GRASS VALLEY, CALIF. — CBRE has arranged the refinancing of Hilltop Commons, an 84-unit independent living community in the Sacramento suburb of Grass Valley. The total value of the loan was not disclosed. Sacramento-based Ray Stone Inc. operates the community and is the borrower. The fixed-rate loan was secured through Fannie Mae. Aron Will of CBRE National Senior Housing and Kevin Randles of CBRE’s Debt and Structured Finance office in Sacramento arranged the financing.
SEATTLE — Ziegler, a specialty investment bank, has closed $57.5 million in bonds for Bayview Manor Homes, the nonprofit operator of Bayview, a continuing care retirement community in Seattle’s Queen Anne neighborhood. The CCRC was built in 1961 and is just blocks from Key Arena, McCaw Hall and the Space Needle. It features 124 independent living apartments, 45 assisted living apartments and 50 skilled nursing beds, as well as an intergenerational childcare center. The unrated, fixed-rate bonds will be used for adding new independent living units, as well as a new, two-story assisted living and memory care building, among other capital improvements.
MESA AND APACHE JUNCTION, ARIZ. — Madison Realty Cos. has purchased two seniors housing communities in the Phoenix suburbs of Mesa and Apache Junction for $14.8 million. The real estate investment firm made the acquisitions on behalf of Delaware Statutory Trust investors. Madison plans to add levels of care and other value to the properties. The Mesa property was built in 2013 and Apache Junction in 2011. The specific names of the communities were not disclosed. The properties feature a loan-to-value ratio of 41.9 percent with 25-year amortization and a fixed rate of 4.75 percent for a seven-year, no-interest-only term.
CARMICHAEL, CALIF. — Greystone, a real estate advisory firm, has provided $25.2 million loan Oakmont Senior Living to refinance Oakmont Carmichael, a 71-unit assisted living and memory care community in the Sacramento submarket of Carmichael. The loan carries a 10-year, fixed-rate term with a 30-year amortization. The property is newly constructed and includes a two-story building located on 2.4 acres. Greystone’s Scott Kavel and Cary Tremper originated the loan.
DENVER — Greystone, an investment firm, has provided a $24.3 million loan to Spectrum Retirement Communities to refinance HighPointe Assisted Living and Memory Care, a 97-unit assisted living and memory care community in Denver. The loan carries a seven-year term and three years of interest-only payments. Greystone’s Scott Kavel and Cary Tremper originated the loan.
DALLAS — KeyBank Real Estate Capital has secured an $85 million permanent loan for Tradition Senior Living, a Dallas-based owner and operator of seniors housing facilities in Texas. Tradition Senior Living plans to refinance Tradition Lovers Lane, a 311-unit seniors housing community located in Dallas. The property, which includes 202 independent living units, 85 assisted living units and 24 memory care units, opened in November 2014. Monique Bimler of KeyBank’s healthcare mortgage banking group arranged the 10-year, fixed-rate loan through a life insurance company. Grant Saunders and Peter Trazzera of KeyBank’s healthcare group originated the initial construction loan and agented the syndication of the loan with three other banks.
LINCOLNWOOD, ILL. — Colliers International has brokered the sale of 13 acres in Lincolnwood, roughly 13 miles northwest of Chicago, for over $6 million. South Bay Partners acquired the land and plans to develop a seniors housing facility, which will include assisted living and memory care, on the site. The property, located at 3400 W. Pratt Ave., is the former headquarters site for Bell and Howell, a media equipment supplier. Steven Kohn of Colliers International represented the seller, CenterPoint Properties, in the transaction.
ARLINGTON, TEXAS — Caddis, a healthcare real estate firm headquartered in Dallas, recently held a grand opening for the 81-unit, 67,000-square-foot Heartis Arlington seniors housing community located at 3424 W. I-20 in Arlington. The assisted living and memory care community was developed and is owned by Caddis and managed by Portland, Ore.-based Frontier Management. Amenities at the development include a bistro, internet café, outdoor walking paths, game and activity rooms, barber shop and a fitness center. Services range from assistance with personal activities, including housekeeping and laundry, to daily nursing care and 24-hour emergency response. Austin-based Pi Architects Inc. was the architect for Heartis Arlington, and the Dallas office of Weis Buildings was the general contractor. UMB Bank NA provided construction debt financing.
PETALUMA, CALIF. — CareTrust REIT Inc. has acquired The Oaks, a 59-bed skilled nursing facility in the San Francisco suburb of Petaluma, for $6.9 million. CareTrust immediately leased the facility to West Harbor Healthcare upon purchase. The REIT expects an initial annual revenue of approximately $700,000 under the new lease, which has a 15-year term, two five-year renewal options and CPI-based rent escalators. CareTrust is a publicly traded REIT based in California. The company currently owns 145 net-leased healthcare properties in 20 states.
HILLIARD, OHIO — Spectrum Retirement Communities has opened Hilliard Assisted Living & Memory Care, a 100-unit assisted living and memory care community in the Columbus suburb of Hilliard. The new community features 75 assisted living units, 25 memory care units and a transitional memory care program for seniors with only mild cognitive impairment. The 87,000-square-foot community includes studio, one-bedroom and two-bedroom units. Spectrum currently has three other communities under construction in the Columbus area and another in the planning stages. Based in Denver, Spectrum owns and operates 31 communities in 12 states totaling more than 3,700 units, with eight more communities currently under construction.
