TUCSON, ARIZ. — Capital One has provided a $20.8 million loan for the refinancing of a seniors housing community in Tucson. The facility opened in 1964, with expansions added in 1977 and 1990. It currently features 24 independent living units, 19 assisted living units and 270 skilled nursing beds distributed across 132 units, making it one of the largest facilities in the Tucson area. The fixed-rate HUD 232/223(f) loan will replace bank debt with low-rate, long-term financing, allowing the owner-operators to recoup capital expenditures and retire partner debt. The operators have invested in newly redesigned therapy center and are installing LED lighting to reduce energy consumption.
BUFFALO, N.Y. — KeyBank Community Development Lending & Investment has provided $14.2 million in construction financing for the renovation of Riverview Manor and Piotr Stadnitski Gardens in Buffalo. The two-building property consists of 210 one-bedroom units for seniors. Riverview Manor is a 12-story building built in 1977 and was last renovated in 1989. Stadnitski Gardens is an 11-story building built in 1978. Kyle Kolesar of KeyBank originated the financing. Alliant Capital and New York State HFA provided additional funding. The project will be developed in partnership with Smith & Henzy Advisory Group and MDG Design + Construction and is supported by existing project-based HUD Section 8 vouchers.
ATLANTA — Greystone Brown Real Estate Advisors has arranged the sale of the Presidential Tower, a 15-story commercial building located at 4001 Presidential Parkway in Atlanta. Taylor Brown of Greystone Brown arranged the transaction on behalf of the seller, Hays Financial Consulting LLC. Known for its cylindrical shape, the building is visible from one of the city’s main traffic corridors — Spaghetti Junction, which is situated at the intersection of Interstates 285 and 85. Originally constructed in 1973, Presidential Tower was the former Presidential Hotel. Over the last several years, the property fell into disrepair. Peacock Partnership Inc. acquired the building for an undisclosed price, with plans to convert the property into a seniors housing community. Once complete, the complex will be one of the largest seniors housing communities in Atlanta, according to Greystone Brown. A construction timeline for the project was not disclosed.
LEXINGTON, MASS. — HJ Sims has closed $52.1 million in financing for new construction and a health center repositioning at Brookhaven at Lexington in Lexington, Massachusetts. The 32-acre life plan community was opened in 1989 and was expanded and renovated in 2006. A recent master planning process identified a need for significant renovations and reconfigurations, as well as additional independent living apartments. Total financing included a $36 million short-term, taxable construction loan with a floating interest rate and a 12-year, $16.1 million taxable term loan maturing in 2030 with a fixed interest rate of 3.89 percent.
DALLAS — Chicago Pacific Founders (CPF), a private equity firm specializing in healthcare real estate, has acquired Churchill Estates, a 175-unit luxury seniors housing community in Dallas. The property, which will undergo a capital improvement plan, is located in the city’s Lake Highlands area. Amenities include a game and activity room, spa and salon, champagne lounge, library and an arts studio. The seller and sales price were not disclosed.
LAKE OSWEGO, ORE. — Ziegler has closed $41.1 million in fixed-rate bond financing for Mary’s Woods at Marylhurst Inc. Mary’s Woods is an Oregon nonprofit corporation operating a seniors housing community located in Lake Oswego, approximately eight miles south of Portland. The community consists of 233 independent living apartments, 50 independent living villas, 55 assisted living apartments, 23 memory support suites, 26 residential care suites and five licensed skilled nursing suites. The community is situated on a 36-acre site, which Mary’s Woods leases from the Sisters of the Holy Names of Jesus and Mary, an Oregon nonprofit corporation. The borrower plans to use the proceeds to finance a portion of an expansion project; pay a portion of the interest on the bonds; fund a debt service reserve fund; and pay certain costs of issuance of the bonds. The bonds will be issued with a combination of temporary and permanent series, consisting of $16.7 million in tax-exempt serial and term bonds, amortizing over a 34-year period ending May 15, 2052.
ROCHESTER, N.Y. — WinnDevelopment has officially opened The Landmark at Sibley Square, an active adult community located at 250 East Main St. in Rochester. Designed for active residents 55 and older, the units are located on floors 7 and 8 of the 1.1 million-square-foot building. The Landmark features one- and two-bedroom units with amenities that include a 24-hour fitness center, community space with a kitchen and living room, a library and a dog park. The opening of The Landmark follows the completion of the 104-unit Spectra at Sibley Square apartments on floors 9-12 of the building. Floors 3-5 have recently been approved for workforce housing with construction scheduled to begin later this year.
BOCA RATON, FLA. — Kayne Anderson Real Estate (KA Real Estate), a private equity investor in alternative sectors, has closed opportunistic fund Kayne Anderson Real Estate Partners V (KAREP V) at its hard cap of $1.8 billion. The fund is targeting opportunities across seniors housing, medical office and student housing. To date, KAREP V has deployed more than 20 percent of its capital. The fund is KA Real Estate’s largest to date and includes capital commitments from institutions, high-net-worth individuals and family offices. Boca Raton-based KA Real Estate, the private equity arm of Kayne Anderson Capital Advisors LP, has a current portfolio of more than 12 million square feet of medical office space, approximately 10,500 seniors housing units and 4,500 student housing beds.
SALT LAKE CITY — Carnegie Capital, a Texas-based commercial real estate finance correspondent and advisory firm, has sourced and structured an $11.5 million construction loan for a 95-bed assisted living and memory care facility. The borrower is a Salt Lake City-based owner-operator. The Class A community totals 64,000 square feet. Of the 95 beds, 30 are for memory care. The developers, a growing seniors housing company along the Wasatch Front area of Utah, contributed the land for the project. This is the third regional project for the company. Carnegie syndicated a group of local and regional banks to complete the financing package at 75 percent loan-to-cost ratio. The financing is structured to be refinanced into a permanent loan upon stabilization of the completed property. JD Stettin of Carnegie Capital arranged the transaction.
DALLAS — Ziegler, an Arizona-based seniors housing finance firm, has arranged the sale of Grace Presbyterian Village, a 268-unit continuing care retirement community in Dallas. Situated on 26 acres, the community includes independent living, assisted living and skilled nursing units. The Ensign Group, a California-based seniors housing operator, purchased the property for an undisclosed price.