BALTIMORE — Capital Funding Group, a Baltimore-based lender, has provided a $262.6 million term loan to refinance a 29-asset long-term care portfolio. Spanning Colorado, California and Wyoming, the portfolio includes 28 skilled nursing facilities and one joint skilled nursing and assisted living facility, with a total of 3,140 beds. The borrower is a privately owned real estate investment group. Erik Howard and Tim Eberhardt originated the transaction for Capital Funding Group.
EAST HANOVER, N.J. — New Jersey-based developer CHA Partners is nearing completion of LIVIA, a 123-bed senior living community in East Hanover, about 30 miles west of New York City. The 100,000-square-foot facility will offer skilled nursing, memory care, assisted living and long-term care/rehabilitation services. Amenities will include restaurant-style dining options, outdoor courtyards, a theater, game room, full-service bar/lounge, beauty salon, and a café. CHA Partners expects the facility to be operational before the end of the month.
EAGLE LAKE, TEXAS — Provider Nexion Health has opened Eagle’s Landing, a memory care community within its Arbor Hills Rehabilitation and Healthcare Center in Eagle Lake, approximately 70 miles west of Houston. The asset offers 20 units. The Arbor Hills Rehabilitation and Healthcare Center was one of nine Texas facilities that Nexion Health took over the operations of in December 2020.
NEW JERSEY — Evans Senior Investments (ESI) has arranged the sale of a 120-bed skilled nursing community in New Jersey for $24 million. The property, the name and location of which were not released, was built in the last 20 years with multiple renovations since. ESI represented the seller, an independent owner-operator that sought to exit the long-term care industry. The buyer was an East Coast-based owner-operator of skilled nursing communities that wanted to grow its presence in New Jersey.
LA PUENTE, CALIF. — RAAM Construction has completed the construction of Arboleda Apartments, an affordable seniors housing development in La Puente, approximately 20 miles east of Los Angeles. Development costs for the 74-unit, 71,499-square-foot property are estimated at $29 million. Of the total apartments, 38 are fully ADA-accessible units. “The need for affordable housing has grown in recent years due to rising home prices and an overall housing shortage, and the COVID-19 pandemic has exacerbated that need immensely,” says Richard Lara, president and CEO of RAAM Construction. RAAM worked closely with Meta Housing Corporation, a developer of affordable housing communities for families and seniors, along with AMJ Construction Management Inc. and Y&M Architects to deliver the new residences for qualified low-income seniors. The apartments replace four detached family homes on the site.
HILLSBORO, ORE. — Senior Living Investment Brokerage has negotiated the sale of HOLI Senior Living, a 72-unit assisted living and memory care community in Hillsboro, a suburb of Portland. The community was built in 2019, totaling 39,460 square feet on 2.1 acres. The seller was a local developer and operator, with this being its only seniors housing asset. A private equity firm from Texas bought the property for $15.5 million and installed a Pacific Northwest-based operator. Jason Punzel, Brad Goodsell and Vince Viverito of Senior Living Investment Brokerage handled the transaction. “HOLI Senior Living is a well-built new community located in the western suburbs of Portland,” says Punzel. “The lease-up has been excellent throughout COVID and the new owners plan to continue to build on its reputation in the marketplace.”
BOCA RATON, FLA. — DigitalBridge (NYSE: DBRG) has agreed to sell its entire wellness portfolio, consisting of 300 seniors housing, skilled nursing, medical office and hospital properties, in a deal valued at $3.2 billion. The buyers are Highgate Capital Investments and Aurora Health Network. Before announcing its rebrand to DigitalBridge in June, the Boca Raton-based real estate investment trust (REIT) was formerly known as Colony Capital. The sale is the final step of the company’s conversion of its portfolio to all digital infrastructure properties, such as cell towers and data centers. The $3.2 billion includes $226 million in cash, a $90 million seller note and the assumption of $2.9 billion in debt. “Having completed our digital transformation in less than two years, this final step will allow us to emerge as the pure-play, fast-growing digital infrastructure REIT we envisioned from day one,” says Marc Ganzi, president and CEO of DigitalBridge. The portfolio includes DigitalBridge’s equity interest in and management of its sponsored, non-traded REIT, NorthStar Healthcare Income Inc. The company merged with NorthStar in 2016, with the combined REIT valued at a total capitalization of $17 billion at that time. The sale is expected to close in early 2022, subject …
SOUTH BEND, IND. — Strawberry Fields, a South Bend-based owner of long-term acute care hospitals, skilled nursing and assisted living facilities, has acquired six skilled nursing facilities located in Kentucky and Tennessee for $81 million. The properties include: • Landmark of Kuttawa, a 65-bed skilled nursing facility located at 1253 Lake Barkley Drive in Kuttawa, Ky., that was built in 1968. • Agape Rehabilitation & Nursing Center, an 84-bed skilled nursing facility located at 505 North Roan St. in Johnson City, Tenn., that was built in 2005. • Waters of Sweetwater, a 90-bed rehabilitation and nursing center located at 978 Highway 11S in Sweetwater, Tenn., that was built in 1966. • Waters of McKenzie, a 72-bed rehabilitation and nursing center located at 14510 Highway 79 in McKenzie, Tenn. • Waters of Memphis, a 90-bed rehabilitation and nursing center located at 6500 Kirby Gate Blvd. in Memphis, was built in 2015. • Waters of Bristol, a 120-bed rehabilitation and nursing center located at 2830 Highway 394 in Bristol, Tenn., was constructed in 2017. Some of the facilities offers physical, speech and occupational therapies for short-term rehab clients as well as long-term care residents. These facilities also feature a Department of Nursing, …
PORT ST. LUCIE, FLA. — Miami-based Origin Construction will build America Walks, an active adult rental community in Port St. Lucie spanning 60 acres and more than 400 residences. The project is expected to cost $75 million to develop and deliver in the third quarter of 2023. Ohio-based America Walks is the developer for the gated community. America Walks will feature both a residential and recreational component, including two four-story apartment buildings with 115 units, as well as 300 villas in 60 buildings surrounding four lakes with walking and biking trails. Each of the 60 buildings will include four to six villas, each with its own garage. The recreational space will include a two-story clubhouse encompassing over 26,000 square feet with a restaurant, exercise facilities, sports bar and a salon. Community amenities will include a pool, spas, pickleball court, bocce, fire pits and an outdoor dining facility.
MUKILTEO, WASH. — CBRE Senior Housing has arranged $19.5 million in financing for Harbour Pointe Senior Living, a 106-unit assisted living and memory care community in Mukilteo, approximately 25 miles north of downtown Seattle. Aron Will, Austin Sacco and Adam Mincberg of CBRE Senior Housing arranged the financing on behalf of a joint venture between Capitol Seniors Housing and a large university endowment. Integral Senior Living operates the community. The community, originally acquired by the owners in 2015, sits directly adjacent to Paine Field, a once-commercial airfield that is now primarily used as a Boeing assembly plant. Home to generations of former Boeing employees, the Harbour Pointe neighborhood is an affluent pocket of Mukilteo with numerous local amenities, including the nearby Harbour Pointe Golf Club. CBRE Senior Housing originated a seven-year, floating-rate loan with four years of interest-only payments through its Freddie Mac Optigo lending program.