VENICE & NEW PORT RICHEY, FLA. — Marcus & Millichap has facilitated the sale of two assisted living properties in Florida, totaling 82,112 square feet, for $8.5 million. Summerville of Venice, located at 200 N. Nassau St., has 90 licensed beds and 78 units. Summerville of New Port Richey, located at 5539 Charles St., consists of 100 licensed beds and 70 units. Krone Weidler, of Marcus & Millichap’s Tampa office, represented the Seattle-based seller, Emeritus, and the buyer, Aliso Viejo, Calif.-based Nelson Brothers Professional Real Estate.
KANSAS CITY — A joint venture between Hunt Midwest Real Estate Development and Principal Senior Living Group is developing four senior housing projects in the Kansas City metro area. The total cost for the four projects will be approximately $30 million. One of the communities has already broken ground. Construction began in May for Benton House at Shoal Creek, an 80-bed assisted living facility located within the Benton Place master-planned community in Kansas City, Mo. The second project, which will break ground this summer, will be Benton House of Lee's Summit, an assisted living city to be located at the intersection of U.S. Highway 50 and Todd George Road in Lee's Summit, Mo. Both projects will be complete by next spring. Plans for the other two projects were not disclosed.
KERRVILLE — The Cirrus Group, a healthcare development company, and its development partner McFarlin Group have begun construction on River Point of Kerrville Assisted Living and Memory Care, a senior living community located on Bandera Highway in Kerrville. Upon completion in spring 2012, the property will offer 33 assisted living units and 20 memory care units built on a site with views of the Guadalupe River. The Cirrus Group has developed multiple healthcare properties across the nation with McFarlin Group, including Orchard Park of McKinney in McKinney, Texas.
ROUND ROCK — The Wyoming Springs Assisted Living and Memory Care facility, located at 7230 Wyoming Springs Dr. in Round Rock, has broken ground. The 90,000-square-foot senior community will feature 102 assisted living units, 32 of which will be dedicated to memory care residents. Amenities will include stainless steel refrigerators and microwaves, walk-in closets and emergency call systems in each unit. Austin-based TRISUN Healthcare and Prevarian Senior Living are developing the property.
RANDALLSTOWN, MD. — The 105-unit The Greens at Liberty Road Senior Apartments in Randallstown is now open. Enterprise Homes developed the $15.6 million complex, which meets the requirements of the Enterprise Green Communities Criteria through its reflective roof, HVAC systems, low-VOC paint, “green” label carpet, water-conserving plumbing fixtures and more. Amenities include a multi-purpose room, fitness center, media center, sewing room, laundry facilities and a computer room. The project is managed by Habitat America.
IOWA AND NEBRASKA — Mission Viejo, Calif.-based The Ensign Group has signed a purchase agreement to acquire a nine-property senior housing portfolio from Sioux City, Iowa-based Careage Management for an undisclosed amount. The facilities are located in the Iowa cities of Cherokee, Clarion, Fort Dodge, Hawarden, and West Bend as well as the Nebraska cities of Beatrice, Falls City, Randolph, and Wayne. The portfolio comprises 549 skilled nursing beds and 72 assisted living units. The deal also includes Ensign's acquisition of Careage Home Care, a home health agency located in Cherokee. The deal is expected to close in July. Ensign primarily owns healthcare properties in the West; this deal marks its expansion into Iowa and Nebraska.
DECATUR, ILL. — Marcus & Millichap's National Seniors Housing Group has brokered the sale of Lincoln Manor, a 140-bed senior housing property in Decatur, for $6.5 million. Situated within a half-mile of Decatur Memorial Hospital, the property recently under went a substantial renovation. Mark Myers of Marcus & Millichap's Chicago office arranged the deal. The buyer and seller were undisclosed.
ST. GEORGE, UTAH — Marcus & Millichap Capital Corporation has arranged a $7,451,409 construction loan and long-term commitment for an assisted living facility. This is a two-year construction loan with a 75 percent loan-to-value, long-term loan that should commence upon occupancy. The St. George area has not had a new assisted living facility open for many years, according to Jeffrey Meierhofer, an associate director in Marcus & Millichap’s Salt Lake City office, who helped arrange the financing.
LA JOLLA, CALIF. — Love Funding has closed a $3.83-million loan refinancing for Seasons at La Jolla, an assisted living facility. The transaction was secured through the FHA’s 223(a)(7) LEAN loan program, which is a streamlined refinance of an existing HUD loan. With this type of financing in place, the borrower was able to secure a 4.75 percent, fixed interest rate with a 32-year term. Artin Anvar, a vice president at Washington, D.C.-based Love Funding, secured the transaction for the 27-bed facility.
DURHAM, N.H. — Finally Home Properties has acquired the Hickory Pond Inn, a hospitality property located at 1 Stagecoach Road in Durham. The buyer plans to convert the property into an assisted living facility, which will open during the summer. The seller was Bank of New England. Christian Stallkamp of The Kane Company represented the seller, and Nathaniel Leach of Better Homes & Gardens / The Masiello Group represented the buyer.