Seniors Housing

TRYKO PARTNERS ACQUIRES SKILLED NURSING FACILITY IN EASTON, PA. FOR $6.3M

by admin March 12, 2013

EASTON, PA. — Tryko Partners LLC has acquired New Eastwood Care & Rehabilitation Center, a skilled nursing facility, for $6.3 million. Located at 2125 Fairview Ave. in Easton, about 15 miles east of Allentown, the two-story nursing home includes 97 beds. Tryko Partners plans to renovate and upgrade New Eastwood’s therapy gym, rehabilitation rooms and common areas. The firm will also complete cosmetic upgrades in patient rooms. Chicago-based The Private Bank provided financing to Tryko Partners for the New Eastwood acquisition. The New Eastwood purchase marks Tryko Partners’ continued expansion and investment emphasis in the skilled nursing sector. The company currently owns or manages more than 1,500 skilled nursing beds.

March 12, 2013

CBRE ARRANGES LAND SALE TO BELMONT VILLAGE SENIOR LIVING

by admin March 7, 2013

WEST LAKE HILLS, TEXAS — CBRE has secured the sale of 13 acres of land, located on Bee Cave Road in West Lake Hills, to Houston-based Belmont Village Senior Living. Colin Armstrong of CBRE Austin represented the seller in the transaction. Belmont Village broke ground at the site for a community called Belmont Village West Lake Hills with 141 private apartments. The facility is slated for a summer 2014 opening.

March 7, 2013

Northeast Seniors Housing

BEECH STREET CLOSES $20.6M LOAN TO REFINANCE SKILLED NURSING FACILITY

by admin March 6, 2013

LAKEWOOD, N.J. — Beech Street Capital LLC has closed a $20.6 million FHA 232/223(f) loan to refinance Leisure Chateau Care & Rehabilitation Center, a 242-bed skilled nursing facility in Lakewood. Constructed three years ago, Leisure Chateau is situated 70 miles south of New York City and 70 miles east of Philadelphia. The first-time borrower plans to use the loan to refinance existing eligible debt, complete minor repairs and to establish a replacement reserve account. Joshua Rosen of Beech Street Capital originated the transaction.

March 6, 2013

Seniors Housing Texas

BEECH STREET CLOSES $34M REFINANCE OF TEXAS SENIORS PORTFOLIO

by admin February 20, 2013

BETHESDA, MD. — Bethesda-based Beech Street Capital LLC has closed FHA 232/223(f) loans totaling $34 million to refinance five skilled nursing facilities in Texas totaling 627 beds. The facilities include the McAllen Nursing Center, Greenville Health and Rehabilitation, Courtyard Convalescent Center, Mesquite Tree Nursing Center and Prairie House Living Center. John Rosen of Beech Street originated the loans on behalf of the principals, which own 82 skilled nursing facilities in eight states. The fixed-rate loans have terms of either 30 or 35 years.

February 20, 2013

Northeast Seniors Housing

JOINT VENTURE PURCHASES ASSISTED LIVING COMMUNITY FOR $7.1 MILLION

by admin February 12, 2013

MONROE TOWNSHIP, N.J. — A joint venture between Chelsea Senior Living and Focus Healthcare Partners and Artemis Real Estate Partners has acquired The Residence at Forsgate for $7.1 million via a court-ordered receivership sale. The 69,000-square-foot assisted living facility was developed in 1996 and was 64 percent occupied at the time of sale. The three-story property has 89 units of assisted living and a separate 28-unit memory care wing.

February 12, 2013

Seniors Housing Southeast

CORNERSTONE ACQUIRES 99-BED ASSISTED LIVING FACILITY

by admin February 8, 2013

WINSTON, SALEM, N.C. — As part of a joint venture, Cornerstone Core Properties REIT has acquired a 99-bed assisted living and memory care facility in Winston-Salem for $9.7 million. The Danby House facility has been leased to the current operator, which signed a 10-year lease. The operator currently manages more than 91 facilities in 12 states. Cornerstone Healthcare Partners LLC acquired a 95 percent interest in the facility, while Cornerstone Healthcare Real Estate Fund Inc. acquired the remaining 5 percent interest.

February 8, 2013

Northeast Seniors Housing

RED MORTGAGE CLOSES $19.5 MILLION REFINANCING LOAN

by admin February 8, 2013

OYSTER BAY, N.Y. — Red Mortgage Capital has closed a $19.5 million FHA 232/223 loan to refinance the Oyster Bay Manor House, an assisted living and dementia care facility located in Oyster Bay. The low interest rate achieved through the FHA insurance program reduces the owner’s debt-service obligations and provides 30-year fully amortizing, nonrecourse debt. Oyster Bay Manor House will use $1.2 million of the $19.5 million for renovations to common areas throughout the building.

February 8, 2013

Northeast Seniors Housing

NORTHMARQ ARRANGES $23.7M LOAN FOR COLONIAL GARDENS IN BEVERLY, MASS.

by admin February 6, 2013

BEVERLY, MASS. — NorthMarq Capital has arranged a $23.7 million loan for Colonial Gardens, a 173-unit independent living facility located at 105 Cherry Hill Drive in Beverly, about 25 miles north of Boston. The property was recently completed and is 98 percent occupied. It is owned and operated by Hawthorne Retirement Group.

February 6, 2013

Seniors Housing Southeast

BOSTON CAPITAL INVESTS IN TWO WEST VIRGINIA SENIORS HOUSING DEVELOPMENTS

by admin January 30, 2013

SHEPHERDSTOWN AND PARSONS, W. VA. — Boston Capital has invested in the rehabilitation of two seniors housing communities in West Virginia. The 24-unit Lowe Gardens Apartments in Shepherdstown and the 31-unit Tucker Manor Apartments in Parsons will be rehabilitated with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. The general partners are affiliated with Maryland-based T.M. Associates Inc. along with the Telamon Corp., a non-profit organization based in North Carolina.

January 30, 2013

Seniors Housing Texas

LASALLE GROUP TO BUILD $8.8M MEMORY CARE COMMUNITY

by admin January 14, 2013

EDMOND, OKLA. — The LaSalle Group has plans to build the 28,000-square-foot Autumn Leaves of Edmond, an $8.8 million memory care community located at 1001 S. Bryant Ave. in Edmond. The community will serve residents living with Alzheimer's, dementia and memory impairment. The project is the result of a partnership between The LaSalle Group and Silverado Interests. The community is scheduled for a fourth quarter 2013 opening.

January 14, 2013

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