HOUSTON, SAN ANTONIO AND PARIS, TEXAS — National Health Investors, Inc. (NHI) has purchased four skilled nursing facilities for $55.5 million in a sale/leaseback transaction with affiliates of Legend Healthcare. The portfolio consists of 595 beds. Two of the properties are located in Houston, and the other properties are located in San Antonio and Paris. NHI purchased three of the four nursing facilities in June for $39.7 million, and will purchase the final one no later than August for $15.8 million. The four facilities are being leased to Legend for 15 years at an initial lease rate of 10 percent plus annual increases. Legend has the option after 7 years to re-purchase them.
ORLANDO, FLA. — Avalon Park Group will start construction early next year on the first phase of a 265,000-square-foot senior housing facility in its mixed-use Avalon Park community in Orlando. The $21 million initial phase of the four-story building calls for 130 units. The project’s total cost is expected to reach $35 million. Winter Park Construction Co. is providing consulting services, and Cuhaci & Peterson Architects will design the property.
ARKANSAS — CSCV – Arkansas has borrowed $61.02 million in financing for the purchase of a 12-property nursing home portfolio in Arkansas. The complexes encompass 1,255 beds. Walker & Dunlop arranged the HUD loans through the LEAN financing process at an 85 percent loan-to-value ratio. The 35-year loans carry a 35-year amortization rate.
ATLANTA — The Atlanta-based developer Isakson Living has purchased Colonial Bank’s equity interest in the planned 274-unit Peachtree Hills Place senior housing complex. The property, which is more than 50 percent preleased, will be located on Peachtree Hills Avenue in Atlanta. Completion is expected next year. Isakson paid down its existing loan with Colonial Bank with $8.5 million in additional equity, set aside operating funds for the project and posted a deposit for 2010’s interest reserve. Isakson currently has 42 percent leverage on the property.
LITCHFIELD, N.H. — Apartment Realty Advisors (ARA) has brokered the sale of a 32-acre improved site located in Litchfield. The site was sold with site plan approvals for an active adult community, Annandale on the River. Zoned for residential use, the partially developed site was improved with nine of 57 permitted independent living homes at the time of the sale. Site plan approvals are in place for the remaining 41 units to be built in Phase II. With Phase I infrastructure improvements in place, the buyer, K&M Deveopment, is currently completing three units that were partially built prior to the sale and plans to fully develop the site to comprise a total of 57 units of age 55+ independent living homes. The seller, Annandale Fields Development, LLC, was represented by ARA’s Brendan Reilly, Richard Robinson, Terry Scott and Stephen Ordway. Annandale on the River is located off of Route 3A with shore frontage on the Merrimack River and close proximity to Nashua and Manchester, N.H. The sale price was undisclosed.
ILLINOIS — Love Funding has secured a $10 million equity placement for the development of 10 memory care facilities in Illinois. Leonard Lucas of Love’s Boston office originated the transaction on behalf of Tricom Development and its operator, Senescent Healthcare of Illinois. Tricom and Senescent recently closed on the construction loan for the first project, a 40-unit facility located in Loves Park. The venture plans to close on the construction loan for a second facility located in Sycamore in June.
WENTZVILLE, MO. – O’Fallon, Mo.-based Twin Oaks Estates has broken ground for a new senior living center located in Wentzville. Twin Oaks at Heritage Pointe will feature 142 units, including a 50-bed assisted living facility, a 60-unit independent living apartment building, and 32 garden homes that feature a variety of services, including memory care. Amenities include community or private dining, a library, a computer lab, a beauty and barber shop, an ice cream parlor, a chapel, a movie theater and a spa. The construction division of Gundaker Commercial Group is serving as general contractor. The garden homes will be available starting in the fall from $160,000. Completion of the rest of the community is expected in spring 2010.
BRADENTON, FLA. — CORE Construction of Florida has completed the 109-unit Lake House at Waters Edge assisted living facility in Bradenton. Developed by Florida Christian Homes Senior Housing Inc. West Bradenton, the $14 million property includes a more than 200-seat restaurant. Lake House encompasses one and two-bedroom units ranging from 600 square feet to 1,100 square feet.
FERGUSON, MO. — The St. Louis office of Love Funding has secured $15.29 million in construction financing for the new Christian Care Home, a senior housing project located in Ferguson. Christian Care Home will contain a total of 178 beds, divided between 150 skilled nursing beds and 28 assisted living care beds. Robyn Cunningham of Love Funding arranged the financing, which carries a 6.7 percent interest rate and a 40-year amortization schedule, by utilizing the HUD 232 new construction program. The loan is FHA insured. The borrower and the construction timetable for the project were not disclosed.
BOULDER, COLO. — The Denver office of NorthMarq Capital has arranged construction/permanent financing in the amount of $41 million for The Carillon at Boulder Creek, a 117-unit senior-living community located at 2525 Taft Dr. in Boulder. The loan will be used to renovate the 117-unit senior-living community. The property consists of a nine-story building, which is currently being renovated to feature 54 senior residential units. Additionally, 63 units are currently under construction on a site that formerly housed a one-story skilled nursing wing. Amenities include a full-service restaurant, an outdoor garden and walking path, a spa/salon, an indoor lap pool, a theatre and game/activity room, concierge service, a business center, medical/dietary assistance, laundry/housecleaning services, and full kitchens in all units. One Eighty/Leisure Care will operate property. Steve Koeneke and Dave Link of NorthMarq arranged the financing through NorthMarq’s FHA subsidiary, AmeriSphere, on behalf of the borrower, MGL Partners.