DURHAM, N.H. — Ziegler has closed on $110.5 million in bond financing for the development of RiverWoods Durham, a 222-unit continuing care retirement community (CCRC). The property will be located in Durham, near the Atlantic coast in the southeast corner of the state midway between Boston and Portland, Maine. The community will feature 150 independent living units, 24 assisted living units, 24 memory care units and 24 skilled nursing beds. The financing includes $53 million in permanent bonds, $45.4 million in temporary bonds, and a $12.1 million subordinated note. The bonds are tax-exempt, non-bank qualified bonds issued through the New Hampshire Health and Educational Facilities Authority. RiverWoods Exeter, another property from the same owner-operator, will provide the taxable subordinated note. TD Bank and SunTrust Bank were selected as co-lead banks and People’s United Bank was selected as participant bank for the financing package.
MISSOURI — American Healthcare Investors and Griffin Capital Co. LLC, the co-sponsors of Griffin-American Healthcare REIT IV Inc., have entered into an agreement to acquire a portfolio of eight skilled nursing facilities throughout Missouri for $88.2 million. The undisclosed properties total 1,112 beds and approximately 384,000 square feet. The portfolio is fully leased under a 15-year absolute net lease. As of June 13, the REIT has acquired a 2.7 million-square-foot portfolio of 45 medical office buildings, senior housing facilities and skilled nursing facilities in 16 states.
AMES, IOWA — Arrimus Capital has sold the 518-bed Stadium View in Ames for $44 million. The Class A student housing property is located adjacent to Iowa State University. The property, which features 197 units with a mix of two-, three- and four-bedroom floor plans, is currently 99 percent occupied and more than 80 percent pre-leased for the 2018-2019 academic year. Amenities include a fitness center, clubhouse, study lounge and fire pit. Arriumus used a Delaware Statutory Trust to sell the property to 1031 exchange buyers who otherwise might not have been able to purchase it on their own, according to the company. The buyer was not disclosed. Arrimus acquired the asset in December 2017.
SAN ANTONIO — REEP Equity, a San Antonio-based multifamily investment firm, has acquired two apartment communities totaling 537 units in San Antonio. The properties are 4000 Horizon Hill, a 273-unit community featuring two pools and a fitness center, and Northgate Village, a 264-unit property featuring a pool and a picnic area. Mark Brandenburg and C.W. Sheehan of JLL arranged acquisition financing for the transaction through NXT Capital.
VICTORIA, TEXAS — The University of Houston-Victoria (UH-Victoria) has broken ground on Don & Mona Smith Hall, a $22.8 million student housing property in Victoria, about 115 miles southeast of San Antonio. The on-campus property will consist of 272 beds and span 82,000 square feet. Some amenities are still being determined, but the property will include a gaming lounge and an outdoor courtyard with seating and sports activities. Morganti Texas Inc. is serving as construction manager on the project, and Brave Architecture is handling its design. Completion is slated for August 2019.
RICHARDSON, TEXAS — KeyBank Real Estate Capital has provided a $21.4 million Fannie Mae first mortgage loan for Madison at Melrose Apartment Homes, a 200-unit multifamily community located in the northern Dallas metro of Richardson. The property was built in 1995 and is situated on 11.2 acres. Caleb Marten of KeyBank structured the 10-year loan, which features five years of interest-only payments and a 30-year amortization schedule. The loan will be used to refinance existing debt.
CHICAGO — There is one surefire way to make sales hum in seniors housing, says Margaret Wylde, an industry consultant who has conducted research in this niche property sector for 34 years. Know who your customer is, the product they want and how much they will pay to get what they want. “If you deliver what they actually want, they actually pay more and feel there is value for the dollar spent,” says Wylde, CEO of Oxford, Miss.-based ProMatura Group. The problem is the industry’s knowledge of customers is “not good,” Wylde is quick to add. “We know them in a generic manner. We know their age, we know how many of them there are, and we know how much money [they have]. But we don’t know who they are. And once they get to that golden age, we think they want seniors housing, and that everybody who wants seniors housing is exactly the same because we are giving them a list of stuff.” What’s worse, she believes, is that the industry is by and large chasing the luxury market, which is less than 10 percent of the potential market. “The middle market is 320 percent larger than the market …
WARMINSTER, PA. — G.S. Wilcox & Co. has secured $25.5 million in permanent financing for the Jacksonville Station Community, a recently constructed 151-unit, eight-building apartment community in Warminster. The financing was secured with a 10-year term and a 30-year amortization through lender Allianz. The undisclosed borrower was a repeat client of G.S. Wilcox. The community features 12 types of units with a clubhouse and in-ground pool and is located across the street from the Septa Rail Station, which provides direct connectivity to Philadelphia.
Contemporary Healthcare Capital Closes $13.3M Refinancing for Skilled Nursing Facility in New Jersey
NEWTON, N.J. — Contemporary Healthcare Capital has closed $13.3 million in senior and mezzanine loans to refinance a 128-bed skilled nursing facility in Newton. The mezzanine loan was $1.9 million and the senior loan was a $10 million secured buy with $1.4 million cash secured. The borrower was an owner-operator that serves New York and New Jersey. Newton is located in the northwest portion of the state, approximately 60 miles west of New York City. Contemporary’s senior lending partner on the transaction was Commercial Bank of Harrogate, Tenn.
ODESSA, FLA. — Lantower Residential has acquired Lantower Asturia, a 322-unit apartment community located at 15175 Integra Junction in the Tampa Bay community of Odessa, for $57.7 million. Constructed in 2017, the property was originally known as Integra Junction and was rebranded upon acquisition. Lantower Asturia is located within Asturia, Hines’ 300-acre, master-planned mixed-use community. The apartment community offers a mix of one- to three-bedroom units and features granite countertops, stainless steel appliances, crown molding, USB outlets, wood-style floors, tile backsplash, and screened balconies or patios. Community amenities include a saltwater pool, outdoor lounge area with fire pits and grills, package lockers, fitness center with a CrossFit box and spin bikes and a virtual PGA golf simulator. Patrick Dufour of ARA Newmark arranged the transaction on behalf of the seller, Panther Residential. The acquisition brings Lantower Residential’s portfolio to 19 multifamily properties totaling 6,260 units.