IRVINE, CALIF. — WNC, an Irvine-based national investor in real estate and community development, has closed WNC Institutional Tax Credit Fund 42 L.P., a $102 million institutional low-income housing tax credit (LIHTC) fund. The fund is estimated to include 1,504 affordable housing units in total, and is comprised of 17 multifamily and seniors housing communities scheduled for new construction and rehabilitation. The properties will be located in 12 states, including Arkansas, California, Iowa, Idaho, Louisiana, Massachusetts, Minnesota, New Jersey, South Dakota, Tennessee, Texas and Wisconsin. This is the second national fund and third multi-investor fund WNC has closed in 2016, totaling $329.7 million.
CARROLLTON, TEXAS — Love Funding has secured a $26.3 million loan for the construction and permanent financing of Overlook at Prestonwood, a seniors housing community under development in Carrollton. Overlook at Prestonwood will offer 183 age-restricted apartment units in one four-story building and five standalone cottages on 5.5 acres. The property will include one-, two- and three-bedroom units. The main building will also house a clubhouse and other amenities. Love Funding’s Laura Saull-Smith secured the financing through the U.S. Department of Housing and Urban Development (HUD) 221(d)(4) loan insurance program. The HUD program provided the development team with low-rate, non-recourse financing for the duration of construction and for a subsequent 40-year term. James Sawyer, president of Warsaw Realty Group, brought the transaction to Love Funding. The principals of the ownership group include Charlie Nicholas, Luke Harry, Steven Rumsey and Chris Willhite. NE Construction will be the general contractor, and Capstone is the property manager. Brian Rumsey of Cross Architects is the architect of record for this project.
CHARLOTTE, N.C. — Laurel Street Residential, a Charlotte-based affordable housing developer, has broken ground on a 112-unit affordable multifamily community in the Belmont neighborhood of Charlotte. St. Paul Baptist Church is a partner in the development, which includes apartments for both seniors and the general public. The seniors housing component includes 60 units. The units are designated for seniors and families earning 60 percent of the area median income. The development is scheduled for completion by the end of 2017. Miles McClellan Construction is the general contractor, Bohler Engineering is the civil engineer and Neighboring Concepts is the architect. Public and private investments are funding the development, including a 4 percent tax credit and tax-exempt bond allocations from the North Carolina Housing Finance Agency, a $4.4 million loan from the City of Charlotte Housing Trust Fund, an $8 million construction loan from Bank of America, permanent financing from Greystone and loans from the Zechariah Alexander Community Development Corp. and St. Paul Baptist Church.
EL PASO, TEXAS — Medistar Corp. is a developing a new VibraLife seniors housing community located at 3421 Joe Battle Blvd. in El Paso. Vibra Healthcare LLC will be the operator of the facility. Now under construction across Joe Battle Boulevard from the Hospitals of Providence east campus, the facility will provide 92 total beds, including 60 beds of skilled nursing, 16 beds of assisted living and 16 beds of memory care. Medistar’s Craig Laher is the lead development officer for the project. Pi Architects designed the new VibraLife facility, and SCI Construction Inc. is the general contractor. Construction is scheduled for completion in early 2017.
ROSWELL, GA. — The Integral Group has selected a joint venture between McShane Construction Co. and IBG Construction to build The Veranda at Groveway, a 102-unit affordable seniors housing community in the Atlanta suburb of Roswell. The four-story. 109,714-square-foot apartment building is under construction on a three-acre site. The Integral Group, which is developing the project, is aiming for a July 2017 opening. Each unit will include an emergency call system. Amenities at the property will include a wellness center, fitness center, yoga/aerobics room, business center, game room, sunroom and a rooftop deck. The U.S. Department of Housing and Urban Development (HUD) and the Georgia Department of Community Affairs are partially funding the construction. REES Architects is providing the architectural services. This is the second affordable community in the Atlanta area for which Integral, McShane and IBG have partnered.
NEW YORK CITY — Meridian Capital Group, a debt broker based in New York, has arranged $135.5 million in loans for Continuum Healthcare to refinance a six-property portfolio of skilled nursing homes in New Jersey and Pennsylvania. The four-year, bridge-to-HUD loan provided by a balance sheet and mezzanine lender, features six months of interest-only payments. The skilled nursing communities total 920 beds and include: · The Wanaque Center for Nursing and Rehab, Haskell, N.J. · Galloway Nursing and Rehab, Galloway, N.J. · Barnegat Rehab and Nursing, Barnegat, N.J. · The Health Center at Bloomingdale, Bloomingdale, N.J. · Majestic Oak Nursing Home and Rehab, Warminster, Pa. · Highland Manor Rehab and Nursing, Exeter, Pa. Meridian’s Ari Adlerstein, Ari Dobkin and Josh Simpson negotiated the transaction. Continuum Healthcare and its affiliate companies own and operate skilled nursing facilities and pediatric day care centers. Continuum also owns properties and leases them to independent operators.
LIBERTY, MO. — Senior Living Investment Brokerage has arranged the $2 million sale of an undisclosed skilled nursing facility in the Kansas City suburb of Liberty. The facility is currently vacant, having been closed by the Centers for Medicare & Medicaid Services in 2015. It was built in 1992 and features 143 beds. The buyer is a private equity group that partnered with a regional operator. Matthew Alley, Patrick Byrne and Toby Seifert of Senior Living Investment Brokerage arranged the transaction.
SANTEE, CALIF. — CBRE has arranged a $25 million Freddie Mac loan for The Grant Companies to refinance The Pointe at Lantern Crest, a 102-unit independent living and assisted living community in the San Diego suburb of Santee. The Class A community is Phase II of a larger campus. Phase I, The Ridge at Lantern Crest, was also financed with a CBRE-originated Freddie Mac loan in 2014. Lantern Crest Management operates the communities. The 10-year, fixed-rate mortgage includes 72 months of interest-only payments. Aron Will of CBRE National Senior Housing and Bill Chiles and Scott Peterson of the CBRE Debt & Structured Finance team in San Diego, arranged the financing. Founded in 1989, The Grant Companies has developed more than $500 million in medical office buildings, seniors housing and other commercial developments.
FLAGSTAFF, ARIZ. — Welbrook Senior Living has started construction of a 50-bed skilled nursing facility in Flagstaff. Services at the facility will focus on transitional rehabilitation. Development costs were estimated at $13 million. Welbrook has partnered with Embree Asset Group to develop the facility. Construction is slated for completion in late 2017. Based in California, Welbrook is a seniors housing operator just entering the transitional rehab space. Embree is a construction and development company that has worked in all 50 states.
SEATTLE — CBRE has arranged $60 million in acquisition financing for a joint venture between Capitol Seniors Housing and the Carlyle Group. The JV will use the funds to purchase a four-property seniors housing portfolio throughout the Seattle metro area. The four communities total 368 units of assisted living and independent living. Following the acquisition, MBK Senior Living will operate all the properties. The seller and the names of the four properties were not disclosed. The non-recourse, floating-rate loan includes a five-year term with 36 months of interest-only payments. Total loan proceeds include a loan of $51.9 million for the acquisition of the property along with $8 million for planned capital improvements. Aron Will of CBRE National Senior Housing arranged the financing.