FRISCO, TEXAS — Bethesda Senior Living Communities, a Colorado-based nonprofit developer and operator, has acquired Rambling Oaks Courtyard, an 80-unit assisted living community in Frisco. The acquisition was part of a $27 million financing from Compass Bank of Denver that also included $13 million in construction financing for a new community in Colorado. Bethesda will rebrand the community as Bethesda Gardens Frisco. The site also features developable acreage around the existing building. Bethesda plans to expand services at the community. With the acquisition and new development, Bethesda now operates 18 seniors housing communities in Arizona, Indiana, Nebraska, Missouri, Colorado and Texas.
BETHESDA, MD. — Capital One has served as lead arranger and administrative agent for a $61 million syndicated loan and $12 million syndicated credit facility to affiliates of CommuniCare Health Services, a Cincinnati-based provider of post-acute care. CommuniCare will use the financing to purchase nine skilled nursing facilities in Ohio and Maryland from a publicly traded REIT.
COVINGTON, LA. — KeyBank Real Estate Capital has arranged a $16.7 million acquisition loan for The Trace at Claiborne Hill, a 94-unit seniors housing community in Covington, located across Lake Pontchartrain from New Orleans. Built in 2009, the property features independent living and assisted living services, as well as a 24-unit, secured memory care building that was added to the property in 2014. Carolyn Nazdin of KeyBank arranged the 10-year, non-recourse, fixed-rate loan through Freddie Mac.
MONUMENT, COLO. — Bethesda Senior Living Communities, a Colorado Springs-based nonprofit developer and operator, has broken ground on Bethesda Gardens Monument, a 60-unit assisted living and memory care community in the Colorado Springs suburb of Monument. The $13 million development is the first ground-up construction for Bethesda in more than 15 years, and will be the first seniors housing community in Monument, according to the developer. Bethesda expects to complete construction in fall 2017. The architect on the Colorado project is Lantz-Boggio Architects of Denver. Brinkman Construction of Fort Collins will provide construction services, and Compass Bank of Denver provided financing. With the two new projects, Bethesda now operates 18 seniors housing communities in Arizona, Indiana, Nebraska, Missouri, Colorado and Texas.
STILLWATER, OKLA. — Ziegler, a specialty investment bank, has arranged $111 million in tax-exempt bonds for Epworth Living at The Ranch, a continuing care retirement community (CCRC) in Stillwater, approximately 60 miles north of Oklahoma City and west of Tulsa. Local nonprofit operator Epworth Living is developing the 380,000-square-foot community on a 55-acre site near Oklahoma State University. When completed, The Ranch will consist of 114 independent living apartments, 23 independent living villas, 48 assisted living apartments, 20 memory support suites, and 40 skilled nursing beds. The Ranch was 70.1 percent pre-leased at the time of the bond issue. The bonds will be used to fund the construction and development of the community, refinance a $6.8 million predevelopment loan, fund interest for two years, establish debt-service reserve funds and pay a portion of issuance costs. Epworth Living is contributing $2 million in equity to the financing. The Weitz Company will serve as the construction manager for the project.
BELTON, MO. — Tutera Senior Living & Health Care is set to break ground on the $9.5 million Carnegie Village Rehabilitation and Health Care in Belton, located in the Kansas City metro area. The skilled nursing facility is an expansion of Carnegie Village Senior Living Community, an independent living, assisted living and memory care community that was built in 2002. With the addition, the community will now feature the entire continuum of care. Tutera expects to complete construction in April 2017. The facility will feature 60 private suites, along with a rehabilitation gym, wellness center, spa services and other amenities. Interior design firm studioSIX5, architecture firm Prelogar & Jones Architects and engineering firm CFS Engineering will all participate in the expansion’s design.
CREST HILL, ILL. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Willow Falls Senior Living, a seniors housing community in Crest Hill, approximately 40 miles southwest of Chicago. Dial Retirement Communities bought the property for an undisclosed price in a joint venture with a private equity fund. The seller is a pair of entities controlled by Greg and Renee Wolf, owners of the property since 1994. Dial will operate the community, which consists of 112 assisted living and memory care units and 76 independent living units.
BRAZIL, IND. — Exceptional Living Centers has opened Towne Park Assisted Living of Brazil, a 42-unit assisted living community located approximately 60 miles southwest of Indianapolis. The community is situated on the campus of Exceptional Living Center of Brazil, a 105-bed skilled nursing facility. The proximity will allow residents to age in place. Exceptional Living Centers is an operator of 16 facilities in the Midwest that span the continuum of care.
PRAIRIE VILLAGE, KAN. — Tutera Senior Living & Health Care will soon break ground on Mission Chateau Senior Living, an independent living, assisted living and memory care community in the Kansas City suburb of Prairie Village. Development costs are estimated at $40 million. The 18.4-acre community will feature over 200 units when completed. Tutera hired studioSIX5, Nearing Staats Prelogar & Jones Architects and BHC RHODES to design the project.
CHICAGO — What are the best buying opportunities today for investors in the seniors housing space? The answer begins with an understanding of the deals that are among the least attractive, according to veteran broker Ryan Saul. A property that is 99 percent full that trades at a 6.5 percent cap rate could hardly be called opportunistic because there is no upside, points out Saul, managing director of Chicago-based Senior Living Investment Brokerage. Instead, buying a property that is 75 percent occupied for $100,000 a unit with a broken management team in place presents real opportunity, he believes. “You can go in, turn it around and really add value so that you can sell it stabilized for a much larger premium.” Saul’s insights came during a panel discussion on the state of the investment market at InterFace Seniors Housing Midwest, which took place Tuesday at the Westin Chicago River North Hotel. The conference attracted 265 attendees from a cross-section of the seniors housing industry. Moderated by Ben Firestone, managing director of Blueprint Healthcare Real Estate Advisors, the investment panel discussed who’s buying, who’s selling and what’s driving deal velocity. In addition to Firestone, the panelists included Talya Nevo-Hacohen, chief investment …