HANOVER, N.H. — Capital One Specialty Healthcare Real Estate, part of Capital One Bank’s Commercial Real Estate Group, has provided an $8.8 million HUD 232/223(a)(7) loan to refinance Wheelock Terrace in Hanover. Constructed in 2000, the assisted living facility consists of a three-story building on a well-landscaped, 11-acre site. The property is owned by Terrace Communities, which owns assisted living communities in New Hampshire, Vermont, Maine and Florida. Carolyn Whatley of Capital One Bank originated the non-recourse, fixed-rate loan, which features a 35-year amortization schedule.
Seniors Housing
GRAND RAPIDS, MICH. —MidCap Financial LLC has provided an $8.6 million loan for Titan Real Estate Investment Group to acquire an independent living facility in Grand Rapids. MidCap Financial provided the first mortgage floating rate loan with a term of up to four years. The loan not only financed the acquisition, but will also enable the borrower to complete capital improvements and reposition the property within its market. The 153-unit independent living facility was built in 1984 by a local developer and operator team that operated the facility up until the sale. Los Angeles-based Titan Real Estate Investment Group is a real estate investment firm, and Titan SenQuest is its senior housing operating platform. This is Titan SenQuest’s sixth senior housing acquisition since it was formed in 2012. Jason Dopoulos of Lancaster Pollard arranged the financing.
FLOWER MOUND, TEXAS — StoneCreek Real Estate Partners has begun construction on Elan Oaks, an 82-unit assisted living and memory care facility. Elan Oaks will be located at 3281 Long Prairie Road in Flower Mound, Texas and is expected to create more than 100 new jobs. The property will be owned and funded by a joint venture between StoneCreek and The Collin Fund with financing from NorthStar Bank of Texas. The building’s design includes 58 studio, one-bedroom and two-bedroom assisted living apartments along with 24 private and semi-private memory care suites. The project is expected to be completed in July 2015.
NILES, ILL. — Holladay Properties has arranged the lease of a new 4,000-square-foot medical office building in Niles, a suburb northwest of Chicago. North Suburban Physicians Group will occupy space at The Park at Golf Mill, a senior independent living community located at 8975 West Golf Road. North Suburban Physicians Group is expanding its practice in Niles to meet the needs of its growing patient base in the northwest suburban areas of Chicago. Liza Passarelli of Tenant Advisors Inc. represented the tenant in the transaction. Michael O’Connor of Holladay Properties represented the owner.
NEW YORK — Formation Capital and Safanad Limited have acquired a portfolio of 14 skilled nursing facilities in the mid-Atlantic region for approximately $150 million. The 1,658-bed portfolio includes 11 facilities in Virginia, two in Maryland and one in Pennsylvania. Consulate Health Care, the sixth-largest skilled nursing care provider in the United States, operates the 14 properties.
ST. AUGUSTINE, FLA. — A joint venture between Montgomery Land Co. and Zerga Development has selected general contractor Adolfson & Peterson to build an assisted living and memory care facility in St. Augustine. The 120-unit, multi-story property will be located near the intersection of Lightsey Road and State Road 207. Adolfson & Peterson expects to deliver the facility in the third quarter of 2015.
GURNEE, ILL. — The LaSalle Group will begin construction later this month on Autumn Leaves of Gurnee, an $11.3 million memory care community in Gurnee, a northern suburb of Chicago.The 29,000-square-foot facility, scheduled to open in 2015, will provide specialized care to nearly 46 residents living with Alzheimer’s, dementia, and memory impairment. The community will also offer respite care. The property is located at 505 N. Hunt Club Road, approximately two miles from Gurnee Mills Mall and Six Flags Great America and about three miles from the United Hospital System Gurnee Physician Clinic. Autumn Leaves of Gurnee is the result of a partnership between The LaSalle Group, MedProperties and TCF National Bank. The community will provide some free services for families in the area including educational seminars and Alzheimer’s support groups.
LINCOLN PARK, N.J. — Housing & Healthcare Finance (HHC Finance) has closed a $19.4 million 232/233(f) HUD loan for a skilled nursing facility in Lincoln Park. Flushing, N.Y.-based Center Management Group purchased the two-building, 189-bed property in 2012. The 35-year HUD loan refinanced the property’s high-rate, short-term conventional acquisition debt, as well as capital expenditures.
COSTA MESA, CALIF. — Vivante on the Coast, a 185-unit seniors housing community in Costa Mesa, has received $72 million in financing. The newly built community is located at 1640 Monrovia Ave. It was completed in 2013. Vivante contains a mix of independent, assisted and memory care units. Amenities include an indoor saltwater pool, salon, putting green, theater, lounge, sports bar, yoga and fitness facilities, bocce ball court, wine lockers, large outdoor courtyards and a 2.5-acre park with designated dog park. The facility also offers a culinary program, chauffeur service, 24-hour concierge, on-site nurses and pet care. The three-year loan features a 3.75 percent floating interest rate. It was arranged by HFF’s James Fowler and Charles Halladay on behalf of the borrower and Nexus Companies, the borrower’s affiliated developer. Financing was secured through a specialty finance company.
NEW YORK CITY — Eastern Union has arranged a $24 million HUD loan for the refinancing of Union Care Plaza Center. The 289-unit nursing home is located at 33-21 Union St. in the Flushing neighborhood of Queens. The 12-year loan features a fixed annual interest rate of 3.25 percent. Shaya Ackerman of Eastern Union secured the financing on behalf of the borrower, David Marx.