MESA, ARIZ. — Marcus & Millichap has brokered the almost $12.86 million sale of the 126-unit Cypress Court assisted-living and memory care property, located at 310 South 63rd St. in Mesa. The three-story, 81,995-square-foot property includes a main dining room, a dietary department, administrative offices, three elevators and a central courtyard. Marcus & Millichap’s Mark Myers, David Guido and Joshua Jandris represented an Indiana-based nonprofit in its disposition of the 145-bed property to Emeritus Senior Living.
Seniors Housing
NEW YORK CITY — Massey Knakal Realty Services has completed the sale of an assisted living facility in Manhattan's Greenwich Village neighborhood for $33.25 million. The seven-story property is located at 607-09 Hudson St. and was converted from a hotel into a nursing home in 1958. the seller was VillageCare, which relocated to a new building at 510 W. Houston St. The buyer, FLAnk, plans to redevelop the building into for-sale condominiums. Massey Knakal's James Nelson and Paul Massey arranged the deal on behalf of the seller.
EVANSTON, ILL. — Cambridge Realty Capital Cos. has closed on a $7.4 million FHA-insured HUD LEAN loan for Ebenezer Primm Towers in Evanston. The senior-living community offers 107 independent-living apartment units. The fully amortized, 40-year term loan was arranged for the property's owner, an Illinois corporation.
SCOTTSDALE, ARIZ. — Plaza Companies and Vi Living have completed the development of Vi at Silverstone — A Vi Living and Plaza Companies Community, which is located at 23005 N. 74th St. in Scottsdale. The $270 million, 735,650-square-foot four-story development includes 203 independent-living units, 67 single-family villas and 60 units licensed as assisted-living, memory-support and skilled-nursing beds. Additionally, the community features an 18-hole championship golf course.
TEMECULA, CALIF. — CB Richard Ellis (CBRE) has brokered the sale of a Temecula senior housing community for $27.15 million. The Sterling at Vintage Hills contains 152 units and was 95 percent occupied at the time of closing. It is located on 10 acres at 41780 Butterfield Stage Road and includes a 9-acre parcel for future expansion. David Rothschild, Matthew Whitlock and Mary Christian of CBRE”s National Senior Housing Group represented the seller, an affiliate of Irvine, Calif.-based MBK Senior Living. The team also procured the buyer, Washington, D.C.-based CSH.
LAKE FOREST, ILL. — Lake Forest-based Green Courte Partners has acquired a portfolio of six age-restricted land-lease communities in central Florida. The nearly 100 percent portfolio contains more than 1,850 home sites. Green Courte has retained American Land Lease, a wholly owned subsidiary of its second fund Green Courte Real Estate Partners II, to manage the six communities. Terms of the transaction were not released.
BRYAN, BUCYRUS AND UPPER SANDUSKY, OHIO — Red Capital Advisors has provided $19.2 million in bridge financing to Premier Senior Living for the acquisition of three senior-living communities in Ohio. The communities are the 93-unit The Inn at Fountain Park in Bryan, the 40-unit The Inn at Orchard Park in Bucyrus and the 50-unit The Inn at Westbrook in Upper Sandusky. James Sherman of Red originated the transactions.
ABILENE — The Ensign Group has acquired Wisteria Place, a continuing care retirement community, and its sister facility, Wisteria Independent Living, both in Abilene. The facilities will be operated by a subsidiary of Keystone Care, Ensign's Texas-based portfolio subsidiary. Wisteria Place is a full-service care campus located at 3202 S. Willis St. in Abilene that operates 123 skilled nursing beds, 77 assisted living units and 20 independent living cottages. Wisteria Independent Living is located at 3917 Wisteria Way in Abilene and operates 72 independent living units.
WICHITA, KAN. — Walker & Dunlop has provided a $15.42 million permanent finance loan for Reflection Ridge in Wichita. The 119-unit independent living community features a resort-style dining, a fitness center, a whirlpool/spa, a communications center, a library, a 150-seat theater, a lounge, a bank, a pharmacy, a gift shop and garage/storage options. The 10-year term loan carries a 30-year using Freddie Mac's CME product. The borrower was Resort Lifestyles Communities. Midwest Commercial Mortgage originated the loan. Vic Clark and Doug Bath led the Walker & Dunlop team in the transaction.
MINNEAPOLIS AND ROSEVILLE, MINN. — United Properties' Applewood Pointe is developing two senior cooperatives in Minnesota. The company received final approval from the Minneapolis City Council for the development of a 106-unit senior cooperative at 1611 E. 46th St. in Minneapolis. Construction is scheduled to begin in summer 2011. Additionally, the company has broken ground for the construction of Applewood Pointe Roseville at Langton Lake, a 48-unit senior-housing property located at 3010 Cleveland Ave. N. in Roseville. The facility is expected to open in August 2011.