EAGAN AND PRIOR LAKE, MINN. — KeyBank Real Estate Capital has secured $31.7 million in Fannie Mae loans for two seniors housing communities. The properties included Keystone Communities of Eagan, which includes 129 units; and Keystone Communities of Prior Lake, which includes 107 units. Charlie Shoop of KeyBank secured financing for the borrower, Toronto, Ontario-based BayBridge Seniors Housing, in conjunction with local operator and joint venture partner Keystone Communities. The financing allowed BayBridge to refinance existing debt at low long-term, fixed interest rates and provided additional growth capital for the sponsor.
HOLYOKE, MASS. — Brick, N.J.-based Tryko Partners has acquired the Mont Marie skilled nursing and age-restricted affordable housing campus in Holyoke. The Sisters of St. Joseph of Springfield (SSJ Springfield) sold the property for an undisclosed price. The 52-acre property includes the 84-bed Mont Marie Health Care Center, as well as the Mont Marie Senior Residence and St. Joseph Residence, which offer a total of 80 senior HUD rental units. The purchase was financed through CapitalSource. SSJ Springfield will retain use of the property’s chapel and cemetery through a lease agreement with Tryko.
IPSWICH, MASS. — LCB Senior Living has opened The Residence at Riverbend, located at 149 Country Road in Ipswich. The seniors housing property features 53 studio, one-bedroom and two-bedroom units for traditional independent and assisted living, and 22 studio and shared memory-care living apartments. Situated on the former Riverbend Estate along the Ipswich River, the community offers 24-hour security, on-site laundry and cleaning services, a restaurant, an activities program, and building and grounds maintenance. Peabody, Mass.-based Congress Building Corp. provided construction management services for the 75-unit, 73,674-square-foot facility. The developers have conveyed approximately 3 acres of the original 15.5-acre site to the town and the Ipswich River Watershed Association (IRWA) as conservation land along the riverfront. Additionally, IRWA has been granted access to a wetland area of the site for public educational purposes. Norwood, Mass.-based LCB Senior Living was founded in 2010 by the management team of the former Newton Senior Living LLC.
LAUDERHILL, FLA. — Forest City Enterprises Inc. has completed the $18.5 million sale of Forest Trace, a 322-unit independent living seniors apartment community in Lauderhill. Forest Trace, which includes 40 assisted living beds, was purchased by Pacifica Lauderhill LLC. The buyer also assumed the existing mortgage on the property. The property was originally developed in 1989 and was acquired by a subsidiary of Forest City in 2000.
WACO, TEXAS — Construction has begun on the 70,000-square-foot, 81-unit Heartis Waco Assistant Living & Memory Care Community. The development is scheduled for completion in late 2015. Caddis, a national healthcare real estate firm, owns and is developing the project. Frontier Management will manage the property. Heartis Waco is the second of three Heartis communities under development that will be managed by Frontier. The development will be located on five acres at Speegleville Road north of U.S. Highway 84. Katus LLC is the project’s architect and General Contractor Ltd. is the contractor. American National Bank of Texas provided debt financing for the project.
MURFREESBORO, TENN. — National Health Investors Inc. (NHI) has signed a purchase agreement to acquire eight communities known as the Seniors Living Communities Portfolio for $476 million. Following the acquisition closing, Senior Living Communities will lease the properties under a 15-year term. NHI will also provide a $15 million working capital line of credit to Senior Living Communities to finance construction/renovation projects at the eight properties. The eight facilities total 1,671 units and have an average occupancy of 85.4 percent. The properties include: • Brightwater in Myrtle Beach, S.C. • Lakes at Litchfield in Pawley’s Island, S.C. • Cascades Verdae in Greenville, S.C. • Summit Hills in Spartanburg, S.C. • Homestead Hills in Winston-Salem, N.C. • Ridgecrest in Mt. Airy, N.C. • Marsh’s Edge in Saint Simons Island, Ga. • Osprey Village in Amelia Island, Fla.
BELLEVILLE, ILL. —IMPACT Strategies has begun construction on a senior living community in Belleville. The $6 million Cottages at Cathedral Square will include 32 units across five buildings totaling more than 31,000 square feet. EWR Associates of Fairview Heights designed the community and Cottages Limited Partnership of Chicago is the developer. Construction on the Cottages at Cathedral Square is expected to be complete by September 2015. The project is one of several multi-housing and senior living projects built by IMPACT Strategies throughout the St. Louis Metropolitan area.
CELEBRATION, FLA. — Big Rock Partners has purchased a nine-acre land parcel from The Celebration Co. in Celebration. The land will be the site of a $60 million, Class A seniors housing development, which is slated to break ground in the first quarter of 2015. Sabra Health Care REIT provided $4.5 million in financing for Big Rock’s purchase and plans to provide additional construction financing for the project, according to Big Rock. The 255-unit rental residence will feature independent living, assisted living and memory care components. The project team includes architect Perkins Eastman, management company Life Care Services and financial advisor Walker & Dunlop. The community of Celebration, located near Orlando, was established by The Walt Disney Co. in the mid-1990s.
TOMS RIVER, N.J. — Oak Grove Capital has originated an $8.2 million FHA loan to refinance Highland Plaza, an affordable seniors housing community in Toms River. Located a few miles from the Jersey Shore, the community offers 111 apartment units. Oak Grove Capital worked with the New York and New Jersey HUD offices to secure the fixed-rate loan, which features a 30-year amortization schedule and prepayment flexibility.
BERLIN, MD. — Cassidy Turley has brokered the sale of Gull Creek Senior Living Community in Berlin. The 86-unit seniors housing property is composed of 39 independent living units, 37 assisted living units and 10 memory care units. Allen McMurtry, Megan Fetter and David Kliewer of Cassidy Turley represented the undisclosed seller in the transaction. The buyer was an affiliate of WMD Asset Management LLC.