SANTA CLARA, CALIF. – A new affordable senior housing complex broke ground at 2525 El Camino Real in Santa Clara. The $15-million complex is being developed by EM Corporation,in conjunction with Pacific Housing and theCity of Santa Clara. The 48-unit complex, called 2525 El Camino Real Senior Apartments, is set to open in the summer of 2013. It is being designed by KTGY Group.
ORLANDO, FLA. — CNL Healthcare Trust has signed an agreement with Sunrise Senior Living to enter a $226 million joint venture that will own seven seniors housing communities. With the transaction expected to close within 60 days, the joint venture, of which CNL will own 55 percent, will assume ownership of Sunrise of Santa Monica in Santa Monica, Calif.; Sunrise on Connecticut Avenue in Washington, D.C.; Sunrise at Siegen in Baton Rouge, La.; Sunrise of Metairie in Metairie, La.; Sunrise of Gilbert in Gilbert, Ariz.; Sunrise of Louisville in Louisville, Ky.; and Sunrise at Fountain Square in Lombard, Ill.
LOMBARD, ILL. — CNL Healthcare Trust has entered an agreement with Sunrise Senior Living for a joint venture that will own seven seniors housing communities valued at $226 million. CNL will contribute approximately $57 million and will own 55 percent of the joint venture, with Sunrise owning the remainder. The seven communities include Sunrise at Fountain Square in Lombard. Sunrise is currently the sole owner of the seven communities and will continue to operate them under a long-term management agreement. The transaction is expected to close within 60 days.
PARIS — The Ensign Group has purchased the 150-bed Paris Nursing & Rehabilitation Center, a skilled nursing facility located at 2900 Stillhouse Road in Paris. The facility is currently 59 percent occupied. The facility is Ensign's 105th healthcare property.
TEWKSBURY, MASS. — Oak Grove Capital has arranged a $10 million bridge loan to refinance Bayberry at Emerald Court, a 90-unit assisted living and memory care community in Tewksbury. Oak Grove arranged the 18-month, interest-only loan on behalf of the borrower, a limited liability company. Bayberry at Emerald Court is managed by Boston-based Northbridge. The bridge loan enables the borrower to lower the interest rate on debt it had obtained prior to repositioning the property.
ALLEN — Holiday Retirement has purchased the 196-unit Parkview in Allen, an independent living community located on Greenville Avenue in Allen. The seller, McKinney-based Zerga Development, was the general partner, developer and operator of the community. Mike Girard and Ed LaFrance of Allen-based TSG represented the seller in the transaction.
MINSTER, OHIO — Love Funding has arranged a $5 million loan to refinance Heritage Manor Skilled Nursing and Rehabilitation Center in Minster. Robert Smallwood of Love Funding secured the 33-year loan through the U.S. Department of Housing and Urban Development's 232/223(f) loan program. The property, built in 1977, is operated by a subsidiary of Vrable Healthcare Inc. and includes 61 units.
EVANSTON, ILL. — Beech Street Capital has arranged a $4.3 million HUD 232/223F loan to refinance Evanston Nursing & Rehabilitation Center in Evanston. The center is a 57-bed skilled nursing facility. Joshua Rosen of Beech Street Capital originated the loan through the Federal Housing Administration.
VIERA, FLA. — Love Funding has arranged $8.56 million in construction and permanent financing for the 102-bed Viera Manor Assisted Living Facility, a new property located in Viera that will give veterans priority admission for 80 percent of available units. Laura Saull-Smith of Love Funding's Washington, D.C., office arranged the loan through HUD's Section 232 loan insurance program on behalf of the borrower, INVENCO Seniors Housing.
SEATTLE — Seattle-based Leisure Care has taken over for the management contract for all five Conservatory Senior Living retirement communities in Texas. The portfolio include The Conservatory at Plano in Plano, The Conservatory at Keller Town Center in Keller, The Conservatory at Wells Branch in Austin, The Conservatory at Champion Forest in Spring and The Conservatory at Alden Bridge in The Woodlands.