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.
Seniors Housing
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.
OTTAWA, ILL. — Cambridge Realty Capital Cos. has closed on a $15.3 million loan for Ottawa Pavilion in Ottawa. The new construction and permanent financing will benefit the 129-bed skilled-care nursing home. The 40-year loan was arranged for the owner, an Illinois-based limited liability company, by Cambridge Realty Capital Ltd. The fully amortized loan processed using HUD's Section 232 funding program.
HOBART AND LAPORTE, IND.; AND NILES, MICH. — Red Mortgage Capital, the mortgage banking arm of Red Capital Group, has provided three FHA LEAN Section 232/223(f) loans for senior housing properties in Indiana and Michigan. The company provided an $8.8 million loan for Brentwood at Hobart, a 116-unit assisted-living and memory-care facility in Hobart; a $9.76 million loan for Brentwood at LaPorte, a 124-unit independent-living, assisted-living and memory-care facility in LaPorte; and a $3.31 million loan for Brentwood at Niles, a 67-unit assisted-living facility located in Niles. Each of the non-recourse loans carry a fixed-mortgage rate and a 35-year, fully amortized term.
CLIFTON, N.J. — A joint venture between Hudson Realty Capital and Parkwood Development has acquired the $33 million note secured by 109 partially completed senior housing units in Clifton. The units are part of the third phase of the 270-unit Winthrop Court senior housing community, which is located within the Cambridge Crossings master-planned community. The partnership immediately foreclosed on the note and plans to complete and sell the remaining condos.
HAZEL PARK, MICH. — Love Funding has closed a $11.5 million rehabilitation loan for the refinance and rehabilitation of American House – Hazel Park Senior Living apartments. Located in Hazel Park, the property offers 125 one- and two-bedroom apartments and two-bedroom/two-bath freestanding duplex cottages. Community amenities include a community room/dining room, a theater, game and craft rooms and a library. Mickey Rist and Bruce Gerhart of Love Funding's Cleveland office originated the transaction.
HARTSELLE, AL. — Columbia Cottage – Hartselle LLC has acquired Sierra Springs in Hartselle for $1.8 million or $56,000 per unit. LSJ Investments sold the assisted-living property, which was built in 2000. At the time of acquisition, the property was 87 percent occupied. Ryan Maconachy and Scott Corbin of ARA Seniors' Dallas office represented the seller in the transaction. The property will be managed by Huntsville, Ala.-based Cottage Senior Living.