Seniors Housing

CBRE Finances $21.7M Acquisition of Seniors Housing Community in Chicago MSA

by Christina Cannon September 25, 2015

PARK RIDGE, Ill. — CBRE National Senior Housing has arranged financing on behalf of Capitol Seniors Housing (CSH) for the acquisition of The Summit of Uptown, a 147-unit independent living and assisted living community located in Park Ridge, a suburb of Chicago. CBRE secured a $27.9 million, non-recourse, floating-rate bridge loan that includes a five-year term with 36 months of interest-only payments from a regional bank. Total proceeds includes a loan of $21.7 million for the acquisition of the property along with a loan of $4.2 million for planned capital improvements and a $2 million earnout feature. CSH, a seniors housing investment company, plans to convert 28 independent living units to assisted living and add 21 memory care units. Once complete, the community will feature a fortified memory care wing and can provide its residents with a full continuum of care. CSH will lease the community to Atlanta-based operator The Arbor Company.

September 25, 2015

Loans Midwest Multifamily Ohio Seniors Housing

Lancaster Pollard Provides $17M FHA Refinance for CCRC in Ohio

by Christina Cannon September 24, 2015

GARFIELD HEIGHTS, OHIO — Lancaster Pollard has provided a $17 million FHA refinance for The Village at Marymount, a nonprofit continuing care retirement community (CCRC) affiliated with the Sisters of St. Joseph of the Third Order of St. Francis. The community is located in Garfield Heights, a suburb of Cleveland. The CCRC consists of Villa St. Joseph (a 102-bed skilled nursing and 12-bed memory care facility), Marymount Place (a 104-unit assisted living facility) and Clare Hall (a long-term care facility that includes a newly renovated 10-bed inpatient hospital unit). The loan carries a 35-year term, is nonrecourse, has no financial covenants, and provides for approximately $171,000 in annual debt service savings as well as nearly $75,000 for repairs and improvements. Kass Matt led the transaction for Lancaster Pollard.

September 24, 2015

Indiana Midwest Multifamily Seniors Housing

Mainstreet, Symphony Opens $20.8M Skilled Nursing Facility in Indiana

by Christina Cannon September 23, 2015

DYER, IND. — Skilled nursing developer Mainstreet and operator Symphony Post Acute Network have opened Symphony of Dyer, a skilled nursing facility in Dyer approximately 30 miles south of Chicago. Construction on the facility began in June 2014. It comprises 130 beds in 85,108 square feet of space. Development costs were $20.8 million.

September 23, 2015

Loans Multifamily Seniors Housing Texas

RED Capital Group Closes $17.2M Loan for Prevarian Senior Living

by Haisten Willis September 22, 2015

BROKEN ARROW, OKLA. — RED Capital Partners, the proprietary debt and equity banking arm of RED Capital Group, has closed a $17.2 million balance sheet construction loan for Prevarian Senior Living to build Prairie House Assisted Living and Memory Care, located on the campus of St. John Medical Center Hospital in Broken Arrow. Prairie House will be a 93,000-square-foot, two-story seniors housing community and will accommodate more than 100 senior citizens. The facility will include 73 alcove, one- and two-bedroom floor plans for assisted living. There will also be 32 suites designed for memory care residents. Construction began Sept. 9 and the project is expected to open in November 2016. The 105-unit, 117-bed assisted living and memory care property will operate under a long-term ground lease from an affiliate of St. John Medical Center Hospital. LifeCare Services, based in Des Moines, Iowa, will operate the property.

September 22, 2015

Massachusetts Multifamily Northeast Seniors Housing

Brendon Properties Acquires 28.7-Acre Marist Center for Seniors Housing Project

by Amy Works September 22, 2015

FRAMINGHAM, MASS. — Brendon Properties has acquired Marist House Retreat Center at 518 Pleasant St. in Framingham. Marist Fathers of Boston sold the two-building property, which totals 50,077 square feet, for $4 million. The buyer plans to redevelop the 28.7-acre property into a seniors housing townhome community. The property includes a 45,000-square-foot, 70-bed former seminarian residence, a chapel, support space and administration offices. Robert Cronin and Kevin Brawley of Colliers arranged the transaction. Brendon Properties is a builder of age-restricted developments in the MetroWest region.

