PORTLAND, ORE. — A four-property seniors housing portfolio that is based in Portland has received $56 million in financing. The portfolio, which totals 419 units, includes Carman Oaks in Lake Oswego; Cedar Creek in Sherwood; the Wilsonville in Wilsonville; and Mill Creek Point in The Dalles. The portfolio boasts an overall occupancy rate of 86 percent. It contains a mix of independent living, assisted living and memory care units. The five-year, floating-rate loan facilitated the properties’ acquisitions, repositioning and renovations. It was secured by HFF’s Stephen Skok and Timothy Joyce on behalf of Harrison Street Real Estate Capital, LLC and The Springs Living.
GLENDALE, ARIZ. – Construction has been completed on Sarah’s Place, a 24-unit seniors housing residence in Glendale. The 15,000-square-foot facility is located at 6670 W. Butler Drive. It resides within the Glencroft senior living campus. Glencroft, which operates under the leadership of The Friendship Retirement Corporation, a not-for-profit corporation sponsored by Mennonite Health Services,also owns Sarah’s Place. The new facility will provide specialized care for individuals suffering from memory loss. It was constructed by McShane Construction Company and designed by Orcutt | Winslow Partnership.
AMHERST AND GORDONSVILLE, VA. — Boston Capital has invested in the rehabilitation of two seniors housing communities in Virginia, including the 48-unit Amherst Village Apartments in Amherst and the 43-unit Meadow Run Apartments in Gordonsville. The developments 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. and North Carolina-based Telamon Corp., a non-profit organization.
GLENDALE, ARIZ. – Construction has been completed on Sarah’s Place, a 24-unit seniors housing residence in Glendale. The 15,000-square-foot facility is located at 6670 W. Butler Drive. It resides within the Glencroft senior living campus. Glencroft, which operates under the leadership of The Friendship Retirement Corporation, a not-for-profit corporation sponsored by Mennonite Health Services,also owns Sarah’s Place. The new facility will provide specialized care for individuals suffering from memory loss. It was constructed by McShane Construction Company and designed by Orcutt | Winslow Partnership.
DALLAS — Dallas-based Capital Senior Living Corp. has completed the acquisition of eight seniors housing communities for $72.9 million. The eight assisted living/memory care communities are located in Texas, Indiana and Ohio. The acquisition was financed through $50.2 million of non-recourse mortgage debt. The properties' average occupancy is more than 95 percent and average monthly rents are approximately $3,200.
DALLAS — Capital Senior Living Corp. (NYSE:CSU) has purchased eight senior living communities for $72.9 million. The communities are located in Ohio, Indiana and Texas and contain assisted living and memory care facilities. The average occupancy for the properties is above 95 percent, with average monthly rents of about $3,200. The acquisition will generate additional cash from facility operations of $3.6 million, or 13 cents per share.
NEW LENOX, ILL. — A joint venture between Focus Health Partners and Artemis Real Estate Partners has acquired Paradise Park of New Lenox, an 80-unit assisted living and memory care community in New Lenox, for $9.8 million. The community includes 48 assisted living units and 32 memory care units in five cottages. ARA National Seniors Housing Group represented the buyer in the transaction.
LONG BEACH CALIF. – HCP has agreed to purchase 133 senior housing communities from a joint venture between Emeritus Corporation and Blackstone Real Estate Partners VI, an affiliate of The Blackstone Group, for $1.73 billion. The joint venture had initially acquired the portfolio out of bankruptcy in 2010 and invested $42 million in capital improvements. The properties, which are located in 29 states, were operated by Emeritus. As part of the current deal, Emeritus will sign a new triple-net master lease that will allow it to continue operating these communities. The company also agreed to invest $30 million in the properties and to purchase nine remaining properties from the Blackstone JV. Long Beach-HCP will provide $52 million in secured debt financing for this acquisition. The 133 communities contain a total of 10,350 units. They include a mix of assisted living, independent living, memory care and skilled nursing facilities.
LONG BEACH CALIF. – HCP has agreed to purchase 133 senior housing communities from a joint venture between Emeritus Corporation and Blackstone Real Estate Partners VI, an affiliate of The Blackstone Group, for $1.73 billion. The joint venture had initially acquired the portfolio out of bankruptcy in 2010 and invested $42 million in capital improvements. The properties, which are located in 29 states, were operated by Emeritus. As part of the current deal, Emeritus will sign a new triple-net master lease that will allow it to continue operating these communities. The company also agreed to invest $30 million in the properties and to purchase nine remaining properties from the Blackstone JV. Long Beach-HCP will provide $52 million in secured debt financing for this acquisition. The 133 communities contain a total of 10,350 units. They include a mix of assisted living, independent living, memory care and skilled nursing facilities.
SAN DIEGO — Park Crest, a 71-unit senior housing community in San Diego, has sold to the San Diego Housing Commission for $6.3 million. It is located at 5330 Orange Ave. The Housing Commission was represented by Victor Krebs and Rob Morgan of Colliers International. The seller, Walz Family Trust, was represented by Peter Scepanovic and Corey McHenry, also from Colliers.