RICHMOND, IND. — Mainstreet, an Indiana-based developer of skilled nursing and rehabilitation facilities, has opened The Springs of Richmond, a 70-bed property in Richmond, which is located midway between Indianapolis and Columbus, Ohio. The community includes 70 beds in a 48,034-square-foot building. Development costs totaled $12 million. Construction began in March 2015. The Springs of Richmond was developed in partnership with Trilogy Health Services, which now operates the community.
CHANDLER, ARIZ. — Medical Development Partners have unveiled plans for Parkland Memory Care, a 72-bed memory care community to be built in the Phoenix suburb of Chandler. Development costs were not disclosed. The City of Chandler recently approved the rezoning of the 4.5-acre site to construct the 36,377-square-foot community. The majority of the community’s 72 beds will be in private units. In addition to the single-story memory care community, the developers plan to construct two medical office buildings on the site. Lenity Architecture, an Oregon-based architecture firm, designed the building while Phillip Ryan of Ryan & Associates provided landscape architecture services. Raymond Poe and Neal Salmen are leading the development team at Scottsdale-based Medical Development Partners. JF Construction Co. is scheduled to start construction during the summer of 2016. Upon completion in 2017, Seasons Management Group, based out of Oregon, will operate the community.
CHEHALIS, WASH. — National Health Investors Inc. (NYSE: NHI) has acquired a 98-unit independent living community in Chehalis, approximately 90 miles southwest of Seattle, for $9.8 million. The name of the community was not disclosed. NHI leased the community to a partnership of Marathon Development and Village Concepts Retirement Communities. The acquisition was funded with borrowings on NHI’s revolving credit facility. The buyer has earmarked $350,000 for capital improvements to the community. The community was built in 1986, with additions built in 1993 and 2000. It was 95 percent occupied at the time of sale. The 15-year lease features an initial annual rate of 7.25 percent plus annual escalators between 2 percent and 3 percent.
BROCKPORT AND QUEENSBURY, N.Y. — Institutional Property Advisors, a division of Marcus & Millichap, has negotiated the sale of a two-property seniors housing portfolio in Upstate New York. Brookdale Senior Living acquired the two assets for $48 million. Totaling 183 units, the properties are Emeritus at Landing of Brockport and Emeritus at Landing of Queensbury. Mark Myers, Joshua Jandris and Charles Hilding of IPA represented the seller, a private family office, in the transaction.
WINTER GARDEN, FLA. — Sonata Senior Living, an Orlando-based owner and operator of senior living communities located in central Florida, has started construction of Sonata West. The luxury independent living and assisted living community will be located in the Orlando suburb of Winter Garden. The property will be located adjacent to Serenades by Sonata, a memory care community also owned and operated by Sonata. The community will feature 78 independent living units and 35 assisted living units in a 139,000-square-foot, two-story building. The community is scheduled for completion in early 2017. Development costs were not disclosed.
LONG GROVE, ILL. — William A. Randolph Inc. has broken ground on Long Grove Senior Care, a project in Long Grove, approximately 35 miles northwest of Chicago. GART Partners selected William A. Randolph Inc. to serve as the general contractor for the two-story, 100-unit senior living community, which includes assisted living and memory care. The project will be situated on 10 acres and will feature a bistro, a pub and billiards room, outdoor patios, walking paths, gardens, a theater and a greenhouse.
DENVER and COLORADO SPRINGS, COLO. — A joint venture of Arcapita, a global investment management firm, and MorningStar Senior Living, an owner/operator based in Denver, has acquired a three-community seniors housing portfolio in Denver and Colorado Springs for $85 million. The portfolio totals 196 units of assisted living and memory care. The communities were built in 2013 and 2014. The names of the communities were not disclosed. MorningStar will operate the communities. Arcapita, which is based in the small middle-eastern island country of Bahrain, plans on many more U.S. seniors housing acquisitions in the near future. The investment firm previously acquired, managed and sold a $1.5 billion seniors housing portfolio in the U.S. and U.K. Colorado was specifically targeted because its seniors population is projected to grow at twice the national average over the next five years, according to Martin Tan, Arcapita’s chief investment officer.
CHICO, CALIF. — CBRE Multifamily Capital has originated a $32.3 million loan for The Terraces Senior Living, a 138-unit independent living and assisted living community in Chico, approximately 90 miles north of Sacramento. The community is part of a master planned age-restricted community. The borrower, California-based owner/operator Westmont Living, will use the money to convert assisted living units into memory care units. The non-recourse, 10-year, fixed-rate loan includes four and a half years of interest-only payments. CBRE secured the loan through its Fannie Mae program. Andrew Behrens, vice chairman of CBRE Multifamily Institutional Group, and Aron Will, executive vice president of CBRE National Senior Housing, arranged the loan.
BETHESDA, MD. — Congressional Bank, a Bethesda-based community bank, has closed five loans in three transactions for three seniors housing communities. The loans total roughly $11.6 million. The transactions include a $3 million bridge to HUD loan and a $1.5 million revolving line of credit for the acquisition and renovation of a 107-bed skilled nursing facility in New Bedford, Mass.; a $2.6 million bridge to HUD loan and a $500,000 revolving line of credit for the acquisition of a 67-bed skilled nursing and assisted living facility in Huntington, W.Va.; and a $4 million revolving line of credit in connection with the acquisition and operations of a 118-bed skilled nursing facility in Tucson, Ariz. Following its merger with American Bank with more than $800 million in assets, Congressional Bank becomes one of the 10 largest banks headquartered in Maryland, and one of the 15 largest banks headquartered in the metropolitan Washington, D.C., area.
TUCSON, ARIZ. — The Weitz Company, a design and construction firm based in Phoenix, has broken ground on Hacienda at the River, a $21 million seniors housing community in Tucson. A joint venture of The Freshwater Group and Watermark Retirement Communities is developing the community, which Watermark will manage upon completion. The new community will feature a 74,000-square-foot, two-story health care center offering short-term, long-term and hospice care. Hacienda at the River will include a 50-bed rehab unit, 12 long-term nursing care beds and 12 hospice beds. Also included are 69 assisted living and memory care units spread over a 43,000-square-foot village of single-story homes. The property will also house a 1,600-square-foot stable to offer equine therapy to residents.
