CORPUS CHRISTI, TEXAS — Aries Capital has arranged a $7.5 million loan for The Village at Oso Bay, a newly planned 56-unit memory care community in Corpus Christi. Atlanta-based Thrive Senior Living LLC is developing the facility. The capital structure includes a 24-month interest only construction loan and an additional 36 months with a 20-year amortization. The loan-to-value ratio for the transaction was approximately 75 percent.
CLEBURNE, TEXAS — Caddis Partners LLC has announced the development of the first community under its new senior living brand, Heartis. Work began last week on the property, located on 15 acres at 902 Walter P. Holiday Drive in Cleburne, just outside of Fort Worth. The Class A community will contain 54 assisted living units, with 61 beds, and a dedicated 35-bed memory care unit. Caddis Partners will develop and own the project, and Good Neighbor Care will manage the new property. The development team includes architectural firm Katus, MAPP Construction and Amegy Bank. Heartis Cleburne is scheduled for completion next summer.
BRENHAM, TEXAS — Marcus & Millichap Real Estate Investment Services has arranged the sale of Bluebonnet Hills Care Center, a 96-bed nursing home located at 401 E. Blue Bell Road in Brenham. The property commanded a list price of $2 million. Rod Llanos and Doug O'Toole of Marcus & Millichap's Houston office represented both the seller, an individual trust, and the buyer, a limited liability company, in the transaction.
NEW BEDFORD, N.H. — Phase I of Manoment Place, a 76-unit, mixed-income seniors housing project in New Bedford, has finished construction. Formerly known as both Cliftex Mill and Manoment Mill, the property is a 20th century textile mill developed by textile manufacturer and commission agent William Whitman. Architect and engineer Charles R. Makepeace along with contractor Benjamin F. Smith assisted Whitman in the development. John W. Keith acquired the property in 2012 through a partnership with WinnDevelopment to develop the two-phase, re-use project. Manomet Place is an age-restricted seniors housing community.
OMAHA, NEB. — Promontory Healthcare Cos. and Lund-Ross Constructors broke ground on a $6.3 million transitional care center in the Old Mill area of Omaha. Construction on Old Mill Rehabilitation is expected to last 12 months, with an opening scheduled for spring 2014. Once complete, the facility will provide transitional rehabilitation services and be a licensed skilled nursing facility. The 40,000-square-foot facility will feature 44 private suites and common areas including a great room, dining room, library and chapel. Physical therapy rooms, nursing stations and administrative space will also be located on the grounds. Mainland Healthcare Development LLC will be in charge of development. Ankrom Mosian Architects is serving as the project architect. Lamp Rynearson & Associates is serving as civil engineer. Great Western Bank will provide construction financing. Lund-Ross Constructors will act as general contractor, and Promontory Healthcare Cos. will operate Old Mill Rehabilitation.
HOPKINS, MINN. — Dougherty Mortgage LLC has arranged $20 million in refinancing for two seniors housing facilities located within the St. Therese Southwest senior community in Hopkins. The Terraces Assisted Living LLC received a $10.9 million HUD 232/223(a)(7) loan for the refinancing of The Terraces, an 86-unit assisted living/dementia care facility. The loan includes a 34-year amortization schedule. The Towers LLC received a $9.6 million HUD/FHA 223(a)(7) loan for the refinance of The Towers, a 224-unit, age-restricted seniors housing property. The owners plan to use the refinancing loans to reduce the interest rates on the loans and improve property operations. Golden Valley, Minn.-based Great Lakes Management Co. manages both properties.
CORPUS CHRISTI, TEXAS — Dallas/Fort Worth-based SQN Realty Finance LLC and Atlanta-based Thrive Senior Living LLC have formed a joint venture to acquire 3.4 acres in Corpus Christi for the construction of a 64-bed memory care facility. Thrive will develop and manage the property; SQN will provide equity for the project; and Corpus Christi-based Ewing Construction Co. will be the general contractor. Construction is slated to begin in June and wrap up in April 2014.
OHIO — Aviv REIT Inc. (NYSE: AVIV) has acquired a post-acute and long-term care skilled nursing facility in Ohio for $14.4 million. The property is triple-net leased to existing tenant Saber Healthcare Group. Saber is an operator of 71 skilled nursing and assisted living facilities in five states. The 10-year lease includes an initial cash yield of 10 percent and annual rent escalators. The transaction was funded with the company's revolving credit facility. Aviv has closed $29 million in investments this year.
DEEPHAVEN, MINN. — A joint venture has broken ground on Deephaven Woods Senior Living, a 78-unit seniors living community in Deephaven, about 15 miles west of Minneapolis. St. Therese Catholic Church partnered with Ebenezer Society to form the joint venture, St. Therese Senior Living LLC. The senior living community is located on a 14-acre site on the church’s 26-acre campus. The two-story development will include independent, assisted living and memory care apartments. Deephaven Woods Senior Living is expected to open by summer 2014. Kraus-Anderson will build the community, and Ebenezer Management Services will provide daily operational and management services.
KATY, TEXAS — Dallas-based three: living architecture, a boutique design firm, has designed The Solana at Cinco Ranch, a 20,000-square-foot expansion to the existing seniors housing community in Katy, which three also designed. The expansion will feature 20 new memory care units and six additional assisted living units. Formation Development Group and its affiliates own the development, and The Arbor Co. manages it. The expansion is set to open in July.
