CHICAGO — Skender Construction recently completed three new seniors housing facilities in the Chicago area. The properties include the 72,000-square-foot Oak Hill Supportive Living Community, the 90,000-square-foot The Residences of Lake in the Hills and the 75,000-square-foot Lakefront Residences of Grayslake. Oak Hill is an independent senior living facility located in Round Lake Beach, Ill. The Crown Group developed the 94-unit community, which features a community dining room, theater, billiards room and therapy center. Residences of Lake in the Hills is a two-story seniors housing complex in Lake in the Hills, Ill. DKI developed the 92-unit property, which was designed by architect NORR. Lakefront Residences is a 70-unit affordable housing community developed by Mercy Housing Lakefront in Grayslake, Ill. The community is for adults over 55.
Seniors Housing
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.
HILLIARD, OHIO — KeyBank Real Estate Capital has arranged a $13.7 million loan for the refinancing of Carriage Court of Hilliard, a 102-unit assisted living and memory care community in Hilliard, a suburb of Columbus. Jack Boudler of KeyBank negotiated the 35-year loan through the U.S. Department of Housing and Urban Development's HUD 232/223(a)(7) program. The borrower is Sentio Healthcare Properties.
LUBBOCK — Marcus & Millichap has arranged the sale of the 126-bed Whisperwood Nursing and Rehab Center, located at 5502 W. 4th St. in Lubbock. The property was listed for sale at $2.5 million. Rod Llanos and Doug O'Toole of Marcus & Millichap's Houston office represented the seller, a not-for-profit corporation, in the transaction. Llanos and O'Toole also represented the buyer, a limited liability company.
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.