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.
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 …
