SYRACUSE, N.Y. — Arbor Realty Trust has funded a $41.6 million bridge loan for the acquisition of James Square Health and Rehabilitation Center, a skilled nursing facility located in Syracuse. Alexander Kaushansky of Arbor Realty Trust arranged the financing for the borrower, VestraCare. The borrower acquired the 440-bed facility from a Chicago-based seller. The buyer plans to appoint a new property administrator, retrain staff, rebrand the community and invest more than $4 million in capital improvements as part of an overall repositioning strategy. Evan Goldenberg of EBEX Holdings assisted all parties in the financing. Ari Dobkin of Meridian Capital Group also assisted in the financing.
WILSONVILLE, ORE. — The Avamere Family of Companies, a Wilsonville-based operator, has taken over management of five Colony NorthStar Healthcare Income-owned assisted living communities in Oregon and Washington. The management partnership includes: Avamere at Albany, Albany, Ore. Avamere at Oak Park, Roseburg, Ore. Avamere at Cascadia Village, Bremerton, Wash. Avamere at Wenatchee, Wenatchee, Wash. Avamere at Port Townsend, Port Townsend, Wash. The Avamere Family operates nearly 50 independent living, assisted living, transitional care and skilled nursing facilities. Colony NorthStar Healthcare Income is a division of Colony NorthStar, a global real estate and investment management firm.
ISSAQUAH, WASH. — The Wolff Company, an Arizona-based private equity firm and senior living developer, has broken ground on a 146-unit independent living community in the Seattle suburb of Issaquah. The three-story Revel Issaquah is scheduled to open in late 2018. Wolff cited the fast growth of the 75-and-older population in Kings County for its selection of the area. Revel Issaquah is the ninth senior living community that The Wolff Company has developed since 2016. The company plans to invest $300 million to $400 million annually in the development of new independent and assisted living communities, in addition to the purchase and renovation of existing communities.
LAKE HAVASU, ARIZ. — Civitas Senior Living, Summerlin Asset Management LLC and Desert Land Group have broken ground on The Views at Lake Havasu, a 92-unit active adult community in Arizona. The four-story community will be restricted to residents age 55 and older. The property is located in the popular retirement community of Lake Havasu, which is located approximately equidistant from Phoenix, Los Angeles and Las Vegas. Civitas will operate the community once it is open. REES Architecture provided design and engineering services. Consolidated Construction will build the property. A delivery timeline was not disclosed.
RIDGEFIELD, CONN. — Formation Development Group has selected Congress Building Corp. as construction manager for Atria Ridgefield, an 86-unit assisted living and memory care community in Ridgefield, located between New York City and Hartford. The 82,000-square-foot community is the sixth partnership between Formation and operator Atria Senior Living. The architect is PRDG of Dallas. Faulkner Design Group, also of Dallas, is the interior designer. The civil engineer is CCA of Brookfield, Conn. Site work commenced in November 2017. A completion timeline was not disclosed. Congress has completed over 8,000 beds and 4.5 million square feet of healthcare and long-term care construction throughout the eastern United States.
NEWCASTLE, WASH. — Aegis Living has opened Aegis Gardens, a 110-unit assisted living and memory care community “open to all who enjoy celebrating Chinese culture” in the Seattle suburb of Newcastle. Located on 7.5 acres on Lake Boren, the community features a community cultural center and a preschool to encourage intergenerational interactions. Chinese culture is accentuated in the architecture, cuisine, décor and activities. Staff is multilingual, speaking English, Mandarin and Cantonese. Rents start at $3,700 per month. Aegis Living operates 29 communities in Washington, California and Nevada with nine new communities in development.
PETALUMA, CALIF. — Senior Living Investment Brokerage Inc. has arranged the sale of Adobe House of Petaluma, a 40-unit memory care community in Petaluma, approximately 40 miles northwest of San Francisco. Constructed in 1996, Adobe House totals 26,000 square feet and sits on 1.68 acres. TIC Investor Group sold the community to a regional operator based in Southern California. The new operator plans to invest considerable capital into the building. Although the sale price was not disclosed, the price per unit was $240,000, which translates to $9.6 million. Jason Punzel, Brad Goodsell and Vince Viverito of Senior Living Investment Brokerage handled the transaction.
WOODBURN, ORE. — Lancaster Pollard has arranged an $8.8 million HUD refinancing for Heartwood Memory Care Community in Woodburn. The 48-bed community offers exclusively memory care services. The owner sought long-term financing after a successful opening in 2014. The new FHA-insured structure allowed the borrower to refinance senior and mezzanine construction financing into a non-recourse, 35-year, fixed-rate loan. Matt Lindsay and Casey Moore led the transaction for Lancaster Pollard.
MEDFORD, ORE. — Contemporary Healthcare Capital has arranged a $2.8 million mezzanine loan to affiliates of Sapphire Health Services. The loan will help finance the acquisition of two assisted living facilities in Medford. Contemporary’s senior lending partner on the transaction was Sunwest Bank of Irvine. The combined loans of approximately $11.8 million were used for the acquisitions of West Wind Enhanced Care, a licensed assisted living facility serving residents afflicted with traumatic brain injuries, and Ridgeview Assisted Living Facility, a community serving a younger population of residents with developmental or neurological challenges.
VENICE, FLA. — Florida-based Trez Forman Capital Group has provided a $44.8 million loan for the construction The Floridian Club of Sarasota, a 309-unit active adult rental community in Venice. The gated community is located at 2445 E. Venice Ave., about four miles east of Venice Beach. Ben Jacobson of Trez Forman originated the loan on behalf of the developer, Sarasota Floridian LLC, an entity led by Larry Lieberman and Fred Starling. The community will include 261 single-story attached villas and 48 three-story units served by elevator. The units will feature one- and two-bedroom floor plans ranging in size from 991 to 1,339 square feet. All of the units will be available for long-term leases between two and 10 years. Although the community is designed for active baby boomers, it will not be age-restricted. Community amenities at The Floridian Club will include an infinity-style pool, separate lap pool, fitness center, café, club room, pickleball courts, guest suites, business center, outdoor barbeque area, pet spa and walking/running trails. Trez Forman is a joint venture formed in 2016 by Palm Beach-based Forman Capital and Vancouver-based Trez Capital Group.