PALO ALTO, CALIF. — Assisted living facility Palo Alto Commons has received $42 million in construction and permanent financing. The new financing will replace the property’s existing debt. It will also fund the development of a new 44-unit expansion wing. Financing was arranged by Jeff Wilcox of Newmark Realty Capital’s San Francisco office. It was secured through HUD’s LEAN 232 and underwritten and sourced through Prudential Huntoon Paige, LLC.
MEDIA, PA. — Beech Street Capital has arranged a $9.9 million HUD 232/223 (a)(7) loan to refinance Sterling Healthcare and Rehabilitation Center, a 164-bed skilled nursing facility in Media. Joshua Rosen of Beech Street originated the 31-year loan. The center was build in the 1950s and has continually been upgraded by the owner. The property is 93 percent occupied.
SALISBURY, MD. — Tryko Partners has acquired the 151-unit Pine Bluff Village, an affordable housing community located at 1514 Riverside Drive in Salisbury, from AIMCO for $7.2 million. The property includes a commercial kitchen that serves lunch and dinner, an on-site beauty/barber shop, laundry facilities, an exercise room and a picnic and patio area.
HOMESTEAD, FLA. — Deerfield Beach, Fla.-based SIKON Construction Co. has completed the $10 million, 99-unit Veranda Senior Apartments, a seniors housing facility located at 28355 SW 152nd Ave. in Homestead. HTG Veranda Senior Ltd. developed the property. Amenities include a leasing office/clubhouse and a swimming pool.
BOLINGBROOK, ILL. — The LaSalle Group has announced plans to build a $10.2 million memory care assisted living community at 351 Lily Cache Lane in Bolingbrook. The 26,000-square-foot Autumn Leaves of Bolingbrook will serve residents living with Alzheimer's and dementia. The LaSalle Group is partnering with RT Partners and local lender, BMO Harris Bank, on the project. The community is expected to open in the third quarter of 2013.
BURNSVILLE, MINN. — Ebenezer Management Services will breark ground on a $12 million addition to Arbors at Ridges, an assisted living community in Burnsville, later this month. The community currently offers 44 senior apartments. Kraus-Anderson Construction will construct a three-story building that will house 63 assisted living units. The new campus will also feature gardens, walking paths, a movie theater, library, barber shop, clubroom, chapel and coffee shop. The addition is slated for completion in the spring of 2013. Sperides Reiners Architects is designing the project.
COON RAPIDS, MINN. — Walker & Dunlop has arranged a $12 million loan for the refinancing of Select Senior Living at Coon Rapids, a 68-unit assisted living facility in Coon Rapids. Amenities at the property include separate dining rooms for memory-care and assisted-living residents, an activity center and theater room. Carolyn McMullen of Walker & Dunlop secured the loan through the U.S. Department of Housing and Urban Development's Section 232/223(f). The loan contains a 35-year amortization schedule.
TEXAS — Aviv REIT has purchased 15 skilled nursing facilities in Texas leased to Daybreak Ventures for $72.7 million. The triple-net lease has a 12-year term. The transaction was financed with cash on hand, Aviv's lines of credit and assumed debt.
CHICAGO — Beech Street Capital has arranged $7.7 million in HUD 232/223(a)(7) loans to refinance two skilled nursing facilities in Chicago. The properties include Waterford Nursing & Rehabilitation Center, a 141-bed facility, and the 127-bed Heritage Nursing Home. Joshua Rosen of Beech Street Capital originated the transaction.
BARBERTON, OHIO — Marcus & Millichap has arranged the $1.1 million sale of Heritage Place Senior Apartments in Barberton. The 66-unit property is located at 39 and 41 30th Street NW. Dan Burkons, Josh Wintermute, Michael Barron and Kurt Shoemaker of Marcus & Millichap represented the seller, a private partnership. Barron, Burknos and Wintermute also secured the buyer, a limited liability company.