RYE, N.H. — National Health Investors Inc. (NYSE: NHI) has financed the acquisition of a 40-unit memory care community in Rye, located along the coast near the Maine border. The investment totaled $10 million. The borrower is Evolve Senior Living, a first-time partner for NHI. The property was built in 2013. The loan is secured with a first mortgage with an initial term of five years, renewal options and an interest rate of 8 percent. NHI funded the investment through its revolving credit facility. NHI has an option to purchase the property after 24 months if certain performance goals are achieved.
Seniors Housing
SPRING LAKE PARK, MINN. — Dominium has broken ground on the Legends of Spring Lake Park, a 194-unit affordable seniors housing community in Spring Lake Park, which is located 12 miles north of Minneapolis. The property will be situated on the former site of Goony Golf at 1066 County Highway 10 NE. The community will feature two- and three-bedroom units, along with amenities such as a community room, kitchen, craft room, beauty salon, library and fitness room. Completion is slated for fall 2018. Residents age 55 and older making less than 60 percent of the area median income will qualify for living at the community.
FORT WORTH, TEXAS — Hunt Mortgage Group has secured $27.6 million in refinancing for eight skilled nursing facilities located throughout Texas. HUD’s Fort Worth office provided the funds to the borrower, Senior Living Properties LLC, which owns and operates 31 skilled nursing facilities in Texas. Proceeds from the loans will also be used for capital repairs and improvements.
Cathedral Development Completes $33M Conversion of Historic Hotel to Affordable Community for Seniors
by Nellie Day
PHOENIX — Cathedral Development Group has completed the $33 million conversion of a historic luxury hotel in Phoenix into The Historic Westward Ho Apartments, an affordable seniors housing community. Originally built in 1928, the hotel hosted famed guests such as President John F. Kennedy, President Ronald Reagan, Jackie Gleason and Paul Newman throughout its history. Cathedral purchased the property in 1978 and has spent 40 years trying to preserve and restore the property. Cathedral Development Group utilized public/private programs to help fund three separate renovation projects. The renovations included new energy efficient heating and cooling features, a new plumbing system throughout the property to enhance water efficiency, new features in select units such as kitchen cabinets, floors, bathroom fixtures, energy efficient windows, a lightning protection system for the building and the restoration of the historic courtyard fountain. In a related but separately funded project, the first floor commercial space was remodeled and a long-term lease signed with Arizona State University. The property can now host up to 289 elderly and disabled residents. Based in Providence, R.I., Cathedral Development Group is working on projects in Rhode Island, New York, Maine, Connecticut, Arizona and Delaware.
PORTLAND, ORE. — Granite Investment Group has acquired Tabor Crest, a two-property memory care company in East Portland, for an undisclosed price. One of the facilities was completed in 2016 and was leased up in six months. The second was acquired by the sellers in 2004 and underwent improvements to the facility and operations. Avalon Health Care Group will operate the 60-unit portfolio. Congressional Bank provided a bridge loan as part of the transaction. Housing and Healthcare Finance will process the permanent HUD loan. Based in Irvine, Calif., Granite is a privately held investment management firm.
COUNCIL BLUFFS, IOWA — Darland Construction Co. has completed a renovation of and addition to Gunn School, transforming the 90-year-old building into an affordable seniors housing property in Council Bluffs, a suburb of Omaha, Neb. Known as Linden Place, the 42,265-square-foot complex consists of 36 units. Sixteen of the apartment units are located in the renovated school, while the remaining 20 units are part of a new, two-story addition built on what was once the school’s basketball courts and playground. Gunn School was originally built in 1880 and then rebuilt on the same site in 1924. The school was originally slated to be torn down before Seldin Co. showed interest in rehabbing the building. The project was made possible through a series of community and economic development grants. Architecture One provided architectural services.
TULSA, OKLA. — KeyBank Real Estate Capital has arranged a $13 million Freddie Mac loan for the acquisition of Legend at Tulsa Hills, an 86-unit seniors housing community located at 701 W. 71st St. S in Tulsa. Built in 2014, the property comprises of 68 assisted living units and 18 Alzheimer’s care units. Monique Bimler of KeyBank structured the loan, which features a 10-year term and 30-year amortization schedule.
BREA, CALIF. — CBRE has arranged the sale of Williams Senior Apartments, a 28-unit age-restricted community in the Los Angeles suburb of Brea, for $6.8 million. Restoration Enhancement acquired the property from a private seller in a 1031-exchange transaction. The property was recently upgraded and is located near the Brea Downtown entertainment center, which features 350,000 square feet of retail, shops, restaurants, entertainment and nightlife.
ST. CHARLES, ILL. — Silverado will host a groundbreaking ceremony Friday, Aug. 11 for Silverado St. Charles, a 90-unit memory care community in the Chicago suburb of St. Charles. The 47,000-square-foot, single-story community is scheduled to open during summer 2018. It will be located on a four-acre plot. Silverado estimates total project costs at $12 million. Development team members include Jensen and Halstead Ltd. for architecture and planning; Cemcon Engineering for civil engineering; Terracon for geo-technical field observations; and Testing Services Corp (TSC) for construction testing services. Irvine, California-based Silverado is a memory care operator with 52 locations in Arizona, California, Illinois, Texas, Utah, Washington and Wisconsin.
HOUSTON — Tradition Senior Living LP, a developer and operator of seniors housing communities, has begun work on The Tradition-Buffalo Speedway, a 316-unit facility situated on 7.6 acres at 9339 Buffalo Speedway in Houston. The property will offer 222 independent living units and 94 assisted living/memory care units. Amenities include an underground parking garage, on-site restaurant options and a fitness center with an indoor pool and Pilates studio. The initial opening is slated for late 2018.