LA GRANGE PARK, Ill. — Ziegler, a specialty investment bank, has closed $56.3 million in fixed-rate bonds for Plymouth Place Senior Living, a 360-unit continuing care retirement community in La Grange Park, approximately 15 miles southwest of Chicago. Plymouth Place is a nonprofit community established by United Church of Christ in 1939 and is situated on 18.6 acres. The community includes 182 independent living apartments, 14 independent living cottages, 52 assisted living apartments, 26 memory care apartments and 86 skilled nursing beds. Providence Management and Development Co. operates the skilled nursing portion of Plymouth Place. Proceeds from the bonds will pay for $2.3 million in capital improvements, pay for $52.8 million in outstanding 2005 bonds, establish a debt reserve fund and pay for issuance expenses. The 2005 bonds were used to redevelop the main building and demolish the prior main building.
LOS ANGELES — Blueprint Healthcare Real Estate Advisors has arranged the sale of Keiro Senior HealthCare, a four-property, 642-unit seniors housing portfolio in Los Angeles. Pacifica Cos., a private investment firm based in San Diego, bought the portfolio from Keiro, a nonprofit owner/operator, for $41 million in an all-cash transaction. The Keiro portfolio consists of two skilled nursing facilities totaling 398 beds, a 90-bed intermediate care facility and a 154-unit independent living facility. In addition to the healthcare properties, the portfolio includes a 23,000-square-foot administrative building as well as a 6,000-square-foot auditorium and recreation center on the primary campus. The Keiro properties target the Japanese-American seniors demographic in Southern California. Pacifica will lease the two skilled nursing facilities to Aspen Healthcare. Christopher Hyldahl led the Blueprint team on the transaction.
LAGUNA NIGUEL, CALIF. — In a joint venture with Fremont Realty Capital, Steadfast Cos. is developing Crestavilla, a luxury 201-unit independent living, assisted living and memory care community in the Los Angeles suburb of Laguna Niguel. The three-story, Spanish Colonial-style building will house 61 independent living units, 115 assisted living units and 25 memory care units. The building is situated on 11.5 acres. Holliday Fenoglio Fowler L.P. (HFF) arranged $27.9 million of joint equity venture capital and a $67.7 million construction loan through a local bank for the project. James Fowler, Ryan Maconachy an Chad Lavender led the HFF team in the financing.
BURR RIDGE, Ill. — Anthem Memory Care has opened Harvester Place, a 66-unit memory care community in the Chicago suburb of Burr Ridge. Development costs were $13 million. Harvester Place is Oregon-based operator Anthem’s sixth memory care community, with three more under development in Colorado, California and Illinois. Harvester Place is designed in a figure-eight pattern to create a natural flow that lessens confusion among memory-impaired residents.
PITTSBURG, CALIF. — Creekside Apartment Investors LLC has purchased Creekside Village, an 88-unit, market-rate seniors housing community in the Bay Area city of Pittsburg, for $11.4 million. The gated community was built in 2003 and consists of 82 one-bedroom units and six two-bedroom units. The five buildings sit on just over six acres of land. Based in Los Angeles, Creekside Apartment Investors is a project of the managing partners of L5 Real Estate Investments and Equity Consultants Real Estate. Rich Martini, vice president, and Bill Hillis and Curt Scheve, both senior vice presidents, of Colliers International arranged the deal on behalf of the seller, Lark Creek LLC.
DANVERS, MASS. — Marquis Health Services, a division of Tryko Partners, has completed a $2.6 million renovation of The Brentwood Rehabilitation and Healthcare Center, located at 56 Liberty St. in Danvers. Built in 1972, the 159-bed property was renovated to include a dedicated 32-bed sub-acute care unit and a new 2,300-square-foot therapy gym. The sub-acute care unit features a neurologist-led stroke recovery program and the gym offers rehabilitation therapy seven days per week with state-of-the-art equipment, including a smart car to train patients in automobile transfers. Additionally, the patient rooms were renovated to include a traditional suite with a full residential set-up including kitchen, living room, bedroom and bathroom. Marquis Health Services acquired the property in late 2013.
LOS ANGELES — Sunrise Senior Living is set to open Sunrise at Palos Verdes in Los Angeles in March, marking the operator’s 42nd community in California. The community will include 80 units of assisted living and memory care, each of which will have flexible uses depending on the resident’s needs. The community is four stories and 67,000 square feet. Marguerite Crockem, formerly executive director of Sunrise of Fullerton, will be executive director of the new community. Based in McLean, Va., Sunrise is the fourth-largest operator of seniors housing in the U.S., according to June 2015 numbers from the American Seniors Housing Association.
SEATTLE — Holliday Fenoglio Fowler (HFF) has arranged the sale of, and acquisition financing for, Queen Anne Manor, a 93-unit seniors housing community in Seattle’s Upper Queen Anne neighborhood. Capitol Seniors Housing acquired the asset from an undisclosed seller for $36.3 million, free and clear of existing debt. HFF also assisted the buyer in securing a $25 million, seven-year, floating-rate loan through Freddie Mac. Queen Anne Manor has 54 assisted living units and 39 memory care units averaging 294 square feet each. Renovated most recently in 2015, the west building of the property was originally built in 1908 and the east building was completed in 1927. The property was 96 percent leased at the time of sale and is situated on just over one acre. Milestone Retirement Communities LLC, which is based in Vancouver, Wash., will manage the property. Senior managing directors Ryan Maconachy and Chad Lavender and associate director Sarah Baccich led the HFF team.
CHESTERTON, IND. — Mainstreet, an Indiana-based skilled nursing developer, and skilled nursing operator Symphony Post Acute Network have opened Symphony of Chesterton, a 106-bed skilled nursing facility in Chesterton, approximately 45 miles southeast of Chicago. Construction started in May 2015. Mainstreet developed the property and Symphony operates it. The 77,703-square-foot community cost $18.8 million to develop.
ELGIN, S.C. — Cardinal Ventures, a developer based in Mississippi, has broken ground on The Blake at Woodcreek Farms, a seniors housing community located within the 2,300-acre resort-style community of Woodcreek Farms in the Columbia suburb of Elgin. The Blake at Woodcreek Farms will total 88,000 square feet, with a scheduled opening in early 2017. The community will have assisted living and memory care apartments. Development costs and number of units were not disclosed. Blake Management Group will operate the community once complete. The company currently manages other Blake-branded communities in Alabama, Louisiana, Mississippi and Tennessee.