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.
IRVINE, CALIF. — Sabra Health Care REIT (NASDAQ: SBRA) plans to sell off 29 of its 78 skilled nursing facilities currently managed by Genesis Healthcare Inc. The plan, announced on the Irvine-based company’s second-quarter earnings call, is the latest in a trend of publicly traded REITs reducing their exposure to skilled nursing. Last year Ventas spun off its skilled nursing portfolio into a separate REIT, and in May HCP Inc. announced it planned to do the same. As part of the deal, as the facilities are sold, Genesis’ rent will be reduced by 7.5 percent of the net proceeds from the sales. Sabra is currently under contract to sell five other Genesis-managed facilities. If Sabra completes those transactions and is able to sell the entire 29-property portfolio, it will reduce the number of Sabra-owned, Genesis-managed facilities from 78 to 43. If completed, Sabra estimates the sales will reduce the percentage of its revenue from skilled nursing from 51.1 percent to 24.9 percent, after sales proceeds are reinvested.
RIVERBANK, Calif. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Riverbank Nursing Center, a 99-bed skilled nursing facility in Riverbank, approximately 90 miles east of San Francisco. The property was positioned as a value-add property in an underserved market. Neither the buyer nor seller were disclosed. Christopher Hyldahl was the lead advisor on the transaction, supported by Gideon Orion.
TOLEDO, OHIO — Welltower Inc. (NYSE: HCN), a seniors housing and healthcare facility REIT, has entered into a definitive agreement to acquire a portfolio of properties on the West Coast operated by Vintage Senior Living for $1.15 billion. The transaction spans 2,590 units in 19 independent living, assisted living and memory care communities concentrated in Southern and Northern California and in the state of Washington. Welltower will transition management of these communities to Senior Resource Group (11 properties), Sunrise Senior Living (seven properties) and Silverado (one property), once the acquisition has been completed. “This acquisition reinforces our high-quality healthcare real estate portfolio and leading presence in two of the top U.S. metro markets,” says Tom DeRosa, CEO of Welltower. “Together with our operating partners, we are excited about the opportunities to provide the best senior care with a focus on wellness and innovation.” Vintage Senior Living will continue to operate its communities until the purchase has been completed. The transaction is expected to close in tranches beginning in September and will be subject to lenders’ approvals and customary regulatory approvals. “These properties are in attractive markets, including irreplaceable locations near San Francisco’s Golden Gate Park and Nob Hill, with a …
BATON ROUGE, LA. — Community Development Inc. has opened Cypress Springs, a 144-unit affordable seniors housing community in Baton Rouge. WNC, a California-based real estate investor, provided $6.1 million in low-income housing tax credit (LIHTC) equity to fund the development. Cypress Springs includes three buildings with 76 one-bedroom units and 68 two-bedroom units.