REBusinessOnline

Fantini & Gorga Arranges $20.5M in Construction Financing for Seniors Housing Community in Massachusetts

CHICOPEE, MASS. — Fantini & Gorga has arranged a $20.5 million construction loan for Chicopee Assisted Living at RiverMills, an assisted living community in the Western Massachusetts city of Chicopee. Once completed in Spring 2019, the three-story, 80,000-square-foot community will include 95 units. The development will be located along the Chicopee River in the city’s historic RiverMills District. Approximately 20 percent of the units will offer memory care services. An additional 20 …

Cadence Living Acquires 158-Unit Seniors Housing Community Near San Francisco

MILLBRAE, CALIF. — Cadence Living has acquired Marymount Greenhills Retirement Center, a 158-unit independent living, assisted living and memory care community in the San Francisco suburb of Millbrae. Cadence plans to renovate the property over the next year and rename it Cadence Millbrae. The project will modernize the apartments, corridors and common areas. Greenhills Retirement Center is located adjacent to Greenhills Park and has views of San Francisco Bay. Cadence Living is a …

Blueprint Brokers Sale of 176-Bed Skilled Nursing Facility in Philadelphia

PHILADELPHIA — Blueprint Healthcare Real Estate Advisors has brokered the sale of Fairview Care Center of Bethlehem Pike, a 176-bed skilled nursing facility in the Chestnut Hill area of Philadelphia. The deal is a follow-up transaction to the recently announced “Lightning Portfolio,” where eight skilled nursing facilities in the Philadelphia metro traded hands. The seller sought to divest of the non-core assets, which featured a concentration of high-barrier-to-entry locations in the …

Koelsch Communities Completes $17M Memory Care Community in Edmonds, Washington

EDMONDS, WASH. — Koelsch Communities has completed Cedar Creek Memory Care Community, a 60-unit memory care community in the Seattle suburb of Edmonds. Project costs were just over $17 million. Wells Fargo provided $13 million in financing, and the remainder came from private investors. Cedar Creek was designed with what Koelsch calls "historical surprises." The community features several rooms designed to look like the 1950s, including a Julia Child-style kitchen, a garage featuring a …

CBRE Arranges Refinancing for Two-Property CPF Living Portfolio in Arizona, Nevada

TUCSON, ARIZ., AND PAHRUMP, NEV. — CBRE has arranged the refinancing of The Echelon of Tucson in Tucson and Inspirations Senior Living in Pahrump. The portfolio totals 140 independent living units, 60 assisted living units and 12 memory care units. The borrower was CPF Living Communities. Aron Will of CBRE National Senior Housing arranged the three-year, floating-rate loan with 36 months of interest-only payments. Grace Management, CPF Living's management subsidiary, will continue to …

Wolff Co. Acquires Scottsdale Tennis Club for Seniors Housing Conversion

SCOTTSDALE, ARIZ. — The Wolff Co. has purchased Scottsdale Tennis Court, including 11 tennis courts and a pool, for $9 million. The buyer plans to redevelop the property into Revel Scottsdale, a 159-unit seniors housing community. The asset is situated on 5.5 acres on Inland Bend Road. Larry Kush of Orion Investment Real Estate represented the seller, Robert Hing, in the

BMO Harris, Wells Fargo Arrange $200M Loan for Seniors Housing Redevelopment in Brooklyn

NEW YORK CITY — BMO Harris Healthcare Real Estate Finance and Wells Fargo Bank National Association have arranged a $200 million loan to support the redevelopment of the former Leverich Towers Hotel in Brooklyn into a seniors housing community. The companies acted as lead arrangers as bookrunners on the transaction, which refinances the acquisition and redevelopment loans. BMO acted as administrative agent and Wells Fargo partnered with Capital One to form the syndicate for the facility. The …

Dougherty Provides $58.1M Construction Loan for Seniors Housing Property in Minneapolis

MINNEAPOLIS — Dougherty Funding LLC has provided a $58.1 million loan for the construction of Prospect Park Senior Living in Minneapolis. The 283-unit seniors housing property will be located in the Prospect Park neighborhood near the light rail transit station and the University of Minnesota campus. The project will include 130 independent living units, plus 98 assisted living and 54 memory care units and one guest suite. The 10-story building will feature an underground parking garage, …

Christian Care Cos. Opens $84M Seniors Housing Community Near Phoenix

SURPRISE, ARIZ. — Christian Care Cos. has opened Fellowship Square Surprise, a 313-unit independent living, assisted living and memory care community in the Phoenix suburb of Surprise. The nonprofit community is located on 15 acres. Development costs were estimated at $84 million. The finished campus features a koi pond, fire pits, gazebos, sitting areas, fenced dog park, multiple dining options, 22,000-square-foot clubhouse with multiple meeting rooms, fitness/therapy rooms, library, …

IPA Negotiates Sale of Three-Property Seniors Housing Portfolio in Tennessee, Arkansas

CHICAGO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of the Clarity Pointe Portfolio, a three-property, 174-unit seniors housing portfolio located in Knoxville, Tenn., and Fayetteville and Little Rock, Ark. Joshua Jandris, Matthew Andriano and Mark Myers of IPA arranged the transaction on behalf of the seller, a joint venture between Chicago-based Harrison Street Real Estate Capital and Life Care Services. IPA correspondent Jordyn …