CANONSBURG, PA. — Monticello Asset Management LLC has provided $9 million in first lien debt financing to Greenery Realty Group LLC, which will use the capital to acquire and renovate a skilled nursing facility in the Pittsburgh suburb of Canonsburg. The financing is a bridge-to-HUD loan for Greenery, a skilled nursing operator. The 140-bed facility was built in 1985 and renovated in 1995. Upon closing, the borrower implemented an initial construction project of $1.2 million and is currently in the process of making more capital expenditures. The property consists of a 52,909-square-foot, single-story skilled nursing building, a 1,700-square-foot maintenance building and a 4,000-square-foot, two-story medical office building.
SARASOTA, BRANDON AND WESTCHASE, FLA. — Autumn Senior Living LLC has broken ground on three new assisted living and memory care communities, located in the Tampa suburbs of Sarasota, Brandon and Westchase. Development costs are estimated at $100 million for the nearly 400 units. Autumn expects to complete the three communities in early 2018, creating more than 200 permanent jobs in the process. Autumn Senior Living is a seniors housing developer and operator that has managed 45 properties totaling 3,600 units over the company’s history.
CORPUS CHRISTI, TEXAS — Titan Senior Living has started construction on Elan: A Senior Lifestyle, a 109-unit seniors housing community that will be situated at the intersection of Saratoga Boulevard and Staples Street in Corpus Christi. Slated to open in the summer of 2018, the property will feature assisted living and memory support services, chef-prepared meals, a bistro, salon, wellness center and 24/7 concierge services. Civitas Senior Living will operate the property.
HOLLYWOOD AND PEMBROKE PARK, FLA. — Senior Living Investment Brokerage (SLIB) has arranged the $15.5 million sale of Emerald Park and The Plaza at Pembroke Park, two assisted living communities in South Florida. Emerald Park in Hollywood was built in 1998 and features 73 units. The Plaza at Pembroke Park in Pembroke Park features 79 units, and was remodeled in 2012. The buyer and seller were not disclosed. Bradley Clousing and Jeffrey Binder of SLIB led the transaction.
ST. GEORGE, UTAH — Evans Senior Investments (ESI) has arranged the sale of The Retreat at SunRiver and The Retreat at Sunbrook, two assisted living communities in St. George, approximately 120 miles northeast of Las Vegas. American Capital acquired both communities from an undisclosed seller for $26.5 million, or $236,500 per unit. Built in 2012, The Retreat at SunRiver features 36 assisted living units and 12 memory care units on 1.7 acres. Built in 2015, The Retreat at Sunbrook features 50 assisted living units and 14 memory care units. Totaling 57,344 square feet, the two-story community sits on 2.4 acres. Washington County, where St. George is located, saw an 86.5 percent growth in the over-85 population between the 2000 and 2010 census. The new owner will lease both properties to Meridian Senior Living.
SIMPSONVILLE, S.C. — Phoenix Senior Living is set to open the doors next week on The Pearl at Five Forks, a 48-unit memory care community located at 15 Five Forks Road in the Greenville suburb of Simpsonville. Phoenix, a privately held seniors housing developer based in Kennesaw, Ga., hired a team of certified dementia practitioners to deliver care at the community. The company also partnered with Memory Care Centers of America for the project.
MELROSE, MASS. — Blueprint Healthcare Real Estate Advisors has brokered the sale of a vacant 82-bed skilled nursing facility located in the Boston suburb of Melrose for $3.6 million. The property previously operated as Wingate at Melrose. Prior to the sale, and with the approval of the owner, the operator elected to shut down the facility and move all residents to another property to consolidate regional operations. The buyer was a regional hospital system seeking to expand. Steve Thomes was the lead advisor on the transaction.
BOISE, IDAHO — Walker & Dunlop Inc. (NYSE: WD) has structured a $29.8 million refinancing for Garden Plaza of Valley View and Valley View Skilled Nursing Facility, which work together as a 300-unit continuing care retirement community in Boise. The financing required two different lenders to fund two separate loans for one property with one existing mortgage. Fannie Mae financed the independent living and assisted living portion, and the HUD placed the debt for the skilled nursing facility. In addition, an equity recapitalization component was included in the Fannie Mae debt. Michael Vaughn and Kevin Giusti, led Walker & Dunlop’s origination team and worked with BrightSpace Senior Living, the Tennessee-based borrower, to place the debt. Walker & Dunlop structured a $9 million loan with a 35-year, fully amortizing term for Valley View Skilled Nursing Facility. The CCRC’s skilled nursing component was built in 1986 and consists of 24 private and 40 semi-private units. The loan executed with Fannie Mae for Garden Plaza of Valley View was $20.8 million with a 10-year term, followed by a 30-year amortization schedule. This portion of the CCRC, containing 142 independent living and 51 assisted living units, was built adjacent to the existing skilled nursing …
SEMINOLE, FLA. — Greystone has arranged a $48.5 million refinancing for Lake Seminole Square, a seniors housing community in the Tampa suburb of Seminole. Brookdale operates the entrance-fee continuing care retirement community. Further details were not disclosed. Greystone’s seniors housing lending team of Scott Kavel, Neal Raburn and Cary Tremper completed the Fannie Mae financing.
LACONIA, N.H. — Connecticut-based investment bank HJ Sims has arranged $17.5 million in bond financing for Taylor Community, a nonprofit continuing care retirement community (CCRC) in Laconia, a resort and retirement destination in New Hampshire’s Lakes Region. The new bonds will replace and restructure existing debt on the property, as well as terminate third-party interest rate swaps. The community’s improved financial performance and higher occupancy opened up opportunity for the refinancing. The new bonds feature a fixed 3.75 percent interest rate for a 10-year period.