BRICK, N.J. — Brick-based Tryko Partners LLC has added five skilled nursing facilities, totaling 470 beds, to its Massachusetts portfolio. The company has acquired two properties from Ventas Inc. and entered into a lease contract to operate three additional assets that Ventas will continue to own. Tryko acquired the 88-bed Hammersmith House Nursing Care Center, which will be renamed Chestnut Woods Rehabilitation and Healthcare Center, in Saugus, Mass.; and the 87-bed Hillcrest Nursing and Rehabilitation Center, which will be renamed Valley Stream Rehabilitation and Healthcare Center, in Fitchburg, Mass. The Ventas-owned properties to be operated by Tryko include the 132-bed Blueberry Hill Skilled Nursing and Rehabilitation Center in Beverly, Mass.; the 82-bed River Terrace Rehabilitation and Healthcare in Lancaster, Mass.; and the 81-bed Oak Wood Rehabilitation and Nursing Center, which will be renamed Brookside Rehabilitation and Healthcare Center, in Webster, Mass. Financing for the two acquisition was provided by The PrivateBank, and Tryko is financing working capital for the three Ventas-owned properties through a regional bank with extensive healthcare lending experience.
Seniors Housing
FORT WORTH, DALLAS AND HOUSTON — Love Funding has closed $12.6 million in loans to refinance a group of affordable seniors housing facilities in Texas. The properties include Park Meadow Apartments in Fort Worth, Prairie Creek Apartments in Dallas and Lakeview Place Apartments in Houston. A nonprofit subsidiary of Volunteers of America (VOA) owns and manages all three communities. Tammy Tate of Love Funding’s Knoxville, Tenn., office arranged the loans through HUD’s 223(f) program, replacing the former HUD 202 loans. The VOA has the option to use the loan proceeds to fund extensive upgrades to the three properties.
BUTLER, PA. — Institutional Property Advisor (IPA), a brokerage division of Marcus & Millichap, has brokered the sale of Sunnyview Nursing and Rehabilitation Center in Butler. A Northeast-based healthcare property investment firm purchased the 240-bed nursing home from Butler County, Pa., for $20.5 million. Built in 1963, the property is situated on seven acres at 107 Sunnyview Circle. Joshua Jandris, Mark Myers and Charles Hilding of IPA, along with Matthew Gorman of Marcus & Millichap’s Philadelphia’s office, represented the seller in the transaction.
SAN DIEGO – The 65-unit Sungarden Terrace senior housing facility in San Diego has received a $2.9-million refinance. The facility is located at 2045 and 2049 Skyline Drive in Lemon Grove. The property contains an assisted living facility with a memory care unit. The loan includes a 15-year term and 15-year amortization schedule. It was secured by Steve Hollisterof NorthMarq Capital’s San Diego regional officethrough the lender, a life insurance company, as a servicing mortgage correspondent.
HALETHORPE, MD. — Enterprise has opened The Greens at English Consul, a $14.6 million seniors housing community located at 4120 Oak Road in Halethorpe in Baltimore County. The property features 72 one-bedroom and 18 two-bedroom apartments affordable for seniors earning up to 60 percent of the area’s median income. In addition to developer Enterprise, the design team includes architect Grimm + Parker and general contractor The Whiting-Turner Contracting Co. The development includes a library with computer terminals, a community room, TV lounge and sports bar, activity room, laundry room, mail room and fitness center. Bank of America provided construction financing for the project. Financing also came via government funds, a grant, bond, construction loan and developer equity.
KLAMATH FALLAS, ORE. — NorthMarq Capital has arranged a $14.5 million bridge/construction loan for the expansion of Quail Park at Crystal Terrace, a seniors housing property in the south Oregon city of Klamath Falls, which is situated about 20 miles north of the California state border. The facility, which provides both independent and assisted living services, currently consists of one three-story, 67-unit building and 20 one-story cottages. The expansion will include a 24-unit, 36-bed memory care facility to be developed on an adjacent parcel. Stuart Oswald of NorthMarq originated the four-year loan, which includes a 25-year amortization schedule and reflects a 75 percent loan-to-value ratio. A non-recourse bridge lender supplied the financing.
BOCA RATON, FLA. — HJ Sims has raised roughly $214 million for a start-up continuing care retirement community (CCRC) in Boca Raton known as Sinai Residences of Boca Raton. The property is located on the campus of the Jewish Federation of South Palm Beach County. The resort-style CCRC features 237 independent living units, 48 assisted living units, 24 memory care units and 60 skilled nursing suites. Federation CCRC Operations Corp. is the property’s developer, owner and manager. HJ Sims structured $120.7 million of tax-exempt fixed-rate bonds, $69 million of Entrance Fee Principal Redemption Bonds and $24.1 million of Draw Down Bonds. Sinai Residences of Boca Raton is slated to open in 2015. The project team includes development and marketing consultant Greenbrier Development, manager Life Care Services and architect Perkins Eastman.
BULLHEAD CITY, ARIZ. — Joshua Springs, a 95,300-square-foot assisted-living facility, has broken ground in Bullhead City. The $18-million project will be located at 2995 Desert Sky Blvd. within the Fox Creek master-planned development. Bullhead City is just north of Lake Havasu. The facility will include 74 assisted-living apartments and 30 apartments for memory care residents. It will also feature a bistro, hair salon/barber shop, theatre, spa and exercise room, billiards room, card and game rooms and a library. Construction should be complete next summer. Joshua Springs will sit adjacent to a five-acre medical office complex development. The planned project will be anchored by five 7,500-square-foot medical office buildings targeting medical/physician practices and health-related service providers. The developer, Brookfield Communities, sold the land for Joshua Springs in 2012 to Link Development, a developer that specializes in assisted-living facilities. The new project will be managed and operated by Milestone Retirement Communities.
MONROE TOWNSHIP, N.J. — Walker & Dunlop has provided $14.5 million in bridge financing through the company’s interim loan program to AFC Forsgate Owner LLC. The borrower, which is a joint venture between Artemis Real Estate Partners, Focus Healthcare Partners and Chelsea Senior Living, plans use the loan to refinance Chelsea at Forsgate. Located in Monroe Township, the 120-unit assisted living facility was originally constructed in 1996 and purchased by the borrower in February 2013. Since acquisition, the borrower has made capital improvements to the property and plans additional improvements. John Pantone and Jim Cope led the Walker & Dunlop team that structured the three-year, interest-only, cash-out transaction.
WASHINGTON, D.C. — Roadside Development LLC and Dantes Partners have opened Hodge on 7th, a 90-unit, $28 million seniors housing apartment community located in the City Market at O project in Washington, D.C.’s Shaw neighborhood. The City Market at O is 1 million-square-foot urban infill project that features 90,000 square feet of retail, 650 multifamily units, a 182-room Cambria Suites Hotel that opened last week and a 500-car parking garage. The new LEED Silver-certified Hodge on 7th is available for senior citizens older than 55 years old and earning 60 percent or less of the area median income. The project is one of four residential buildings coming to the Shaw neighborhood. According to Roadside Development, the new seniors housing community employs more than 100 people.