BOSTON — Love Funding has arranged a $4 million loan to refinance Compass on the Bay, a Boston-based assisted living facility. Leonard Lucas of Love Funding's Boston office secured the loan through the U.S. Dept. of Housing and Urban Development's 232/223(a)(7) loan program. Compass on the Bay is operated by Senior Living Residences and contains 39 units.
DALLAS — Dallas-based Capital Senior Living has acquired five senior living communities in Texas and Indiana for $49.4 million, which include independent living, assisted living and memory care facilities. The communities were financed with $37.5 million of 10-year fixed rate debt. The properties have an average 94 percent occupancy and average monthly rents of approximately $3,200.
LOCUST, N.C. — Boston Capital Finance has secured $3.75 million in construction financing for the 35-unit Ardsley Commons, a seniors housing community located 25 miles east of Charlotte in Locust. The loan has a term of 24 months, interest only. Amenities will indlucde a 4,800-square-foot community room with a computer center, a fitness area and outdoor sitting areas including a picnic area with tables and grills.
CLAREMONT, CALIF. – Courier Place Apartment Homes, a 75-unit affordable housing complex for seniors and families, has opened in Claremont. The project was developed by Jamboree Housing Corporation. WNC & Associates partnered with Jamboree to provide $13,278,629 in Low Income Housing Tax Credits (LIHTC) for the project. Other financing partners included the City of Claremont, Claremont Redevelopment Agency, US Bank, Community Development Commission of the County of Los Angeles and the U.S. Department of Housing and Urban Development. Courier Place is Jamboree’s first multi-generational affordable apartment community and the first in Los Angeles County. The community resides at 111 South College Ave. on the site of the former Claremont Courier newspaper. Courier Place is striving for LEED-Platinum certification.
SEWICKLEY, WEXFORD PENN. — Cabot, Penn.-based Concordia Lutheran Ministries has purchased two seniors housing communities in Pennsylvania for $7.8 million. The properties include Pristine Pines, a 56-unit community in the Pittsburgh suburb of Sewickley, and a 28-unit community in Wexford. The Sewickley community included the sale of several adjacent acres on which Concordia plans a large expansion. Benjamin Fireston and Jacob Gehl of Marcus & Millichap's Chicago office represented the seller, a private equity fund with offices in New York and Dallas. They also secured the buyer.
WEST CALDWELL, N.J. —Value Cos., a Clifton, N.J.-based developer, plans to break ground on The Villas at West Caldwell this spring. The Villas is an age-restricted rental community in West Caldwell, and will include 30 residences. The two-bedroom homes will range from 1,200 to 1,500 square feet. Leasing is scheduled to begin in the fall or winter of 2013, and initial monthly rents are expected to begin in the mid-$2,000s. The community will accept adults age 55 and older.
STONE MOUNTAIN, GA. — The 474-unit Park Springs, a continuing care retirement community located at 500 Springhouse Cir. in Stone Mountain, has received $47.3 million in refinancing. Richard Swartz, Phil Anderson, Jay Wagner and Aaron Rosenzweig of Cushman & Wakefield Sonnenblick Goldman's Boston office arranged the financing on behalf of the borrower, Isakson Living. Bank of America and Atlantic Capital Bank provided the financing.
ORLANDO, FLA. — Orlando-based CNL Lifestyle Properties has entered into an agreement to acquire four assisted living communities in Georgia from Solomon Holdings III Dogwood Four for $80 million. The properties include Dogwood Forest in Alpharetta, Dogwood Forest of Eagles Landing in Stockbridge, Dogwood Forest in Fayetteville and Dogwood Forest in Gainesville. The company expects to close the purchase in May.
LAKE ZURICH, ILL. — Ryan Cos. has completed construction of Zurich Meadows, a new 95-unit seniors residential communityin Lake Zurich. The developer of Zurich Meadows is Chicago-based Carefree Development. The $15 million project is located at 250 Mohawk Trail and includes 56 one-bedroom and 39 two-bedroom units. The development also features a game room, fitness center and a library. Zurich Meadows opened in mid-January and currently has 26 residents.
SAN ANTONIO — St. Paul, Minn.-based Oak Grove Capital has originated financing for the 144-unit Emeritus at Amber Oaks, a seniors housing facility located in San Antonio. The transaction is part of a $17.9 million refinancing for three properties in the U.S., including Emeritus at Amber Oaks. The 30-year loan was arranged through HUD's 232/223(f) financing program.