NEW CANAAN, CONN. — Grandbridge Real Estate Capital’s Seniors Housing and Healthcare Finance Group has provided a $35 million Freddie Mac refinancing for Brightview on New Canaan. The 90-unit seniors housing community is located in New Canaan, a suburb of Norwalk approximately 35 miles northeast of New York City. The permanent, fixed-rate financing features a 10-year term and 30-year amortization. Richard Thomas and Meredith Davis originated the loan.
YEADON, PA. — Tryko Partners has acquired ManorCare Health Services at Mercy Fitzgerald Hospital, a 52,000-square-foot skilled nursing facility at 600 S. Wycombe Ave. in Yeadon, a suburb of Philadelphia. A $2.5 million renovation is planned by Marquis Health Services, Tryko’s healthcare affiliate. The facility has been renamed the Providence Rehabilitation and Healthcare Center at Mercy Fitzgerald. Built in 1995, the facility sits adjacent to Mercy Fitzgerald Hospital, which is part of the Mercy Health System. The two-story, 129-bed facility provides post-hospital care, short-term rehab and long-term residential care. Tryko purchased the facility from a ManorCare Health Services/Mercy Fitzgerald Hospital joint venture for an undisclosed price. The hospital will retain ownership of the land. CIBC financed the transaction.
KENNEWICK, WASH. — CBRE has arranged $26.4 million in financing for the acquisition of Fieldstone Grandridge and Fieldstone Memory Care, a 138-unit assisted living and memory care community in Kennewick, located in the southeast portion of the state. A joint venture between Bourne Financial Group and Cascadia Senior Living is the borrower. The community is composed of two facilities constructed in separate phases between 2015 and 2016. Cascadia will continue to operate the property following the acquisition. Aron Will of CBRE National Senior Housing arranged the seven-year, fixed-rate loan with 36 months of interest-only payments. A national bank provided the capital. Bourne is a real estate private equity company founded in 2014 in Winter Park, Fla. Cascadia is a Washington-based operator founded in 2013.
AUSTIN, TEXAS — Hill & Wilkinson has completed the renovation and expansion of Buckner GreenRidge Villas, a seniors housing community in Austin that provides housing and services to 400 seniors each year. O2 Architecture provided design services for the project, which delivered 69 additional one- and two-bedroom units and 70 parking spaces, as well as a central courtyard. The community will now be able to house and serve up to 138 more seniors.
TEXARKANA, TEXAS — Love Funding has secured a $5.6 million loan for the refinancing of Winfield Estates, a 156-unit affordable seniors housing community in Texarkana, a city on the Texas-Arkansas state line. Built in 2001, the property consists on 39 one-story buildings with units that are all reserved for senior residents earning no more than 60 percent of the area median income. The financing was secured through HUD’s 223(f) loan insurance program and will be used to implement capital repairs to the property, as well as to pay off existing debt.
CLEVELAND — Cleveland-based KeyBank Real Estate Capital has closed a $90.8 million FHA 232/223(f) loan for the refinancing of a portfolio of seniors housing properties in Texas. The portfolio consists of eight properties totaling 541 units and 1,063 beds across various markets in Texas. The FHA loan proceeds were used to pay off the balance of a $315 million bridge loan, which was provided by a KeyBank-led syndicate and used to fund the acquisition of 30 Texas-based skilled nursing facilities. The borrower was a joint venture led by Capital Senior Ventures and BlueMountain Capital Management. Grant Saunders and Peter Trazzera of KeyBank structured the initial syndicated bank loan.
SARASOTA, FLA. — Ryan Cos. US Inc. and its partner Grand Living have started construction of Grand Living at Lakewood Ranch, a 172-unit independent living and assisted living community in Sarasota. The community is the third Florida partnership between the two companies. Development costs are estimated at $50 million. Grand Living at Lakewood Ranch will be located within the Lakewood Ranch master-planned development, near a new supermarket and a polo club. Ryan A+E is providing architectural services, and Grand Living will operate the community upon completion. A sales center is scheduled to open at the site in the fall. A construction timeline was not released.
KIRKLAND, WASH. — The Wolff Company, an Arizona-based developer, has announced plans for Revel Kirkland, a 152-unit independent living community for seniors in the Seattle suburb of Kirkland. The five-story property will be located on the 12-acre site that formerly was home to LifeBridge Church. The project is scheduled for completion in 2019. Revel Kirkland is the 10th senior living community that The Wolff Company has developed since 2016. In 2018, the company plans to invest $300 million to $400 million annually in the development of new independent and assisted living communities, in addition to acquisitions.
VISALIA, CALIF. — NorthMarq Capital has arranged $29.3 million in financing for the construction of Quail Park at Shannon Ranch, a 120-unit seniors housing property in Visalia, located between Los Angeles and the Bay Area. Living Care Lifestyles, the Kaweah Delta Hospital and several local investors own the property. Living Care Lifestyles will operate the community upon completion in early 2019. Stuart Oswald of NorthMarq secured the five-year loan through a regional bank.
Lancaster Pollard Completes $11.9M Refinancing for 54-Unit Skilled Nursing Facility in Massachusetts
PITTSFIELD, MASS. – Lancaster Pollard has arranged an $11.9 million HUD refinancing for Berkshire Place, a 54-unit skilled nursing facility in the western Massachusetts city of Pittsfield. The borrower is Berkshire Retirement Home, a nonprofit owner-operator. Berkshire Place was constructed as a replacement facility for Berkshire Retirement Home’s original property in 2014, using conventional bank financing with a floating interest rate. Three years after opening, ownership sought to refinance that existing bank debt using fixed-rate HUD financing. Aaron Becker led the transaction for Lancaster Pollard.