HILLSBORO, ORE. — The Springs at Tanasbourne, a 230-unit independent living, assisted living and memory care facility in Hillsboro, has received $36.3 million in financing. The community is located at 1950 NW 192nd Ave. The 10-year loan includes a fixed interest rate and a 30-year amortization schedule. The funds were used to refinance an existing construction loan. Carolyn Nazdin, Charlie Shoop and Doug Checketts of KeyBank Real Estate Capital 's Seniors Housing and Healthcare Groups provided the Fannie Mae loan. The borrower was a joint venture between affiliates of Ventas, Inc. and the Springs Living.
HOUSTON — The Uptown Houston District has chosen Post Oak Central, a three-building office complex totaling 1.3 million square feet, as the hub for the management of its new projects, including the reconstruction and widening of Post Oak Boulevard. The project stems from the recent approval of the extension and expansion of Uptown Houston’s Tax Increment Reinvestment Zone. The Uptown Houston District will lease 7,900 square feet at Post Oak Central. The office is currently 95 percent leased with approximately 65,000 square feet still available. The property is LEED Gold certified. Enhancements are being made on the office complex including a new 20,000-square-foot health club, updated conference facility and improved retail and parking.
FORT WORTH, TEXAS — Caddis Partners LLC has begun construction on Eagle Mountain, a 96-bed Heartis-branded assisted living and memory care community located at Dalhart Drive and Boat Club Road in Fort Worth. The community spans 61,125 square feet, and will include 54 assisted living units with 61 beds, and a 35-bed memory care unit. Caddis Partners will act as developer and owner of Heartis Eagle Mountain. Good Neighbor Care will provide management. Architectural firm Katus and the Dallas office of MAPP Construction will lead development. Financing was provided by American National Bank of Texas. Caddis plans to invest more than $100 million in senior housing projects during the next two years. Heartis Eagle Mountain is set for a summer 2014 completion.
SEATTLE— Emeritus Senior Living is assuming operations of 38 seniors housing communities from Merrill Gardens as part of an agreement that contains a total of 4,400 units across eight states. The majority of the facilities, however, are located in California and Washington. More than 40 percent of the units are designated as independent living facilities, though some properties also contain assisted living and memory care services. Seattle-based Emeritus intends to retain Merrill Gardens' community employees in the transaction, which is anticipated to close in the next few months. The move will build Emeritus' continuum of care, and for Seattle-based Merrill Gardens the deal provides greater nimbleness of operations for future innovation and development, according to company officials. Emeritus is the nation's largest assisted living and memory care provider, with a workforce of more than 30,000 and the ability to serve nearly 50,000 residents in 45 states. Completion of the Merrill Gardens transaction will increase the number of senior living communities Emeritus operates nationally to more than 500. Merrill Gardens will then have 26 operating and development communities in six states in its portfolio. The company plans to continue to develop four to five communities per year in select markets. Health …
MAPLE GROVE, MINN. — SilverCrest Properties LLC and Ryan Cos. have purchased land in Maple Grove, a northwest suburb of Minneapolis, to co-develop a new 260,000-square-foot senior living community. Phase I of the two-phase development is a $34 million campus situated on nine acres at WeaverLake Road and Main Street. The four-story building will include 182 units and feature a mix of independent living, assisted living and memory care. The City of Maple Grove sold the land to SilverCrest and Ryan Cos. Construction for Phase I is scheduled to begin in September. The architectural design team on the project is Harriss Architects and Pfister & Associates.
SEATTLE — Emeritus Senior Living is assuming operations of 38 seniors housing communities from Merrill Gardens as part of an agreement that contains a total of 4,400 units across eight states. The majority of the facilities, however, are located in California and Washington. More than 40 percent of the units are designated as independent living facilities, though some properties also contain assisted living and memory care services. Seattle-based Emeritus intends to retain Merrill Gardens' community employees in the transaction, which is anticipated to close in the next few months. The move will build Emeritus' continuum of care, and for Seattle-based Merrill Gardens the deal provides greater nimbleness of operations for future innovation and development, according to company officials. Emeritus is the nation's largest assisted living and memory care provider, with a workforce of more than 30,000 and the ability to serve nearly 50,000 residents in 45 states. Completion of the Merrill Gardens transaction will increase the number of senior living communities Emeritus operates nationally to more than 500. Merrill Gardens will then have 26 operating and development communities in six states in its portfolio. The company plans to continue to develop four to five communities per year in select markets. …
ALEDO, ILL. — Cornerstone Core Properties REIT Inc. (Core REIT) has acquired a 66-unit assisted living facility in Aledo, located about 25 miles south of Davenport, Ill., for $8.6 million. Built in 2006, the facility is 95 percent occupied. An affiliate of Meridian Senior Living operates the seniors housing property under a triple-net lease. Meridian currently operates more than 100 facilities in 12 states.
OXFORD, CONN. — Washington Trust’s Commercial Real Estate Group has provided a $6.5 million loan to Timberlake Holdings Co. LLC for the refinancing of 803 acres of undeveloped land in Oxford. Timberlake plans to build a 385-unit, master-planned active adult community on the land. The property surrounds Oxford Greens, an 18-hole championship golf course.
OLATHE, KAN. — A joint venture has acquired 17 assisted living and memory care communities throughout Illinois, Indiana, Iowa and Nebraska for $135 million. National Health Investors Inc. (NYSE: NHI) owns 85 percent of the joint venture and Bickford Senior Living owns 15 percent. The acquisition brings the total number of properties in the joint venture to 30, three of which are under construction. Wells Fargo Securities LLC served as financial advisor to NHI on this transaction. The 17 assisted living and memory care communities include 14 communities purchased from a subsidiary of Care Investment Trust Inc. (OTCQX: CVTR) for $123 million, and three communities purchased from affiliates of Bickford for $12 million.
SAN ANTONIO — Ron Davis of Johnson Capital’s Dallas office has arranged $2.4 million in joint venture equity financing for the construction of Autumn Leaves of Stone Oak, a 30,000-square-foot memory care center located at 20272 Stone Oak Parkway in San Antonio. Davis procured the equity investment from Dallas-based MedProperties Holdings LLC. The project cost will total $10.7 million. The LaSalle Group is the developer for the project. Frost Bank provided the construction loan. Autumn Leaves of Stone Oak is expected to open in spring 2014 and will house 50 residents with Alzheimer’s, dementia and memory impairment.