PORTLAND, ORE. — Jackson Square Properties has purchased the 288-unit Terrene at the Grove apartment complex in the Portland submarket of Wilsonville for $59.5 million. The community is located at 8890 SW Ash Meadows Circle. Terrene at the Grove was built in 2013. Jackson Square also recently acquired the Addison, a 147-unit apartment community in Vancouver. HFF’s Ira Virden and Kerry Hughes represented the seller, Holland Partner Group and its finance partner.
EUGENE, ORE. — Cascade Manor, a continuing care retirement community (CCRC) in Eugene, is currently in progress on a $10 million expansion that will create 30 new luxury independent living apartments and community amenities. The expansion, named 29th Place at Cascade Manor, will add 82,200 square feet to the community. Each new independent living apartment ranges from 1,330 to 2,700 square feet. In addition to new, larger housing options, the community is adding a new dining venue and a courtyard with exterior seating to give residents more choices for dining. Cascade Manor is also renovating existing common spaces including the dining room, main lobby, library and exterior finishes on the entire campus. Cascade Manor expects residents to begin moving into the expansion by the end of the year. Moisan Architects designed the expansion.
BELLINGHAM, WASH. — Memory care developer Silverado will lay the foundation for Silverado Bellingham, a 80-bed memory care community in Bellingham, on the West Coast near the Canadian border, on Sept. 11. The 41,000-square-foot, single-story community is situated on four acres of land and is slated to open in late 2016. Silverado expects development costs to total over $10 million. Architect James Brown with Wattenbarger Architects, local civil engineer Craig Parkinson with Cascade Engineering, and Dawson Construction Inc. all will participate in the construction.
NEW YORK CITY — Carlton Group has closed a $125 million equity investment from three major Asian investors. The deal will facilitate an $800 million ground-up condominium project in Tribeca located near Goldman Sachs corporate headquarters. This transaction marks the first investment for an Asian insurance company, which is lead investor in the consortium. The investment enabled the closing of a major construction loan provided by one of the top commercial lenders in the United States. Additional terms of the transactions and involved parties were not released.
NEW YORK CITY — Madison Realty Capital has provided $107.2 million in first mortgage financing for the first phase of Fortis Property Group’s acquisition of the Long Island College Hospital (LICH) real estate portfolio in Brooklyn. Collateral for the loan is a mix of former LICH properties comprising 357,000 square feet of retail, medical office and residential space, as well development sites. The properties are located at 91-95 Pacific St., 350-352 Hicks St., 349 Henry St., 112 Pacific St., 82 Amity St., 84 Amity St., 124-134 Atlantic Ave., 113 Congress St., 336 Flatbush Ave. and 184 Sterling Place. Madison Realty provided Fortis with a flexible financing solution to facilitate the acquisition, which is the culmination of a complex, multi-party deal related to the LICH portfolio. David Harte of Ackman-Ziff represented Fortis in the transaction.
COVINGTON, WASH. — Seniors housing operator Seniority Inc. and investor Zenith Capital have revealed joint plans for a new 98-unit assisted living and memory care community on three acres in Covington, approximately 25 miles southeast of Seattle. Covington Assisted Living and Memory Care Community include 64 units for assisted living and 34 for memory care. Development cost is estimated at $23.5 million. Construction will start in the second quarter of 2016, with the facility slated to open in summer 2017. This will be the first assisted living and memory care facility in Covington, according to the developers. When completed, Seniority — a subsidiary of American Baptist Homes of the West — will operate the facility. Seattle-based Zenith Capital will oversee the project’s development and financing. The U.S. government’s EB-5 immigrant investor visa program will provide a portion of the project’s overall financing, along with additional equity partners investing into the project.
ASHLAND, ORE. — Contemporary Healthcare Capital LLC (CHC) and Community & Southern Bank (CSB) have jointly provided a $10.5 million loan for the acquisition of a seniors housing community in Ashland, near the California border. The unnamed community is a 95-unit assisted living and memory care facility. Proceeds of the loan will be used to fund the acquisition along with $575,000 in renovations. This is the first joint loan from CHC and CSB since the two companies announced the strategic partnership in May.
DALLAS, ORE. — Cain Brothers has arranged $27.6 million bond financing for Dallas Retirement Village, a continuing care retirement community (CCRC) in Dallas, about 15 miles west of Salem. Operated by Life Care Services, Dallas Retirement Village currently features 45 independent living homes, 73 independent living apartments, 65 assisted living units, 20 memory care units and 121 skilled nursing beds. The proceeds from the bonds will be used to construct 40 new lodge-style independent living apartments and a 21,000-square-foot clubhouse, as well as refund $2.5 million of existing debt. Planning for the campus expansion began in 2007, but was placed on hold during the recession.
TUCSON, ARIZ. — Keenan & Co. has arranged the sale of The Stone Avenue Standard, a 64-unit, 224-bed student housing complex at the University of Arizona, for $6.75 million. The $6.75 million purchase price equates to $105,470 per unit. Tom Keenan, president of Keenan & Co., represented the seller and procured the buyer, Quad Real Estate Partners, of New York. Dallas-based THP PM Group will manage the property. The Stone Avenue Standard features unfurnished three- and four-bedroom apartments, a resort-style pool, exercise room, study room, a lounge, secured and covered parking, and a shuttle to and from campus. It also features 12 two-story, two-bedroom, two-and-a-half bath townhome units with an attached garage.
WASHINGTON, D.C. — HFF has arranged $32 million in financing for Kennedy Row, a newly built, 141-unit apartment community located in Washington, D.C.’s Capitol Hill neighborhood. The Class A property is located at 1717 E. Capitol St. S.E. across the street from Eastern Senior High School. Built in 2013, the property features a rooftop terrace, an on-site fitness center, pet cleaning station, bike storage and underground parking. The asset was 94 percent occupied at the time of financing. Michael Gigliotti, Sue Carras, Walter Coker and Brian Crivella of HFF arranged the seven-year, floating-rate loan through HSBC Bank on behalf of the borrower, a joint venture between TRITEC Real Estate Co. and The JBG Cos. The loan proceeds were used to refinance existing construction debt on the property.
