HONDO, TEXAS — Senior Living Investment Brokerage Inc. (SLIB) has arranged the $1.8 million sale of a 75-bed skilled nursing facility in the San Antonio suburb of Hondo. The facility was built in 1966, and an office annex was added in 1997. The name of the facility was not disclosed. An independent owner-operator from the Dallas area purchased the property. The seller was an operator from a different region looking to remove a non-core asset. Matthew Alley of SLIB arranged the transaction.
BROWNSVILLE, WESLACO, HARLINGEN AND EDINBURG, TEXAS — KeyBank Real Estate Capital has provided a total of $84.7 million in HUD financing for a six-property seniors housing portfolio located across Texas. Totaling 722 units, the portfolio includes Brownsville Nursing and Rehabilitation and Ebony Lake Nursing and Rehabilitation in Brownsville; Weslaco Nursing and Rehabilitation in Weslaco; Harlingen Nursing and Rehabilitation in Harlingen; and Edinburg Nursing and Rehabilitation and Windsor Arbor View in Edinburg. John Randolph of Key’s Commercial Mortgage Group arranged the financing through the HUD 232/223(f) mortgage insurance program for the undisclosed borrower. Loan proceeds were used to refinance existing debt.
PHOENIX — Thorofare Capital has provided a $19 million, fixed-rate bridge loan to an affiliate of ArciTerra Cos. LLC. The funds will be used to refinance debt on MorningStar at Arcadia, a 135-bed assisted living community in Phoenix. Located on a 1.1-acre site, the community features 80 assisted living units and 30 memory care units in a four-story, 139,643-square-foot building. MorningStar Senior Living operates the property, which opened in 2014. The funds will retire the construction loan on the community and result in more equity for the ownership, a Phoenix-based real estate investment and development company. The term is two years of interest-only payments. Thorofare Capital is a Los Angeles-based investment manager specializing in senior mortgage debt for middle-market commercial real estate assets.
AMARILLO, TEXAS — PinPoint Senior Living and LifeWell Senior Living LLC have started construction of The Legacy at Town Square, an 86-unit independent living, assisted living and memory care community in Amarillo. The companies plan to complete the project in late fall 2017. PinPoint is a Houston-based seniors housing developer with 14 communities open or in development. LifeWell is a Houston-based seniors housing operator with nine communities open or in development in Texas, Florida and New Mexico.
DECATUR, GA. — Capital One has provided a $14.4 million HUD 221(d)(4) loan for the construction of Sterling at Candler Village, a 170-unit affordable and age-restricted community in Decatur. The 221(d)(4) product is HUD’s flagship program for financing the construction and preservation of market-rate and affordable housing apartment communities. Carolyn Whatley of Capital One originated the loan on behalf of the developer/borrower, The Benoit Group. Residences will be restricted to residents whose head of household is at least 62 years old. The majority of the units (136) will be allocated to households earning up to 60 percent of the area median income (AMI), while the remaining 34 will be reserved for households earning up to 50 percent of AMI. Besides the HUD financing, funding of this development included low income housing tax credits allocated by the Georgia Department of Community Affairs; tax exempt bonds issued by the Housing Authority of DeKalb County and underwritten by Stifel, Nicolaus & Co. Inc.; a subordinate HOME loan funded by DeKalb County Community Department; and project-based rental assistance issued by the Housing Authority of the City of Atlanta (AHA). AHA entered into an Intergovernmental Agreement with the Housing Authority of DeKalb County to administer …
AURORA, ILL. — Evergreen Real Estate Group has opened Aurora St. Charles Senior Living in Aurora. The 60-unit independent living facility is located at 400 E. New York St. Formerly St. Charles Hospital, the historic building was transformed into a residential community as part of a $24 million redevelopment that began in December 2015. The community includes a mix of studio, one- and two-bedroom floor plans. Amenities include a large community room, fitness room, walking paths and community gardens. The building had been vacant since 2010. Evergreen Real Estate Group collaborated with Invest Aurora, Northern Lights Development Corp., the City of Aurora, Illinois Housing Development Authority (IHDA) and Illinois Department of Commerce and Economic Opportunity, along with several private lenders and investors, to secure the financing and tax credits needed to fund the $24 million rehabilitation. Approximately $3 million was obtained through the River Edge Redevelopment Zone program, which was created in 2006 to incentivize riverfront development in Aurora and other Illinois cities. The balance of the project’s development cost was covered by a combination of federal historic tax credits, low-income housing tax credits allocated by IHDA and private financing.
RALEIGH, N.C. — Singh Development, a multifamily owner-operator with communities in Michigan and North Carolina, has unveiled renderings of the interior of Waltonwood Lake Boone, a 183-unit independent living, assisted living and memory care community in Raleigh. Development costs for the 285,000-square-foot project are estimated at $50 million, and Singh Development expects the facility to create more than 125 jobs and serve more than 200 residents. The property is situated on six acres, and will feature 121 independent living units, 39 assisted living units and 23 memory care units. Waltonwood Lake Boone is Singh’s second seniors housing project in the Raleigh area and is scheduled to open in the first quarter of 2018. As of this month, the construction crews are completing framing in the assisted living area, and framing is completed in the independent living portion of the facility.
PEORIA, ILL. — Caddis has opened Heartis Village Peoria in Peoria, north of Springfield. The 108-unit, 97,000-square foot senior living community is located at 8201 N. Illinois Route 91. The community consists of two adjoined components: a single-story, 36-unit memory care residence and a three-story residence with a total of 72 assisted living apartments. Heartis Village Peoria offers a wide variety of amenities, including a salon and spa with a therapeutic tub, two interior courtyards, a large dining room and more. The community is owned by Caddis and managed by Pathway, a senior living operations management company headquartered in Chicago. Austin, Texas-based Katus LLC served as architect and Rosemont, Ill.-based McShane Construction served as general contractor.
FOSTER CITY, CALIF. — Atria Senior Living has opened Atria at Foster Square, a 155-unit independent living, assisted living and memory care community in Foster City, located between San Francisco and San Jose. The six-story building totals 190,000 square feet. Atria is seeking LEED Silver certification for the community. The property is part of a larger multi-building development that includes additional housing and retail space aimed at seniors. Architecture firm Perkins Eastman designed the property, which San Francisco-based Webcor Builders constructed. Based in Louisville, Ky., Atria Senior Living is the eighth largest operator of seniors housing properties in the United States, according to 2016 numbers by the American Seniors Housing Association. The company totals 196 communities in 27 states and seven Canadian provinces, serving more than 21,000 residents.
NORWOOD, MASS. — Benchmark Senior Living has opened Benchmark Senior Living on Clapboardtree, a 90-unit assisted living and memory care community in the Boston suburb of Norwood. The community features 69 assisted living units and 21 memory care units. It is Benchmark’s 53rd community. Based in nearby Waltham, Benchmark is a developer, owner and operator of seniors housing communities in the Northeast, largely focused on New England.