CANTON AND CORINTH, TEXAS — National Health Investors (NHI) has purchased two skilled nursing facilities totaling 254 beds in Canton and Corinth. The $26.3 million purchase was funded from borrowings on NHI's revolving credit facility.
CHICAGO — Chicago Mayor Rahm Emanuel has proposed incentives that would support the development of a $19.4 million, 72-unit affordable seniors housing apartment building in Chicago’s Humboldt Park. North and Pulaski Elderly Limited Partnership Corp., would develop the five-story building to include a mix of one- and two-bedroom apartments, as well as an exercise room, laundry facilities and management offices. The complex, proposed for the long-vacant southeast corner of North Avenue and Pulaski Road, would include apartments for seniors aged 55 and older earning up to 80 percent of area median income. The city would provide $4 million in Tax Increment Financing, a $3.5 million loan and $1 million in Low Income Housing Tax Credits that would generate $10.1 million in equity for the project. The development partnership includes U.S. Bancorp Community Development Corp. and Hispanic Housing Development Corp.
SAN ANTONIO — The LaSalle Group plans to build the $10.7 million Autumn Leaves of Stone Oak, a memory care community located at 20272 Stone Oak Parkway in San Antonio. The 30,000-square-foot community is The LaSalle Group's first memory care community in San Antonio and will care for approximately 50 residents. The project is the result of a partnership between The LaSalle Group, Frost Bank and Dallas-based MedProperties Investment Partners LP. The property is expected to open in the spring of 2014.
MISSOURI CITY, TEXAS — The Kalikow Group, on behalf of KEP Hampton ALF LLC, has appointed Grand Lux Senior Living as the manager of the new Oyster Creek Manor in Missouri City. The property is located at Hampton Drive and Murphy Road and features a memory care unit. The facility will also include a 24-hour healthcare staff, restaurant, social activity centers, walking trails, activity stations and a beauty salon.
PORT HURON, MICH. — Love Funding has closed a $4.7 million loan for the refinancing of Porthaven Manor, a 102-unit, independent living community in Port Huron. Bruce Gerhart of Love Funding secured the financing through the U.S. Department of Housing and Urban Development’s 223(f) loan insurance program. Porthaven Manor is an age-restricted apartment community built in 1989 with low-income housing tax credits administered by the Michigan State Housing Development Authority. The refinancing will allow the property’s owners to pay off Boston Financial Institutional Tax Credits, which financed the tax credits.
MCKINLEYVILLE, CALIF. – A 100-unit assisted-living facility in McKinleyville has received a $4.4-million refinance loan. The facility is located on the Pacific Coast three miles north of Eureka. The non-recourse, FHA-insured loan has a 40-year term. It was funded by Huntoon Hastings, a wholly owned subsidiary of Johnson Capital. The loan was arranged by Rick Hayward of Johnson Capital’s San Francisco office on behalf of the borrower, a Northern California investment group.
MCKINLEYVILLE, CALIF. – A 100-unit assisted-living facility in McKinleyville has received a $4.4-million refinance loan. The facility is located on the Pacific Coast three miles north of Eureka. The non-recourse, FHA-insured loan has a 40-year term. It was funded by Huntoon Hastings, a wholly owned subsidiary of Johnson Capital. The loan was arranged by Rick Hayward of Johnson Capital’s San Francisco office on behalf of the borrower, a Northern California investment group.
LEAGUE CITY, TEXAS — The Cottages at Clear Lake, an assisted living residence in League City serving Alzheimer's patients and other memory care residents, has added the North Cottage luxury residence. North Cottage features 48 private apartments. Meals, activities and daily programs are developed around smaller family groups within each unit.
AMORY, MISS. — Love Funding has arranged three loans totaling $15 million to refinance a portfolio of skilled nursing facilities in Mississippi. Laura Saull-Smith of Love Funding obtained the loans through the U.S. Department of Housing and Urban Development's Section 232/223(a)(7) LEAN program. The properties include the River Place Nursing Center in Amory, The Nichols Center in Madison and The Carrington Nursing Center in Starkville. All three facilities are operated by Briar Hill Management LLC and include 105 units.
CORONA, CALIF. – The 203-unit Valencia Terrace seniors housing facility in Corona has received $30.5 million in financing. The community is located at 2300 South Main Street. It is currently 98 percent occupied. It provides both independent and assisted living options for residents. The 10-year, fixed-rate loan was used to refinance an existing construction loan by BBVA Compass. It features a 67 percent loan-to-value and a 30-year amortization schedule. The Fannie Mae loan was originated by Heidi Brunet of Berkadia Commercial Mortgage, LLC on behalf of Kisco Senior Living.