HARWICH, MASS. — Cushman & Wakefield has brokered the sale of Wingate at Harwich, a 135-bed skilled nursing facility located in the Cape Cod city of Harwich. Richard Swartz, Jay Wagner, Dan Baker and Jack Griffin of Cushman & Wakefield represented the seller, an undisclosed institutional investor that is exiting the skilled nursing space, in the transaction. The buyer, a regional operator, plans to upgrade the community.
GRANBURY, TEXAS — Senior Living Investment Brokerage (SLIB) has arranged the sale of Residence at Legacy Park, an active adult community in Granbury, approximately 35 miles southwest of Fort Worth. Built in 2018, the community features 81 units and is restricted to residents age 55 or older. A local owner-operator looking to exit the industry sold the asset to a national group headquartered in Utah for $18 million. Matthew Alley and Bradley Clousing of SLIB handled the transaction.
NEW HAVEN, CONN. — KeyBank has provided $37.5 million in financing to Community Preservation Partners (CPP) and Hampstead Development Partners for the acquisition and renovation of an affordable seniors housing property in New Haven. Originally built in 1973, Fairbank Apartments, a Section 8 property situated on one acre of land, consists of 121 units (106 one-bedroom and 15 two-bedroom) and one ground-level retail bay in a nine-story building. KeyBank operates a branch out of the retail space. KeyBank’s Community Development Lending and Investment (CDLI) and KeyBank Real Estate Capital’s (KBREC’s) Commercial Mortgage Group (CMG) worked together to provide $12.5 million of low-income housing tax credit equity, a $6 million equity bridge loan, an approximately $19 million public bond offering and $19 million of Fannie Mae tax-exempt bond collateral. Robbie Lynn of KBREC’s CMG team, and Victoria O’Brien and John-Paul Vachon of Key Community Development Corp. structured the financing.
LAS VEGAS — Oakmont Senior Living has completed an expansion and renovation project at Oakmont of Las Vegas, which included the new construction of 31 memory care units. “Memory care is an essential part of continuity of care and important to families who don’t want to uproot their loved ones should they need to transition to this type of care,” says Melon Rivera, executive director at Oakmont of Las Vegas. The community already offered independent living and assisted living. In addition to the new memory care neighborhood, the multi-million-dollar renovation project at Oakmont of Las Vegas included the addition of a movie theater, bistro and wellness center. The on-site beauty salon received its own makeover with upgraded and new equipment. Other community-wide enhancements included new carpeting, tile flooring, fresh paint, a refinished roof and new fire-alarm system.
HOUSTON — Watermark Retirement Communities and Hines have unveiled plans for The Watermark at Houston Heights, a 222-unit independent living, assisted living and memory care community in Houston’s Greater Heights neighborhood. The seven-story property will be the tallest building in the neighborhood and will feature views of the downtown Houston skyline. Two of the floors will be fully dedicated to amenity space. The development is scheduled for completion in January 2022. Project partners include Munoz + Albin Architecture & Planning as the design architect; Looney & Associates as the interior designer of common spaces; TBG Landscape Architects as the landscape architect; and Harvey Builders as the general contractor.
ANTIGO, BURLINGTON, MANITOWOC AND KENOSHA, WIS. — Greystone has provided $35 million in HUD-insured loans for the refinancing of a five-property, 558-bed skilled nursing portfolio across Southeast Wisconsin. The facilities are located in Antigo, Burlington, Manitowoc and Kenosha. Each of the nonrecourse loans features a fixed interest rate and is fully amortized over 30 years. The loans refinance the existing debt on the properties, which were purchased in 2017. The undisclosed borrower plans to continue ongoing property improvements. Fred Levine of Greystone originated the loans.
FORT WORTH, TEXAS — Locally based general contractor KWA Construction has completed Phase II of Columbia Renaissance Square, a project that added 120 units of affordable seniors housing to the local supply. Developed by Columbia Residential and designed by JHP Architecture, the property features one- and two-bedroom floor plans with full-sized kitchens, espresso cabinetry and vinyl plank flooring. Amenities include a clubhouse with a catering kitchen, business center, fitness center, wellness room, theater room and a landscaped gazebo and courtyard. Phase I of the project consisted of 140 units, 85 percent of which were affordable.
PORTLAND, ORE. — Berkadia Seniors Housing & Healthcare has arranged $82.4 million in financing for Touchmark in the West Hills, a seniors housing community in Portland. The borrower is Oregon-based Touchmark. Further details on the property and the use of the financing were not disclosed. Chris Cain and Rafael Nobo of Berkadia Seniors Housing & Healthcare secured the financing through Freddie Mac. The seven-year loan has a 53 percent loan-to-value ratio.
PORTLAND, ORE. — Berkadia Seniors Housing & Healthcare has arranged a $50.2 million HUD 232/223(a)(7) refinancing for a 253-unit independent living, assisted living and memory care community in Portland. “Historically, the property has maintained an occupancy percentage in the low 90s and ended 2020 with an occupancy of 88 percent, showing impressive resilience throughout the pandemic,” says Ed Williams of Berkadia, who led the refinancing. “The HUD refinance will allow the borrower to save on debt service and MIP payments through the combination of a lower rate and an extension of the loan term to 40 years, which was the term of the original loan.” The name of the community and borrower were not disclosed.
BELLEFONT, PA. — Lument has arranged a $35.6 million construction loan for Centre Care Rehabilitation and Wellness Service, a 240-bed skilled nursing facility in Bellefonte, located in the central part of the state. The new facility will replace an existing 240-bed property that was deemed unsuitable for substantial renovations due to its age and location. Miles Kingston of Lument arranged the construction financing through First National Bank on behalf of the borrower, Complete Healthcare Resources Eastern.