MINNEAPOLIS — Dougherty Mortgage LLC has originated a $12.1 million loan under the HUD 223(a)(7) program for the refinancing of Minnehaha Senior Living, a 77-unit seniors housing facility in Minneapolis. Dougherty's Minneapolis office arranged the 40-year, self-amortizing loan for Covenire Care Nokomis LLC. The Minnehaha Senior Living property targets residents 62 years or older. The property provides affordable housing for 20 percent of the residents at 50 percent of the area median income.
Seniors Housing
ROSEVILLE, MINN. — Dougherty Mortgage LLC has originated a $6.7 million loan under the HUD 223(f) program for the refinancing of Roseville Seniors in metro Minneapolis. The 127-unit rental property for residents 62 and older, as well as disabled residents, is located in Roseville. Dougherty's Minneapolis office arranged the 35-year, self-amortizing loan for Good Neighbor Senior Apartments Limited Partnership LLLP.
CHICAGO — Boston Capital will invest in the rehabilitation of Senior Suites of Norwood Park, an 84-unit development for seniors located in Chicago. The development will be rehabilitated with tax credit equity from the Low Income Housing Tax Credit program. Chicago-based Senior Lifestyle Corp. is the developer. Senior Suites of Norwood Park will include the preservation and adaptive reuse of the Passionist Monastery. The multifamily community will feature a three-story building, which will include 10 studio units, 63 one-bedroom units and 11 two-bedroom units. Amenities include a central community room with scheduled events and activities, lounges on each floor, a fitness room, library/reading room, health/wellness office and a landscaped patio. Senior Suites of Norwood Park will be available to seniors earning 60 percent or less of the area median income.
ROCKLIN, SANTA CLARITA, CALIF. — American Realty Capital (ARC) has acquired two luxury senior living communities in Southern California for $104 million. The purchase includes the 159-unit Casa de Santa Fe in Rocklin and the 134-unit Summerhill Villa in Santa Clarita. Casa de Santa Fe was built in 2001 at 3201 Santa Fe Way, just 20 miles north of Sacramento. It is currently 98.7 percent occupied. The community contains two independent living, one assisted living and one memory care facility, in addition to a community clubhouse. Summerhill Villa was also built in 2001. The assisted living and memory care community is located at 24431 Lyons Ave., just 30 miles northwest of Downtown Los Angeles. It is 98.4 percent occupied. The CBRE National Senior Housing Group represented the seller, MBK Senior Living, in this transaction. ARC represented itself. MBK will continue to manage the communities.
CHICAGO — Aviv REIT Inc. has acquired nine post-acute and long-term care skilled nursing facilities in Kentucky and Iowa in two separate transactions for approximately $49 million. Seven of the properties are located in Kentucky and are triple-net leased to new Aviv operator Providence Group, an operator of skilled nursing facilities in Kentucky and California. The other two facilities are located in Iowa and are triple-net leased to existing Aviv operator Trillium Healthcare. The acquisitions include annual escalators and initial lease terms of 10 years. Chicago-based Aviv REIT has approximately $104 million in acquisitions year-to-date.
INDEPENDENCE, MO. — Overland Property Group has celebrated the opening of Gardens at Jackson Creek, a $10 million seniors living facility in suburban Kansas City. The new apartment community, located at 19401 E. 40th St. Court in Independence, features 46 one-bedroom units and 67 two-bedroom units. Williams Spurgeon Kuhl & Freshnock Architects led the design team for the 115,000-square-foot facility. One-bedroom floor plans range from 576 to 594 square feet with monthly rents starting at $1,025. Two-bedroom units range from 765 to 795 square feet with rents starting at $1,250. Apartments feature raised-panel wood doors, wood-grained vinyl plank flooring, granite countertops, walk-in closets, washers and dryers, custom cabinets and nine-foot ceilings.
LOS ANGELES — Metro @ Compton Senior Apartments, a 75-unit seniors housing community, has broken ground in the Los Angeles submarket of Compton. The $19.5 million, transit-oriented community will be located at 302 N. Tamarind Ave. across from the city's newly completed senior center. Metro @ Compton is also within walking distance of the Martin Luther King Transit Center, several Los Angeles Metro bus stops, the light rail Metro Blue Line, and other local services, including a grocery store, bank, library, park and the Compton Town Hall. Meta Housing Corp. which is developing the community, is working in conjunction with Los Angeles County and the Compton City Council.
VANCOUVER, WASH. — CNL Healthcare Properties has acquired four seniors housing and healthcare facilities in Washington for $88.3 million. The transaction included Bridgewood at Four Seasons Retirement & Assisted Living Community in Vancouver; Rosemont Retirement & Assisted Living Community in Yelm; Auburn Meadows Senior Community for Assisted Living and Special Care in Auburn; and Monticello Park Retirement & Assisted Living Community in Longview. The four communities contain a total of 457 residential units, including 136 independent living units, 297 assisted living units and 24 memory care units. They are managed by Prestige Senior Living, LLC under long-term management services agreements. CNL is also scheduled to close on West Hills Retirement and Assisted Living Community in Corvallis, Ore., next month. Prestige will also operate this property.
ELKHORN, NEB. — NorthMarq Capital’s Omaha based regional office has arranged a $16.2 million loan for the refinancing of Elk Ridge Independent Living, a 118-unit seniors housing facility in Elkhorn, a western suburb of Omaha. Jason Kinnison of NorthMarq arranged the 18-year loan, which is self-amortizing, through a life company. The property is located at 19303 Seward St.
TEGA CAY, S.C. — Red Capital Partners LLC has provided a $26.2 million construction loan for The Wellmore of Tega Cay, a new Class A seniors housing facility in Tega Cay, a suburb of Charlotte, N.C. The 150,000-square-foot, 152-unit campus will offer assisted living, memory care and skilled nursing services. Upon completion, affiliates of Maxwell Group Inc. will operate the project. Red Capital provided the loan to an affiliate of CNL Healthcare Properties.