BENNINGTON, VT. — Wilton, Conn.-based Westport Capital Partners has closed on the sale of The Inn at Fillmore Pond in Bennington — the last facility to be sold that was part of the four-facility senior housing portfolio known as the New England Healthcare Portfolio. Westport Capital purchased the portfolio in partnership with Capital Health Group and Kaplan Development Group in April 2007 for $83 million, which equates to approximately $210,000 per unit. The ownership added 14 cottages oriented for independent living and completed a 28-unit dementia wing addition to the Bennington facility. The other facilities in the portfolio include: The Inn at Forge Hill in Franklin, Mass., which sold in 2010. The Inn at Robbins Brook in Acton, Mass., which sold in 2010. The Inn at Spruce Wood in Durham, N.H., which sold to an owner/operator of senior housing properties.
ST. PAUL, MINN. — St. Paul-based Oak Grove Capital has arranged a $437.8 million Fannie Mae DUS credit facility for Brookdale Senior Living. The 7-year loan, which is 75 percent-fixed rate and 25 percent variable rate, was used to refinance existing loans for 44 different properties totaling 4,145 units. The properties include assisted living, independent living, memory care and skilled nursing facilities in 13 states including Florida, California, Texas and Ohio.
MCKINNEY — Atlanta-based ARA has brokered the sale of The Chateau, a 202-unit senior living community in McKinney, to Holiday Retirement. The three-story community was built in 2006 and renovated in 2010. ARA’s Ryan Maconachy and Chad Lavender represented the seller, ES McKinney.
GRANT PASS, ORE. – Oak Grove Capital has originated $25 million in variable rate, permanent financing for three senior housing communities in Oregon and Montana. The financing was obtained through Freddie Mac’s Senior Housing Capped ARM program. The three communities are operated by Emeritus Corporation and owned by a joint venture between affiliates of Emeritus, Blackstone Real Estate Advisors and Columbia Pacific Advisors. The funds were used to refinance existing low-leverage mortgage debt on the three senior properties, which include the 61-unit Cambridge Place in Great Falls, Mont., the 82-unit Spring Village in Grants Pass, Ore., and an 88-unit assisted/independent/memory care facility in Redmond, Ore. This is a seven-year variable-rate loan with pre-payment flexibility. Lisa Lautner and Heidi Brunet of Oak Grove's Senior Housing and Healthcare Group originated the loans.
WEBSTER GROVES, MO. — ARCO Construction Co. has been selected to build the $18 million, 80-unit Provision Living at Webster Groves, a senior housing project located at 45 E. Lockwood in Webster Groves. On-site amenities will include medical, rehabilitation, wellness and retail space. Completion is slated for summer 2012.
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.