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.
LEAGUE CITY, TEXAS — The Cottages at Clear Lake, an assisted living residence in League City serving Alzheimer's patients and other memory care residents, has added the North Cottage luxury residence. North Cottage features 48 private apartments. Meals, activities and daily programs are developed around smaller family groups within each unit.
AMORY, MISS. — Love Funding has arranged three loans totaling $15 million to refinance a portfolio of skilled nursing facilities in Mississippi. Laura Saull-Smith of Love Funding obtained the loans through the U.S. Department of Housing and Urban Development's Section 232/223(a)(7) LEAN program. The properties include the River Place Nursing Center in Amory, The Nichols Center in Madison and The Carrington Nursing Center in Starkville. All three facilities are operated by Briar Hill Management LLC and include 105 units.
CORONA, CALIF. – The 203-unit Valencia Terrace seniors housing facility in Corona has received $30.5 million in financing. The community is located at 2300 South Main Street. It is currently 98 percent occupied. It provides both independent and assisted living options for residents. The 10-year, fixed-rate loan was used to refinance an existing construction loan by BBVA Compass. It features a 67 percent loan-to-value and a 30-year amortization schedule. The Fannie Mae loan was originated by Heidi Brunet of Berkadia Commercial Mortgage, LLC on behalf of Kisco Senior Living.
CORONA, CALIF. – The 203-unit Valencia Terrace seniors housing facility in Corona has received $30.5 million in financing. The community is located at 2300 South Main Street. It is currently 98 percent occupied. It provides both independent and assisted living options for residents. The 10-year, fixed-rate loan was used to refinance an existing construction loan by BBVA Compass. It features a 67 percent loan-to-value and a 30-year amortization schedule. The Fannie Mae loan was originated by Heidi Brunet of Berkadia Commercial Mortgage, LLC on behalf of Kisco Senior Living.
BRYAN, TEXAS — Dallas-based Weis Builders has completed the $28 million redevelopment project for Crestview, a 242,000-square-foot seniors housing property in Bryan. Crestview was originally an independent living community but is now considered a continuing care retirement community, which provides independent living, assisted living, memory care and skilled nursing services. The community includes several dining options, libraries, sitting rooms, beauty salons/spas, activity rooms, community kitchens, a chapel, outdoor pool and fitness center.
BLUFFTON AND HILTON HEAD, S.C. — Kandu Capital LLC and its operating company, Bloom Senior Living, have acquired two seniors housing communities in Bluffton and Hilton Head, S.C., from Brookdale Senior Living for $7.2 million. The acquisition includes the Carolina House of Bluffton, a 59-unit assisted living and memory care community, which was built in 2000. The second property is Carolina House of Hilton Head, a 58-unit assisted living and memory care community built in 1999. Bloom plans to upgrade the properties.
MANVEL, TEXAS — Love Funding has closed a $10.1 million construction-to-permanent loan for the development of Orchard Park of Pearland, an assisted living and memory care facility under development in Manvel. Joshua Hausfeld of Love Funding secured the 40-year loan through HUD's Section 232 LEAN program for new construction of healthcare facilities. The borrowers, McFarlin Group and Stroud Development, plan to open the facility in 2014.
DES MOINES — Dougherty Mortgage LLC has arranged a $4.4 million refinancing loan for 3801 Grand Place, a 60-unit assisted living and dementia care facility located in Des Moines. The non-recourse HUD loan has an amortization of 373 months (approximately 31 years) and was arranged for 3801 Grand Associates LP by Dougherty’s Minneapolis office. The seniors housing facility is an existing HUD facility built in 1994 and managed by Newbury Management Co.
LONG BEACH, CALIF. – The 61-unit Ramona Park Senior Apartments has broken ground in Long Beach. The $22.5-million project will be located at 3290 E. Artesia Blvd. It is being developed by Palm Communities, which has partnered with nonprofit Western Community Housing on this project. It is scheduled for completion in April 2014. WNC provided $7 million in low-income housing tax credit (LIHTC) equity to help fund Ramona’s construction.