CORPUS CHRISTI, TEXAS — Dallas/Fort Worth-based SQN Realty Finance LLC and Atlanta-based Thrive Senior Living LLC have formed a joint venture to acquire 3.4 acres in Corpus Christi for the construction of a 64-bed memory care facility. Thrive will develop and manage the property; SQN will provide equity for the project; and Corpus Christi-based Ewing Construction Co. will be the general contractor. Construction is slated to begin in June and wrap up in April 2014.
OHIO — Aviv REIT Inc. (NYSE: AVIV) has acquired a post-acute and long-term care skilled nursing facility in Ohio for $14.4 million. The property is triple-net leased to existing tenant Saber Healthcare Group. Saber is an operator of 71 skilled nursing and assisted living facilities in five states. The 10-year lease includes an initial cash yield of 10 percent and annual rent escalators. The transaction was funded with the company's revolving credit facility. Aviv has closed $29 million in investments this year.
DEEPHAVEN, MINN. — A joint venture has broken ground on Deephaven Woods Senior Living, a 78-unit seniors living community in Deephaven, about 15 miles west of Minneapolis. St. Therese Catholic Church partnered with Ebenezer Society to form the joint venture, St. Therese Senior Living LLC. The senior living community is located on a 14-acre site on the church’s 26-acre campus. The two-story development will include independent, assisted living and memory care apartments. Deephaven Woods Senior Living is expected to open by summer 2014. Kraus-Anderson will build the community, and Ebenezer Management Services will provide daily operational and management services.
KATY, TEXAS — Dallas-based three: living architecture, a boutique design firm, has designed The Solana at Cinco Ranch, a 20,000-square-foot expansion to the existing seniors housing community in Katy, which three also designed. The expansion will feature 20 new memory care units and six additional assisted living units. Formation Development Group and its affiliates own the development, and The Arbor Co. manages it. The expansion is set to open in July.
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.
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.
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.
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.
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.
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.