CLARKSTON, WASH. — Lancaster Pollard has closed a $4.5 million refinancing for Evergreen Estates Retirement & Assisted Living Community, a seniors housing community located in Clarkston along the southeast border of Washington State. The FHA loan will be used to refinance existing debt and fund the community’s replacement reserve account. The loan features a 30-year term at a lower interest rate than the previous bank loan. Matt Lindsay led the transaction for Lancaster Pollard.
WESTLAKE VILLAGE, CALIF. — LTC Properties Inc. (NYSE:LTC), a seniors housing and healthcare REIT based in the Los Angeles suburb of Westlake Village, has added industry veterans Doug Korey and Mandi Hogan to its management team. Doug Korey joins LTC as senior vice president of business development, a newly created position. Korey brings 25 years of experience in the seniors housing and care industry, most recently as president of Lancaster Pollard Finance Co. He is a member of the board of directors of the National Investment Center for Seniors Housing & Care (NIC) and holds a master’s degree in real estate finance and investment from New York University. Mandi Hogan has been named LTC’s director of marketing, succeeding Mark Hemingway, vice president of marketing, who is retiring as a full-time employee effective Feb. 29, 2016. Hemmingway will remain with LTC on a part-time basis. Hogan joins LTC with more than 20 years of marketing experience, most recently as national director of marketing for National Health Investors. She holds a bachelor’s degree in business administration from the University of Colorado, Boulder.
SEATTLE — Living Care Lifestyles, a Seattle-based seniors housing operator with communities in California, Hawaii, Oregon, Texas and Washington, has hired John Renner as regional director of operations for Texas, California and Hawaii. Renner has more than 20 years of experience in assisted living and independent living. He will be responsible for the overall administration, operations and management of the six communities in the region, mostly under the company’s Quail Park brand. Prior to joining Living Care Lifestyles, Renner was the operations director at Leisure Care where he oversaw and managed 12 assisted living and independent living communities. He was also the general manager at Fairwinds.
NEPTUNE CITY, N.J. —Tryko Partners LLC has acquired Medicenter Rehabilitation & Nursing, a skilled nursing facility in Neptune City. Tryko Partners has a $2.5 million upgrade planned for the 110-bed facility, which will be renamed Coral Harbor Rehabilitation and Healthcare Center. The planned improvements include creating a modern, home-like atmosphere for residents and staff and a complete overhaul of all patient rooms, including private showers, updated flooring, wallpaper, artwork and the installation of flat-screen television and free WiFi for residents and staff. Additionally, the owners will construct a new therapy gym with state-of-the-art equipment; renovate the dining hall, common areas and elevators; and improve the grounds with general landscaping upgrades and a resurfaced parking lot. Tryko Partners will also develop and introduce specialty pulmonary and cardiac rehabilitation programs with services seven days per week.
STARKVILLE AND OXFORD, MISS. — Blake Management Group has opened The Claiborne at Adelaide, an independent living, assisted living and memory care community in Starkville, near the Alabama border. Blake manages the 82,000-square-foot community, which includes 14 independent living units, 43 assisted living units and 25 memory care units. The Mississippi-based seniors housing operator has also opened The Blake at Oxford, a 100-unit assisted living and memory care community in Oxford. The 85,000-square-foot community features 66 assisted living units and 34 memory care units. Cardinal Ventures Inc., a Mississippi-based developer, built The Blake at Oxford. Based in central Mississippi, Blake operates communities in Alabama, Louisiana, Mississippi, Tennessee and South Carolina.
FULLERTON, CALIF. — Evans Senior Investments has arranged the sale of Sunnycrest, a private-pay assisted living community in Fullerton in northern Orange County, for $37 million. The community was recently remodeled and includes 130 units, resulting in a price per unit of $284,615. The buyer and seller were not disclosed. Orange County experienced 45 percent growth in the 85+ age demographic between 2000 and 2010, according to the U.S. census. Evans Senior Investments is an investment-banking firm exclusively serving the seniors housing industry.
SPRING, VICTORIA and LUBBOCK, TEXAS — Cain Brothers has arranged the sale of three Lutheran Social Services of the South (LSSS) senior living facilities for undisclosed prices. A joint venture of Brookdale and HCP acquired two of the communities: The Village at Gleannloch Farms, a 206-unit continuing care retirement community in Spring, and Copperfield Village, an 86-unit independent living facility in Victoria. Prime Life Communities acquired the final community, Wedgewood South, a 49-unit assisted living facility in Lubbock. As a result of the transactions, LSSS was able to retire all of its outstanding debt and retain net proceeds to fund its mission.
MEQUON, WIS. — Cushman & Wakefield has arranged the recapitalization of Newcastle Place, a 257-unit retirement community located in the affluent Milwaukee suburb of Mequon. Cushman & Wakefield served as an advisor to a venture between Westminster Capital and LCS. ROC Seniors, a private equity real estate fund manager, will replace Westminster Capital in the joint venture with LCS. Terms of that deal were not disclosed. Life Care Services, the management arm of LCS, will continue to manage the community. Newcastle is located on a 48.5-acre campus and consists of 158 independent living units, 36 assisted living units, 16 memory care units and 47 skilled nursing beds. The community was originally built in 2003. Westminster Capital and LCS acquired Newcastle from Milwaukee Protestant Home in late 2012 as a turnaround investment. In addition to the sale, Cushman & Wakefield acted as exclusive debt placement agent to the acquisition group arranging the financing with Bank of America Merrill Lynch. The Cushman & Wakefield team involved in this transaction included Richard Swartz, Jay Wagner, Aaron Rosenzweig, Stuart Kim and Caryn Miller. Faegre Baker Daniels LLP served as legal counsel to the Westminster Capital/LCS venture on this transaction.
BETHEL PARK, PA. — Weber Wood Medinger/CORFAC International has brokered the sales of two land parcel located in Bethel Park, a suburb seven miles southwest of Pittsburgh. In the first transaction, Kaufman Jacobs Capital Investments purchased five acres of land to develop an assisted living and memory care community off Baptist Road within the master-planned Cool Springs Sports Complex in Bethel Park. Operated by Vero Beach, Fla.-based Harbor Retirement Associates, HarborChase of Bethel Park will feature a variety of lifestyle choices for residents as well as hospitality-inspired amenities. In a separate deal, Rolling Lambert acquired a 10-acre wooded parcel within the Cool Springs Sports Complex in Bethel Park. Rolling Lambert plans to build a 23-unit carriage-style, townhome community on the site. Construction on both properties will start in early spring 2016, with the townhomes delivered in mid-2016 and the assisted living facility scheduled to open in 2017. Kevin Riley of Weber Wood Medinger represented the seller, Penn Grove Group Capital, in both transactions. The acquisition prices for the transactions were not disclosed.
SCHERERVILLE, IND. — Ryan Cos. has broken ground on a $40 million, 177-unit senior living development in Schererville. Clarendale of Schererville is slated to open in the spring of 2017. The 206,000-square-foot development will be constructed on a nine-acre site and will consist of 85 independent living units, 38 assisted living units and 54 memory care units. Apartments will range from 720 square feet to 1,300 square feet for the independent living units and 300 square feet to 890 square feet for the assisted living and memory care units. Amenities will include a craft room, movie theater room, bistro, pub and billiards room, library, wellness center, salon, fitness room, multipurpose room and a private patio with courtyard.
