SHERMAN, TEXAS — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Homestead of Sherman, a 132-bed skilled nursing facility in Sherman, approximately 65 miles north of Dallas. The community spans 39,211 square feet and sits on five acres. A Dallas-based private partnership sold the property to a Fort Worth-based owner-operator for an undisclosed price. Matthew Alley and Ryan Saul of SLIB brokered the deal.
LOS ANGELES — Blueprint Healthcare Real Estate Advisors has negotiated the sale of The Rehabilitation Centre of Beverly Hills, a 150-bed skilled nursing facility in Los Angeles. The Rehabilitation Centre of Beverly Hills is a premier, state-of-the-art, all-Medicare nursing facility located near Cedars-Sinai Medical Center, one of the most prestigious hospitals in the United States. A private, high-net-worth owner-operator based in Los Angeles was the buyer. The seller and price were not disclosed.
WOODBRIDGE, VA. — CBRE National Senior Housing’s investment properties team has arranged the sale of HarborChase of Prince William Commons, a Class A seniors housing community in Woodbridge, a suburb of Washington D.C. Built in 2018, HarborChase of Prince William Commons is a three-story building with 127 units of assisted living, transitional memory care and memory care units. John Sweeny, Aron Will, Garrett Sacco and Scott Bray of CBRE represented the sellers, Silverstone Senior Living and Lionstone Investments. Although the price was not disclosed, CBRE National Senior Housing’s debt and structured finance team consisting of Aron Will, Tim Root, and Michael Cregan arranged acquisition financing on behalf of the buyer, Artemis Real Estate Partners. CBRE secured a five-year, $31.3 million, fixed-rate loan from a regional bank with 24 months of interest-only payments. The Arbor Co. will operate the community following the acquisition.
ALBUQUERQUE — JLL Capital Markets has arranged $51.8 million in construction financing for the development of Ativo of Albuquerque, a three-story, 144-unit senior living community in Albuquerque. JLL represented the borrower, Link Senior Development LLC, in securing the financing through an undisclosed lender. Once completed, Ativo of Albuquerque will offer a mix of independent living, assisted living and memory care units ranging from studio to two-bedroom units. Situated on 6.5 acres, the community will be adjacent to a new ambulatory urgent care center and a medical office building. The community will benefit from the nearby Rio Grande River and Recreation Area, which offers an expansive network of walking trails and various parks along with the Petroglyph National Monument and an 18-hole golf course. Alanna Ellis led the JLL Capital Markets debt advisory team.
MEDFORD, MASS. — MassHousing has provided $13.5 million in financing for Riverside Towers, a 199-unit affordable seniors housing complex in Medford, located north of Boston. Built in 1979, Riverside Towers consists of 161 one-bedroom and 38 two-bedroom units in a 14-story building. The borrower, a partnership between metro Boston-based Schochet Cos. and Jonathan Rose Cos., will use the proceeds to fund capital improvements, enhance resident services and preserve the property’s affordability status.
CORCORAN, MINN. — Specialty investment bank Ziegler has closed on $47 million in financing for Saint Therese of Corcoran LLC, and its sponsor, Saint Therese, for the construction of a new senior living community in Corcoran, about 30 miles northwest of Minneapolis. The financing is comprised of $18.2 million of Series 2022AB and $28.8 million of Series 2023 Senior Living Revenue Notes placed with Bremer Bank. Proceeds of the notes, along with other available funds, will be used to finance the construction of Saint Therese of Corcoran, fund interest on the notes, and pay certain costs of issuance associated with the financing. Saint Therese is a Catholic senior living organization originally organized in 1965 as a single-site nursing home in New Hope, Minn. Now based in St. Louis Park, Minn., Saint Therese has grown across the Minneapolis-St. Paul metropolitan area as a provider of housing and supportive services with nearly 1,000 units offering independent living, assisted living, memory care, skilled nursing, inpatient/outpatient therapy, community wellness, and other related services. Saint Therese team members annually provide services to more than a dozen senior living locations for approximately 3,250 Minnesotan seniors. Saint Therese is the sponsor of the new senior living community, …
NAPLES, FLA. — Grandbridge Real Estate Capital’s Senior Housing Investment Sales team has arranged the $81 million sale of The Arlington at Naples, a 298-unit continuing care retirement community located within the Lely Resort master-planned community in Naples. Situated on 39 acres, the community offers 47 independent living estate homes, 128 independent living apartments, 42 assisted living units, 37 memory care units and 44 skilled nursing units. The Arlington opened in 2015. Prior to the sale, the property was operating under a forbearance agreement. The Grandbridge team, led by Dave Kliewer and Jay Jordan, initiated a marketing process that highlighted the ability for a buyer to restore the property’s financial stability. Life Care Services (LCS) acquired the asset through a court-directed process to deliver the property free and clear of its bond debt. At the time of closing, independent living occupancy was approximately 75 percent, while the health center (assisted living, memory care and skilled nursing) was approximately 69 percent occupied. Average entrance fees at the community were in excess of $950,000, according to Grandbridge.
MONTEBELLO, N.Y. — A partnership between owner-operator FilBen Group and Dallas-based private equity firm RSF Partners has broken ground on Braemar at Montebello, a $54 million assisted living facility in New York’s Lower Hudson Valley region. The site is located near Good Samaritan Hospital — Suffern, as well as numerous commercial establishments. The property will span 133,675 square feet and will feature one- and two-bedroom units with an average size of 500 square feet, as well as an array of entertainment- and wellness-based amenities. H2M Architects + Engineers designed the project, and McAlpine Contracting is handling construction. M&T Bank provided a $34.8 million construction loan for the project, a completion date for which was not disclosed.
COLUMBIA, S.C. — Greystone has arranged $27.1 million in financing for Merrill Gardens at Columbia, a 120-unit seniors housing community in Columbia. The five-year loan for the independent living and assisted living community featured a floating interest rate, 30-year amortization schedule, three years of interest-only payments and a mid-200 basis point loan spread. Tyler Armstrong of Greystone worked with the client in placing the regional bank loan on behalf of the borrowers, AEW Capital Management and Merrill Gardens, a seniors housing owner-operator based in Seattle.
CLINTON, UTAH — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Barrington Place, a 66-bed memory care community in Clinton, 30 miles north of Salt Lake City. The facility was built in 2016, totaling approximately 32,862 square feet on 2.9 acres of land. A national owner-operator seeking to sell non-core assets sold the property to a family office based in the West for an undisclosed price. The new owner plans to install Ridgeline Management Co. as the operator. Jason Punzel, Vince Viverito and Brad Goodsell of SLIB handled the transaction. “Barrington Place is a well-constructed, newer, standalone memory care community that fits in well with the new owner’s long-term strategy to expand its seniors housing portfolio,” says Punzel.