ARLINGTON HEIGHTS, ILL. — Capital Funding Group has provided a $19.8 million Section 232 HUD construction loan for Transitional Care of Arlington Heights. Transitional Care of Arlington Heights is a planned 120-bed skilled nursing facility in the northwest Chicago suburb of Arlington Heights. The loan, which will finance the construction of the community, has a 40-year term. Craig Casagrande of Baltimore-based Capital Funding Group originated the loan.
WICHITA, KAN. — Presbyterian Manors of Mid-America, a nonprofit operator of 18 communities in Missouri and Kansas, has completed a $35 million expansion at Wichita Presbyterian Manor, a continuing care retirement community in Wichita. The expansion consisted of two phases, both of which started in 2014. In the first phase, the owner added 24 memory care suites, 30 skilled nursing suites and 20 private “post-acute to home” rehabilitation rooms, as well as a new kitchen, bistro, library, beauty salon and barbershop. The second phase of development added The Westerly Residences, which included 90 independent living apartments and an array of new amenities.
CASSELBERRY, FLA. — Allegro Senior Living has broken ground on an unnamed luxury seniors housing community in the northern Orlando suburb of Casselberry. Development costs are estimated at $45 million. Located on a 17.3-acre site, the new community will include 158 units of independent living, assisted living and memory care in 175,000 square feet of space. Allegro expects the first residents to move in sometime in summer 2017. Besselo Design Group provided architectural design services, and Welbro Building Corp. will provide construction services. Allegro is a developer and operator based in St. Louis with 10 communities in Florida and Kentucky.
DENVER — Northstar Commercial Partners, a Denver-based developer, has broken ground on a 74-unit assisted living and memory care community in Denver. Being built on a recently acquired 1.6-acre vacant parcel, the community will be part of Denver’s Stapleton neighborhood on the former site of Stapleton International Airport. The Stapleton neighborhood already has 19,000 residents, 50 parks and 38 miles of trails. When completed, the 63,283-square-foot seniors housing community will offer 58 assisted living units and 16 memory care units. Northstar expects to finish construction in spring 2017. Balfour Senior Living will operate the community.
PRINCETON, IND. — Capital One has provided a $5.9 million fixed-rate loan to refinance a skilled nursing facility in Princeton, approximately 150 miles southwest of Indianapolis. Joshua Rosen of Capital One originated the 35-year HUD 232/223(f) financing. The Waters of Princeton consists of 45 semi-private and five private rooms. The facility was built in 1968 with an addition completed in 1974. The borrower in the transaction was undisclosed.
ORLANDO, FLA. — SunTrust Bank has provided a $39 million loan to Orlando Senior Health Network, which the owner-operator will use to expand Orlando Lutheran Towers in Orlando. The project will add 33 skilled nursing beds to the continuing care retirement community, along with 45 new full-time employees to serve the new residents. The $39 million loan includes both funds for capital improvements and refinancing of existing debt. Renovations are scheduled to begin this summer with the project scheduled for completion in 2018.
GOLETA, CALIF. — CBRE Capital Markets’ Debt & Structured Finance Team has arranged a $21.9 million FHA loan for the construction of Mariposa at Ellwood Shores, an 84-unit assisted living and memory care community in Goleta, located on the coast approximately 100 miles west of Los Angeles. Andrew Behrens and Jesse Weber of CBRE’s San Francisco office, along with Noah Reischmann of CBRE’s FHA lending platform, arranged the 40-year, non-recourse, fixed-rate loan with two years interest-only payments. Mariposa at Ellwood Shores will be a 60,909-square-foot, two-story community with 64 assisted living beds and a 20-bed memory care extension. Oliver Dixon and Westmont Living principals Andrew Plant and Michael O’Rourke will own the project. Westmont Living will operate the community once complete.
CHETEK, WIS. — Atrium Health and Senior Living has acquired Knapp Haven Nursing Home and Pelican Place Assisted Living in Chetek, approximately 100 miles northwest of Minneapolis. The connected facilities were purchased for $3.1 million. The community includes 14 assisted living units and 97 skilled nursing beds, for a price per bed of $27,928. The 60,691-square-foot community is fully private-pay. Evans Senior Investments brokered the deal.
TAMPA, FLA. — NorthMarq Capital has arranged $40.7 million in financing for a seniors housing property, apartment community and a shopping center in Florida. The properties include Twin Creeks Assisted Living, a 96-bed seniors housing property under construction in Riverview; Lakehouse Luxury Apartments, a 125-unit apartment property located at 3003 S. Frontage Road in Plant City; and Publix at Summerfield Crossings, a 69,917-square-foot shopping center located at 13146 U.S. Highway 301 South in Riverview. Robert Hernandez of NorthMarq Capital’s Tampa office arranged the loans. The financing included a three-year, $14.2 million, interest-only construction loan for the Twin Creeks property on behalf of the borrower, Lithia Assisted Living LLC; a 10-year, $12.5 million, Fannie Mae loan with a 30-year amortization schedule for the refinancing of Lakehouse Luxury Apartments on behalf of Lakeside Gardens of Plant City LLC; and a 10-year, $14 million loan with a 30-year amortization schedule for the refinancing of Publix at Summerfield Crossings on behalf of the borrower, Big Bend Group LLC.
TUCSON, ARIZ. — Chicago Pacific Founders (CPF) and its subsidiaries, CPF Living Communities and Grace Management Inc., have acquired Manor at Midvale, a 140-unit independent living community in Tucson. This is CPF Living’s second property acquisition in the state of Arizona. The sale price was not disclosed. Manor at Midvale is a multi-story, multi-building community. The buyers plan to make investments to improve the property, though specific projects were not disclosed. Grace Management will operate the community.