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Seniors Housing

Franklin-Park-Stone-Oak
LoansMultifamilySeniors HousingTexas

CBRE Arranges $40.3M Loan for Seniors Housing Property in San Antonio

by Haisten Willis

SAN ANTONIO — CBRE Capital Markets’ Senior Housing Debt & Structured Finance group has arranged $40.3 million in acquisition financing for a joint venture between Franklin Development Properties and Harrison Street Real Estate Capital. The financing will be used to acquire Franklin Park Stone Oak, a Class A assisted living and memory care community in San Antonio. CBRE negotiated an $18.2 million, five-year, 36-month interest-only, floating rate mortgage loan at a 70 percent loan-to-value ratio for Phase I, which was built in 2011. The company also negotiated a $22.1 million, five-year, 48-month interest-only, floating rate construction loan at a 70 percent loan-to-cost ratio to develop Phase II, which will be adjacent to the existing campus. The completed property will consist of 162 independent living units, 66 assisted living units and 33 memory care units.

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Willow-Spring-Tryko
MultifamilyNew JerseyNortheastSeniors Housing

Tryko Partners Acquires Burnt Tavern Skilled Nursing Facility in New Jersey

by Amy Works

BRICK, N.J. — Tryko Partners has acquired Burnt Tavern Rehabilitation and Healthcare Center in Brick for an undisclosed price. Located at 1049 Burnt Tavern Road, the center includes 148 skilled nursing beds with expansion potential and an assisted living component that can accommodate 23 clients. The company plans to launch a $1 million renovation program to upgrade the property, which has been renamed Willow Spring Rehabilitation and Healthcare Center. Planning renovations include a state-of-the-art sub-acute care unit, expanded rehabilitation facility with cutting-edge equipment and technology, and updated common areas, patient rooms and assisted living accommodations. Tryko Partners purchased the asset from the original developer, NuVision Management. Additional terms of the transaction were not released.

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MultifamilySeniors HousingTexas

Red Capital Provides Construction Loan for Senior Housing Complex in Metro Houston

by Haisten Willis

CYPRESS, TEXAS — Red Capital Partners LLC has provided a $13.5 million balance sheet construction loan to an affiliate of Avanti Senior Living. Avanti on Towne Lake will be a 90-unit assisted living and memory care facility located in Cypress near the Avanti headquarters in The Woodlands. The community will consist of 50 assisted living units and 40 memory-care units. Avanti Senior Living has partnered with an affiliate of Iron Point Partners to develop a portfolio of Class A senior living communities throughout Texas and the southeastern United States.

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ColoradoMultifamilySeniors HousingWestern

Villagio Senior Living in Broomfield Breaks Ground

by Nellie Day

BROOMFIELD, COLO. – The 51-unit Villagio Senior Living has broken ground in Broomfield. The memory care continuum community is located at 5866 West 120th Ave. Common-area amenities include 24-hour care, a gourmet dining experience and community programs. The new community is expected to open next fall. The community will be designed by Van Tilburg, Banvard & Soderbergh and built by Pinkard Construction. It is being developed by Blackwood Development and Choice Capital Partners.

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MidwestMinnesotaMultifamilySeniors Housing

KeyBank Secures $31.7M in Loans for Two Minnesota Seniors Housing Properties

by Danielle Everson

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.

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Mont-Marie-Tryko
MassachusettsMultifamilyNortheastSeniors Housing

Tryko Partners Buys Seniors Housing Campus in Holyoke, Mass.

by Amy Works

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.

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The-Residences-at-Riverbend-Ipswich
MassachusettsMultifamilyNortheastSeniors Housing

LCB Senior Living Opens The Residence at Riverbend in Massachusetts

by Amy Works

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.

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FloridaMultifamilySeniors HousingSoutheast

Forest City Sells Independent Living Community in Florida for $18.5M

by John Nelson

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.

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heartis-waco
MultifamilySeniors HousingTexas

Construction Begins on Heartis Senior Living Community in Waco

by Haisten Willis

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.

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Seniors HousingSoutheastTennessee

NHI to Acquire Eight Seniors Housing Communities for $476M

by John Nelson

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.

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