Seniors Housing

Fourmidable Real Estate Services Brokers $20M Sale of Active Adult Community in Southfield, Mich.

by Danielle Everson March 13, 2015

SOUTHFIELD, MICH. — Fourmidable Real Estate Services, a Bingham Farms-based national Commercial and Residential Real Estate Brokerage division, has brokered sale of Solaire Active Adult Community in Southfield for $20 million. Solaire, which was built in 1970, features 382 one-, two- and three-bedroom apartment units. The community is for the 55-year-old-plus senior population. Solaire is located less than a mile from Southfield’s Providence Hospital and Medical Center. Fourmidable will provide complete management services to the residents of Solaire.

March 13, 2015

Colorado Multifamily Seniors Housing Student Housing Western

Bethany Rehabilitation Center in Lakewood Sells for $17.9M

by Nellie Day March 12, 2015

LAKEWOOD, COLO. – Bethany Rehabilitation Center, a 56,502-square-foot skilled nursing facility in Lakewood, has sold to CareTrust for $17.9 million. The center is located at 5301 West 1st Ave., about five miles southwest of Denver. The property was built in 1969. It has 170 active beds and is licensed for 50 additional beds. CareTrust entered into a triple-net lease with Eduro Healthcare LLC, which took over operations on Feb. 1. The seller was represented by Mark Myers, Joshua Jandris and Charles Hilding of Institutional Property Advisors. Richard Bird of Marcus & Millichap’s Denver office was the firm’s broker of record in Colorado.

March 12, 2015

Loans Multifamily Seniors Housing Texas

KeyBank Arranges $26.7 M Loan for Texas Long-Term Care Portfolio

by Haisten Willis March 11, 2015

COPPERAS COVE, HARKER HEIGHTS and KILLEEN, TEXAS — KeyBank Real Estate Capital has arranged a total of $26.7 million in FHA financing for a three-property, long-term care portfolio in Texas. Two of the properties are skilled nursing facilities and one is a combination skilled nursing and assisted living facility. The properties were built in the 1990s and have a combined total of 250 units and 418 beds. Allison Holland of KeyBank arranged the non-recourse, fixed-rate first mortgages for all three properties. The portfolio is comprised of Hill Country Rehab and Nursing Center located in Copperas Cove; Indian Oaks Living Center located in Harker Heights; and The Rosewood Retirement Community located in Killeen.

March 11, 2015

Loans Multifamily Seniors Housing Texas

Capital One Secures $15.5M Loan for Retirement Community in Tyler

by Haisten Willis March 9, 2015

TYLER, TEXAS — Capital One Bank has provided a $15.5 million loan to finance the acquisition of Meadow Lake, a continuing care retirement community in Tyler. The borrower, a partnership between Evergreen Senior Living Properties LLC, its management affiliates ESLP Management LLC, and RSF Partners, acquired the property through a bankruptcy auction. Located on 95 acres, Meadow Lake opened in 2011 and includes 117 independent living units, 20 assisted living units, 34 memory care units and 30 skilled nursing beds. The facility also includes 20 fully improved lots for the addition of independent living cottages as well as undeveloped land that could accommodate an additional 88 cottages.

March 9, 2015

Indiana Midwest Multifamily Seniors Housing

Mainstreet, Trilogy Health Services Open Transitional Care Facility in Indiana

by Danielle Everson March 6, 2015

TERRE HAUTE, IND. — Mainstreet and Trilogy Health Services is opening Harrison’s Crossing Health Campus, a 102-bed, 68,000-square-foot transitional care (short-stay rehabilitation and therapy) and assisted living facility, this month. The property is located at 395 8th Ave. in Terre Haute. Construction on Harrison’s Crossing Health Campus began in November 2013. Mainstreet developed the facility and Trilogy operates the property. Harrison’s Crossing Health Campus will offer amenities including a large therapy gym, outdoor rehabilitation courtyard, movie theater, game room, spa and an on-site chef. The project, which represents a total investment of $15 million in the community, created 317 construction jobs and 100 permanent jobs.

