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.
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.
CLAYMONT, DEL. — Marcus & Millichap has arranged $4.8 million sale of River Club, a 90-unit, age-restricted apartment property located in Claymont, a northern suburb of Wilmington. Ridge MacLaren, Andrew Townsend and Clarke Talone, investment specialists in Marcus & Millichap’s Philadelphia office, marketed the property on behalf of the seller, a partnership, and the buyer, a limited liability company. River Club is located at 7807 Governor Printz Blvd. Built in 1989, the 55-plus community includes 83 one-bedroom, one-bath units and seven two-bedroom, two-bath units. The property features a sundeck overlooking the Delaware River, fitness center, cyber café and gaming room.
AVON, IND. — Mainstreet Property Group has finalized the $17.1 million sale of Wellbrooke of Avon, its newly built, 100-unit seniors housing and care facility in Avon, to Toronto-based HealthLease Properties Real Estate Trust. The fully occupied facility is leased on a triple-net basis to Life Care Services. The seniors housing property includes 70 units licensed to provide skilled nursing, rehabilitation and therapy services, while the other 30 units provide assisted living services . The facility is located at 10307 E. County Road 100 North in Avon.
CRANSTON, R.I. — Washington Trust has provided $5 million in construction financing to Scandinavian Home Inc. for an assisted living facility in Cranston. Proceeds from the loan will be used for a 2,000-square-foot addition the Scandinavian Home community, as well as renovations to existing facilities. The assisted living and skilled nursing facility is located in the Edgewood section of Cranston, about five miles south of Providence. Built in 1930, Scandinavian Home is a nonprofit community.
NAPERVILLE, ILL. — Ryan Cos. US Inc. has worked on two continuing care retirement community renovation projects for Three Crowns Park in Evanston and Friendship Village of Schaumburg. The Minneapolis-based developer and builder has renovated half of the third floor of Three Crowns Park’s Landstrom Manor building. Though not in use, the 10,000-square-foot space had included a skilled nursing unit. A new kitchen and dining facility was added to the space, along with a state-of-the-art nurse call, 14 skilled nursing units and wandering security system. The project was completed in late July. At Friendship Village, Ryan Cos. will complete a series of interior and exterior projects over the course of the next five to six months. On the exterior, Ryan Cos. will rebuild various hardscape areas, including a decorative fountain and a tenant atrium that features a stone labyrinth that is part of the community’s memory care program. The primary interior project will be the renovation of the Briarwood Wing, a phase of the community that features approximately 80 living units. Ryan Cos. will renovate the common areas and tenant spaces and rebuild the existing physical and occupational therapy areas. The project is expected to be completed by early fall.
DALLAS — The Hillside West Seniors Community, a 130-unit, age-restricted multifamily complex, has opened ahead of schedule at The Canyon in Oak Cliff, a 200-acre mixed-used development located five miles west of downtown Dallas. Development owner Stratford Land partnered with developer GroundFloor Development on both Hillside West and The Canyon’s original multifamily complex, Taylors Farm Apartments. GroundFloor utilized HUD financing and Low Income Housing Tax Credit financing assistance in the construction of the new complex, which offers one- and two-bedroom configurations plus amenities.