INDIANOLA AND GRINNEL IOWA — CNL Healthcare Properties has acquired two seniors housing communities in Iowa for $12.1 million through a joint venture with GCI Development LLC. CNL Healthcare Properties owns a 75 percent interest in the joint venture, which includes Windsor Manor of Indianola, a 42-unit assisted living and memory care community, and Windsor Manor of Grinnell, a 30-unit assisted living and 10-unit memory care community. Provision Living LLC will manage both properties under a long-term management agreement.
STERLING HEIGHTS, MICH. — American House Senior Living Communities and Virtus Real Estate Capital have acquired Sterling Woods for $7.6 million at a cap rate of 8.5 percent. The property will now be known as American House Sterling Woods. Built in 2006, Sterling Woods is a 78-unit independent living property and includes one- and two-bedroom apartments. The seniors housing community was 91 percent occupied at the time of sale. Located in the metro Detroit suburb of Sterling Heights, Sterling Woods will offer amenities such as full life enrichment and wellness programs, culinary options, housekeeping, transportation and third-party personal care services.
UTICA, N.Y. AND CANTON, GA. — Greystone has provided a total of $28 million in bridge loan financing to United Group of Cos. Inc. for two market-rate senior apartment communities located in New York and Georgia. Proceeds from the loan were used to refinance existing debt. The independent living properties are Schuyler Commons in Utica, N.Y. and The Lodge at BridgeMill in Canton, Ga. Donny Rosenberg and Steve Germano of Greystone originated the loans.
JACKSONVILLE, FLA. — KeyBank Real Estate Capital has provided an $11.6 million loan to Legend Senior Living for the construction of a new assisted living and Alzheimer's residence in Jacksonville. The property, The Windsor at San Pablo, will consist of 94 units. This is the second senior living facility Grant Saunders, senior vice president of KeyBank's Senior Housing and Healthcare Group, has arranged for the borrower this year.
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.