WATERTOWN, MASS. — LCB Senior Living and Washington Capital Management have received a $45 million loan for the recapitalization of The Residence at Watertown Square, located at 20 Summer St. in Watertown. Built in 2014, the property features 90 independent living, assisted living and memory care units. Rick Swartz, Jay Wagner, Jim Dooley and Caryn Donahue of Cushman & Wakefield arranged the financing for the borrower. LCB will continue to operate the community.
PLEASANTON, CALIF. — Sunrise Senior Living has opened the doors on Sunrise of Pleasanton, an 83-unit assisted living and memory care community in the Bay Area city of Pleasanton. The two-story, 63,800-square-foot community can serve up to 103 residents. It features easy access to ValleyCare Medical Center. Sunrise recently opened another seniors housing community near San Diego, and plans to open 10 communities over the next two years. Based in McLean, Va., Sunrise Senior Living operates 322 communities in the United States, Canada and the United Kingdom totaling 28,700 units.
ACWORTH, GA. — Brickmont Assisted Living, in partnership with Sage Equities, has broken ground on Brickmont of Acworth, a 137-bed seniors housing community in Acworth, roughly 32 miles northwest of Atlanta. Patterson Real Estate Advisory Group arranged construction financing through Credit Union Business Services for the project. Upon completion, Brickmont of Acworth will include 85 assisted living and 35 memory care units, with an average size of 447 square feet. Units will include kitchenettes.
LODI, CALIF. — The Wolff Company has broken ground on Revel Lodi, a 142-unit independent living community in Lodi, located south of Sacramento and east of San Francisco. The project is located within the Reynolds Ranch master-planned community in California’s wine country. The property is scheduled for completion in mid-2018. Once completed, the two four-story buildings will offer 134 apartments and eight single-story cottages in a variety of studio, one- and two-bedroom floor plans. Revel Lodi will be the fourth senior living community Wolff has developed since 2016. The Scottsdale, Ariz.-based private equity firm intends to invest between $300 million and $400 million annually in the development of independent and assisted living communities, in addition to purchasing existing communities.
FREDERICK, MD. — HHHunt has broken ground on Spring Arbor of Frederick, a 109-bed assisted living and memory care community in Frederick, approximately 50 miles west of Baltimore. Development costs for the project are estimated at $32.3 million. When completed, the 110,000-square-foot community will sit on a 10-acre site along the Monocacy River and near the Monocacy National Battlefield. The community will be HHHunt’s third in Maryland and is scheduled for completion in early 2019. SunTrust Bank provided a $50 million credit facility for the project. Blacksburg, Va.-based HHHunt is a real estate developer and owner with a portfolio of 24 Spring Arbor-branded seniors housing communities in North Carolina, Virginia and Maryland.
PHOENIX — Bethel Development has selected Rainbow Housing Assistance Corp. to provide services for The Revello, a 76-unit senior living complex in Phoenix. The project is currently under construction, with a planned completion in 2019. The Revello is funded by low income housing tax credits (LIHTC) allocated by the Arizona Department of Housing in 2017. This will be the fourth property Rainbow will operate for Bethel, and the second seniors housing community. The Revello is owned by Revello Housing LLC and will comprise one four-story building totaling approximately 81,000 square feet. The 76 units will include one- and two-bedroom units designed for the elderly. Rainbow will provide programming for seniors at the property such as computer training, financial literacy workshops, health promotion and disease prevention.
LEBANON, N.H. — Dartmouth-Hitchcock and E4H Environments for Health Architecture have opened the new Jack Byrne Center for Palliative & Hospice Care, a 30,000-square-foot skilled nursing and hospice facility. The property is located within the Dartmouth-Hitchcock Medical Center campus in Lebanon, located near the Vermont border. The new facility features 12 single-occupancy patient rooms that offer a home-like setting. The Jack Byrne Center will also serve as an educational and training center for end-of-life caregivers throughout New England. The resource program was developed and will be administered by Dartmouth-Hitchcock’s Palliative Care Program in collaboration with hospice and community partners. Construction of the facility by PC Construction began in June 2016. Led by a $10 million commitment from the Jack and Dorothy Byrne Foundation in 2014, philanthropic support covered 75 percent of the center’s construction cost.
SANTA FE, N.M. — Co-developers MorningStar Senior Living and Confluent Senior Living have broken ground on MorningStar of Santa Fe, an assisted living and memory care community in Santa Fe. The 71,000-square-foot property will feature 56 assisted living suites and 29 memory care suites. The community will be located on four acres within a mixed-use development known as the St. Francis Drive Corridor. The project represents the 10th joint venture between Denver-based developer, owner and operator MorningStar and Denver-based investment and development firm Confluent. Confluent will own the finished community, which MorningStar will operate. Rosemann & Associates is serving as the architect for the new development and New Mexico-based Bradbury Stamm Construction is the general contractor. MonrningStar of Santa Fe is scheduled for completion in fall 2018.
TAMPA AND ORLANDO, FLA. — Griffin-American Healthcare REIT IV Inc., co-sponsored by American Healthcare Investors and Griffin Capital Co. LLC, has acquired a nine-property seniors housing portfolio totaling 1,140 units in Central Florida. The properties are located in cities throughout greater Tampa and Orlando. Acquisitions include Spring Haven Retirement in Winter Haven; Lake Morton Plaza in Lakeland; Renaissance Retirement in Sanford; Forest Oaks in Spring Hill; Bayside Terrace in Pinellas Park; Balmoral Assisted Living in Lake Placid; Bradenton Oaks in Bradenton; and The Grande and Spring Oaks, both located in Brooksville. The portfolio contains 814,000 square feet of assisted living, independent living and memory care space and has an aggregate occupancy rate of approximately 84 percent. The properties have undergone renovations by the former owner, New Senior Investment Group, over the course of the last three years. The acquisition was completed via a joint venture with an affiliate of Meridian Senior Living LLC, which will manage the portfolio on a day-to-day basis. Griffin-American Healthcare owns approximately 98 percent of the joint venture. “The addition of the Central Florida seniors housing portfolio provides the REIT with a significant footprint in Florida amidst a large and aging population that is increasingly likely to transition to senior …
YONKERS, N.Y. — Greystone has provided a $24.9 million HUD-insured permanent loan to refinance Adira at Riverside Rehabilitation & Nursing, a skilled nursing facility in Yonkers. Fred Levine and Shia Fishman of Greystone arranged the financing for the borrower, L&A RE Acquisitions. The loan features a 30-year term and a fixed rate. Adira at Riverside offers a certified respiratory and vent unit; short-term rehab; occupational, physical and speech therapy; wound care; neuro-rehabilitation; certified cardiopulmonary rehabilitation; long-term skilled nursing care; dedicated Alzheimer’s and dementia care units; and stroke and TBI rehab. On-site amenities include a modern fitness facility, concierge and a variety of recreational activities for residents.
