NORTH CAROLINA — NorthStar Realty Finance Corp. has sold 18 senior housing facilities to a N.C.-based private investment group for $95 million. The properties are all located in North Carolina. NorthStar will receive approximately $36 million in cash and $56 million in mortgage debt and accrued interest. The price tag is an $11 million premium to NorthStar's undepreciated cost basis.
Seniors Housing
RYE BROOK, N.Y. — Freddie Mac has purchased a $46.8 million loan from PNC ARCS secured by Atria Rye Brook, an independent senior housing community located in Rye Brook. The 168-unit community contains a mix of studio, one- and two-bedroom residences. Amenities include a beauty parlor, a fitness center, activity rooms, dining rooms and a lounge. It was built in 2004. The transaction will allow the property's owner, an affiliate of Lazard Senior Housing Partners, the ability to refinance the property.
LAKE COUNTY, ILL. — RML Capital has secured a $12.5 million first mortgage for the Ponds Assisted Living Facility, which is located at 170 Jameson Lincolnshire in Lake County. The property, which can accommodate 110 residents, is currently 90 percent occupied. The loan has a 35-year term and a 35-year amortization schedule. The financing was placed with a HUD and Cambridge Realty Capital was the processor. The borrower was The Ponds LLC.
MCALLEN, HARLINGEN AND BROWNSVILLE, TEXAS — Sperry Van Ness (SVN) has completed the $4.6 million sale of a Texas senior housing portfolio. The properties include three skilled nursing facilities located in McAllen, Harlingen and Brownsville that contain a total of 252 beds. Average occupancy of the portfolio is 77 percent. Mark Zvibleman and Grant Edwards of St. Louis-based SVN / Infinity Commercial Services, along with Robyn Jackson of Fort Worth, Texas-based SVN / Summit Realty arranged the transaction between the buyer, Ensign Group, and the seller, The Evangelical Lutheran Good Samaritan Society.
MIDLAND AND AMARILLO, TEXAS — Keybank Real Estate Capital has arranged approximately $8.5 million in Freddie Mac funds for the refinancing of two Texas senior housing communities owned by Emeritus Senior Living. Approximately $6.4 million will go toward the refinancing of Emeritus at Saddleridge Lodge in Midland, and $2.1 million will go toward the refinancing of Emeritus at Seville Estate in Amarillo. The fixed-to-float funding will be used by Emeritus to refinance balance-sheet debt into long-term, fixed-rate debt. As part of the transaction, Keybank also helped Emeritus refinance a third senior housing property located in Ontario, Ore.
SNELLVILLE, GA. — Eastside Gardens of Snellville LLC has sold the 53-unit assisted living facility Eastside Gardens to Maryland-based Senior Housing Properties Trust for $4.9 million. The Snellville property, which also includes a dedicated dementia care wing, will be operated by Five Star Quality Care of Newton, Mass. Matrix Healthcare Development built the property in 1997. Ed LaFrance and Ryan Maconachy of Apartment Realty Advisors represented the seller.
CHICAGO — Glenn Housman of CB Richard Ellis’ Orlando office arranged a $35.5 million loan for the refinancing of The Buckingham, a 129-unit, 456-bed student-housing property located in the South Loop University District of downtown Chicago. The loan was arranged through Freddie Mac on behalf of The Buckingham LLC. Terms of the 7-year loan include a loan-to-value of 70 percent and a DSC of more than 1.50x.
CORONA, CALIF. — SL Residential Inc. has completed construction of the 203-unit, 275,000-square-foot Valencia Terrace, a full-service, senior-living rental campus located at 2300 S. Main St. in Corona. Carlsbad, Calif.-based Kisco Senior Living is the developer of the property, which consists of both independent and assisted-living units. With an IPA design reminiscent of a Spanish hacienda, Valencia Terrance provides a resort-like environment that includes a pool and spa, two beauty salons, a commercial kitchen, a theater room, an exercise gym, a library, a bistro and a resident lounge.
MILWAUKEE — Milwaukee Institute of Art & Design (MIAD) has selected a 27,400-square-foot building, located at 252 E. Menomonee St., to house its new residence hall. General Capital Management Group, which owns the property, will redevelop and expand the building to accommodate the planned 250-bed resident facility. The company plans to add six stories on top of the existing two-story structure. The Historic Third Ward Association reviewed the architectural plans for the project, which is awaiting final approval.
FRAMINGHAM, MASS. — Ventas has borrowed a $40.5 million loan for a 220-unit senior housing facility in Framingham. Fannie Mae financed the loan, which was secured by KeyBank Real Estate Capital.