TAMPA, FLA. — Enriched Community Development LLC (ECD), a Tampa-based seniors housing developer, plans to break ground on an 80-unit assisted living and memory care facility in the Fishhawk area of southeast Tampa. The new community will be called Twin Creeks and will include 58 assisted living units and 22 memory care units in 62,000 square feet. ECD expects to break ground before the fourth quarter of 2015. Construction is expected to take approximately 11 months.
EUGENE, ORE. — Lancaster Pollard has provided $6.7 million in financing for Benicia Senior Living to fund the acquisition and rehabilitation of River Grove, a 60-unit assisted living and memory care community in Eugene. The funding will be used to renovate three of the community’s four buildings and build a commercial kitchen to serve the campus. Once renovations are complete, the entire campus will be dedicated to memory care. The financing structure, which included senior and mezzanine loans, allowed for the borrower to avoid raising substantial amounts of equity otherwise required for conventional financing. The financing carries five-year terms. Doug Korey, president of Lancaster Pollard, led the financing.
ST. PAUL, MINN — Oak Grove Capital has closed on 12 loans totaling $70.3 million since late May. The properties ranged from affordable and market-rate housing to senior living communities. The most significant closing for the St. Paul-based firm —an $18.2 million FHA loan modification for TowerLight Senior Living — occurred June 30. The 113-unit senior community complex is located in St. Louis Park, Minn. The loan modification was facilitated by Ken Dayton of Oak Grove Capital. Amenities at TowerLight include an intergenerational child and elderly care program, fitness center, beauty salon, library and game room, gourmet kitchen, reflection room, clubroom, theater and an arts and craft room.
NASHUA, N.H. — Cushman & Wakefield of New Hampshire has arranged the $2 million sale of a former manufacturing facility located on 8.5 acres at 575 Amherst Street in Nashua. The property will be redeveloped as Bridges by EPOCH at Nashua, a 54-bed assisted living memory care community slated to open in fall 2016. National Development and Epoch Senior Living have partnered to acquire and redevelop the property. Thomas Farrelly, Denis Dancoes II and Sue Ann Johnson of Cushman & Wakefield represented the seller, Nashua RE Holdings LLC, in the transaction.
LOUISVILLE, KY. — Lancaster Pollard has provided $5.4 million in HUD financing for Springhurst Pines, a continuing care retirement community (CCRC) in Louisville. Baptist Homes Inc. (BHI) owns and operates the CCRC, which includes three separate facilities on a 20-acre campus. The financing will be used to convert 35 percent of the community’s semi-private Medicaid skilled nursing units to private Medicare units, as well as build a 40-unit Medicare wing with therapy space. The nonrecourse loan made through HUD’s 232/241(a) supplemental loan program has a loan term of 25 years. Chris Blanda led the transaction for Lancaster Pollard.
ARLINGTON, TEXAS — Caddis, a healthcare and real estate firm, is developing a 67,000-square-foot, one-story, 81-unit assisted living and memory care community in Arlington. The new senior community is scheduled to open in spring 2016. Heartis Arlington will feature amenities including a courtyard, outdoor walking paths, game and activity rooms and a beauty/barber shop. Services range from assistance with personal activities to housekeeping and laundry to daily nursing care and 24-hour emergency response. Frontier Management will manage the community. The company also manages several other Heartis communities in Texas. Austin-based Pi Architects Inc. is the architect for Heartis Arlington, and the Dallas office of Weis Builders is the general contractor. Construction debt financing is being provided by Kansas City, Mo.-based UMB Bank, NA. Caddis launched its senior living brand, Heartis, in early 2013. In addition to Arlington, the company has communities open or under construction in the Texas cities of Conroe, Cleburne, Fort Worth, Amarillo, Cypress, Clear Lake, San Antonio, Longview and Waco. Caddis will own Heartis Arlington upon completion.
LEXINGTON, KY. — Columbus, Ohio-based Continental Real Estate Cos. and Carmel, Ind.-based Leo Brown Group have begun construction on a new senior living community in Lexington called Highgrove at Tates Creek. The community will consist of 90 assisted living units, 30 of which will be dedicated to memory care. Development costs for the community are approximately $16 million. Leo Brown Group’s management company affiliate, Traditions Management, will run the day-to-day operations once construction is complete. Traditions manages a portfolio of communities in Kentucky, Indiana and Ohio totaling 780 units. The partnership expects Highgrove at Tates Creek to accept its first residents in spring of 2016. This is the second community developed by Continental and Leo Brown Group — in 2014 the partnership broke ground on a 94-unit site in Granville, Ohio, which will open later this summer.
VICTORVILLE, CALIF. — Cambridge Realty Capital Companies has arranged a $12.3 million HUD Lean loan to refinance Knolls West Post Acute, a skilled care nursing facility located in Victorville. The fully amortized, 30-year loan was arranged for the owner, a California limited liability company, using the HUD Section 232 funding program. Cambridge Realty Capital Ltd. of Illinois underwrote the transaction.
VANCOUVER, WASH. — Evans Senior Investments has arranged the sale of a three-property seniors housing community, all located on the same campus in Vancouver, to a publicly traded REIT for $18 million. The three properties are Fort Vancouver Convalescent Center, a skilled nursing facility; Caretique, a memory care community; and Park Lido, an assisted living facility. With 136 total beds, the sale price represents $132,353 per unit. Opened in 1982, additions and buildings were added on to the facility in 1985 and 1992. At the time of the transaction, occupancy ran between 70 percent and 80 percent for the facilities. The capitalization rate was 11.7 percent based on the trailing 12 months of net operating income.
VANCOUVER, WASH. — Evans Senior Investments has arranged the sale of a three-property seniors housing community, all located on the same campus in Vancouver, to a publicly traded REIT for $18 million. The three properties are Fort Vancouver Convalescent Center, a skilled nursing facility; Caretique, a memory care community; and Park Lido, an assisted living facility. With 136 total beds, the sale price represents $132,353 per unit. Opened in 1982, additions and buildings were added on to the facility in 1985 and 1992. At the time of the transaction, occupancy ran between 70 percent and 80 percent for the facilities. The capitalization rate was 11.7 percent based on the trailing 12 months of net operating income.
