REBusinessOnline

Greystone Provides $31.5M Bridge Loan for Skilled Nursing Facility Portfolio in Texas

NEW YORK — New York-based Greystone has provided a $31.5 million bridge loan for four skilled nursing facilities located across Texas. The undisclosed borrower is using the loan proceeds to refinance Heritage Oaks Residence & Rehabilitation Center, a 204-bed facility in Arlington, and the 202-bed Quality Care of Waco in Waco. The funds will allow the borrower to expand clinical services at the two properties. Two other facilities, the 186-bed Westview Manor & Rehabilitation Center in …

PGIM Provides $9.9M HUD Financing Package for Retirement Campus in Maine

FALMOUTH, MAINE — PGIM Real Estate Finance has originated a financing package totaling $9.9 million for OceanView at Falmouth, an 80-acre seniors housing campus in the Portland suburb of Falmouth. Sea Coast Management Co. owns the property, which features 42 custom-designed homes, 57 cottages, 118 independent living apartments and a 30-bed memory care facility. The financing includes two HUD healthcare loans and each is for a different property on the campus. A $4.4 million loan will be …

AMWA to Develop 255-Unit Affordable Seniors Housing Community in Arlington, Washington

ARLINGTON, WASH. — AMWA Development Inc. has closed on a construction financing transaction for Cedar Pointe, a 255-unit affordable seniors housing community in Arlington, approximately 45 miles north of Seattle. Located on a four-acre site in the city’s Smokey Point neighborhood, the property will offer 175 one-bedroom units and 80 two-bedroom units, including a one-bedroom manager's unit. All residents must be over the age of 55 and earning 60 percent or less of the area median …

Largest Skilled Nursing Operator in Texas, Senior Care Centers, Declares Bankruptcy

DALLAS — Senior Care Centers, a Dallas-based operator of more than 100 seniors housing communities in Texas and Louisiana, has filed for Chapter 11 bankruptcy protection in U.S. bankruptcy court for the Northern District of Texas. The company is the largest skilled nursing provider in Texas, but has struggled to pay its rent. Sabra Health Care REIT (NASDAQ: SBRA) and LTC Properties (NYSE: LTC) — two publicly traded real estate investment trusts that combined own 49 Senior Care Centers …

Greystone Provides $100.8M HUD Financing for Skilled Nursing Facilities in New York

NEW YORK CITY — Greystone has provided a total of $100.8 million in HUD-insured loans to refinance two seniors housing properties in the state of New York. Fred Levine, managing director in Greystone’s Monsey office, originated the separate transactions for the same borrower. Although the borrower was not disclosed, Centers Health Care operates both facilities. Greystone provided a $71.8 million loan for Triboro Center for Rehabilitation and Nursing in the Bronx. The facility features 405 …

LCS Starts Construction of 262,000 SF Seniors Housing Community in New Jersey

BRIDGEWATER, N.J. — LCS has closed acquisition financing and started construction of The Delaney of Bridgewater, a new seniors housing community in Bridgewater, approximately 45 miles southwest of Manhattan. Totaling 262,000 square feet, the property will be the fifth under the Delaney brand for LCS and the first outside Texas. When complete, the community will offer 122 independent living apartments, 15 freestanding villas, 56 assisted living units and a 32-unit memory care …

Clear Information, Smart Analysis Fuel Successful Seniors Housing Market Studies

PHILADELPHIA — If you own a piece of land that you think might be suitable for a seniors housing development, what is your best course of action to determine the feasibility of such a project? “The first step is to do a desktop study,” advises Cheri Clarke-Doyle, senior vice president of Trammell Crow Co. In other words, conduct a supply-demand analysis that projects demand based on current supply and population growth within a radius of five to seven miles, or a 15- to 20-minute drive …

Marcus & Millichap Negotiates $5.4M Sale of Mixed-Use Property in Brooklyn

NEW YORK CITY — Marcus & Millichap has negotiated the $5.4 million sale of a 12,088-square-foot mixed-use property in Brooklyn. The six-unit property is located at 85 Quay St. Shaun Riney and Michael Salvatico of Marcus & Millichap’s Brooklyn office represented the seller, a private investor, in the transaction. The buyer was also a private

Wolff Breaks Ground on Independent Living Community in Scottsdale, Arizona

SCOTTSDALE, ARIZ. — The Wolff Company, a Scottsdale-based private equity firm and senior living developer, has broken ground on Revel Scottsdale, an independent living apartment community in the company’s hometown. The three-story community is expected to open in late 2020 and will feature 157 units in studio, one- and two-bedroom layouts. Wolff cited an underserved and growing affluent senior population in Scottsdale as the reason for building. The U.S. Census Bureau named …

Cushman & Wakefield Brokers $12M Sale of Seniors Housing Community in Phoenix

PHOENIX — Cushman & Wakefield has arranged the sale of Zen Senior Living, a 99-unit seniors housing community in Phoenix’s Paradise Valley neighborhood. Investment Concepts Inc., a California-based investor, acquired the property from FPA5 Paradise Village, an entity of San Francisco-based FPA Multifamily. The price was $12 million. The two-story, garden-style community was built in 1985 but recently underwent a $1.6 million renovation project. Floor plans average 846 square …

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