COLUMBIA, S.C. — Resort Lifestyle Communities (RLC) has unveiled plans for Lakeview Retirement Community, an active adult property in Columbia. The 180,000-square-foot property will offer units ranging from studios to three-bedroom apartments. Development costs are estimated at $30 million. A groundbreaking ceremony is scheduled for Tuesday, Feb. 11. Although services will not be offered directly, residents needing care are free to contract with a home health provider, according to RLC.
MERCED, CALIF. — Cambridge Realty Capital Cos. has provided a $16.3 million HUD Lean loan to refinance Anberry Transitional Care, a 72-bed skilled nursing care facility. The property is located in Merced, a small city southeast of the Bay Area. The facility focuses on short-term rehabilitation. The borrower is a California limited partnership. The 35-year loan is fully amortizing.
STONECREST, GA. — McShane Construction Co. has broken ground on Stonepointe, a 238-unit affordable seniors housing community in Stonecrest, approximately 15 miles east of Atlanta. Dominium is developing the four-story building on an 11.3-acre site. Construction is scheduled for completion in July 2021. Units are reserved for residents over age 55. The property will offer one- to three-bedroom floor plans. McShane is also performing site work for Stonepointe, including the construction of a 210-space parking lot. The architect of record is Martin Riley Associates.
CHICAGO — JLL Capital Markets has arranged the sale of St. Pauls House, a 171-bed skilled nursing community in Chicago. Lutheran Life Communities sold the facility to an Illinois-based operator for an undisclosed price. St. Pauls House was originally built in 1921, with the additions of the east wing in 1956 and the west wing in 1970. The 100,000-square-foot community is situated on 2.4 acres in Chicago’s Irving Park neighborhood, northwest of downtown. Mike Garbers and Cody Tremper of JLL led the transaction.
SELLERSVILLE, PA. — Evans Senior Investments (ESI) has negotiated the $18.2 million sale of a 94-unit seniors housing community in Sellersville, located approximately 30 miles north of Philadelphia. Hidden Meadows on the Ridge features 54 assisted living units, while The Laurels features 40 memory care units. Built in 2007 and renovated in 2018, the community recently underwent a capital improvements program that delivered new flooring, full facility furniture replacement and new dining options. The two facilities had a combined occupancy rate of 94 percent at the time of sale. ESI represented the seller, an independent owner-operator, in the transaction. The buyer was an undisclosed REIT based on the East Coast.
RANCHO CORDOVA, CALIF. — Marcus & Millichap Capital Corp. has arranged the $27 million refinancing of a 137-bed seniors housing asset in Rancho Cordova, a suburb of Sacramento. The 80,000-square-foot property, one of Summerset Senior Living’s two locations, offers assisted living and memory care. It was built in 2016. The new loan replaces $17 million in bridge financing that Marcus & Millichap also arranged. The refinancing features a 10-year term and a fixed rate. The lender was not disclosed.
PHILADELPHIA — Private equity investment firm Tryko Partners has acquired Glendale Uptown Home, a 240-bed skilled nursing facility in the Lexington Park neighborhood of Philadelphia. The center, which has been renamed Roosevelt Rehabilitation & Healthcare Center, is located at 7800 Bustleton Ave. and is situated close to the Nazareth Hospital. Tryko plans to invest in a new therapy gym for the facility and to update patient rooms and mechanical systems. The sales price and seller were undisclosed.
MCMINVILLE, ORE. — Lancaster Pollard has arranged a $4.9 million HUD loan to refinance Marjorie House, a 45-bed memory care community in McMinnville, approximately 35 miles southwest of Portland. Senior Development Resources operates the community. The borrower is Giza Development, which used the original bridge loan from OREC Structured Finance Co. to buy out other investors and refinance construction debt. Under HUD rules, the project was immediately available for permanent refinancing, and Giza received long-term rate through the FHA Section 232/223(f). Ross Holland led the transaction for Lancaster Pollard.
ROUND ROCK, TEXAS — Blueprint Healthcare Real Estate Advisors has brokered the sale of Wyoming Springs, a 100-unit assisted living and memory care community in Round Rock, a suburb of Austin. One Liberty Properties Inc., a publicly traded REIT based in New York, sold the property for an undisclosed price. The buyer was a New York-based private equity fund looking to expand its seniors housing presence. Joshua Salzman and Ben Firestone of Blueprint handled the transaction.
LOS ANGELES — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 50-bed skilled nursing facility in the Los Angeles metropolitan area. A private real estate investor sold the community to an investor with a large California portfolio for $4 million, or $80,000 per bed. The specific name and location of the property were not released. The seller made $1.7 million in capital improvements to the property over the last three years, including adding 27 beds. Christopher Hyldahl, Gideon Orion and Kendra Gonzalez of Blueprint handled the transaction.
