MOUNDS VIEW, MINN. — Construction has begun on a new three-story seniors housing community in Mounds View approximately 13 miles north of Minneapolis. The Bel Rae will be a 97-unit apartment building located at 2330 County Highway 10. The 105,000-square-foot senior community designed by Minneapolis-based Kaas Wilson Architects is scheduled for completion in March 2015. Nottingham Construction of Stillwater, Minn. is building the $14 million project. Mounds View Properties is the project developer. The new development will include independent living, assisted living and memory care apartments. The property will feature state-of-the-art monitoring and reporting technology, overnight guest rooms, underground parking, a community room, and a high-end, restaurant-quality dining room with meals prepared on-site for the residents. In addition, the senior community will provide an activities director and a full-time nurse who is on call 24 hours a day. Ebenezer Management Services will manage the property.
Seniors Housing
SAN ANTONIO — CBRE has arranged a $40 million loan for the construction of Franklin Park at Alamo Heights, a 221-unit seniors housing property in San Antonio. The five-year, floating-rate loan includes an all-in rate of 2.35 percent and 48 months of interest-only payments. The Class A project, a joint venture of Franklin Development Co. and Harrison Street Real Estate Capital LLC, will be located at the corner of West Terra Alta Road and Everest Street. Franklin Apartment Management will operate the facility. Aron Will of CBRE arranged the financing on behalf of the joint venture through a regional bank.
AUSTIN AND GEORGETOWN, TEXAS — The LaSalle Group has broken ground on two new seniors housing properties in the Austin metro area. The $10.7 million Autumn Leaves of Northwest Austin, located at 10025 Anderson Mill Road, will specialize in memory care services. The $10.3 million Autumn Leaves of Georgetown, situated at 3600 Williams Drive, will total 26,000 square feet and include approximately 50 units. Both facilities will feature the Vigil System, a motion-sensor program, in each resident room. The LaSalle Group currently owns and operates 36 properties nationwide under its Autumn Leaves brand.
NORTH CAROLINA — Berkadia Commercial Mortgage LLC has originated $85.9 million in financing for a portfolio of 15 seniors housing communities in North Carolina. Christopher Fenton of Berkadia worked with subsidiaries of Chevalier Group to secure the 35-year, fixed-rate financing through HUD’s 232/223(f) program. The loans are fully amortizing and feature a fixed 4.03 percent interest rate. Meridian Senior Living operates the 15 facilities, which consist of 1,136 beds and are approximately 90 percent occupied. The borrower will use the loans to refinance prior debts, which Berkadia originated in conjunction with GE Capital Healthcare Financial Services in 2012.
CHICAGO — Marcus & Millichap has arranged the sale of a portfolio of four seniors housing properties in Illinois for $25 million. The four properties are branded under the name Villas at Holly Brook and are located in Effingham, Herrin, Marshall and Shelbyville. The properties were constructed within the past five years. Each one-story facility is 35,000 square feet or larger with approximately 46 units located on at least two acres. The properties feature efficiency studios, one- and two- bedroom apartments, and deluxe corner suites. Mark Myers, Alex Blagojevich, and David Gaines of Marcus & Millichap represented the seller, a private investor/owner. American Realty Capital was the buyer in the transaction. Meridian Senior Living operates the properties.
MANSFIELD, TEXAS — Developer UDC Global will break ground in June on Rochester Springs Assisted Living and Memory Care, a seniors housing property in the Dallas/Fort Worth suburb of Mansfield. The $11.5 million facility, which will include 51 assisted living units and 44 memory care units, will occupy 73,073 square feet within the larger mixed-use campus located at the intersection of Matlock Road and East Broad Street. Dallas-based three: living architecture designed the project, which is slated for completion in June 2015.
LOUISVILLE, COLO. — AEW Capital Management has purchased the Balfour Senior Housing Portfolio for a reported $103.8 million. The portfolio features three Class A properties in Louisville that contain a total of 296 units. The Lodge, The Residences and the Balfour Retirement Community are situated on the east side of Colorado Highway 42 along Hecla Drive. The Lodge and The Residences are independent living communities, while the Balfour Retirement Community offers assisted living and skilled nursing. AEW acquired the property on behalf of AEW Senior Housing Investors II, L.P. Balfour was represented by HFF’s Ryan Maconachy, Chad Lavender and Campbell Roche. The team also arranged the acquisition financing for AEW through Cornerstone Real Estate Advisers. Balfour will continue to manage the community.
PORTLAND, ORE. – The 293-unit Russellville Park retirement community in Portland has received $49.3 million in financing. The senior housing community is located at 20 SE 103rd Ave. It contains 186 independent living, 91 assisted living and 16 memory care units. The average occupancy is 95 percent. Russellville Park features two buildings. Russellville East was built in 2004. The facility has undergone two major renovations, which added a new dining room, front lobby and wine bar. Russellville West was built in 2009. Russellville Park is managed and partially owned by Leisure Care Retirement Communities. The 10-year, fixed-rate loan contains a 30-year amortization schedule and a 75 percent loan-to-value ratio. It was arranged by Heidi Brunet of Berkadia’s Seniors Housing and Healthcare group.
HOUSTON — Developer Caddis Partners LLC has broken ground on two new seniors housing projects in the Houston metro area, both of which will be marketed under the company’s Heartis brand. Heartis Cypress and Heartis Clear Lake will each comprise 78 units, including 54 assisted living units and 24 memory care units in either facility. Both properties will feature interior courtyards, chef-prepared meals, housekeeping and laundry services. Caddis Partners will own the facilities, while Eugene, Ore.-based Good Neighbor Care will manage operations. For both projects, Austin-based KATUS is providing architectural services, and the Dallas office of MAPP Construction is serving as general contractor.
FAIRHOPE, ALA. — Country Place Senior Living has opened its first assisted living property in Fairhope at 8127 Gayfer Road Extension. The 24-suite property, known as Country Place Senior Living of Fairhope, is designed so that every resident’s room is within 150 feet of all the features and amenities, including 24/7 staffing and emergency response systems, housekeeping services, laundry services and life-enrichment programs.