March 6, 2015

Kensington Park Maryland Seniors Housing

Loans Maryland Seniors Housing Southeast

Prudential Mortgage Capital Provides $41M to Refinance Seniors Housing Facility in Maryland

by John Nelson February 27, 2015

KENSINGTON, MD. — Prudential Mortgage Capital Co., the commercial mortgage lending business of Prudential Financial Inc. (NYSE: PRU), has provided a $41 million loan to Fountain Square Properties to refinance Kensington Park, a Class A independent, assisted and memory care community located in Kensington. Tom Goodsite and Trace Wilson of Prudential Mortgage Capital were the leads on the transaction. The loan was originated through Freddie Mac’s Senior Housing program. The property consists of 61 independent living units, 52 assisted living units and 51 memory care units and is situated on more than eight acres, just north of the I- 495 Beltway in Montgomery County. Kensington Park is managed by an affiliate of its owner, Fountain Square Properties.

February 27, 2015

Multifamily Seniors Housing Texas

Tribute Plans New Memory Care Community in Prosper

by Haisten Willis February 26, 2015

PROSPER, TEXAS — Dallas-based Tribute Senior Living will begin construction this spring on an advanced memory care and seniors living community at the corner of Preston Road and Broadway in Prosper, Texas. Upon completion in 2016, the 60,000-square-foot community will be home to 100 residents. “There are more than 5.2 million people living with Alzheimer’s disease in the United States,” says Charles Hodges, a partner with Tribute. “That number is expected to grow to more than 16 million by 2050. Those are very real numbers and when you also consider the family and friends touched by this horrible disease, we are talking about hundreds of millions of people affected in one way or another.” Sodalis Elder Living principal and Tribute Senior Living partner Mark Rushing will serve as the operating partner. The team has formally partnered with Dr. Paula Grammas, former executive director of the Garrison Institute on Aging and tenured professor of neurology at the Texas Tech University School of Medicine, to ensure that the communities utilize every environmental and care advantage in treating Alzheimer’s and dementia.

February 26, 2015

Loans Midwest Minnesota Multifamily Seniors Housing

NorthMarq Capital Arranges $33M in Refinancing for Two Multifamily Properties

by Danielle Everson February 18, 2015

MINNEAPOLIS AND ROSEVILLE, MINN. — NorthMarq Capital’s Minneapolis office has arranged $33 million in refinancing for two multifamily properties in Minneapolis and Roseville. The first property is ElseWarehouse Apartments, a mixed-use building that includes 116 apartment units and five commercial spaces. The property is located at 730 Washington Ave. N. in Minneapolis. NorthMarq arranged $21 million in financing for the borrower through its seller-servicer relationship with Freddie Mac. Cherrywood Pointe is the second property, which is a seniors housing property that includes 80 units. The property is located at 2996 Cleveland Ave. N. in Roseville. NorthMarq arranged $12 million in refinancing for the borrower through its seller-servicer relationship with Freddie Mac. Patrick Minea of NorthMarq arranged both of the loans.

February 18, 2015

Multifamily Seniors Housing Texas

Satterfield & Pontikes to Construct Skilled Nursing Facility in Metro Houston

by Haisten Willis February 13, 2015

KATY, Texas — Satterfield & Pontikes Construction has been selected by Medistar Corporation to construct an 80-bed skilled nursing facility at Katy Fort Bend Road and Colonial Parkway in far west Harris County. Work on the 60,000-square-foot building is scheduled to begin early this year. Construction is expected to take approximately 11 months. The $12.3 million Kindred Parkwest Skilled Nursing Facility was designed by architect Davis Stokes Collaborative PC of Brentwood, Tenn. The 5-acre site will have room for future expansion to 120 inpatient rooms. The two-story building will feature a structural steel frame and an exterior façade of synthetic stucco, brick and stone. A separate generator with a weatherproof enclosure will be installed to provide emergency power. Medistar Corporation is a full-service real estate development company that specializes in the design, development, financing and construction of office buildings and other facilities for the healthcare industry.

February 13, 2015

Florida Georgia Multifamily Seniors Housing Southeast

Dominion Partners to Develop Seniors Housing Facilities in Florida, Georgia

by John Nelson February 13, 2015

BIRMINGHAM, ALA. — Dominion Partners, a Birmingham-based developer of senior living properties across the Southeast, has two projects underway in Georgia and Florida. Somerby of Peachtree City senior living community in Peachtree City was split into two phases of construction. Phase I, currently in lease-up, has 72 assisted living and 24 memory care apartments. Dominion Partners recently broke ground on the $25 million Phase II of Somerby, which is expected to reach completion in the fall of this year. The 13-acre project will add a four-story building with 101 one- to three-bedroom independent living units, as well as nine villas that will provide flow for the existing assisted living units. The company is also developing a property in Florida called Somerby of Santa Rosa Beach. The $13.8 million project includes 52 assisted living and 24 memory care apartments.

February 13, 2015

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