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.
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.