September 22, 2015

California Loans Multifamily Seniors Housing Western

CBRE Arranges $12M Fannie Mae Loan to Refinance Independent Living Community in California

by Nellie Day September 21, 2015

CARMICHAEL, CALIF. — CBRE National Senior Housing has arranged a $12 million, fixed-rate loan from Fannie Mae to refinance Winding Commons, a 100-unit independent living community in metro Sacramento. The borrower is Sacramento-based Ray Stone Inc. (RSI), the community’s operator since it opened in 2003. RSI manages six communities in California comprising over 800 units. Aron Will, executive vice president of CBRE National Senior Housing, and Kevin Randles, senior vice president of CBRE’s Debt and Structured Finance office in Sacramento, led the transaction.

September 21, 2015

Arizona Loans Multifamily Seniors Housing Western

Grandbridge Arranges $10.5M Refinance of Community in Phoenix

by Nellie Day September 21, 2015

PHOENIX — Grandbrige Real Estate Capital’s seniors housing and healthcare finance team has arranged a $10.5 million refinancing for Avista North Mountain, an assisted living, memory care and independent living community in Phoenix. The community comprises 134 units. BB&T Real Estate Funding provided the capital.

September 21, 2015

Loans Midwest Missouri Multifamily Seniors Housing

Lancaster Pollard Brokers Refinancing Loan for Senior Living Facility in Missouri

by Christina Cannon September 21, 2015

HIGGINSVILLE, MO. — Lancaster Pollard has arranged funding for a refinance and renovation of John Knox Village East in Higginsville, which is 50 miles east of Kansas City. John Knox Village East is a senior living facility that features both intermediate care and skilled nursing beds and is managed by Life Care Services. The renovation will increase the number of skilled nursing beds, adding 16 private beds in a new wing. Lancaster Pollard worked with local banks to provide construction financing for the renovation and also obtained permanent financing via a $7.1 million loan insured by the USDA Community Facilities program. Mike Ashley led the transaction for Lancaster Pollard.

September 21, 2015

Multifamily Seniors Housing Texas

Tradition-Lovers Lane Seniors Housing Community Opens in Dallas

by Haisten Willis September 17, 2015

DALLAS — Tradition Senior Living (TSL) has opened The Tradition-Lovers Lane Community, including independent living, assisted living and memory care, at 5850 E. Lovers Lane in Dallas. The complex is a rental community with no buy-in fee. The 7.5-acre campus includes the 202-unit independent living building and the 109-unit assisted living and memory care property fronting Milton Street. Jonathan Perlman is founder and CEO of Tradition Senior Living, which is developing, marketing and managing the project. Houston architects Meeks + Partners designed the independent living building, and Dallas architects D2 Architecture designed the assisted living and memory care property. The community will include a physical and occupational therapy center, a therapy pool with an underwater treadmill, nursing, a multi-sensory room and medication management. The Tradition-Lovers Lane is the second community developed by TSL.

September 17, 2015

Colorado Loans Multifamily Seniors Housing Western

CBRE Arranges $36.3M Construction Loan for CCRC Near Denver

by Nellie Day September 17, 2015

LAKEWOOD, COLO. — CBRE National Seniors Housing has secured a $36.3 million loan for the construction of The Village at Belmar, a 156-unit continuing care retirement community (CCRC) planned in Lakewood in metro Denver. The project is a joint venture between Blue Moon Capital Partners, providing the institutional equity; GH Phipps Construction Company, the general contractor and co-developer; and Ascent Living Communities, co-developer and future operator of the community. Situated on 7.6 acres, Village at Belmar will include 72 assisted living units and 24 memory care units located within a three-story, 83,000-square-foot building, along with 60 independent living units to be located in 15 buildings that are approximately 107,000 square feet. Aron Will, executive vice president of CBRE National Senior Housing, arranged the five-year, floating-rate loan with limited recourse. The loan features 36 months of interest-only payments.

September 17, 2015

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