BEAUMONT, TEXAS — Chicago Pacific Founders (CPF) has acquired Collier Park Senior Living, a 159-unit seniors housing community in Beaumont. The property is located near downtown Beaumont’s shopping, dining and medical offerings. Collier Park’s amenities include a pool, game room, fitness center, library, courtyards with walking paths and a beauty salon. CPF acquired the property from an undisclosed seller through its operating subsidiaries, CPF Living Communities and Grace Management Inc.
EVERETT, WASH. — Evans Senior Investments (ESI) has arranged the sale of Garden Court Retirement Community, a 148-unit independent living and assisted living property in Everett. A national private equity firm acquired the property from an independent owner-operator for $50.5 million, or approximately $341,000 per unit. Built in 2002, Garden Court Retirement Community is located 13 miles north of Seattle between the downtown areas of Everett and Lynwood. At the time of sale the community averaged 95 percent occupancy. The buyer will bring Artēgan on as operator.
LITTLETON, COLO. — Zocalo Community Development is preparing to open Vita, a 159-unit active adult community in the Denver suburb of Littleton. KTGY Architecture + Planning designed the community, which is restricted to residents over 55 years of age. The developer is seeking LEED Gold certification. The community features a variety of mixed-use features, including walking/biking trails, art galleries, antique shops, specialty shops, clothing boutiques, restaurants and bars. It is also located one block from an RTD Light Rail station, providing easy access to downtown Denver and the airport. Zocalo, a Denver-based developer, expects to open Vita in May.
LOS ANGELES — iBorrow, a private direct lender for commercial and multifamily real estate, has provided a $6 million loan for Golden Cross Health Care, a skilled nursing facility in the Pasadena submarket of Los Angeles. Originally constructed in 1965 and since remodeled, the facility sits on approximately one acre of land. The asset features 42 units and 96 beds, and is 97 percent occupied. The loan will refinance existing debt, with plans to approach HUD for a permanent loan in the future.
PEORIA AND MESA, ARIZ. — Blueprint Healthcare Real Estate Advisors has arranged the sale of two assisted living communities in Arizona for an undisclosed price. Each property features 50 units. The first, located in Peoria, has been vacant since 2008. The second, located in Mesa, has been vacant since 2013. The buyer of the Peoria property is a regional owner-operator looking to expand its presence in Arizona. The buyer of the Mesa property intends to convert the community into a drug treatment center. The seller was not disclosed. Blueprint’s Amy Sitzman handled the transactions.
ATASCOCITA, TEXAS — Houston-based The National Realty Group (TNRG) and Dallas-based MedCore Partners have acquired seven acres in the Houston suburb of Atascocita, with plans to build an independent living, assisted living and memory care community on the site. The project will feature 186 units located near the shores of Lake Houston. Integral Senior Living will operate the community upon completion. Design is scheduled for completion by November of this year, followed immediately by construction. The developers plan to deliver the completed community in March 2020.
LEHIGH VALLEY, PA. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 180-bed skilled nursing facility located in the Lehigh Valley region of eastern Pennsylvania. A regional owner-operator acquired the property for $18.8 million, or approximately $104,000 per bed. The seller was looking to restructure its regional portfolio. Michael Segal and Ben Firestone of Blueprint negotiated the transaction.
LAS VEGAS — Spring Hills Senior Communities has announced plans for Poet’s Walk Summerlin memory care community in the northwest submarket of Las Vegas. The community will feature 72 beds. The project is part of Spring Hills’ continued expansion plans within the memory care sector.
HENDERSON, NEV. — Meridian Capital Group has arranged an undisclosed amount of construction financing for The Vineyard, a memory care community in Henderson, a suburb of Las Vegas. The borrower is Valeo Partners, which is developing the project. The property features 66 beds across 62 units. The seniors housing division of Valeo Partners is seeking to expand its portfolio. A balance-sheet lender provided the 36-month loan. Peter Martz, based in Meridian’s Boca Raton, Fla. office, negotiated the financing.
GAINESVILLE, FLA. — Ziegler, a specialty investment bank, has provided a $94.3 million HUD loan for the refinancing of The Village at Gainesville, a 639-unit independent living, assisted living and memory care community in Gainesville. The Florida-based borrower is SantaFe Senior Living, the not-for-profit operator of the community. The Village at Gainesville features 511 independent living units and 128 assisted living/memory care units. The property is located on 104 acres. The independent living units offer board and care services, allowing residents to maintain their “independent” status longer. The FHA-insured mortgage offers a 35-year fixed interest rate below 3.5 percent. The refinancing, which was arranged through FHA’s 232/223 (f) program, lowered the borrower’s debt service and recapitalized the facility. According to Ziegler, the loan is the largest refinance of a single-asset seniors housing community in HUD’s portfolio.
