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Seniors Housing

quail-springs
MultifamilySeniors HousingTexas

Senior Living Investment Brokerage Arranges Sale of Seniors Housing Complex in Oklahoma City

by Haisten Willis

OKLAHOMA CITY — Senior Living Investment Brokerage Inc. has arranged the sale of Quail Springs, an 80-unit assisted living and memory care community located in Oklahoma City. The community features 68 assisted living units and 12 memory care units. Quail Springs was an operational outlier for the seller, Elmcroft/Ventas, and was not producing a positive EBITDA at the time of closing. Bradley Clousing and Jeff Binder of Senior Living Investment Brokerage handled the transaction. Summit Senior Living purchased the seniors housing facility for an undisclosed price.

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Villas at Canterfield Cumming
GeorgiaSeniors HousingSoutheast

Juneau Begins Final Phase of Construction on CCRC in Georgia

by John Nelson

CUMMING, GA. — Atlanta-based contractor Juneau Construction Co. has entered the final phase of construction for The Villas at Canterfield in Cumming, which includes a 146,000-square-foot independent living apartment facility. The structure under construction is a four-story building housing 76 residential units, plus a pool, exercise facilities, multi-purpose activity rooms, a club area, country store, fully equipped communal kitchen, restaurant-style dining area and an outdoor courtyard. Juneau expects to complete construction of The Villas at Canterfield by November. The developer is Medical Development Corp., and the architect and engineer is The Corcoran Ota Group.

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Symphony-of-Chesterton-Ind
HealthcareIndianaMidwestMultifamilySeniors Housing

Mainstreet, Symphony Post Acute Network Break Ground for Chesterton Medical Resort

by Amy Works

CHESTERTON, IND. — Mainstreet and Symphony Post Acute Network have broken ground on Symphony of Chesterton, a post-acute care facility located at 2775 Village Point in Chesterton. The 76,701-square-foot property will feature 106 bed and provide short-stay rehabilitation and therapy services, as well as senior living options. Mainstreet is developing the project, which will be operated by Symphony Post Acute Network. The $18.8 million project is expected to bring approximately 360 construction jobs and 150 permanent jobs to the area. The construction is expected to be complete by December.

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McShane_Indiana
IndianaMidwestMultifamilySeniors Housing

McShane to Construct Memory Care Residence in Indiana

by Amy Works

MERRILLVILLE, IND. — McShane Construction Company has been selected to build Merrillville Memory Care, a 50-bed memory care community in Merrillville, a small town in the northwest corner of Indiana. Developers Whiteco Industries and Dete Development selected McShane for the 33,760-square-foot facility, which is planned for a 9.3-acre site at 7900 Rhode Island St. McShane will complete all site work, including landscaping and an on-site paved parking lot for 37 vehicles. Architectural Design Consultants will provide the architectural services.

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Ziegler-CRC-IL
IllinoisLoansMidwestMultifamilySeniors Housing

Ziegler Closes $135M in Financing for Covenant Retirement Communities

by Amy Works

CHICAGO — Ziegler has closed two loans, totaling $135 million, for Covenant Retirement Communities (CRC). The loans include $112.8 million of Series 2015A fixed-rate refunding bonds and $22.34 million of Series 2015B variable rate refunding bonds sold directly to the bank. Illinois-based CRC, a not-for-profit organization that owns and operates continuing care retirement communities, has several locations across the country. CRC’s Obligated Group consists of 14 communities in eight states: four in California, four in Illinois, and one each in Colorado, Connecticut, Florida, Michigan, Minnesota and Washington. As of December 2014, the Obligated Group properties comprised 4,769 total units, with 3,065 independent living units, 755 assisted living units and 949 skilled-nursing beds. Proceeds of the Series 2015A Revenue Refunding Bonds, together with trustee-held funds, were used to advance refund CRC’s outstanding Series 2005 bonds in the amount of $118.1 million, fund a debt service reserve fund, and pay certain costs of issuance.

