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.
ST. LOUIS — E.M. Harris Construction Co. has started the renovation of the 27-story, 225-unit Council Tower Senior Apartments, located at the intersection of Highway 40 and Forest Park Avenue in St. Louis. The $40 million renovation will include an electrical system upgrade, new plumbing and HVAC systems, window replacements, masonry restoration, and new interior finishes. Council Tower Senior Apartments, LP, an affiliate of Bruce Development Company, purchased the building in December 2010. The financing includes a U.S. Department of Housing and Urban Development-insured mortgage through Gershman Mortgage. Klitzing Welsch Associates is the project architect.
JACKSON, MICH. — St. Louis-based Love Funding has closed a $15.8 million refinancing loan for the 220-unit senior living complex Countryside Retirement Community, located in Jackson. Bruce Gerhart of Love Funding's Cleveland office and Mickey Rist of the Detroit office funded the loan through the Federal Housing Administration's 223(f) loan insurance program. The loan has a low, fixed-interest rate and a 35-year self-amoritizing term.
PRESCOTT, ARIZ. — The 116-unit Granite Gate, located in Prescott, has sold for $25.6 million. The property offers independent, assisted and memory care units. The seller, Granite Gate Retirement Community, was represented by Ryan Maconachy and Chad Lavender of Atlanta-based ARA. The buyer, Five Star Quality Care, did not use representation.
VACAVILLE, CALIF. — Walker & Dunlop has closed a $6.4 million refinance loan for the 117-unit Walnut Grove Senior Apartments located in Vacaville. Amenities include a pool, spa, common laundry room, gated entrance and covered parking. The property is 100 percent leased. The borrower, Vandelay Development, owns and manages the property. Kenneth Fox of Cohen Financial's San Francisco office originated the loan. Will Baker led the Walker & Dunlop team.
PEMBROKE PINES, FLA. — Miami Jewish Health Systems broke ground on its latest expansion of Douglas Gardens North. The new 75-unit building will open in 2012 and offer low-income seniors access to healthcare and social services. The development was made possible by a $10.5 million U.S. Department of Housing and Urban Development grant.