NEW JERSEY — Monticello Asset Management has provided $65 million in bridge-to-HUD financing to HP Intermediate Administrative Services LLC for the acquisition of four seniors housing communities in New Jersey. In addition, Monticello provided a $4 million working capital loan to the operator of the communities. The portfolio totals 654 total beds. The majority of the portfolio is skilled nursing, though it does include 74 memory care units, 60 assisted living units and a 16-bed ventilator unit. The buildings average 64,000 square feet. The floating-rate financing features a three-year term and two six-month extension options.
DESOTO, TEXAS — Madison Marquette, which recently merged with PMRG, has broken ground on DeSoto Transitional Rehabilitation Center, a 55,000-square-foot skilled nursing facility in DeSoto, a southern suburb of Dallas. HMG Healthcare will operate the 100-bed facility, which is being developed in partnership with Global Health LLC and an associated group of multidisciplinary physicians and operation specialists. Completion is slated for the fourth quarter of 2019.
FARIBAULT, MINN. — Dougherty Mortgage has provided a $9.3 million Fannie Mae loan for the refinancing of Faribault Senior Living. The 90-unit senior living property is located in Faribault, about 50 miles south of Minneapolis. Built in 2011, the four-story property includes independent living, assisted living and memory care units. Property amenities include an outdoor patio with resident gardens, a hair salon, fitness room, game room, activity room, library, dining hall and lounge areas. The 12-year loan is amortized over 30 years. Faribault Senior Living LLC was the borrower.
CHANDLER, ARIZ. — Koelsch Communities is in the midst of construction for Park at Copper Creek, a luxury independent living community in the Phoenix suburb of Chandler. The three-story, 166,000-square-foot property will offer 135 apartments. Development costs were estimated at $40 million. RJ Development, which is partnering with Koelsch on the project, purchased the six-acre development site in 2017 for $3.2 million. PNC Bank provided $30.5 million in construction financing, while private investors funded the remainder of the costs. Koelsch Construction is acting as general contractor. Judy Koelsch and David Goularte of JSK Design will handle interior designs, and Koelsch Communities will operate the property. Construction is scheduled for completion in spring 2019.
KALISPELL, MONT. — Immanuel Lutheran Communities has completed a 58,000-square-foot independent living expansion at its continuing care retirement community in Kalispell, which it claims as the only continuing care retirement community (CCRC) in Northwest Montana. Known as The Villas at Buffalo Hill, the project added 36 units to the larger community. A grand opening will be held Saturday, Nov. 3. “We have been expanding and renovating in phases over the last few years, including the goal to significantly grow the number of our independent living residences to meet the evolving senior demographic,” said Jason Cronk, the company’s CEO. The new community also features the Wooden Nickel Bistro and Lounge with coffee bar and outdoor café dining, the Claremont Restaurant, and a variety of other services and amenities. Swank Enterprises built the expansion, which MMW and CJMW Architects designed. Sales and marketing services are provided by Solutions Advisors. Sawgrass Partners provided development advisory and financial planning services.
HILLSBORO, ORE. — The Wolff Co. has broken ground for Revel Amberglen, an independent living seniors housing community within Hillsboro’s mixed-use Amberglen Business Park. Slated to open in 2020, the five-story property will feature 143 studio, one- and two-bedroom residences, a full-service salon and spa, an indoor saltwater pool, a fitness studio and multiple restaurants. The new property joins Wolff Co.’s portfolio of 19 seniors housing communities currently open or under construction.
BELLEVUE, WASH. — BMO Harris Bank’s Commercial Real Estate Healthcare group has closed $16.7 million in acquisition and renovation financing for Sagebrook, an independent living, assisted living and memory care community in Bellevue. Altum Senior Living operates the community, which is located across Lake Washington from Seattle. The property offers assisted living and memory care. A large strategic investor in the seniors housing industry teamed up with a regional partner to complete the acquisition. Further information on the buyer, seller and community was not disclosed.
CHICAGO — Some 92 percent of executives from the seniors housing and long-term care industry expect the pace of mergers and acquisitions within the sector to remain the same or increase over the next 12 months, according to newly released findings in a Capital One survey. Conversely, only 8 percent expect M&A activity to decrease. Conducted in September, the e-mail survey asked professionals to provide their 12-month outlook on a number of issues in the seniors housing space. The survey netted 147 respondents. “I was a little surprised by people expecting M&A activity to increase next year. Obviously, the market has been fairly robust for a number of years,” said Chris Taylor, managing director at Capital One Healthcare, during an interview with Seniors Housing Business at the fall conference of the National Investment Center for Seniors Housing & Care (NIC). The three-day event, held Oct. 17-19 at the Sheraton Grand Chicago, attracted more than 3,100 attendees. One possible explanation for survey respondents’ optimism over M&A prospects in the year ahead, according to Taylor, is that while it’s getting more difficult for investors to acquire Class A product in light of the compressed cap rates and rising interest rate environment, they see more …
DALLAS — Ziegler has arranged $91.9 million in tax-exempt bond financing for Presbyterian Village North, a 63-acre, nonprofit continuing care retirement community (CCRC) in Dallas. The campus is spread across 89 buildings featuring a total of 295 independent living units, 101 assisted living units, 44 memory support units and 172 skilled nursing beds. Proceeds of the bonds, along with trustee funds on hand were used to refund all outstanding debt, finance a project fund for pre-finance costs related to a future expansion, fund a debt service reserve and pay costs of issuance.
LAFAYETTE, LA. — Dallas-based Abby Development has broken ground for The Vincent, a seniors housing development in Lafayette. Situated on 20 acres on Verot School Road, The Vincent will feature 255 units comprising independent living apartments and cottages, as well as assisted living and memory care units. Onsite community amenities will include a stocked fishing lake, multiple landscaped courtyards with water features, walking trails, movie theaters, indoor and outdoor swimming pools, pharmacy and general store, libraries and a fitness center. Additionally, residents will have access to housekeeping, transportation, laundry service and meals prepared in-house by executive chefs. The one- and two-bedroom independent living apartments and two- and three-bedroom independent living cottages will feature private patios/balconies, high-end finishes, full-size washer/dryer connections and fully equipped kitchens. Each cottage will also include a private two-car garage. The studio, one- and two-bedroom assisted living units will feature full-size refrigerators and microwaves, walk-in closets and high-end finishes. The memory care wing will offer private and semi-private floorplans in a secure environment.