PHILADELPHIA — Tryko Partners, a private equity real estate group, has acquired Kearsley retirement community in west Philadelphia for $8 million. The property, made up of Kearsley Apartments, Kearsley Square and Kearsley Long Term Care, is recognized as the first retirement community in the United States. The Kearsley campus is located on 13 acres at 2100 North 49th St.
WAYNESBURG, PA. –– Love Funding has closed a $5.44 million loan for Rolling Meadows, a 63-room nursing facility in Waynesburg. Bruce Gerhart of Love Funding’s Cleveland office secured the 30-year loan through the Federal Housing Administration’s 232/223(f) loan insurance program.
SOUTHLAKE –– Isle of Watermere, a senior housing community owned by South Bay Partners, received $16 million in fixed-rate, permanent financing through the Fannie Mae DUS program by Oak Grove Capital. The Isle of Watermere is a 92-unit community and is managed by Life Care Services. Heidi Brunet of Oak Grove Capital originated the 10-year term loan with a 30-year amortization schedule.
LOVELAND, COLO. – NorthMarq’s Denver regional office has arranged $7.3 million in construction financing for Seven Lakes Memory Center in Loveland. Seven Lakes will be a 48-unit, 25,398-square-foot facility that provides assistant to those with Alzheimer’s disease and other forms of dementia. Future phases may include independent senior and assisted living facilities that would reside on-site in a separate building. NorthMarq’s Paul Bruder, senior vice president, and Chris Williams, senior investment analyst, arranged the financing for the borrower, Frontier Management LLC.
PHOENIX – CareCentrix, a benefit management company that specializes in home healthcare services, has leased 18,254 square feet at Squaw Peak Corporate Center. Squaw Peak is a two-building, four-story office complex in Phoenix. The new lease will allow CareCentrix to expand its operation once it relocates this fall. CBRE's Jerry Noble, Pat Devine and Greg Mayer represented Squaw Peak's landlord, Parkway Properties. JLL's Greg Bast represented CareCentrix. Exact terms of the lease were not disclosed.
CHANDLER – SilverLeaf at Chandler II, a 44-unit seniors affordable housing complex and Phase II of SilverLeaf at Chandler, is scheduled to be completed in April 2012 by Mabank-based Solutions Plus!, Inc. Boston Capital has invested in the construction of the development, located at 801 FM 2010 in Chandler, which will include 22 duplex buildings with 20 one-bedroom units and 24 two-bedroom units. SilverLeaf at Chandler II will adjoin the 30-unit Phase I of SilverLeaf at Chandler, which is fully leased. The seniors affordable housing development is being built with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program, and it is available to seniors ages 55 and older earning 60 percent or less of the Area Median Income (AMI). In addition to a community room and central laundry area, the developer will arrange for support services for residents including basic audit education, legal assistance, credit counseling, and health and nutritional courses.
CHESTER, ILL. — Marcus & Millichap has brokered the sale of St. Ann's Healthcare Center, a 119-bed skilled nursing facility located in Chester. The property was constructed in 1937 and expanded in 1976. It traded between two undisclosed parties for $1.45 million. Mark Myers, senior director of Marcus & Millichap's National Seniors Housing Group, arranged the deal.
GEORGETOWN AND KYLE — McFarlin Group and its development partner, Stroud Development, are developing two Orchard Park assisted living and memory care communities in Georgetown and Kyle. Orchard Park of Georgetown will be located adjacent to the southern entrance of Del Webb's Sun City Texas, the largest active adult community in Texas, off Williams Drive and Del Webb Boulevard in Georgetown. The 70,000-square-foot Orchard Park of Georgetown will be situated on 6 acres of land with room for expansion. It is expected to break ground by 2012. Meanwhile, Orchard Park of Kyle will be situated on 5 acres within Plum Creek, a 2,200-acre mixed-use, master-planned community, and adjacent to Texas Trust State Bank near Kyle Parkway and Cromwell Drive in Kyle. Both Orchard Park communities are being designed by experienced senior assisted living architect Galier, Tolson and French of Belford. McFarlin Group and Stroud Development have also announced plans for another development south of Houston and anticipate the start of construction on Orchard Park of Odessa in the next few months.
LONG BEACH, CALIF. — New Hope Home, a 140-unit senior housing development in Long Beach, has undergone a significant renovation thanks to Boston Capital. The real estate investment and advisory firm executed the rehab with tax credit equity from the Low Income Housing Tax Credit program. The eight-story New Hope Home features 84 studios and 56 one-bedroom units that are available to seniors ages 62 and older who earn less than 60 percent of the area's median income.
KENOSHA, WIS. — Marcus & Millichap has completed the sale of Golden Living Centers of Kenosha, a 97-unit senior housing property located in Kenosha for $3.95 million. The property traded for approximately $500,000 above the asking price despite the expiring lease of the tenant, a national nursing home company. Mark Myers of Marcus & Millichap's Chicago office and Ray Giannini of the firm's Milwaukee office, both of whom are also members of the firm's National Seniors Housing Group, arranged the deal. Matt Fitzgerald of Marcus & Millichap's Milwaukee office provided additional representation.
