STAMFORD, CONN. — CBRE has arranged the $12.4 million sale of a 10-acre parcel in Stamford, a northeastern suburb of New York City. The parcel currently houses a vacant 196,000-square-foot office building. The buyer, a partnership between National Development and Epoch Senior Living, plans to redevelop the property into a 150-unit independent and assisted living senior housing community called Waterstone on High Ridge. National Development intends to raze 110,000 square feet of the existing building as part of the redevelopment project. Jeffrey Dunne, Steven Bardsley, Gene Pride, Jeremy Neuer and David Gavin of CBRE represented the Seller, Steven Wise Associates LLC.
ATLANTA — Lenbrook, an independently owned and operated continuing care retirement community in Atlanta’s upscale Buckhead neighborhood, has broken ground on a 53-unit independent living expansion at the community. Named Kingsboro at Lenbrook, the four-acre expansion project is scheduled for completion in 2022. Development costs were estimated at $115 million. The expansion is split into two buildings. The Flats comprise 39 residences in a five-story building with a variety of floor plans ranging from 1,700 to 3,200 square feet. The Villas will consist of three buildings, each with four to five residences between 2,000 and 3,200 square feet. The project will bring Lenbrook’s total number of residences to 479, including independent living, assisted living and skilled nursing.
PEARLAND, TEXAS — Greystone has provided a $37 million Fannie Mae loan for the refinancing of Watercrest at Shadow Creek Ranch, an independent living community in Pearland, a southern suburb of Houston. The property was constructed in 2017 and features 222 units. The borrower was Integrated Real Estate Group and its affiliated operator, Integrated Senior Lifestyles. Cary Tremper of Greystone structured the 10-year senior mortgage.
CINCINNATI — NorthMarq has arranged $18.2 million of construction debt and $5.5 million of equity for Airy Hills at North Bend Crossing, a seniors housing property in Cincinnati. The 82-unit community will be located at 5150 N. Bend Crossing. The unit mix will include 31 assisted living units, 32 memory care units and 19 rehabilitation units. Noah Juran of NorthMarq arranged the three-year financing with a regional bank. General contractor The Douglas Co. expects to begin construction immediately. Completion is slated for the fourth quarter of 2020 or early 2021.
BRIDGEVILLE, PA. — Resort Lifestyle Communities has opened Chartiers Bend Retirement Resort, a 128-unit independent living community in Bridgeville, a southwestern suburb of Pittsburgh. The community offer studios, one-, two- and three-bedroom units for residents aged 55 and over. Amenities include an on-site bank, a 150-seat theater and salon. Resort Lifestyle Communities is the developer and operator of the property.
CINCINNATI — KeyBank Community Development Lending and Investment (CDLI) has arranged $10.6 million in financing for construction of Walnut Hills Senior Campus in Cincinnati. The Model Group is redeveloping the property, formerly known as The Manse Apartments, as a 60-unit Section 8 apartment complex for seniors and the disabled. The property site consists of the historic Manse Hotel and Annex, which will be renovated, as well as a vacant duplex, triplex and mixed-use property that will be demolished and replaced with a four-story building. The project will consist of studios and one-bedroom units restricted to seniors earning up to 60 percent of the area median income. Additional financing was provided by the Ohio Housing Finance Agency, City HOME Funds, a grant from the Federal Home Loan Bank of Cincinnati and a donation from KeyBank. Ohio Capital Corp. for Housing was the equity investor. Kelly Frank, Greg Deeks and Laura Janosko of Key’s CDLI team arranged the financing. The lender was not disclosed.
PEACHTREE CORNERS, GA. — Greystone has provided a $48 million Freddie Mac loan to refinance Village Park at Peachtree Corners, a 132-unit senior housing community. Cary Temper of Greystone originated the 10-year loan on behalf of the borrower, Harbert Seniors Housing Fund I. Village Park at Peachtree Corners offers independent living, assisted living and memory care services. The property includes communal amenities such as garden paths, a health spa, pet park, juice bar, fitness centers, stretch classes, restaurant-style dining, private transportation and a beauty and barber salon. The property is located at 5701 Spalding Drive, 22 miles northeast of downtown Atlanta.
NEW PROVIDENCE, N.J. — Erickson Living has completed construction of Bell Pavilion, a residential building on the campus of its Lantern Hill continuing care retirement community in New Providence, approximately 25 miles west of New York City. Bell Pavilion adds 168 units of independent living to the 26-acre nonprofit community. In addition to the new units, the expansion project also added an underground parking garage, a new dining venue and a variety of outdoor amenities. The building is connected via enclosed walkway to the community’s main clubhouse. Erickson manages the community, which it also developed.
BARNSTABLE, MASS. — Callahan Construction Managers has completed construction of The Everleigh Cape Cod, a 225-unit independent seniors housing community in Barnstable. The property comprises a four-story, 338,695-square-foot building with one- and two-bedroom units for residents aged 55 and up. The development features more than 17,000 square feet of recreational space, including a pool, dog park, pickleball and bocce courts, theater and a fitness center. The Architectural Team designed the property, and Greystar owns and manages it.
MODESTO AND SACRAMENTO, CALIF. — CareTrust REIT Inc. (NASDAQ: CTRE) has acquired two healthcare facilities in California’s Central Valley in a pair of off-market transactions. The two properties include Central Valley Post Acute, a 70-bed skilled nursing facility in Modesto, and Saint Claire’s Nursing Center and Saint Francis Senior Residence, a 99-bed skilled nursing and 72-unit assisted living campus in Sacramento. CareTrust leased both assets to Kalesta Healthcare LLC, an existing CareTrust tenant. In addition to operational and other changes being made at the two facilities, Kalesta has rebranded the Modesto facility as Valley Skilled Nursing and the Sacramento campus as City Creek Post-Acute and Assisted Living. CareTrust’s total initial investment for the two assets was $22.8 million, inclusive of transaction costs. Scheduled cash rent for the first two years is approximately $3.9 million, with CPI-based escalators thereafter. CareTrust has also committed to provide a $1 million fund for capital expenditures to improve the City Creek facility. The Kalesta master lease has approximately 14 years remaining on the initial term, with two five-year renewal options. The acquisition was funded using a combination of cash on hand and CareTrust’s $600 million unsecured revolving credit facility.