Seniors Housing

PRIVATE INVESTOR BUYS FLORIDA ASSISTED LIVING FACILITY

by admin May 20, 2013

LAKE CITY, FLA. — Marcus & Millichap has arranged the sale of WillowBrook Assisted Living, a 37,358-square-foot assisted living facility in Lake City, for $6.7 million. The property is located at 1580 S. Marion Ave. and is situated on 5.2 acres, which includes a gazebo and pond. The facility caters to a private pay population, with most residents needing some assistance. The Class A property includes 64 units. Krone Weidler of Marcus & Millichap represented the seller, a limited liability company, and the buyer, a private investor from Florida.

May 20, 2013

NORTHMARQ ARRANGES $23.8M LOAN FOR GREENLEAF APTS.

by admin May 14, 2013

BOLINGBROOK, ILL. — NorthMarq’s Chicago regional office has arranged $23.8 million in first mortgage refinancing for Greenleaf Apartments in Bolingbrook, located 30 miles southwest of Chicago. The 321-unit affordable housing community for seniors is located at 502 Kildeer Drive. The borrower is Greenleaf Limited Partnership. The 19.3-year loan is fully amortizing and was placed through AmeriSphere Multifamily Finance LLC, a Fannie May DUS Lender.

May 14, 2013

Seniors Housing Texas

OAK GROVE ORIGINATES $259M FOR BROOKDALE SENIOR LIVING

by admin May 9, 2013

ST. PAUL, MINN. — St. Paul-based Oak Grove Capital has closed a $259 million Fannie Mae DUS credit facility for Brookdale Senior Living. The 10-year, variable-rate facility will be used to refinance existing mortgage debt on facilities around the U.S., including Texas. Brookdale will use the financing to refinance loans on 23 assisted living, independent living and memory care facilities totaling 1,781 units. The properties are located in 10 states, including Florida, New York, Kansas and Pennsylvania.

May 9, 2013

Seniors Housing Texas

CADENCE MCSHANE TO BUILD FALCON POINT SENIOR COMMUNITY

by admin May 9, 2013

KATY, TEXAS — Co-developers PinPoint Commercial LP and Thrive Senior Living LLC have selected Cadence McShane Construction Co. to construct Legacy at Falcon Point. The new 82-unit assisted living and memory care center will be built on a seven-acre site at 1520 Katy Gap Road in Katy. The two-story, 64,281-square-foot facility will consist of 22 memory care units and 60 assisted living units, as well as feature panel wall and steel construction with an accented natural stone and stucco exterior. The development will incorporate the “Main Street and Neighborhood” concept, whereby each neighborhood will have its own unique theme and the Main Street portion will include a movie theater, spa, restaurant, gym, store and sports bar. Three Square Design Group is providing comprehensive architectural services for the community.

May 9, 2013

Midwest Seniors Housing

SENQUEST ACQUIRES SENIORS HOUSING COMMUNITY FOR $12M

by admin May 3, 2013

WADSWORTH, OHIO — SenQuest Senior Living has acquired Liberty Residence I and II, a 137-unit senior residential community in Wadsworth, for $12 million. The independent and assisted living property, which is situated in an Akron suburb, was 91 percent occupied at the time of sale. SenQuest is the seniors housing division of Los Angeles-based Titan Real Estate Investment Group Inc. Jacob Gehl of Marcus & Millichap represented the buyer and seller in the transaction.

May 3, 2013

Seniors Housing Texas

BELAIRE DELIVERS $11M ASSISTED LIVING/MEMORY CARE FACILITY

by admin May 3, 2013

ODESSA, TEXAS — The Belaire Group, a Dallas-based senior living consultant, has completed construction oversight of Orchard Park of Odessa, an assisted living and memory care facility located in Odessa. The $11 million, 65,000-square-foot project features 57 assisted living units and 40 memory care units. The property is located at 8050 Dr. Emmet Headlee St. The facility has received its certificate of occupancy and is awaiting final inspection from the Texas Department of Aging and Disability Services. The owner and developer, McFarlin Group, funded the development with both capital from the U.S. Department of Housing and Urban Development and private equity. Meridian Senior Living will manage the new facility.

May 3, 2013

Midwest Seniors Housing

CNL HEALTHCARE ACQUIRES TWO PROPERTIES IN IOWA

by admin May 2, 2013

INDIANOLA AND GRINNEL IOWA — CNL Healthcare Properties has acquired two seniors housing communities in Iowa for $12.1 million through a joint venture with GCI Development LLC. CNL Healthcare Properties owns a 75 percent interest in the joint venture, which includes Windsor Manor of Indianola, a 42-unit assisted living and memory care community, and Windsor Manor of Grinnell, a 30-unit assisted living and 10-unit memory care community. Provision Living LLC will manage both properties under a long-term management agreement.

May 2, 2013

Midwest Seniors Housing

JOINT VENTURE BUYS SENIOR LIVING PROPERTY FOR $7.6M

by admin May 2, 2013

STERLING HEIGHTS, MICH. — American House Senior Living Communities and Virtus Real Estate Capital have acquired Sterling Woods for $7.6 million at a cap rate of 8.5 percent. The property will now be known as American House Sterling Woods. Built in 2006, Sterling Woods is a 78-unit independent living property and includes one- and two-bedroom apartments. The seniors housing community was 91 percent occupied at the time of sale. Located in the metro Detroit suburb of Sterling Heights, Sterling Woods will offer amenities such as full life enrichment and wellness programs, culinary options, housekeeping, transportation and third-party personal care services.

May 2, 2013

Northeast Seniors Housing

GREYSTONE ORIGINATES $28M FINANCING FOR TWO COMMUNITIES

by admin May 1, 2013

UTICA, N.Y. AND CANTON, GA. — Greystone has provided a total of $28 million in bridge loan financing to United Group of Cos. Inc. for two market-rate senior apartment communities located in New York and Georgia. Proceeds from the loan were used to refinance existing debt. The independent living properties are Schuyler Commons in Utica, N.Y. and The Lodge at BridgeMill in Canton, Ga. Donny Rosenberg and Steve Germano of Greystone originated the loans.

May 1, 2013

Seniors Housing Southeast

KEYBANK PROVIDES $11M LOAN FOR NEW SENIOR LIVING FACILITY

by admin April 25, 2013

JACKSONVILLE, FLA. — KeyBank Real Estate Capital has provided an $11.6 million loan to Legend Senior Living for the construction of a new assisted living and Alzheimer's residence in Jacksonville. The property, The Windsor at San Pablo, will consist of 94 units. This is the second senior living facility Grant Saunders, senior vice president of KeyBank's Senior Housing and Healthcare Group, has arranged for the borrower this year.

April 25, 2013

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