STAFFORD, TEXAS — Hunt Capital Partners has arranged $13.2 million in Low-Income Housing Tax Credit (LIHTC) equity financing for the construction of Oak Lofts Crossing for Seniors, a 60-unit affordable property that will be located in the southwestern Houston suburb of Stafford. Oaklake Community Housing Development Corp. (OCHDC) is the borrower. Comprising a four-story, mid-rise building, the development will offer a mix of one- and two-bedroom homes for those who earn up to 30, 50 and 60 percent of the area median income (AMI). Amegy Bank also provided $10.5 million in construction financing for the project, and Legacy Bank & Trust provided $2.6 million in permanent financing.
FREEHOLD, N.J. — Ziegler has arranged $42.5 million in bond financing for the acquisition of Applewood, a continuing care retirement community (CCRC) in Freehold, an eastern suburb of Trenton. Located on approximately 44 acres, Applewood opened in 1990 and offers 300 independent living units, 37 assisted living units, 11 memory care units and 60 skilled nursing units. The acquisition was completed utilizing a mix of tax-exempt and taxable debt. The borrower is FellowshipLIFE, a nonprofit owner-operator of CCRCs in New Jersey.
BUCKS COUNTY, PA. — Walker & Dunlop has arranged the sale of a 146-unit seniors housing property in Bucks County. The unnamed property, which was developed in 2022 and is located about 30 miles north of Philadelphia, offers independent living, assisted living and memory care services. The buyer was a public healthcare REIT. The seller and sales price were not disclosed. Joshua Jandris, Mark Myers and Brett Gardner led the Walker & Dunlop team on the transaction.
BELLEVUE, WASH. — Watermark Retirement Communities and Alliance Residential Co. have completed construction of a new independent living tower at Watermark at Bellevue in the Seattle suburb of Bellevue. The community now offers a continuum of care, with its existing assisted living and memory care spaces. The property features 110 assisted living apartments and 26 memory care units. The expanded Watermark at Bellevue, now totaling 360,000 square feet, spans an entire city block. The 155-unit, 22-story independent living tower features studios, one-bedroom and two-bedroom apartments. Watermark at Bellevue is adjacent to the 190-unit Broadstone Savoie, which is a luxury multifamily project featuring studios, one-bedroom and two-bedroom apartments, as well as townhomes.
HOUSTON — Senior Living Investment Brokerage (SLIB) has arranged the sale of Treemont Health Care Center, a 112-bed seniors housing property in Houston. Built in 1974, the 39,058-square-foot community sits on approximately 1.3 acres and offers 42 assisted living beds and 70 skilled nursing beds The buyer was a local seniors housing owner-operator, and the seller was a regional owner-operator. Vince Viverito, Matt Alley, Jason Punzel, Brad Goodsell and Jake Anderson of SLIB brokered the deal.
RICHMOND, VA. — BWE has arranged a $47 million loan to refinance Discovery Village at the West End, a senior living community located at 9801 Harmony Woods Way and 2422 University Blvd. in Richmond. Totaling 219 units, the property features independent living, assisted living and memory care residences situated on one contiguous campus. Amenities include restaurant-style dining, a Legends club and bar, wellness center, movie theater, concierge services and programming, including lectures, fitness classes and onsite therapy. The property was 93 percent occupied at the time of financing. Ryan Stoll and Taylor Mokris of BWE secured the financing on behalf of the borrower, an undisclosed private equity investor.
NEW BRAUNFELS, TEXAS — Berkadia has arranged the sale of The Blake at New Braunfels, a 112-unit seniors housing property located on the northeastern outskirts of San Antonio. Built in 2021, the property features 71 assisted living units and 41 memory care units. Cody Tremper, Mike Garbers, Dave Fasano and Ross Sanders of Berkadia represented the seller, Mississippi-based LifeCare Properties, in the transaction. Arizona-based Inspired Healthcare Capital purchased The Blake for an undisclosed price.
TROY AND ROCHESTER HILLS, MICH. — JLL Capital Markets has arranged the sale of Anthology of Troy and Anthology of Rochester Hills, two seniors housing communities totaling 184 units in metro Detroit. The sales price was undisclosed. Jay Wagner, Rick Swartz and Jim Dooley of JLL represented the seller and procured the buyer, spearheaded by MedCore Partners. American House Senior Living Communities assumed management of both properties. Anthology of Troy now operates as American House Somerset. The 93-unit community was built in 2017. Anthology of Rochester Hills now operates as American House Hampton Village. The 91-unit property was completed in 2018.
PACE Loan Group Originates $7.1M C-PACE Loan for Construction of Senior Living Facility in Minnesota
ST. FRANCIS, MINN. — PACE Loan Group has provided a $7.1 million C-PACE loan for the construction of Vista Prairie at Eagle Pointe, a 134-unit senior living community in St. Francis, a northern suburb of Minneapolis. The 20-year loan complements a $30 million qualified tax-exempt loan on the project using Series 2023A Bonds with Sunrise Bank as the senior lender. Located at 23440 Ambassador Blvd., the property will feature 49 independent living units, 43 assisted living units, 24 memory care units and eight care suites. Completion is slated for 2025. Total project costs are estimated at $47.6 million. The PACE proceeds will be used to finance energy conservation and renewable energy measures, including the building envelope, Energy Star windows, HVAC, high-efficiency plumbing and lighting systems and controls. The renewable and energy conservation measures are expected to save $368,613 annually with payback in 20 years. Vista Prairie Communities is both the property manager and services provider for the project. Additional project partners include Pope Architects and Bauer Design Build.
ALEXANDRIA, MINN. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Diamond Willow Assisted Living & Memory Care, a 20-unit community in Alexandria, about 130 miles northwest of Minneapolis. The sales price was undisclosed. Built in 2006, the 15,483-square-foot community sits on nearly three acres. A private equity firm divesting of a geographic outlier sold the asset to a nonprofit looking to expand in Minnesota. Jason Punzel, Vince Viverito, Brad Goodsell and Jake Anderson of SLIB brokered the transaction.