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Seniors Housing

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MassachusettsMultifamilyNortheastSeniors Housing

Brendon Properties Acquires 28.7-Acre Marist Center for Seniors Housing Project

by Amy Works

FRAMINGHAM, MASS. — Brendon Properties has acquired Marist House Retreat Center at 518 Pleasant St. in Framingham. Marist Fathers of Boston sold the two-building property, which totals 50,077 square feet, for $4 million. The buyer plans to redevelop the 28.7-acre property into a seniors housing townhome community. The property includes a 45,000-square-foot, 70-bed former seminarian residence, a chapel, support space and administration offices. Robert Cronin and Kevin Brawley of Colliers arranged the transaction. Brendon Properties is a builder of age-restricted developments in the MetroWest region.

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CaliforniaLoansMultifamilySeniors HousingWestern

CBRE Arranges $12M Fannie Mae Loan to Refinance Independent Living Community in California

by Nellie Day

CARMICHAEL, CALIF. — CBRE National Senior Housing has arranged a $12 million, fixed-rate loan from Fannie Mae to refinance Winding Commons, a 100-unit independent living community in metro Sacramento. The borrower is Sacramento-based Ray Stone Inc. (RSI), the community’s operator since it opened in 2003. RSI manages six communities in California comprising over 800 units. Aron Will, executive vice president of CBRE National Senior Housing, and Kevin Randles, senior vice president of CBRE’s Debt and Structured Finance office in Sacramento, led the transaction.

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ArizonaLoansMultifamilySeniors HousingWestern

Grandbridge Arranges $10.5M Refinance of Community in Phoenix

by Nellie Day

PHOENIX — Grandbrige Real Estate Capital’s seniors housing and healthcare finance team has arranged a $10.5 million refinancing for Avista North Mountain, an assisted living, memory care and independent living community in Phoenix. The community comprises 134 units. BB&T Real Estate Funding provided the capital.

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LoansMidwestMissouriMultifamilySeniors Housing

Lancaster Pollard Brokers Refinancing Loan for Senior Living Facility in Missouri

by Christina Cannon

HIGGINSVILLE, MO. — Lancaster Pollard has arranged funding for a refinance and renovation of John Knox Village East in Higginsville, which is 50 miles east of Kansas City. John Knox Village East is a senior living facility that features both intermediate care and skilled nursing beds and is managed by Life Care Services. The renovation will increase the number of skilled nursing beds, adding 16 private beds in a new wing. Lancaster Pollard worked with local banks to provide construction financing for the renovation and also obtained permanent financing via a $7.1 million loan insured by the USDA Community Facilities program. Mike Ashley led the transaction for Lancaster Pollard.

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MultifamilySeniors HousingTexas

Tradition-Lovers Lane Seniors Housing Community Opens in Dallas

by Haisten Willis

DALLAS — Tradition Senior Living (TSL) has opened The Tradition-Lovers Lane Community, including independent living, assisted living and memory care, at 5850 E. Lovers Lane in Dallas. The complex is a rental community with no buy-in fee. The 7.5-acre campus includes the 202-unit independent living building and the 109-unit assisted living and memory care property fronting Milton Street. Jonathan Perlman is founder and CEO of Tradition Senior Living, which is developing, marketing and managing the project. Houston architects Meeks + Partners designed the independent living building, and Dallas architects D2 Architecture designed the assisted living and memory care property. The community will include a physical and occupational therapy center, a therapy pool with an underwater treadmill, nursing, a multi-sensory room and medication management. The Tradition-Lovers Lane is the second community developed by TSL.

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ColoradoLoansMultifamilySeniors HousingWestern

CBRE Arranges $36.3M Construction Loan for CCRC Near Denver

by Nellie Day

LAKEWOOD, COLO. — CBRE National Seniors Housing has secured a $36.3 million loan for the construction of The Village at Belmar, a 156-unit continuing care retirement community (CCRC) planned in Lakewood in metro Denver. The project is a joint venture between Blue Moon Capital Partners, providing the institutional equity; GH Phipps Construction Company, the general contractor and co-developer; and Ascent Living Communities, co-developer and future operator of the community. Situated on 7.6 acres, Village at Belmar will include 72 assisted living units and 24 memory care units located within a three-story, 83,000-square-foot building, along with 60 independent living units to be located in 15 buildings that are approximately 107,000 square feet. Aron Will, executive vice president of CBRE National Senior Housing, arranged the five-year, floating-rate loan with limited recourse. The loan features 36 months of interest-only payments.

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ArizonaMultifamilySeniors HousingWestern

Sagewood in Phoenix to Add 24 Luxury Independent Living Units

by Nellie Day

PHOENIX — Sagewood, a luxury senior living retirement community in northeast Phoenix, plans to add The Estates at Sagewood, a new neighborhood featuring 24 independent living homes. The new homes have multiple floor plans, including villas and duplexes. Sagewood is also expanding its onsite Acacia Health Center. With the addition of The Estates at Sagewood, the community will have 316 independent living residences.

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CaliforniaMultifamilySeniors HousingWestern

Reliant Acquires 52-Bed Skilled Nursing Facility in Northern California for $4.5M

by Nellie Day

SAN RAFAEL, CALIF. — Reliant Management Group LLC has purchased Northgate Care Center, a 52-bed skilled nursing facility in San Rafael near San Francisco, from Meridian Foresight Management for $4.5 million. The sale price translates to about $87,000 per bed. Reliant, an owner/operator based in Baton Rouge, La., that was already operating the facility, made the acquisition as part of a lease-purchase agreement. A group of Los Angeles investors looking to expand their California skilled nursing portfolio owns Reliant. Meridian is looking to divest the majority of its skilled nursing portfolio. Shep Roylance of JCH Consulting Group brokered the transaction, representing both the buyer and seller.

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MultifamilySeniors HousingWashingtonWestern

Living Care Lifestyles to Open New Memory Care Community in West Seattle

by Nellie Day

SEATTLE — Living Care Lifestyles, an operator with 10 communities in Hawaii, California, Oregon, Texas and Washington, plans to open a new memory care community in Seattle in early 2017. Quail Park of West Seattle will feature 45 units, all memory care, in a 20,000-square-foot, three-story facility situated on a half-acre site. According to the operator, the community will be the first memory-care-only facility in West Seattle. Morningside Development Group is developing the property, which John Lape Architecture designed.

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GeorgiaMultifamilySeniors HousingSoutheast

SLIB Arranges Sale-Leaseback of Assisted Living Facility in Georgia for $18.3M

by John Nelson

CUMMING, GA. — Senior Living Investment Brokerage (SLIB) has arranged a sale-leaseback deal for The Oaks at Hampton, an 84-unit assisted living facility in Cumming about 40 miles north of Atlanta, for $18.3 million. Senior Housing Properties Trust, a publicly traded seniors housing REIT, purchased the property and will keep Oaks Senior Living, the seller, as the operator. Bradley Clousing and Jeff Binder of SLIB handled the transaction.

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