BALTIMORE — Mid-Atlantic Health Care LLC, a Baltimore-based healthcare provider, has purchased four skilled nursing facilities in western and central Maryland for an undisclosed price. The four facilities include Northampton Manor Health Care Center in Frederick, Devlin Manor Health Care Center in Cumberland, Julia Manor Health Care Center in Hagerstown and Moran Manor Health Care Center in Westernport. The seller is The Magnolia Group, a skilled nursing owner/operator in Maryland and Pennsylvania. The company will continue to provide services to the facilities through its affiliate, Magnolia Rehabilitation Services LLC. With these acquisitions, Mid-Atlantic will now operate the largest group of facilities in western Maryland and become one of the region’s largest employers, according to the company. Adding the Magnolia facilities will increase Mid-Atlantic Health Care’s total number of locations from 17 to 21.
PLYMOUTH, MINN. — Design and construction firm The Weitz Co. and developer LCS have opened the doors to Trillium Woods, a 46-acre continuing care retirement community in the Minneapolis suburb of Plymouth. The 500,000-square-foot community cost $161 million to develop. The buildings are split into a 50,000-square-foot commons building, a 58,000-square-foot health center and three independent living buildings totaling 392,000 square feet. The three-level health center building contains 44 memory care and skilled nursing units. The independent living buildings contain 195 apartments. In addition, there are 14 detached townhome residences in seven separate buildings. Life Care Services, a subsidiary of LCS, will operate the new community.
MINNEAPOLIS — Marcus & Millichap has arranged the sale of a 13-unit apartment property in Minneapolis for $2.4 million. The property is located at 2118 Dupont Ave. S. A Japanese investor purchased the asset from an undisclosed buyer. Bill Bailey and John Bailey of Marcus & Millichap listed the property on behalf of the seller who was a private investor. A Chicago-based investment fund represented the buyer in the transaction.
KENOSHA, WIS. — Continental Properties has purchased land for the future development of an apartment project in Kenosha, approximately 40 miles south of Milwaukee. North Shore Bank sold a 48.5-acre land parcel to Continental Properties for $2.6 million. Continental Properties plans to develop 280 units in Phase I and an additional 200 units in Phase II. Phase I is scheduled to start this spring. Upon completion, the project can be accessed from 125th Avenue or 71st Street. Andrew Stefanich of CBRE was the sole broker for the land parcel transaction.
CLARKSTON, WASH. — Lancaster Pollard has closed a $4.5 million refinancing for Evergreen Estates Retirement & Assisted Living Community, a seniors housing community located in Clarkston along the southeast border of Washington State. The FHA loan will be used to refinance existing debt and fund the community’s replacement reserve account. The loan features a 30-year term at a lower interest rate than the previous bank loan. Matt Lindsay led the transaction for Lancaster Pollard.
WESTLAKE VILLAGE, CALIF. — LTC Properties Inc. (NYSE:LTC), a seniors housing and healthcare REIT based in the Los Angeles suburb of Westlake Village, has added industry veterans Doug Korey and Mandi Hogan to its management team. Doug Korey joins LTC as senior vice president of business development, a newly created position. Korey brings 25 years of experience in the seniors housing and care industry, most recently as president of Lancaster Pollard Finance Co. He is a member of the board of directors of the National Investment Center for Seniors Housing & Care (NIC) and holds a master’s degree in real estate finance and investment from New York University. Mandi Hogan has been named LTC’s director of marketing, succeeding Mark Hemingway, vice president of marketing, who is retiring as a full-time employee effective Feb. 29, 2016. Hemmingway will remain with LTC on a part-time basis. Hogan joins LTC with more than 20 years of marketing experience, most recently as national director of marketing for National Health Investors. She holds a bachelor’s degree in business administration from the University of Colorado, Boulder.
SEATTLE — Living Care Lifestyles, a Seattle-based seniors housing operator with communities in California, Hawaii, Oregon, Texas and Washington, has hired John Renner as regional director of operations for Texas, California and Hawaii. Renner has more than 20 years of experience in assisted living and independent living. He will be responsible for the overall administration, operations and management of the six communities in the region, mostly under the company’s Quail Park brand. Prior to joining Living Care Lifestyles, Renner was the operations director at Leisure Care where he oversaw and managed 12 assisted living and independent living communities. He was also the general manager at Fairwinds.
NEPTUNE CITY, N.J. —Tryko Partners LLC has acquired Medicenter Rehabilitation & Nursing, a skilled nursing facility in Neptune City. Tryko Partners has a $2.5 million upgrade planned for the 110-bed facility, which will be renamed Coral Harbor Rehabilitation and Healthcare Center. The planned improvements include creating a modern, home-like atmosphere for residents and staff and a complete overhaul of all patient rooms, including private showers, updated flooring, wallpaper, artwork and the installation of flat-screen television and free WiFi for residents and staff. Additionally, the owners will construct a new therapy gym with state-of-the-art equipment; renovate the dining hall, common areas and elevators; and improve the grounds with general landscaping upgrades and a resurfaced parking lot. Tryko Partners will also develop and introduce specialty pulmonary and cardiac rehabilitation programs with services seven days per week.
BOSTON — Fantini & Gorga has arranged three loans totaling $12.3 million in permanent financing for three properties in Boston. The properties include a mixed-use property at 174 Newbury St. and two multifamily assets located at 471 and 475 Commonwealth Ave. within Kenmore Square. The Newbury Street property features four stores with a lower level retail space occupied by Ben & Jerry’s and Vans, and five apartment units on the upper levels with direct access to the sidewalk. 471 Commonwealth is a four-story building with 10 apartment units and 475 Commonwealth is a seven-story property with 42 apartments and one office suite. Derek Coulombe, Tim O’Donnell and Chris Miller of Fantini & Gorga arranged the financing for the undisclosed borrower.
NEW YORK CITY — Marcus & Millichap has brokered the sales of two properties in Brooklyn totaling $7.6 million. In the first transaction, a private investor acquired an 80-foot by 90-foot development site located at 242-248 Newkirk Ave. in Brooklyn. The site, which offers 30,497 buildable square feet, sold for $4 million. The site has approved plans for a seven-story, 45-unit apartment building. Derek Bestreich, Steve Reynolds and Thomas Reynolds of Marcus & Milichap represented the seller, a private investor, and the buyer in the transaction. In the second deal, a private investor purchased an eight-unit apartment property, located at 592 Vanderbilt Ave. in Brooklyn, for $3.6 million. Bestreich, Lucien Sproviero and Adam Lobel of Marcus & Millichap represented the seller, a private investor, and the buyer in the sale.