IRVINE, CALIF. — Cornerstone Core Properties REIT has acquired three assisted living facilities in North Carolina for approximately $15.3 million. The three facilities include the 64-bed Carteret House in Newport, the 60-bed Hamlet House in Hamlet and the 64-bed Shelby House in Shelby. Cornerstone purchased the facilities through a sale-leaseback transaction with wholly owned subsidiaries of Meridian Senior Living LLC, which will continue to operate the facilities.
SCHERTZ, TEXAS — PinPoint Commercial LP and Thrive Senior Living LLC have broken ground on a new seniors housing property, The Legacy at Forest Ridge Assisted Living and Memory Care Facility, in the northeast San Antonio suburb of Schertz. The community, located near I-35 North and Schertz Parkway, will consist of up to 112 assisted living beds and 28 memory care beds and incorporate cutting-edge technologies such as remote radio-frequency identification for resident location monitoring. Construction is slated for completion in mid-2014.
CHICAGO — Aviv REIT Inc. has acquired four post-acute and long-term care skilled nursing facilities in Ohio and Indiana for $35.9 million. The properties are triple-net leased to existing Aviv operator Diversicare Healthcare Services. Diversicare is an operator of 47 skilled nursing and assisted living facilities in nine states. The 15-year triple-net lease has an initial cash yield of 10 percent. Chicago-based Aviv has now closed three transactions with Diversicare totaling $55 million in the past year.
GLEN ELLYN, ILL. — A joint venture between MedProperties Holdings LLC and the LaSalle Group, both based in Dallas, will soon begin construction of the 46-bed Autumn Leaves of Glen Ellyn. The 27,000-square-foot, one-story memory care community will be located at the northwest corner of Geneva and Bloomingdale roads, about 23 miles west of Chicago. The LaSalle Group will operate the community under its Autumn Leaves brand. Construction of The Autumn Leaves of Glen Ellyn is slated to begin next month, with a completion date set for late 2014. Chicago-based BMO Harris Bank is providing construction financing for the project.
GEORGETOWN AND KELLER, TEXAS — PinPoint Commercial LP and Thrive Senior Living have completed construction of two assisted living and memory care facilities in Texas. The Legacy at Georgetown is a 158-bed, 63,000-square-foot property in Georgetown, located about 28 miles north of Austin. The Legacy at Bear Creek is a 116-bed, 55,000-square-foot property in Keller, located about 20 miles north of Fort Worth. The former is situated adjacent to Scott and White Georgetown Clinic, allowing for convenient medical care, while the latter is near Keller Town Center, a master-planned, mixed-use development. PinPoint acted as developer on the projects, and Thrive will manage the properties.
SAN ANTONIO — KeyBank Real Estate Capital has arranged a $32.5 million Fannie Mae loan for the acquisition of Franklin Park at Sonterra, a 202-unit independent and assisted living community in San Antonio. A joint venture between Harrison Street Real Estate Partners IV and Franklin Cos. purchased the property, which was developed by Franklin Development and is operated by a Franklin-affiliated management company. Franklin Cos. currently owns and operates seven seniors housing properties in the Dallas and San Antonio metro areas.
TRINITY, FLA. — LTC Properties Inc. has entered into an agreement to purchase a 120-bed skilled nursing property in Trinity for $14.4 million. An affiliate of Traditions Management operates the property, which is located in the Tampa-St. Petersburg-Clearwater MSA. The seniors housing facility was built in 2008. The property's new master lease, which includes four other properties leased by Traditions Management, has a 10-year term with two five-year renewal options.
BLUE SPRINGS, MO. — O’Reilly Development Co. has received approval from the Missouri Health Facilities Review Committee to develop a seniors housing community in Blue Springs, an eastern suburb of Kansas City. The review committee approved the application for 40 assisted living and 32 memory care units, which will be part of a larger continuum of care community. The entire seniors housing development will also include 76 independent living units. SWD Architects will design the project; Build LLC will serve as general contractor; and Arrow Senior Living will operate and manage the property. Construction is slated to begin before 2014.
SAN ANTONIO — Hendricks-Berkadia has brokered the sale of Wedgwood, a high-rise independent living apartment complex in San Antonio. The property, geared toward individuals age 55 and up, features amenities such as a beauty salon, nature path, library, cabana and fish pond. Wedgwood also boasts an on-site medical team and close proximity to the River Walk and Interstates 410 and 281. Mike Miller, Chris Ross and Will Caruth of Hendricks-Berkadia’s San Antonio office represented Centennial, Colo.-based seller Wedgwood Apartments, as well as the buyer, an out-of-state private investor. Acquisition financing was provided via Michael Levell from the Berkadia Austin/San Antonio office.
TIGARD, ORE. — Washington Gardens Memory Care, a 48-unit Alzheimer’s facility in Tigard, has received $7.3 million in refinancing. The facility is located at 9000 SW 91st Ave. near Downtown Portland. The cash-out refinancing was structured as a 20-year, fixed-rate, Freddie Mac loan. The loan was facilitated by Doug Harper of Berkeley Point. Washington Gardens is operated by Frontier Management, LLC and was developed by Seabold Construction Co.