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.
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.
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.
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.
TOLEDO, OHIO — Health Care REIT has completed the acquisition of Sunrise Senior Living Inc. property portfolio, the sale of the Sunrise Management Co. and the acceleration of all planned joint venture partner buyouts. The Toledo-based real estate investment trust, that invests in seniors housing and health care real estate,currently has invested $3.4 billion in Sunrise properties. Bank of America Merrill Lynch acted as the exclusive financial advisor to Health Care REIT in the deal. Arnold & Porter LLP, Goodmans LLP, Nabarro LLP, Shumaker, Loop & Kendrick LLP, and Sidley Austin LLP, acted as Health Care REIT's legal advisors.
WOODSTOCK, GA. — The LaSalle Group is planning a nearly 28,000-square-foot, $9.8 million memory care community called Autumn Leaves of Towne Lake and located at 1962 Eagle Dr. in Woodstock. It will be the second Autumn Leaves memory care community in metro Atlanta, and it will exclusively care for residents with Alzheimer’s, dementia and memory impairment. Autumn Leaves of Towne Lake is expected to open in fourth quarter of 2013.
EDISON, N.J. — National Health Investors has sold its 148-bed, Edison senior living campus to its current tenant, Sunrise Senior Living, for $23 million. The Edison property is located in close proximity to the Garden State Parkway and the New Jersey Turnpike.
ACWORTH, GA. — CNL Healthcare Trust, a real estate investment offering focused on seniors housing and healthcare real estate, will invest $21.5 million in the development of Dogwood Forest of Acworth, a seniors housing community planned in Acworth. Solomon Senior Living Holdings LLC will serve as the project’s developer, and Trinity Lifestyles Management, Solomon’s affiliated management company, will manage the community under a long-term agreement with CNL Healthcare Trust. Dogwood Forest of Acworth will be a three-story building totaling nearly 85,000 square feet with 46 assisted living units and 46 memory care units. This is the second seniors housing development project for CNL Healthcare Trust.
KATY — Houston-based PinPoint Commercial has commenced construction on a two-story, 104-bed assisted living and memory care facility known as The Legacy at Falcon Point. The facility will be located at the intersection of Roesner and Katy Gap roads in Katy. Construction is slated for a late 2013 completion. The facility will feature a restaurant, movie theater, store, spa, gym and sports bar. PinPoint is collaborating with Thrive Senior Living on the development.
CUMMING, GA. — CNL Lifestyle Properties, a real estate investment trust, has acquired Laurel Creek Manor, a seniors living community in Cumming, for $7.5 million from an affiliate of Servant Investments. The property will be added to the Dogwood Forest family of four seniors living properties acquired by CNL Lifestyle Properties in the Atlanta area last May. Laurel Creek Manor is a needs-based community totaling 48 units, including 36 assisted living units and 12 memory care units. It opened in 2009 and was 100 percent occupied as reported at the end of last October. The property is located approximately 35 miles north of Atlanta.