed American House Zephyrhills, features 132 studio, one- and two-bedroom units including 111 assisted living and 21 memory care apartments. Units range in size from 300 to 892 square feet. American House is a Michigan-based affiliate of REDICO, and is seeking to expand its seniors housing portfolio in Florida.
HOUSTON — Senior Quality Lifestyles Corp. (SQLC), a Texas-based nonprofit developer of seniors housing, has completed financing for the expansion and renovation of The Buckingham, a seniors housing complex in Houston. Financing was completed through the sale of $109 million in series 2015 bonds. The project will add space for 187 additional residents. Ziegler Capital Markets served as bond underwriter for the transaction. Construction has already begun. Currently, The Buckingham has 204 independent living apartments, 43 assisted living suites, 16 memory care residences and 60 private skilled nursing rooms. The Buckingham acquired six additional acres to accommodate the project and will add 106 independent living apartment homes, 33 assisted living suites, 18 memory care residences and 32 private skilled nursing rooms. The new independent living apartment homes will be offered in one-, two- and three-bedroom floor plans.
SANTA ROSA, Calif. — Greystone, a real estate lending, investment and advisory company, has provided a $58.3 million Freddie Mac loan to refinance Varenna at Fountaingrove, a 163-unit independent living facility in Santa Rosa, just north of San Francisco. Affiliates of Oakmont Senior Living own and operate the luxury community. The 10-year loan was funded via Freddie Mac’s Index Lock product, which enabled the borrower to take advantage of the existing 10-Year Treasury rate prior to commitment.
TEANECK, N.J. — HFF has closed the sale of, and secured financing for, Heritage Pointe of Teaneck, a 142-unit independent living facility located at 600 Frank W. Burr Blvd. in Teaneck. The firm marketed the property on behalf of the seller, Lowe Enterprises Investors, to an undisclosed buyer. Additionally, HFF secured a $33.2 million floating-rate loan on behalf of the buyer through Investors Bank and TIAA Direct, a division of TIAA-CREF Trust Co. FSB. Completed in 2004, the four-story property features 45 one-bedroom, 94 two-bedroom and three three-bedroom units, averaging 1,045 square feet. On-site amenities include a restaurant-style dining room, exercise room, wellness room, arts and crafts room, card room, resident lounge with fireplace, business center, recreation room, hair and nail salon, and tennis courts. The property was 97.2 percent occupied at the time of sale. Ryan Maconachy, Chad Lavendar, Jose Cruz, Kevin O’Hearn and Michael Oliver of HFF brokered the transaction, while Steven Klein, also of HFF, arranged the financing.
LONG BEACH, CALIF. — CBRE Group Inc. (NYSE: CBG) has arranged the sale of the Bellagio Manor, a 208-bed assisted living facility located in Long Beach, to Glen Park at Long Beach Inc. for $8.2 million. The two-story property is 51,000 square feet, situated on 1.16 acres. The price per bed was $39,423. The facility was only 53 percent occupied at the time of sale, but the buyer saw opportunity in high demand in the area, according to CBRE. CBRE healthcare team members Bryan Lewitt and Chris Isola represented the seller, Bellagio Manor Inc.
HOUSTON — Ziegler, a specialty investment bank, has arranged $109.4 million in fixed-rate bonds for The Buckingham, a 323-unit seniors housing complex. Nonprofit operator Senior Quality Lifestyles Corp. (SQLC) manages The Buckingham, which is located on a 23-acre plot in the Memorial/Tanglewood neighborhoods of Houston. The community includes 204 independent living apartments, 43 assisted living units, 16 memory support units and a health center with 60 nursing beds. The bonds will be used to expand The Buckingham to include a new tower featuring 106 additional independent living units, 27 additional assisted living units, 18 additional memory care units, 32 additional skilled nursing beds, an underground parking garage with 111 total spaces and an additional 292 surface level spaces. SQLC operates five communities in Texas totaling 1,586 units.
SEATTLE — Zenith Capital and Village Concepts have announced joint plans for The Linden Village Assisted Living Community, a new 100-unit assisted living and memory care community in North Seattle. Linden Village will offer 79 units of assisted living housing in studio, one- and two-bedroom configurations. There will also be 21 units available in the memory care wing. Development cost was not disclosed. Seattle-based Zenith Capital is overseeing development and financing for Linden Village. Village Concepts, a seniors housing developer and operator based in nearby Federal Way, Wash., will operate the community.
DENVER — MorningStar Senior Living plans to open four new senior communities throughout the Southwest before the end of 2015. MorningStar Assisted Living & Memory Care of Boulder will open Sept. 11 in Boulder, Colo. The $25 million community will offer 94 suites (48 for assisted living; 46 for memory care). MorningStar Assisted Living & Memory Care at Arrowhead will open Sept. 25 in Glendale, Ariz. The $18 million community will offer 85 suites (60 for assisted living; 25 for memory care). MorningStar Assisted Living & Memory Care of Fort Collins will open in early December in Fort Collins, Colo. The $18 million community will offer 79 suites (55 for assisted living; 24 for memory care). MorningStar Assisted Living & Memory Care of Albuquerque will open in December in Albuquerque, N.M. The $17 million community will offer 69 suites (48 for assisted living; 21 for memory care). Based in Denver, MorningStar Senior Living is an operator, owner and developer of senior living communities. The company has over 2,600 units currently under management or in development across 23 communities in seven states.
LONGVIEW, TEXAS — Caddis, a national healthcare real estate firm headquartered in Dallas, has acquired a 74-unit assisted living and memory care community known as Fountainview Estates in the east Texas market of Longview, about a two-hour drive east of Dallas. Located at 1408 Lago Trail on the city’s northwest side, the community will become part of Caddis’ Heartis brand and will be renamed Heartis Longview. Frontier Management, a seniors housing operator headquartered in Portland, Ore., assumed management duties upon closing. Amenities at Fountainview Estates include a waterfront outdoor terrace, community dining room, game room, theater, beauty salon and barber shop, 24-hour nursing services, an emergency call system, housekeeping and laundry services. Mike Pardoll of Marcus & Millichap’s Charlotte office brokered the deal.