BOSTON — Cushman & Wakefield Senior Housing Capital Markets Group has arranged recapitalization financing for a 289-unit independent living, assisted living and memory care portfolio in New England. The borrower is LCB Senior Living and its joint venture capital partner, Harrison Real Estate Capital, which recently acquired the properties. The amount of the financing was not disclosed. The assets include four properties in Ipswich, Mass. (built in 2014); South Windsor, Conn. (built in 2015); Avon, Conn. (built in 2015); and Lincoln, R.I. (built in 2009). The Cushman & Wakefield team that led the transaction included Rick Swartz, Jay Wagner, Jim Dooley and Caryn Donahue. In addition to the sale, Cushman & Wakefield arranged acquisition financing on behalf of the buyer with PGIM Real Estate Finance that closed concurrently with the recapitalization. The financing holds a 10-year term that is interest-only through maturity.
WESTMINSTER, COLO. — Marcus & Millichap has arranged the sale of San Marino Retirement Community, located at 5000 W. 75th Ave. in Westminster, a suburb of Denver. A Chicago-based private equity firm acquired the property from a private investor and owner-operator for $32.4 million. Tony Cassie and Sam Thompson of Marcus & Millichap’s Portland, Ore., office facilitated the transaction. Bob Kaplan of Marcus & Millichap’s Denver office is the firm’s broker of record in Colorado. Built in stages between 1987 and 1999, the five-building, 185,871-square-foot property is situated on 9.3 acres and offers independent living, assisted living and memory care residential options for seniors.
MIDDLEBURG, FLA. — The Vestcor Cos. has opened Cassie Gardens, a 96-unit affordable seniors housing community in Middleburg, a southwestern suburb of Jacksonville. Cassie Gardens is the only affordable senior living community in Clay County, according to the developer. Vestcor owns 17 affordable housing communities across Florida. The units at Cassie Gardens are age-restricted for those over 55 years old earning less than 60 percent of the area median income.
WORCESTER, PA. —Meadowood Senior Living, a nonprofit, independent continuing care retirement community, has broken ground on The Grove, a $30 million independent living expansion. Located in Worcester, approximately 25 miles northwest of Philadelphia, the project will add 52 new units to the 133-acre campus. The Grove will add four buildings to the Meadowood campus, and it will be completed in two phases of two new buildings each. While the first phase will finish in November 2019, Meadowood is planning to complete The Grove in January 2020. The new buildings will contain 13 apartments each, with residences ranging from 1,400 to 1,800 square feet.
YOUNGSTOWN, OHIO — Greystone has provided $15 million in bridge financing for two skilled nursing facilities in Youngstown. The properties include Beeghly Oaks Center for Rehab and Healing and Oasis Center for Rehab and Healing. The properties have undergone significant renovations and offer sub-acute care, skilled nursing, pulmonary care, wound care, orthopedic rehabilitation, a veterans program, concierge services and outpatient therapy. The Beeghly Oaks Center has a dialysis unit, and the Oasis Center offers diabetic management and a Parkinson’s program for residents and non-residents. Fred Levine of Greystone originated the loan.
RIVERSIDE, CALIF. — CBRE has provided a $24.9 million Fannie Mae refinancing for Welbrook Arlington, a 207-unit independent living, assisted living and memory care community in Riverside. MBK Senior Living operates the property, located about 55 miles east of Los Angeles, under a third-party management agreement. The borrower is a joint venture between Capitol Seniors Housing and Welbrook Senior Living. CBRE’s Aron Will arranged the refinancing. CBRE Multifamily Capital originated the 10-year, floating-rate loan with 48 months of interest-only payments through its Fannie Mae DUS Multifamily loan origination program. This is CBRE’s third financing of the property over a five-year period, and its second through Fannie Mae. Capitol and Welbrook acquired the property in 2013 as an independent living community. Shortly after the acquisition, the new owners executed a capital improvement program to modernize the property and convert one of the buildings into an assisted living and memory care facility. Since that time the property has experienced strong leasing and is currently over 93 percent occupied.
RIDGEWOOD AND MONTCLAIR, N.J. — Evans Senior Investments (ESI) has arranged the sale of a two-property skilled nursing portfolio in New Jersey for $31.5 million. Totaling 161 beds, the two Van Dyk Health Care facilities are located in Ridgewood and Montclair, approximately 15 miles apart from each other and just west of Manhattan. ESI represented the seller, an independent owner-operator, in the transaction. The buyer was a New York-based private equity group, and a New Jersey-based operator will manage both communities.
TOWN AND COUNTRY, MO. — Lutheran Senior Services has started construction of an independent living expansion of Mason Point, a seniors housing community in the St. Louis suburb of Town and Country. The $70 million expansion will add 156 new units to the community, as well as new amenities. The project will include a three-story, 390,000-square-foot building with underground parking, a wellness center and an indoor pool. The new property will connect to an adjacent building that will be renovated to become a community center featuring dining venues, a media room, theater, game room, chapel, art studio, health clinic and meeting rooms. Nearly half of the new apartments have already been reserved, according to Lutheran Senior Services. BSI Constructors is the general contractor, and the project architect is Grubbs and Associates. The project is scheduled for completion in summer 2020. Lutheran Senior Services acquired the community, formerly known as Cedars of Town & Country, in February 2016. The new independent living units will convert the property into a continuing care retirement community, offering all levels of care. The additional 156 new beds will bring Mason Pointe’s total to 408 beds. This includes the existing 164 long-term care beds along with 43 …
ROMEO, MICH. — Capital One has provided a $17.1 million HUD 232/223(f) loan for the refinancing of a 104-unit skilled nursing facility in Romeo, a northern suburb of Detroit. Built in 2014, the facility features large therapy areas catering to Medicare and managed care residents and includes common areas such as a bistro. Joshua Rosen of Capital One originated the loan on behalf of the undisclosed borrower. The loan will enable the borrower to refinance existing bank debt as well as partnership debt.
ROME, GA. — Berry College has announced plans for The Spires at Berry College, a 48-acre continuing care retirement community (CCRC) on its campus in Rome, approximately 70 miles northwest of Atlanta. A groundbreaking is set for Oct. 19, with the first units opening in 2020. Although the number of units was not disclosed, the community will be able to house approximately 300 senior residents in a combination of apartments and cottages. The property is located along Eagle Lake at the foot of Lavender Mountain. Berry College’s full campus totals more than 27,000 acres and is home to more than 2,200 undergraduate and graduate students.