HASTINGS, MINN. — Dougherty Funding LLC has closed $6 million in acquisition financing for Oak Ridge Assisted Living of Hastings. The 67-unit property is located in Hastings and sits on nearly three acres. The facility, built in 2001, is comprised of both assisted living and memory care units and was 96 percent leased as of August 2014. Dougherty Funding LLC serves as lead lender for the loan, which was arranged for the borrower, Hastings ACQ LLC.
SHOREVIEW, MINN. — Dougherty Mortgage LLC has arranged a $13.5 million HUD 213 loan for the construction of Applewood Pointe Cooperative of Shoreview, a 77-unit construction senior cooperative property in Shoreview. Dougherty’s Minneapolis-based office arranged the 40-year loan for the borrower, Applewood Pointe Cooperative of Shoreview. The cooperative site is located in a Ramsey County suburb.
MCKINNEY, TEXAS — A joint venture between Kensington Realty Advisors and SEDCO Capital has acquired Orchard Park, a seniors housing complex in McKinney, a suburb of Dallas. Orchard Park is a 97-unit assisted living and memory care facility located 30 miles north of downtown Dallas. The property was completed in 2011 and is located near a major hospital.
SAN ANTONIO — Construction is set to begin on the 86,000-square-foot Heartis San Antonio assisted living and memory care community. The property will be completed in the second quarter of 2016. Heartis San Antonio will be built on a 3.6-acre site on Huebner Road, near the cities of Shavano Park and Hill Country Village. It is one of three communities under development in Texas that will be managed by Frontier Management, with a second soon to begin construction in central Texas and a third under development in metro Dallas. Amenities at Heartis San Antonio will include two interior courtyards, activity areas, a gym, specialized programming, 24-hour nursing services, housekeeping and laundry services and Class A finishes. Austin-based Katus LLC is the project’s architect and Cameron, Texas-based EBCO General Contractor Ltd. Is the general contractor. American Momentum Bank is providing construction debt financing.
A strengthening national economy and housing market are benefiting all segments of seniors housing, according to Marcus & Millichap’s National Seniors Housing Research Report for the second half of 2014. In some segments, such as independent living and continuing care retirement communities, occupancies and rents are expected to grow strongly through the end of the year. In the newly improving economy, retirees are using equity —which was previously tied up in their homes due to the soft housing market following the recession — toward entrance-fee continuing care retirement communities or other seniors housing options, the report says. The improving economy has been enormously beneficial to baby boomers, according to Marcus & Millichap. Boomers’ parents are the primary users of assisted living facilities. “Equipped with refilled retirement accounts, this group will feel more comfortable with the expenditure for seniors housing when the need arises,” the M&M research team wrote. This increased demand is spurring development activity. In states where barriers to entry are reduced, construction is underway, whereas states with tougher permitting and entitlement processes lag. Investment Sales Trends Smaller owners of seniors housing properties are being priced out of the market, according to Marcus & Millichap. Simultaneously, the strong demand …
NAPERVILLE, ILL. — The Springs at Monarch Landing, a new senior living community, is now open in Naperville. The Chicago office of Perkins Eastman and Monarch Landing recently participated in a ribbon-cutting ceremony for the 94,000-square-foot health and rehabilitation center. The Springs includes private resident rooms and couples’ suites, with 48 devoted to short-term rehabilitation, 48 to skilled care, and 28 for assisted living memory support. Other building amenities include a physical therapy suite, salon, café, multi-purpose room, outdoor gardens and courtyards, as well as covered access from the existing independent living buildings. The project took nearly 18 months to complete. The Perkins Eastman design team worked closely with Senior Care Development and Monarch Landing leadership to develop the multi-phase master plan for the entire 15-acre campus and complete the interior architecture of the facility.
BEE CAVE, TEXAS — Silverado Memory Care Community in Bee Cave, a suburb of Austin, will open Oct. 16 with a ribbon-cutting ceremony that will include residents and Texas State Rep. Paul Workman. Construction on the property began last year and more than 20 residents with memory impairments already live in the community, which is located at 14058 A. Bee Cave Pkwy. in Bee Cave. The property can accommodate up to 90 residents. The Bee Cave location is Silverado’s second in the Austin area. Amenities include memory boxes to help residents find their rooms, along with gardens, putting greens and walking paths.
LISLE, ILL. — Ryan Cos. and Providence Life Services will develop an 80-unit, senior apartment community in Lisle, a western suburb of Chicago. Arbor Place of Lisle, an affordable, age-restricted community will be situated on an approximately 3.3-acre site at the northeast corner of Karns Road and Ogden Avenue. The development will comprise 60 one-bedroom, one-bathroom and 20 two-bedroom, one-bathroom units. The $20.6 million development was designed and is being constructed according to Enterprise Green Communities specifications. Construction is set for completion in summer 2015. Arbor Place of Lisle is the second project for the Ryan-Providence partnership. Arbor Place of Lisle is being financed under the Section 42 affordable housing program administered by the Illinois Housing Development Authority.
COON RAPIDS, MINN. — Dougherty Mortgage LLC has arranged a $2.1 million Fannie Mae loan for the refinancing of a 72-unit seniors housing property in Coon Rapids. Margaret Place is an assisted living facility located within a wooded residential setting and offers an urgent response system, 24-hour security system and twice daily wellness checks, as well as daily home-cooked meals and numerous scheduled activities. The 18-year loan includes a 25-year amortization schedule. Dougherty’s Minneapolis office secured the loan for the borrower, Margaret Place LP.
EASTON, MASS. — Peabody, Mass.-based Congress Building Corp., serving as construction manager, has broken ground for the construction of The Residence at Five Corners, a senior housing community being developed in Easton. The 84-unit assisted care facility will be owned and operated by Norwood, Mass.-based LCB Senior Living. Located at 678 Depot St., the facility will offer a mix of assisted living, independent living and memory care residences for seniors. The property is slated to open in late 2015.
