LYNWOOD, CALIF. — JCH Senior Housing Group has brokered the sale of Bloomfield East, a 130-bed skilled nursing facility in the Los Angeles submarket of Lynwood, for an undisclosed price. A Los Angeles-based real estate investment company purchased the community from an undisclosed for-profit corporation, and immediately triple-net leased it to a new operator, Reliant Management Group. Shep Roylance, senior vice president with JCH, facilitated both the sale and lease transactions.
NORTH KANSAS CITY, MO. — Tutera Senior Living & Health Care will break ground this week on the $65 million Tiffany Springs Senior Community, a continuing care retirement community (CCRC) in North Kansas City, located just across the Missouri River from Kansas City proper. The 14-acre luxury community will feature more than 300 units of independent living, assisted living, memory care and rehabilitation in 300,000 square feet of buildings. Design company studioSIX5 is providing interior design services. Builders for the community include Nearing Staats Prelogar & Jones Architects of Prairie Village, Kan.; Lutjen Inc. of North Kansas City; and Luke Draily Construction Co. of Riverside, Mo. Based in Kansas City, Tutera Senior Living & Healthcare is a developer and operator of 47 seniors housing communities in 13 states throughout the Midwest, Southeast, Oklahoma and Texas.
DALLAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap serving institutional and private real estate investors, has arranged the sale of The Legacy at Preston Hollow, a nonprofit seniors housing facility featuring 45 assisted living beds and 113 skilled nursing beds. Built in 2000, The Legacy at Preston Hollow is located about 10 miles north of downtown Dallas, and 1.4 miles from 668-bed Medical City Dallas Hospital. Mark Myers, Joshua Jandris, Charles Hilding and Ryan Fleming of IPA, along with Kelsie Vogds of Marcus & Millichap, represented the seller. Myers, Jandris, Hilding and Fleming also procured the buyer.
POMPANO BEACH, FLA. — John Knox Village, a 70-acre continuing care retirement community (CCRC) in Broward County, will open the doors this week on The Woodlands, a 144-unit expansion of the Pompano Beach community. Development costs for The Woodlands are estimated at $34 million. In addition to the new residential units, the project adds a bistro, rehabilitation services, salon/spa, wellness center and a “life enrichment center” for social gatherings. The CCRC’s board of directors approved the seven-story facility in 2013 and construction began in 2014. RDG Planning & Design, led by architects John Birge, Scott Pfeifer and Kevin Ruff, designed the expansion. The Weitz Co. served as the construction manager, and William Gallo of Gallo Herbert Architects served as the owner’s authorization representative.
MURFREESBORO, TENN. — National Health Investors Inc. (NYSE: NHI), a Murfreesboro-based REIT, has exercised an $87.5 million purchase option on five assisted living and memory care communities currently owned and operated by Bickford Senior Living. The acquisitions include a 56-unit community in Crystal Lake, Iowa; a 76-unit community in St. Charles, Mo.; a 56-unit community in Oswego, Ill.; a 40-unit community in Omaha, Neb.; and a 49-unit community in West Des Moines, Iowa. The properties total 277 units with an average occupancy of 92 percent and an average age of 12 years. NHI has committed $2.4 million for capital improvements and expansions on the existing facilities. Bickford will continue to operate the communities under a 15-year lease with two five-year renewal options and a 3 percent annual lease escalator. The acquisition was funded with available cash and borrowings on the company’s revolving credit facility. “We are very pleased to exercise our purchase option on these high-quality, high-performing facilities and to expand our existing relationship with Bickford Senior Living,” says Eric Mendelsohn, president and CEO of NHI. National Health Investors specializes in sale-leaseback, joint venture, mortgage and mezzanine financing of need-driven and discretionary senior housing and medical investments. NHI’s stock price …
LIBERTY, MO. — Developers have broken ground on Norterre, a master-planned seniors housing community in the Kansas City suburb of Liberty. Development costs are estimated at $66 million for the first phase, which will include a health center, café, single-family homes for seniors and short-stay rehabilitation. Norterre will be built on a 17-acre site adjacent to Liberty Hospital. A 50,000-square-foot healthy living center will act as the center of the community. The seniors housing portions of the community will be based on the household model where up to 20 seniors share a set of amenities. When complete, the community will feature 60 assisted living units, 20 assisted living units and 60 skilled nursing beds. The first phase is expected to open in spring or summer 2017.
LITTLE CANADA, MINN. — Grandbridge Real Estate Capital has closed a $17.9 million loan for the construction of Cardigan Ridge, a 120-unit independent living, assisted living and memory care community in the Twin Cities suburb of Little Canada. Hearth Development is building the project, which is already under construction. Grandbridge estimates total development costs will exceed $20 million. Dave Rasmussen, a senior vice president in Grandbridge’s Minneapolis office, originated the loan. A local bank is providing the capital. The non-recourse loan featured a five-year term, 25-year amortization and an interest rate near 3.5 percent.
DENVILLE, N.J. — Cushman & Wakefield has arranged the sale of Franciscan Oaks, a continuing care retirement community located at 19 Pocono Road in Denville. Springpoint Senior Living acquired the entrance-fee property for an undisclosed sum. Situated on 14 acres, the property features 285 independent living apartments, 33 assisted living units and an 84-bed skilled nursing facility. Allen McMurtry, Megan Fetter and David Kliewer of Cushman & Wakefield represented the seller, Catholic Health Initiatives, in the transaction.
PLEASANT PRAIRIE, WIS. — Senior Lifestyle Corp. has opened The Addison of Pleasant Prairie, a 100-unit assisted living and memory care community in Pleasant Prairie, located on the Illinois border approximately midway between Chicago and Milwaukee. Construction of the 85,000-square-foot facility began in December 2014. The community is located on a nine-acre plot and features two memory care communities. Senior Lifestyle Corp. is a developer, owner and operator of seniors housing communities based in Chicago. The company’s portfolio includes 170 communities in 26 states.
PROSPECT HEIGHTS AND BURR RIDGE, ILL. — Brookdale Senior Living will undertake a $4 million memory care conversion at its communities in the Chicago suburbs of Prospect Heights and Burr Ridge. The projects are part of a capital investment and community management joint venture between Brookdale and HCP, a large healthcare REIT. At both Brookdale Prospect Heights and Brookdale Burr Ridge, 26 existing assisted living apartments will be converted to memory care. Both communities offer skilled nursing in addition to the assisted living and memory care options.
