RICHARDSON, TEXAS — Chicago Pacific Founders and its subsidiaries, CPF Living Communities and Grace Management, have purchased Twin Rivers Assisted Living and Memory Care, an 83-unit seniors housing community in Richardson. The property is situated on five acres on the northeastern outskirts of Dallas. Grace Management will manage the property.
MONROE, N.J. — Greystone has provided a $16.5 million Freddie Mac loan for the acquisition of Waterside Villas, a 100-unit seniors housing community located in Monroe, a city about 20 miles northeast of Trenton. The loan carries a 10-year term and 30-year amortization schedule with a fixed interest rate and interest-only payments for the first five years. Sela Realty, an apartment rental agency based in New Jersey, was the borrower and buyer. John Williams and Ephraim Kantor of Greystone’s New York office originated the loan, while Adam Zweibel of Gebroe-Hammer brokered the transaction.
MARANA, ARIZ. — BMO Harris Bank’s Healthcare Real Estate Finance group has provided a $21 million credit facility for the acquisition of an assisted living and memory care community in Marana. The borrowers are Kayne Anderson Real Estate and Watermark Retirement Communities. Developed this year, the 96,000-square-foot asset features 108 assisted living and memory care beds. The property is situated on four acres in the Silverbell Corridor of Marana.
HEMET, CALIF. — Greystone has provided an $8 million Fannie Mae loan for the refinancing of Casa Del Rey Mobile Homes Estates, a manufactured property that is age-restricted in Hemet. Situated on 30.6 acres in San Jacinto Valley, Casa Del Rey Mobile Homes Estates features 267 single- and double-wide pads. The community also features two clubhouses, two pools and spas, recreational and exercise facilities, as well as on-site parking, laundry facilities and a carwash area. Matt Stevens in Greystone’s San Diego office, on behalf of James Vance DiMaria and Casa Del Rey Estates LLC, originated the 10-year loan, which features a 30-year amortization period at a low fixed rate with interest-only payments for the first three years. The proceeds enable the borrower to continue making ongoing capital improvements and monetize its existing equity in the property.
ALBUQUERQUE, N.M. — Insight Senior Living, based in West Linn, Ore., has broken ground on Amaran Senior Living, an assisted living and memory care community in Albuquerque. The project team includes Paaru Builders, Montessori ONE Academy and Dekker/Perich/Sabatini. Located at 9100 Holly Ave. NE, the 81,000-square-foot facility will feature 56 assisted living units and 16 memory care apartments. Units will include natural light, moveable kitchen islands, contemporary closet organizers, stainless steel appliances, smart home technology and individual washers/dryers. The community will include more than 15,000 square feet of amenity space, including multiple dining venues, a theater, fitness center, full-service spa and salon with private massage room, outdoor patios, walking paths, gardens and woodshop. Additionally, the facility will feature a clubroom with sky terraces and lounge, billiards and other multipurpose spaces. Sharing a campus with Montessori ONE Academy and Nido, a Montessori nursery, the Montessori-focused seniors housing property will be the first of its kind. The facility will combine Montessori methods and programming by Insight Senior Living will create space for inter-generational connections and independence. The facility is slated to open in fall 2020.
HOUSTON — Ilan Investments has broken ground on Arella on Jones, a 229-unit seniors housing community in northwest Houston. The property will offer units averaging 975 square feet. Amenities will include a pool, dog park, outdoor putting green, gaming area, theater room, fitness center, library, salon, business center and a library. Meeks + Partners is the architect for the project, and Spring Valley Construction is the general contractor. The opening is scheduled for summer 2022.
MONTVALE, N.J. — Cushman & Wakefield Markets has arranged $26.5 million of institutional equity capital from a private equity fund for the development of a 203-unit seniors housing project in Montvale, about 30 miles north of New York City. The community will feature a four-story building on an 11.5-acre site. Cushman & Wakefield acted as exclusive advisor to a joint venture between Pike Properties, Thrive Senior Living and Gallium Real Estate. Construction debt financing of $54.6 million has been secured an undisclosed seniors housing lender and is expected to close in late August. Richard Swartz, Jay Wagner and Jim Dooley of Cushman & Wakefield handled the debt placement.
SALINAS, CALIF. — KeyBank Real Estate Capital has provided a $29 million loan to refinance Pacific Coast Care Center, a 149-bed skilled nursing facility in Salinas, just south of the Bay Area proper. The facility was built in 1979. The borrower is an investor group led by BM Eagle Holdings and BlueMountain Capital Management. Financing for the property was closed using the U.S. Department of Housing and Urban Development’s 232/223(f) mortgage insurance program. Proceeds from the FHA loan were used to pay down a portion of an interim bridge loan. A KeyBank-led bank syndicate originally provided the acquisition financing in mid-2017 as part of a multi-asset skilled nursing portfolio. The deal team consisted of John Randolph of Key Bank’s FHA Healthcare team and Grant Saunders and Peter Trazzaera from Key Bank’s Healthcare Group.
NORTH KANSAS CITY, MO. — Tutera Senior Living & Health Care has opened the 172-unit independent living portion of Tiffany Springs Senior Living Community in North Kansas City. The $55 million, 289,000-square-foot property is located at 9101 N. Ambassador Drive. Amenities include a day spa, heated pool, outdoor courtyard, yoga studio, art studio, theater room, chapel, dog park, multiple dining venues, concierge and transportation services. A breezeway connects the property to Tutera’s Tiffany Springs Rehabilitation & Health Care Center, which offers both short-term rehabilitation services and extended stays. The project team included Nearing Staats Prelogar & Jones Architects, BHC RHODES and Luke Draily Construction Co. A grand opening event is scheduled for Thursday, Sept. 26 to showcase the completion of the 89 memory care and assisted living units.
FARMINGTON, N.M. — Marcus & Millichap has brokered the sale of Cedar Ridge Inn, a skilled nursing facility located at 800 Saguaro Trail in Farmington. A private investor sold the asset to another private investor for an undisclosed price. Built in 2002 on 4.5 acres, the single-story, 39,232-square-foot facility features 101 beds for seniors. Prior to the sale, the seller reduced operating capacity to fully renovate the 10-unit short-term rehabilitation wing. Tony Cassie and Sam Thompson of Marcus & Millichap’s Portland, Ore., office represented the seller, while Rod Llanos of Marcus & Millichap’s Houston office represented the buyer in the deal. Matthew Reeves, also of Marcus & Millichap, assisted in the transaction.