PEEKSKILL, N.Y. — Johnson Capital has arranged a $14 million loan for the refinancing of 120-unit Drum Hill Senior Living complex in Peekskill, located about 25 miles north of White Plains. The two-building property spans approximately 85,000 square feet and is situated a half mile from the Hudson River. Approximately 49 of the 120 units are Low-Income Housing Tax Credit units and the rest are affordable market-rate senior living units. Drum Hill is an adaptive reuse project. The project was converted from a high school to its current use in 1999. The owners of the property received a $13.9 million Industrial Development Bond issued by the City of Peekskill Industrial Development Authority for the project. The bond was refinanced with the $14 million note arranged by Lino DiLascio of Johnson Capital. A regional bank provided the 10-year loan, which includes a 30-year amortization schedule and a interest rate of approximately 5 percent.
AUSTIN, TEXAS — A joint venture between MedProperties Holdings LLC and The LaSalle Group will break ground this month on Autumn Leaves of North Austin, a 46-bed memory care residence in Austin. The 27,000-square-foot property, located in close proximity to State Highway 183, is slated for completion within 12 months. Texas Gulf Bank provided construction financing for the project, and The LaSalle Group will operate the facility upon opening.
FORT LAUDERDALE, FLA. — Housing Trust Group (HTG) has broken ground on Village Place, a $15 million seniors housing development located at 720 N.E. 4th Ave. in Fort Lauderdale. Village Place will include 112 units with eco-friendly water fixtures, cable and satellite hookups, exercise room and a gated entrance with touchpad entry. The National Association of Home Builders is expected to designate Village Place a green building upon completion. Broward County Housing provided $125,000 toward the project, while U.S. Bank provided $38.6 million through its community development subsidiary. The loan amount includes a $13.2 million construction loan, $3 million permanent financing loan and more than $22.4 million of Low Income Housing Tax Credit equity, which was awarded by Florida Housing Finance Corp.
THE WOODLANDS, TEXAS — CBRE has arranged a $38 million take-out loan for The Village at The Woodlands Waterway, a 207-unit seniors housing property in The Woodlands. This long-term financing replaces the original construction loan for the project. A joint venture between Houston-based Bridgewood Property Co. and Chicago-based Harrison Real Estate Capital, the Class A facility offers independent living, assisted living and memory care options plus amenities such as a library, convenience store, barber shop, fitness center and indoor pool. The five-year, floating-rate mortgage includes an all-in interest rate of 2.35 percent and 36 months of interest-only payments. Aron Will of CBRE arranged the refinancing.
KATY, TEXAS — HFF has brokered the sale of The Solana at Cinco Ranch seniors housing property in the Houston suburb of Katy for $71.3 million. American Realty Capital purchased the 184-unit facility, which offers independent living, assisted living and memory care options and is located at 24001 Cinco Village Center Blvd. Completed in 2009 and expanded in 2013, the property was 98 percent occupied at the time of the sale and features amenities such as a restaurant, sports bar, salon, theater, fitness center, saltwater pool and bocce ball court. Ryan Maconachy and Chad Lavender of HFF represented the seller, Formation Development Group LLC and affiliates of The Carlyle Group Inc. The Arbor Company will continue to operate the facility.
HORSHAM, PA. — Berkadia Commercial Mortgage LLC has provided three acquisition loans totaling $28 million for Capital Senior Living Corp. Lisa Lautner, senior vice president of Berkadia’s seniors housing and healthcare group, originated the loans for the seniors housing properties located in Ohio, Wisconsin and Georgia.Lautner arranged a $11.9 million loan through Fannie Mae for Hyland Park of Fitchburg in suburban Madison, Wis. The 10-year loan includes a fixed interest rate and 30-year amortization schedule. The property features 82 independent and assisted living units and is 98 percent occupied. Berkadia also provided a $7.6 million loan through Fannie Mae for Woodlands of Middletown, located in suburban Cincinnati. The senior living community features 61 assisted living and memory care units, which have studio and one-bedroom layouts, as well as companion suites. The 10-year loan includes a fixed interest rate and 30-year amortization schedule. The property is currently 93 percent occupied. In addition to the Fannie Mae financings, Lautner arranged an $8.5 million loan through Berkadia’s proprietary bridge lending program for Peachtree Plantation, a 64-unit assisted living and memory care facility located in Oakwood, Ga.
REDDING, CALIF. — Summit Healthcare REIT has acquired a 40-unit assisted living facility in Redding for $3.5 million. The 26,000-square-foot facility has been triple-net leased to an affiliate of Compass Senior Living. This is Summit’s first acquisition since changing its name from Cornerstone Core Properties REIT this past October.
CRAWFORDSVILLE, IND. — HealthLease Properties Real Estate Investment Trust has acquired a newly built, 100-unit seniors housing facility in Crawfordsville from Mainstreet Property Group LLC, the asset manager for the publicly traded REIT. Wellbrooke of Crawfordsville sold for $16.9 million. The facility is leased on a triple-net basis to an operator that is owned 50 percent by Life Care Services and 50 percent by an affiliate of Mainstreet. Of the 100 units at Crawfordsville, 70 are licensed to provide skilled nursing, rehabilitation and therapy services, while the other 30 provide assisted living. The Toronto-based REIT (TSX: HLP.UN) owns 45 seniors housing facilities with 12 in Canada and 33 in eight U.S. states.
SAN ANTONIO — SRS Real Estate Partners has brokered the sale of TRISUN Care Center Lakeside, a 110-bed skilled nursing facility in San Antonio. Located at 8707 Lakeside Parkway, the 42,853-square-foot facility provides 24-hour care for long-term residents, as well as rehabilitation services. Jason Middlebrook and Bob Dickerson of SRS represented the undisclosed seller in the transaction.
PEACHTREE CITY, GA. — Somerby of Peachtree City, a $16 million seniors rental community, has opened in Peachtree City. Phase I of the facility includes 72 assisted living units and 24 memory care units. The upscale community includes a Wellness Your Way Clinic, which is staffed by Agape Senior Primary Care physicians. The community features amenities such as a fitness center, restaurant, bistro and café, library with a computer center and a theater. Somerby Senior Living, a division of Birmingham, Ala.-based Dominion Partners, is the project developer. Chicago-based Harrison Street Capital is Somerby’s equity partner in the project. The project team includes architect Trammell + Rubio LLC, general contractor Hardin, construction manager Maxus Construction and civil engineer/landscape architect Eberly & Associates.