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.
IRVINE, CALIF. — MBK Real Estate has agreed to acquire a nine-property seniors housing portfolio in California, Washington and Arizona for $382 million. The Irvine-based investor is a subsidiary of Tokyo-based Mitsui & Co., and the parent company of MBK Senior Living. The seller is West Living LLC, a California-based owner-operator. Although the specific properties were not disclosed, West Living only lists 10 properties on its website. The portfolio totals 1,200 units and features an annual combined net operating income of $21 million. MBK plans to implement renovations to the properties. The acquisition is expected to close in June. MBK already owns a portfolio of 25 properties totaling 2,600 units, also all geographically centered in the West.
LYNNWOOD, WASH. — CA Senior Living has started construction of a 122-unit expansion at Quail Park of Lynnwood, a seniors housing community in the Seattle suburb of Lynnwood. The project will add 96 assisted living apartments, as well as 26 independent living units split among 13 duplex cottages. Sixteen of the new assisted living apartments will be enhanced units that provide high-acuity assisted living services to residents in need of more direct and frequent care. The expansion will nearly double the community’s existing 130 units. The first new units are scheduled to come on line in September 2019. CA Senior Living LLC, the senior housing investment and development division of Chicago-based CA Ventures, formed a joint venture with Living Care Lifestyles and an affiliate of Goldman Sachs to purchase the 15-acre community in 2017. The sellers were affiliates of Living Care Lifestyles, which continues to operate the property.
FARMINGTON, SIMSBURY, CONN. — CBRE has arranged an undisclosed amount of financing for a joint venture between CA Ventures and a global investment manager. The funds will be used for the construction of two seniors housing communities in the Hartford area. Farmington Senior Living in Farmington and Simsbury Senior Living in Simsbury will each offer 80 assisted living units and 40 memory care units. Integral Senior Living will operate the two properties under a third-party management contract. Aron Will of CBRE National Senior Housing arranged the five-year, floating-rate loans with 42 months of interest-only payments. A regional bank provided the two identical loans.
INDIANAPOLIS — Walker & Dunlop Inc. has arranged a $17.3 million loan for the construction of Oasis at 56th in Indianapolis. The 124-unit affordable assisted living facility will be located on three acres at 4940 W. 56th St. The property will feature 73 one-bedroom units and 51 studios. Amenities will include a dining area, exercise room, café and laundry facilities. Jeff Lawrence and Matt Baptiste of Walker & Dunlop arranged the 40-year HUD loan on behalf of the borrower, Integral Community Development.
FORT COLLINS, COLO. — Confluent Senior Living has sold MorningStar of Fort Collins, an assisted living and memory care community in Fort Collins. Kayne Anderson Real Estate purchased the property for an undisclosed price. Confluent co-developed the project with MorningStar Senior Living, which will stay on as operator following the transaction. The 79-unit, 69,000-square-foot community opened in December 2015.
OXNARD, CALIF. — Clearwater Living has acquired Clearwater at Riverpark, a newly delivered, 136-unit independent living community in Oxnard. Clearwater already operated the community, which seller The Wolff Company developed. The transfer of ownership was part of the development plan, according to Clearwater. The price was not disclosed. The property is located along the Santa Clara River approximately 75 miles west of Los Angeles. It is adjacent to The Collection at Riverpark, a 600,000-square-foot lifestyle retail center including restaurants, shops and theaters. Clearwater already operates nine communities in Western markets, but this is the first community the company will also own.
LAS VEGAS — NorthMarq Capital has arranged an $11.3 million loan for the construction of Centennial Hills Skilled Nursing Facility in Las Vegas. The facility features 72 beds. The loan has a 12-month interest-only term followed by a 25-year amortization schedule. The loan-to-cost ratio is 75 percent. A national bank provided the capital. Jordan Johnson and Jerry Peterson of NorthMarq Capital’s Las Vegas office arranged the loan. The borrower was not disclosed.
CONROE, TEXAS — CBRE has arranged the $34.5 million refinancing for Woodhaven Village, a 157-unit independent living, assisted living and memory care community in the Houston suburb of Conroe. The borrowers are Padua Realty Co. and Paradigm Senior Living, the joint venture developers of the property. The Freddie Mac loan features a 10-year term, floating interest rate and five years of interest-only payments. Aron Will of CBRE National Senior Housing arranged the financing. Opened in January 2017, Woodhaven Village is located one mile from Conroe’s largest medical center and was more than 90 percent occupied at the time of the refinancing.