LAWRENCEBURG, IND. — Evans Senior Investments has arranged the sale of Shady Nook Care Center, a skilled nursing and memory care facility in Lawrenceburg, approximately 25 miles west of Cincinnati, Ohio, for an undisclosed price. A local investor purchased the property and will retain the existing operator. Shady Nook was built in 1984 and consists of 35 semi-private rooms and 12 private rooms in a 37,332-square-foot facility. The property underwent a $395,000 renovation in 2010. Jason Stroiman of Evans Senior Investments arranged the deal.
SAN DIEGO — Nonprofit affordable real estate developer Community HousingWorks has announced plans to build a $27 million, unnamed seniors housing community in San Diego that would welcome LGBT seniors. The 76-unit, affordable independent living community will be located at the corner of Texas Street and Howard Avenue in San Diego’s North Park neighborhood. The community will be open to all seniors, but is intended to create a welcoming community to LGBT seniors. The City of San Diego and the San Diego Housing Commission are providing $7 million for the $27 million complex, which is expected to take about 18 months to build. The San Diego LGBT Community Center recently completed a study that found 68 percent of LGBT seniors had neither family nor younger friends they could count on for support or assistance as they age, and were more likely to live alone and not be in a significant relationship. Further, 23 percent of the LGBT seniors responding to the survey reported an annual income of less than $20,000 per year. Only 16 percent reported having $100,000 or more saved for retirement.
SIMPSONVILLE, S.C. —McCrory Construction Co., a South Carolina-based general contractor, has broken ground on The Crossing at Five Forks, an independent living, assisted living and memory care community in Simpsonville, located in Upstate South Carolina. Virginia-based developer Smith/Packett Med-Com LLC is developing the 197,702-square-foot community, which will feature 100 independent living units, 48 assisted living units and 24 memory care units. Development costs are estimated to be $19 million. More than 15 percent of the population in Greenville County, where the community will be located, is above 62 years of age. Studies project that in 10 years, one of every four residents in Greenville will be over 55, according to McCrory. The Crossing at Five Forks is the second seniors housing community McCrory is building in South Carolina for Smith/Packett and its subsidiary Harmony Senior Services. The Crossings at Wescott Plantation, located in Charleston, is scheduled for completion in the fall of 2016.
CARMICHAEL, CALIF. — Auctus Capital Partners has acquired Chateau at Carmichael Park, a 99-unit independent living, assisted living and memory care community in the Sacramento suburb of Carmichael, for an undisclosed sum. Cushman & Wakefield Senior Housing Capital Markets arranged the first mortgage acquisition financing for Auctus, a private real estate firm based in San Diego. Owens Financial, a San Francisco-based lender, provided the loan. Chateau at Carmichael Park is a two-story community that was built in 1975. Auctus plans to make physical improvements to both the interior and exterior of the building. Integral Senior Living will operate the community. The non-recourse financing capitalized both the acquisition as well as the planned capital improvements to the community. Aaron Rosenzweig, a senior director from Cushman & Wakefield, arranged the transaction.
PHILADELPHIA — HFF has arranged the sale of a six-property, multi-state seniors housing portfolio totaling 596 units in Philadelphia, California, Michigan and Washington, D.C. ROC Seniors Housing Fund Manager LLC acquired the portfolio from a joint venture between The Carlyle Group and Capitol Seniors Housing for an undisclosed sum. The portfolio has 144 independent living units, 329 assisted living units, 136 memory care units and 17 skilled nursing units. The properties include Arbor Terrace at Chestnut Hill in Philadelphia; Crown Cove in Corona Del Mar, Calif.; Raincross at Riverside in Riverside, Calif.; Whittier Place in Whittier Calif.; Regent Street of West Bloomfield in West Bloomfield, Mich.; and The Residences at Thomas Circle in Washington, D.C. Ryan Maconachy, Chad Lavender and Gerry Rohm of HFF represented the seller in the transaction.
OSWEGO, ILL. — Senior Living Investment Brokerage Inc. (SLIB) has arranged the sale of The Tillers, a 106-bed skilled nursing facility in Oswego, approximately 50 miles southwest of Chicago, for $13.4 million. The community was built in 1972 and was 93 percent occupied at the time of sale. The Tillers was expanded in 1985 and 2008, and renovated in 2009. Symphony Post Acute Network purchased the property from a family-owned business looking to exit the long-term care industry. Symphony plans to further expand the facility. Ryan Saul of SLIB arranged the transaction.
ST. CHARLES, MO. — Bank Leumi USA has provided a $13.6 million loan to Chicago-based Innovative Management Associates Inc. for the acquisition of Windsor Estates of St. Charles, a continuing care retirement community (CCRC) in metro St. Louis. Windsor Estates is a 235-unit community operated by the borrower, In addition to the five-year, fixed-rate conventional mortgage, Leumi provided a $500,000 working capital line of credit and treasury management services. The line of credit is secured by the facility’s accounts receivables.
LOS ALAMITOS, CALIF. — Minnesota-based operator The Goodman Group will hold a grand opening Thursday for Pearl Garden, a 19-unit memory care community within the Katella Senior Living community in the Los Alamitos submarket of Los Angeles. Pearl Garden will add memory care to the community’s existing independent living and assisted living units. The new units are intended to allow residents to age in place at Katella longer. Alamitos West Health Care Center, a skilled nursing and rehabilitation community also managed by Goodman Group, is located on the same campus. The full-service Los Alamitos Medical Center is located across the street.
CARBONDALE, ILL. — Love Funding, a lender specializing in HUD loans, has closed an $11.3 million bridge loan for Landings of Carbondale, a 92-unit assisted living and memory care community under development in the southern Illinois city of Carbondale. The loan will fund the transition from construction to permanent financing. Landings of Carbondale will be built on a 6.5-acre site on the northeast side of Carbondale. Fricke Management is developing the site, which The Landings of Carbondale LLC will own. Once completed, Revere Healthcare will operate the community. Love Funding’s Robyn Cunningham, senior director, and Adrian Hartman, director, secured the financing through Midland States Bank.
FORT WORTH, TEXAS — The Reserve at McAlister, a community for adults 55 and over in south Fort Worth near Burleson, is now open. General contractor KWA Construction began the project last fall. The 107,000-square-foot, 124-unit project from Ohio-based developer Miller-Valentine Group was designed by Kelly Grossman Architects to meet the needs of independent adults that are at least 55 years of age. KWA Construction specializes in multifamily construction with multiple projects in senior living, including Hillside West in North Oak Cliff and Heritage Village in Hurst, Texas. Located at 432 McAlister Road between Hemphill Street and I-35 West, the one- and two-bedroom apartment community offers amenities including fully equipped kitchens. The community grounds feature a fitness center, media and business centers and a swimming pool, as well as a multi-purpose community room with a kitchen and dining area.