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.
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Welltower Shakes Up Portfolio, Commits to Nearly $2.75B in Transactions
TOLEDO, OHIO — Welltower Inc. (NYSE: WELL) has expanded its senior living portfolio to the tune of 15 properties worth $949 million across the country. Simultaneously, the healthcare REIT giant exited its partnership with seniors housing operator Benchmark Senior Living, selling its 48-property portfolio to an undisclosed buyer for $1.8 billion. The 48 properties that Benchmark operates total 4,137 units and are located in Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island and Vermont. As part of the recapitalization, Benchmark will invest in improvements at the properties. Benchmark will continue to manage the portfolio under a new management agreement with the new capital partner. Ted Flagg of the JLL Capital Markets team represented Welltower in the Benchmark transaction. With the new acquisitions, Welltower expanded its footprint by entering into or expanding partner agreements with senior living operators Balfour Senior Living, Sunrise Senior Living and Discovery Senior Living. The three partnerships yielded 14 properties in Maryland, Colorado, California and Texas. Welltower acquired six properties from Balfour, including Balfour’s flagship Balfour at Riverfront in Denver and the recently opened Lavender Farms, for $308 million. The other four properties are situated in the Denver and Boulder metro areas. Additionally, Welltower has the option to …
MOUNT VERNON, TEXAS — Senior Living Investment Brokerage (SLIB) has arranged the sale of Mount Vernon House, a 50-unit assisted living community in Mount Vernon, approximately 100 miles east of Dallas. The 41,000-square-foot property sits on 2.5 acres and was constructed in 1994. A local doctor acquired the community from an independent owner-operator for $2.8 million, or $56,000 per unit. The community was approximately 58 percent occupied at the time of sale. Matthew Alley of SLIB arranged the transaction.
NOVATO, CALIF. — Sundt Construction Inc. has started construction of Avesta Residences at Hamilton Hill, a seniors housing community in the Bay Area city of Novato. The four-story building will sit on four acres and total 68,000 square feet. The community will offer 80 units of assisted living and memory care. The architect on the project is LPAS. The project is scheduled for completion by fall 2020.