CORVALIS, ORE. — Contemporary Healthcare Capital (CHC) has arranged a $1.2 million mezzanine loan to refinance a 32-unit memory care community in Corvalis, approximately 80 miles south of Portland. The borrower is Benicia Senior Living. Millennium Bank of Chattanooga provided the capital. The combined loans totaling approximately $5.45 million will be used for a bridge-to-HUD loan for Conifer House. The 24,640-square-foot, single-story facility was originally constructed in 1989, with substantial renovations completed by the borrower in 2015.
BUTTE, MONT. — Evans Senior Investments (ESI) has arranged the sale of Copper Ridge Health & Rehab Center, a 98-bed skilled nursing facility in Butte, for $5.7 million. Built in 1975, the facility underwent a significant renovation in 2008. The facility operates with 98 functional beds but is licensed for 186 beds. ESI represented the seller, an independent owner-operator. The buyer was a publicly traded healthcare REIT. Eduro Healthcare, a regional operator in the Wisconsin, Colorado and Utah area, will operate the property. Copper Ridge Health & Rehab Center will be Eduro’s first Montana community.
ROSEMOUNT, MINN. — Dougherty Mortgage LLC has provided a $13.7 million Fannie Mae loan for the refinancing of The Rosemount Senior Living at Steeple Center in Rosemount, about 25 miles south of Minneapolis. The 92-unit seniors housing property offers a variety of living options, including independent and assisted living, and memory care. Residents have access to a range of amenities including a fitness room, beauty salon, lounge area, memory care garden, children’s play area, multipurpose event room and on-site library. Dougherty’s Minneapolis office originated the 12-year loan, which features a 30-year amortization schedule. Rosemount Senior Living Associates I LLC was the borrower.
ANAHEIM, CALIF. — WNC and its subsidiary Community Preservation Partners (CPP), along with nonprofit Jamboree Housing Corp., have completed the $6.56 million (or $36,635 per unit) renovation of Miracle Terrace Apartments in Anaheim. WNC provided approximately $17 million in low-income housing tax credit (LIHTC) equity to help fund the acquisition of and renovations to the 179-unit, age-restricted, affordable community. The community features 71 studio units, 107 one-bedroom units, and a single two-bedroom unit for the onsite manager. The community is open to seniors age 62 and older with household incomes between 35 percent and 60 percent of the area’s median income level. CPP is an affordable housing rehabilitation company that owns more than 5,000 units across the United States.
BOISE — Hunt Mortgage Group has provided a $1.8 million Freddie Mac Small Balance Loan to refinance Leisure Villa Apartments, an age-restricted community in Boise. The 57-unit property was built in 1973 and expanded in 2000. The four buildings are located on three acres, and the property also includes a clubhouse. The 10-year, fixed-rate loan features a 30-year amortization schedule and a yield maintenance prepayment schedule.
IRVINE, CALIF. — Michael McKee, executive chairman of Irvine-based healthcare REIT HCP Inc. (NYSE: HCP), has announced he plans to retire on March 1. Following his official retirement, McKee will continue to serve on the board of directors as a consultant until HCP’s annual meeting on April 26. Dave Henry, previously the lead independent director, has been appointed to serve as non-executive chairman. McKee has served as HCP’s executive chairman since May 2016 and as a member of the board since 1989. From July to December 2016, he served as interim president and CEO, filling the gap between Lauralee Martin’s departure and Tom Herzog’s promotion. McKee has been one of the few constants for a REIT that underwent massive changes in recent years. In his 20 months as executive chairman, the company spun off its 320-property HCR ManorCare skilled nursing portfolio into a separate REIT known as Quality Care Properties Inc. (NYSE: QCP). Additionally, the executive team saw nearly constant change during this time. Herzog was re-hired to his previous position of CFO and eventually promoted to CEO following Martin’s tenure. The company was also able to woo longtime industry veterans Justin Hutchens and Kai Hsiao, before losing them both …
OREGON — Harborview Capital Partners, a commercial real estate finance, equity and advisory firm, has arranged a $13.3 million loan for the construction of an 84-unit assisted living and memory care community in Oregon. Avi Begun of Harborview closed the transaction for the Oregon-based client.
BETHESDA, MD. — Brightview Senior Living has received a $43.6 million construction loan from SunTrust Bank to finance the development of Brightview Bethesda Woodmont, a seniors housing community in Bethesda, roughly seven miles north of Washington, D.C. The community will include 112 private and semi-private apartment units — 91 for assisted living and 21 for Wellspring Village, Brightview’s specialized neighborhood for people with Alzheimer’s and other forms of dementia. The community will offer studio, one- and two-bedroom apartment homes and feature rooftop dining, a sloped floor theater, fitness area, salon/spa services and an activity room with full-scheduled programming. Bethesda Woodmont, which marks Brightview’s 40th community since 1999, is expected to create more than 100 jobs. The project is slated for completion by summer 2019.
Cushman & Wakefield Arranges $20.6M Construction Loan for Assisted Living Community in Sonoma County
ROHNERT PARK, CALIF. — Cushman & Wakefield’s Senior Housing Capital Markets Group has arranged $20.6 million in construction financing for Clearwater at Sonoma Hills, a 90-unit assisted living and memory care community in the Sonoma County metro of Rohnert Park. The borrower is Clearwater Living, which is developing and operating the community. It sits adjacent to Oak View of Sonoma Hills, an active adult community developed by Clearwater CEO Tony Ferrero in the early 2000s. PNC Bank provided the loan. The Cushman & Wakefield team involved in the transaction included Richard Swartz, Aaron Rosenzweig, Timothy Hosmer and Alex Petrosian.
CLEVELAND — KeyBank Real Estate Capital has provided $161.5 million for the refinancing of a 13-property seniors housing portfolio with approximately 1,500 units in Missouri, Nebraska, New York and New Hampshire. KeyBank provided $113.25 million of debt through the Fannie Mae DUS program and $48.25 million through its balance sheet. Six of the properties were in the process of lease-up and were therefore financed through Fannie Mae’s near-stabilization program. Dirk Falardeau and David Pyc of KeyBank originated the loan on behalf of the borrower, Calamar Enterprises Inc.