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LoansMultifamilySeniors HousingTexas

KeyBank Provides $21.3M Loan for Assisted Living Community in Metro Houston

by Haisten Willis

BAYTOWN, TEXAS — KeyBank Real Estate Capital has secured a $21.3 million life insurance loan for Remington Park Baytown, an assisted living and memory care community located in Baytown. Monique Bimler of KeyBank’s Healthcare Mortgage Group arranged the 10-year, fixed-rate loan on behalf of Capital Senior Living, which was used to acquire the property. Capital Senior Living Corp. is a operator of residential communities for senior adults. The company operates 115 senior living communities with an aggregate capacity of approximately 15,000 residents.

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MultifamilySeniors HousingTexas

Granite Investment Group Sells Senior Housing in Metro Austin for $23.4M

by Haisten Willis

GEORGETOWN AND PFLUGERVILLE, TEXAS — Granite Investment Group has sold two senior housing properties near Austin for $23.4 million. The sale included Park Place Care Center and Assisted Living, a senior care campus that includes a 116-bed skilled nursing facility and a 48-bed assisted living facility in Georgetown. Built in 1997 on nearly seven acres, Park Place offers 24-hour skilled nursing care, short- and long-term rehabilitation, common areas, private and semi-private rooms, activity directors, spiritual care and an order-by-menu dining program. An affiliate of Granite Investment Group originally purchased the property in 2007 for $9.2 million. The second property in the transaction is Pflugerville Care Center, an 111-bed skilled nursing facility built in 1991 on 3.2 acres. The facility provides residents with short- and long-term rehabilitation care. An affiliate of Granite Investment Group originally purchased the property in 2005 for $9.1 million. Mark Myers and Joshua Jandris of Institutional Property Advisors, a division of Marcus & Millichap, brokered the transaction.

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Pennybyrn at Maryfield High Point
LoansNorth CarolinaSeniors HousingSoutheast

Ziegler Arranges $66M Financing for CCRC in North Carolina

by John Nelson

HIGH POINT, N.C. — Ziegler, a specialty investment bank, has arranged a $66.1 million bond issue for Maryfield Inc., a North Carolina not-for-profit that owns and operates Pennybyrn at Maryfield, a continuing care retirement community (CCRC) in High Point. Proceeds of the bonds will be used to pay off bonds from 2005 and 2010, fund a debt service reserve fund for the bonds and pay fees and expenses incurred by the sale of the new bonds. Located on 68 acres, Pennybyrn consists of 180 independent living units (131 apartments and 49 cottages); 48 assisted living units (24 standard care and 24 memory care); and 125 skilled nursing beds.

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Ambassador Hotel Fort Myers
FloridaLoansSeniors HousingSoutheast

Walker & Dunlop Arranges $11M Redevelopment Loan for Fort Myers Seniors Community

by John Nelson

FORT MYERS, FLA. — Walker & Dunlop Inc. has arranged an $11 million acquisition bridge loan for The MacFarlane Group, which will use the loan to convert the currently Ambassador Hotel in Fort Myers into a 323-unit independent living facility. The development plan for the property is fully approved. Daniel Lisser, New York-based senior vice president, led the Walker & Dunlop team that structured the one-year bridge loan, which includes full-term interest only payments. ACRES Capital, a bridge lender that started its business just a few months ago, provided the financing after the original lender dropped out of the deal.

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The-Ambassador-Scarsdale-NY
MultifamilyNew YorkNortheastSeniors Housing

115-Unit Assisted Living Community Opens in Scarsdale, N.Y.

by Amy Works

SCARSDALE, N.Y. — Developer Amba P. Sharma has opened The Ambassador of Scarsdale, an assisted living community located at 9 Saxon Wood Road in Scarsdale. The 115-unit property features studio, one-bedroom and two-bedroom residences, a secure on-site memory care program, a fitness center, fully equipped medical offices, a restaurant, fine arts studio, full-service beauty salon and spa, a living room and lounge with fireplaces, and a business center. The project team includes Stamford, Conn.-based Perkins Eastman Architects, Jasper Design and Solutions-Advisors.

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