ROCHESTER, MINN. — Grandbridge Real Estate Capital has closed a $27.8 million construction loan secured by The Waters on Mayowood, a senior living development in Rochester, a city in southeast Minnesota. Located near the Mayo Clinic and adjacent to the Apache Mall, the 175-unit community is slated to open in late 2014. A local developer is constructing the 276,000-square-foot facility, which will include a four-story assisted living wing with 70 units and six enhanced-care suites, a four-story, 71-unit independent living wing and a two-story, 28-unit memory care wing. The Waters Senior Living, an owner and operator of senior living communities in the Twin Cities, will manage the community. Tony Carlson of Grandbridge originated the loan.
FORT WORTH, TEXAS — General contractor Weis Builders has completed the first phase of The Villas of Hulen Bend, a $12 million affordable independent living community in Fort Worth. The first phase of the HUD-financed property, which is specifically designed for active seniors, consists of 138 units in one- and two-bedroom layouts. Amenities include a pool, putting green, gazebo and community garden with greenhouse, and select units have an attached garage. Trinity Courtyard LP acted as developer on the project, which is located at 6150 Oakmont Trail, and RPGA Design Group Inc. served as architect.
NEW BRITAIN, CONN. — Pennrose is developing The Jefferson, a 70-unit affordable seniors housing community in New Britain that is being built in conjunction with the New Britain Housing Authority. The three-story building will include residences with spacious floor plans, oversized windows and wall-to-wall carpeting in the bedrooms, along with secure access entry. Modern kitchens in the units are fully equipped, including dishwashers. Eight of the apartments are handicapped-accessible, and all units have 24-hour emergency call systems in the bedrooms and bathrooms. Energy-saving features include 100 percent Energy Star appliances, solar-assisted hot water and energy-efficient, resident-controlled heating and cooling. Amenities include a community room, a fitness center, outdoor patio with picnic area and on-site laundry facilities. The first resident move-ins are expected later this month. Rents are affordable and vary depending on resident income. To live at The Jefferson, at least one member of each household needs to be age 62 or older. Philadelphia-based Pennrose, which operates more than 150 affordable, market-rate and senior residential communities in eight states, will manage the property.
ATLANTA — Bull Realty has arranged the $4.3 million sale of 1753 Peachtree St., a 1.2-acre site in Atlanta’s Buckhead submarket. UHS-Pruitt, a healthcare real estate owner and operator based in Norcross, Ga., purchased the land from Woodhaven Ventures LP. UHS-Pruitt plans to develop an upscale, six-story skilled nursing facility on the property that will house 120 beds. The corner site is located within a half mile of Piedmont Hospital and the Shepherd Center. Michael Bull and Daniel Latshaw of Atlanta-based Bull Realty represented the seller in the transaction. Rush Bradley of Lavista Associates represented the buyer. The site is located at the intersection of Peachtree Street and Huntington Road.
SEATTLE — HomeStreet Bank Commercial Real Estate has launched a new senior housing lending program and has financed its first project. It has provided $13.6 million to fund the construction of Vineyard Park at Mountlake Terrace. The 110-bed assisted-living and memory care facility will be located along 56th Street West in Mountlake Terrace, just north of Seattle. Vineyard Park is being developed by Round Lake, LLC. It will be managed by Care Partners. The loan was originated by HomeStreet’s Diane Leonidas.
SEATTLE — HomeStreet Bank Commercial Real Estate has launched a new senior housing lending program and has financed its first project. It has provided $13.6 million to fund the construction of Vineyard Park at Mountlake Terrace. The 110-bed assisted-living and memory care facility will be located along 56th Street West in Mountlake Terrace, just north of Seattle. Vineyard Park is being developed by Round Lake, LLC. It will be managed by Care Partners. The loan was originated by HomeStreet’s Diane Leonidas.
WACO, TEXAS — Marcus & Millichap has brokered the sale of Woodland Springs Nursing Center, a 132-bed skilled nursing facility in Waco. The asset, located at 1010 Dallas St., sold for a price of $6.4 million. Rod Llanos of Marcus & Millichap marketed the property on behalf of the seller, a partnership. Llanos also secured the buyer, a limited liability company.
FORT MYERS, FLA. — GMA Architects & Planners has completed Discovery Village, a new seniors living community in Fort Myers. The 121,000-square-foot community includes three wings for independent living, assisted living and Alzheimer residents. The new building features courtyard gardens, a theater, game room, living room with a fireplace and bar, fitness facilities and a pool. The rest of the design team includes Development Consulting LLC, interior designer IAK Florida Design and general contractor DeAngelis Diamond Construction.
NEW YORK CITY — Newcastle Investment Corp. has agreed to acquire a 52-property portfolio of seniors housing properties from affiliates of Holiday Retirement for approximately $1 billion. The 5,885-unit portfolio includes communities located across 24 states and was 91 percent occupied as of the end of the third quarter. The deal is expected to close in December. New York City-based Newcastle plans to invest approximately $300 million of equity to acquire the Holiday Retirement Portfolio and to fund the remainder of the purchase with non-recourse mortgage debt. Holiday will continue to manage the communities to be acquired by Newcastle, which have been split into two identical triple-net master leases. Lake Oswego, Ore.-based Holiday Retirement operates 333 independent living properties around the country.
SAN ANTONIO — Developer Franklin Cos. and architect three: living architecture will break ground in February 2014 on Franklin Park, a new $30 million, 217-unit seniors housing facility in San Antonio’s Alamo Heights neighborhood. The property will total 315,000 square feet and include 115 independent living units, 62 assisted living units and 40 memory care units, as well as a coffee house and art gallery open to the public. Faulkner Design Group is serving as interior designer on the project, and Mesa is working as landscape architect.