FERGUSON, MO. — Love Funding has closed a $15.3 million loan for the refinancing of Christian Care Home, an assisted living and skilled nursing senior community in the St. Louis suburb of Ferguson. Christian Care Home offers 178 beds in 92 units and is one of only two nursing homes in the area that provides on-site dialysis services to its residents. Christian Woman’s Benevolent Association owns the facility. Robyn Cunningham and Adrian Hartman of Love Funding’s St. Louis office secured the financing through HUD. This is the second time in less than three years that Love Funding has refinanced the property’s debt. Love originally financed the construction of the facility under HUD’s Section 232 program in June 2009.
IRONTON, OHIO — Blueprint Healthcare Real Estate Advisors has arranged the sale of Sunset Nursing Center, a 60-bed skilled nursing facility in Ironton, in the southeast corner of Ohio near the Kentucky and West Virginia borders. A joint venture between a regional operator and a value-add investor bought the facility from an undisclosed seller. The purchase price equates to $35,000 per bed. Jacob Gehl and Connor Doherty were the lead advisors on the transaction.
COLORADO SPRINGS, COLO. — Ziegler, a specialty investment bank, has arranged $44.2 million in fixed-rate bonds for Sunny Vista Living Center, a skilled nursing and independent living community in Colorado Springs. Sunny Vista features 110 skilled nursing beds and 50 one-bedroom independent living apartments using Section 8 subsidies through the U.S. Department of Housing and Urban Development (HUD). The bonds will fund the addition of 38 assisted living units and 28 memory care units on a 4.8-acre site. The expansion will comprise 55,500 square feet. In conjunction with the financing, Sunny Vista merged with The Villa at Sunny Vista. The two communities were separate entities previously, but were affiliated and shared a CEO. The two facilities will now be a single, consolidated campus. The financing is composed of $42.3 million of tax-exempt bonds and $1.9 million of taxable bonds.
IOWA CITY, IOWA — A partnership between Grand Living and Ryan Cos. has unveiled plans to develop a 170-unit senior housing community in Iowa City. Grand Living in Iowa City will provide independent, assisted living and memory care services. The complex will offer a variety of floor plans ranging from studios to two-bedroom apartment homes. Construction on the community is scheduled to begin this fall. Amenities at Grand Living in Iowa City will include a variety of dining options, a salon, indoor pool, exercise studio, library, performance theater, chapel, activity and art studios, music practice rooms, pet grooming center and wood working shop.
RIALTO, CALIF. — Blueprint Healthcare Real Estate Advisors has arranged the $14.1 million sale of Vista Cove Care Center, a 177-bed skilled nursing facility in Rialto, about 55 miles east of Los Angeles. A joint venture of a New York-based real estate group and a Los Angeles-based operator bought the property from a regional owner/operator. The purchase price equates to $79,858 per bed and a capitalization rate of 7.3 percent. Blueprint’s Christopher Hyldahl was the lead advisor and Mike Segal assisted in executing the transaction.
SEATTLE — Columbia Pacific Advisors is entering into a long-term ground lease with the Archdiocese of Seattle and St. James Cathedral to build a 237-unit, 24-story senior housing community in Seattle’s First Hill neighborhood. The community, on a half block of Archdiocese-owned land at 620 Terry Ave., will offer independent living, assisted living and memory care. Columbia Pacific Advisors expects to start construction on the senior living project in 2017, and the project is scheduled to open in 2019. Columbia Pacific Advisors is a real estate investment firm based in Seattle.
PASADENA, CALIF. — JCH Senior Housing Group, a brokerage based in California, has arranged the sale of three skilled nursing facilities in Pasadena for $10.9 million. The properties were Pasadena Residential Care Center (136 beds), Castle View Retirement Estate (40 beds) and Garfield Care Center (60 beds). SYTR bought the portfolio out of bankruptcy from 1415 Garfield LLC, 1425 Garfield LLC and 1435 Garfield LLC. Shep Roylance led the JCH team on the transaction.
SEATTLE — Oxford Finance LLC, a Virginia-based specialty finance firm that provides senior debt to life sciences and healthcare services companies, has closed a $27 million term loan to Cascade Capital Group LLC. The funds were used to purchase three skilled nursing facilities in Colorado and Utah. The names of the facilities were not disclosed. Based in Seattle, Cascade Capital is a newly formed private equity firm that invests in long-term care facilities. It leases its facilities to Illinois-based Legacy Healthcare.
ANAHEIM, CALIF. — Kisco Senior Living has announced plans for a $16 million expansion to Emerald Court, a 194-unit independent living and assisted living community in the Los Angeles suburb of Anaheim. The expansion will add a two-story, 58-unit assisted living building as well as a new bistro, fitness center and several landscaped courtyards. In addition to the new construction, Kisco will renovate and expand the common areas and residences of the existing buildings. Kisco plans to break ground on the expansion in June of this year. Based in Carlsbad, Kisco Senior Living owns and operates 22 seniors housing communities in seven states, with a heavy concentration in California.
FARMINGTON AND HOWELL, MICH. — Capital Finance LLC, a subsidiary of Baltimore-based Capital Funding Group (CFG), has arranged a $7 million working capital line of credit for the operator of Farmington Health Care Center in Farmington and Howell Care Center in Howell. Both towns are northwest suburbs of Detroit. The two skilled nursing facilities, which were recently acquired, total 273 beds. The credit line provides the borrowers with additional commitment capacity while they work to obtain their new provider numbers from the Centers for Medicare and Medicaid Services, according to CFG.