LANCASTER, OHIO — Churchill Stateside Group LLC, a real estate and renewable energy financial services company, has provided a $7.9 million forward-committed permanent loan for The Reserve at Hunter Trace, a 95-unit affordable senior living development in Lancaster, about 30 miles southeast of Columbus. The financing, provided by Churchill Mortgage Investment LLC, supports the development of the three-story building. All units will be income-restricted at 60 percent of the area median income. Construction is slated for completion in 2026. The loan features a 40-year amortization and three years of interest-only payments after stabilization.
KENNEWICK, WASH., AND SALEM, ORE. — BWE and Blueprint Healthcare Real Estate Advisors have closed two loans totaling $17.8 million to provide financing for the purchase of two memory care communities in Washington and Oregon. The financing includes a $10.4 million loan for Windsong at Southridge, a 56-unit community in Kennewick, and a $7.4 million loan for Windsong at Eola Hills, a 56-unit property in Salem. Lundat Kassa of BWE and Kristen Ahrens of Blueprint secured the HUD financing. Both acquisition bridge loans, which have five-year terms, 72 percent loan-to-cost and no prepayment penalties, are nonrecourse with fixed and competitive rates. After the acquisition, BWE will provide permanent financing for the properties through HUD’s 232/223(f) loan product designed for senior living and healthcare communities, a process that has already begun for Windsong at Southridge. The loans have been structured to maximize exit proceeds up to 100 percent loan-to-cost for the borrowers. Located at 4000 W. 24th Ave. in Kennewick, Windsong at Southridge was constructed in 2018 and offers a variety of amenities, including arts and crafts activities, a salon, game room, gym, library and a health and therapy center. Constructed in 2015 at 20230 Wallace Road NW in Salem, Windsong at …
LOS ALAMITOS, CALIF. — Marcus & Millichap has brokered the $34.5 million all-cash sale of two senior living properties located in Los Alamitos. The properties include Alamitos West Health & Rehabilitation Center, a 142-bed skilled nursing facility, and Katella Senior Living, a 73-unit, 77-bed assisted living and memory care community. International Equity Partners was the buyer. Nick Stahler, Michael Mooney and Hap Knowles of Marcus & Millichap represented the undisclosed seller in the transaction. Stahler procured the buyer. Tony Solomon is Marcus & Millichap’s broker of record in California.
OSCEOLA COUNTY, FLA. — Green Mills Group has broken ground on a $26 million affordable seniors housing community in unincorporated Osceola County. Dubbed Poinciana Parc, the midrise property will comprise 86 units and amenities including a fitness center, business center, club/game room, laundry room and a swimming pool. The Florida Housing Finance Corp. awarded the project a 9 percent tax credit allocation in May 2023. Additional capital partners on Poinciana Parc include TD Bank, Raymond James Affordable Housing Investments and Neighborhood Lending Partners.
LAKE FOREST, CALIF. — C&C Development and Riverside Charitable Corp. have opened The Meadows Senior Apartments in Lake Forest, an affordable housing community for residents 62 years and older. Located within Toll Brothers’ Meadows master-planned community, The Meadows Senior Apartments offers 65 units designed for seniors earning 30 percent to 60 percent of the area median income (AMI). The two-story building offers units ranging in size from 600 square feet to 800 square feet, all of which are ADA-accessible and adaptable. The property offers community space with grassy areas, verandas and pickleball courts and a common amenity space with a kitchen, laundry room, leasing office, supportive services manager office and outdoor verandas with a barbecue pavilion. The property is also located adjacent to a community park and dog park. Residents will receive onsite supportive services from LifeSTEPS. Services will consist of educational classes and health-and-wellness programs. Financing for The Meadows consists of LIHTC (low-income housing tax credit) funding through the California Tax Credit Allocation Committee, California Debt Limit Committee and California Statewide Communities Development Authority. Bank of America also provided a construction and permanent loan. Additional financing was provided by the City of Lake Forest, The County of Orange, Calif., OC …
LUBBOCK, TEXAS — Senior Living Investment Brokerage (SLIB), has negotiated the sale of Bender Terrace, a skilled nursing facility located in the West Texas city of Lubbock. Situated on 2.7 acres, the property comprises roughly 45,000 square feet and 120 beds. A local independent owner sold the facility to a national owner-operator. A regional operator was leasing the property at the time of sale. Matthew Alley and Ryan Saul of SLIB arranged the transaction.
RODEO, CALIF. — EAH Housing has reopened Rodeo Gateway, a seniors housing property in Rodeo, after implementing interior and exterior upgrades to residences and common spaces. Rodeo Gateway features 49 one-bedroom apartments for seniors aged 62 and older and a two-bedroom manager’s unit. Community amenities include a landscaped courtyard, tree-lined walkways, comfortable seating areas and resident amenities, including a sunroom, computer lab and fully equipped community kitchen. The rehabilitation included upgraded residences with new energy-efficient appliances, high-efficiency LED lighting, new flooring and updated kitchen and bathroom cabinetry, sinks and fixtures; enhanced ADA-compliant amenities, including roll-in showers and improved mobility features; and a newly designed community room with new furnishings, flooring, paint and window coverings. Additional enhancements include improved air circulation in common hallways and new security features, such as an updated entry call system with key fob access and a new Wi-Fi system.
KING OF PRUSSIA, PA. — Blueprint Healthcare Real Estate Advisors has negotiated the sale of a 190-unit seniors housing community located in King of Prussia, roughly 20 miles northwest of Philadelphia. The unnamed property, which according to Blueprint was not stabilized at the time of sale, opened in 2021 and offers assisted living and memory care services. Alex Florea, Kevin Lukehart, Steve Thomes and Kory Buzin of Blueprint represented the seller, an undisclosed private equity investor, in the transaction. The buyer was also not disclosed.
SAN ANTONIO — Dallas-based Carbon Shepherd Development has begun leasing a 78-unit seniors housing property in the Westover Hills area of San Antonio. Woodland Cottages Westover Hills offers one- and two-bedroom residential-style cottages that are furnished with stainless steel appliances and full-size washers and dryers, with attached garages and fenced backyards available in select residences. Amenities include a pool, clubhouse with a game room and a fitness center. Rents start at $2,700 per month for a one-bedroom home.
FORT WORTH, TEXAS — A partnership between Atlanta-based owner-operator Thrive Senior Living and locally based investment and development firm Orison Holdings will open Sagewood at Heritage Glen, a 75-unit complex that will be located in Fort Worth. The property will offer 50 assisted living suites and 25 memory care suites. Arrive Architecture Group designed the facility, which is scheduled to open in 2026.