AURORA, ILL. — Walker & Dunlop Inc. has provided $11 million in bridge financing for The Vistas Fox Valley, a 136-bed supportive living facility in Aurora. The borrower was Cascade Capital Group, which used the funds to acquire the community. Walker & Dunlop’s bridge lending program utilizes the company’s own balance sheet to offer short-term, non-recourse loans for properties that are being acquired or repositioned. Joshua Rosen and the bridge lending team structured the financing with a nine-month term, full-term interest-only payments and flexible prepayment options. The borrower plans to replace the loan with HUD financing before the end of the year. Supportive living is an Illinois program to offer assisted living services while still allowing for government reimbursement.
MOUNT LAUREL, N.J. — Capitol Seniors Housing has opened Arbor Terrace Mount Laurel, an 88-unit seniors housing community located on the eastern outskirts of Philadelphia. The 75,000-square-foot community offers assisted living and memory care services and amenities such as a bistro, theater room, art studio, technology lounge and fitness center. Meyer Senior Living Studio designed the community.
AMITYVILLE, N.Y. — Greystone has provided a $71.3 million HUD-insured loan for the refinancing of Massapequa Center Rehabilitation & Nursing, a 320-bed skilled nursing facility in the Long Island village of Amityville. The loan enables the borrower to exit initial bridge financing used to acquire the property in November 2017 and to continue with renovations. The financing carries a fixed interest rate, 30-year term and a 30-year amortization schedule. Originally constructed in 1974, Massapequa Center has undergone $8.5 million in facility upgrades, including the installation of private suites with private showers, the addition of a new commercial kitchen, the creation of a large rehabilitation and wellness center and comprehensive renovations to the entrance lobby, nurse stations and geriatric units. Fred Levine of Greystone originated the transaction.
NATIONAL CITY, CALIF. — NorthMarq has arranged the sale of Southern Highlands Independent Senior Living, a 151-unit independent living property in National City, just south of San Diego. Lincoln Avenue Capital acquired the community from Shefflin Investments for $22.1 million. The three-story building was constructed in 1999 on 1.03 acres. The units are a mix of studios and one-bedroom apartments. NorthMarq’s Southern California investment sales team of Kyle Pinkalla and Shane Shafer arranged the sale.
SUGAR LAND, TEXAS — CBRE has arranged a $28.2 million bridge loan for the refinancing of Overture Sugar Land, a 200-unit active adult community in the Houston suburb of Sugar Land. The community opened in 2017 and features a coffee bar and bistro, pool, yoga studio and access to nature trails. Aron Will, Austin Sacco and Adam Mincberg of CBRE arranged the nonrecourse, floating-rate loan with 18 months of interest-only payments on behalf of the borrower, Greystar. The lender was MF1 Capital, an alliance between Limekiln Real Estate, Berkshire Group and CBRE Capital Markets.
VERNAL, UTAH — MidCap Financial and Ashley Creek Village II have completed the disposition of a two-property multifamily portfolio in Vernal, in the eastern part of the state near the Colorado border. DLP Real Estate Capital acquired the assets, which offer a total of 296 units, for an undisclosed price. Completed in 2013 and 2015, the portfolio comprises 13 buildings with garden-style construction. At the time of sale, the portfolio was 95 percent occupied. The portfolio includes the 96-unit Ashley Creek Village, located at 210 E. 500 South, and the 128-unit Willow Park, located at 110 N. 2500 West. Ashley Creek Village features private garages, a clubhouse, 24-hour fitness center, outdoor basketball court, playground and firepit. Willow Park features outdoor space with private garages, walking and biking trails, a playground area and a clubhouse. Patrick Bodnar and Eli Mills of CBRE’s Salt Lake City office represented the sellers in the deal.
ROCKLIN, CALIF. — Greystone has provided a $37 million Fannie Mae adjustable-rate mortgage loan for the acquisition of a 134-unit seniors housing property in Rocklin, a suburb of Sacramento. The Pines at Rocklin offers independent living, assisted living and memory care services. Merrill Gardens Senior Living is the operator and a joint venture partner in the community, which was built in 2015. The borrower was Harbert Seniors Housing Fund II. Greystone’s seniors housing finance team originated the 10-year loan with an adjustable rate and five years of interest-only payments. “Rocklin and the surrounding area are seeing overall population growth greater than the national average, so demand for this product type in this particular region is strong,” says Cary Tremper, head of Greystone’s seniors housing finance team.
TUCSON, ARIZ. — Watermark Retirement Communities has opened The Hacienda at the Canyon, an independent living, assisted living and memory care community in Tucson. The property is located on 10.5 acres at the historic landmark site of St. Anne’s Convent at Sabino Canyon. The community features an on-site integrative healthcare clinic run by TMCOne, two on-site home health care agencies, integrated personal wearable technologies and fitness systems. The development is the first to open under Watermark’s new upscale Élan Collection brand. Future locations are slated for Brooklyn Heights, Napa Valley and Westwood Village (Los Angeles).
CHICAGO — Fundamental Advisors has sold The Clare, a 53-story, 338-unit continuing care retirement community in downtown Chicago, to LCS for an undisclosed price. Fundamental partnered with Senior Care Development and LCS to acquire the community out of bankruptcy in 2012. A renovation plan was implemented that expanded the health center and augmented programs and services for residents. Additionally, Life Care Services, the management arm of LCS, was brought in to operate the community. During the years since the acquisition, occupancy increased from 34 percent to 98 percent. Located at 55 E. Pearson St. within the Gold Coast neighborhood, The Clare was developed in 2008 and features 248 independent living units, 26 assisted living units, 14 memory care units and 50 skilled nursing beds. Allen McMurtry and David Kliewer of Cushman & Wakefield represented the seller in the transaction.
SAN ANTONIO — The Ensign Group Inc. has purchased the real estate and operations of The Healthcare Center at Patriot Heights, a seniors housing campus located at 5000 Fawn Meadow in San Antonio. The property features 59 skilled nursing beds and 158 independent living units. The seller and sales price were not disclosed. The acquisition brings Ensign’s portfolio to 214 skilled nursing operations, 23 of which also include assisted living, across 13 states. Ensign owns the real estate at 90 of those properties.