SIMPSONVILLE, S.C. — Construction is underway on Fairview Park Assisted Living Facility, developed by Graycliff Capital Senior Housing, across a 10-acre parcel near Hillcrest Memorial Hospital in Simpsonville. Planned to accommodate 80 total beds, Fairview was modeled on Graycliff’s Spring Park concept and will comprise two residential assisted living wings containing common areas and 56 beds, as well as a 24-bed memory care wing with private common areas. Development cost is $11.2 million, and Graycliff expects to complete construction by November 2015.
BAYTOWN, Texas — Dallas-based lender HFF has closed the sale of Remington Park at Baytown, a 129-unit independent and assisted living community. HFF marketed the property on behalf of the unnamed seller. Capital Senior Living purchased the asset for an undisclosed amount. Remington Park at Baytown is located at 901 West Baker Road in Baytown, a suburb approximately 25 miles east of downtown Houston. Expanded in 2008, the 95-percent-occupied property has a mix of nine independent living cottages and 120 assisted living units. The HFF team representing the seller was led by managing director Ryan Maconachy and director Chad Lavender.
ORLANDO, FLA. — Index Living plans to develop two apartment communities on Greenwald Drive near the northeast corner of Osceola and John Young parkways near Kissimmee. The combined development cost for the two properties is $47 million. The two properties, known as Monterey Pointe and Sonoma Pointe, will span a combined 366 units that feature nine-foot ceilings, wood plank flooring, stainless steel appliances, granite countertops, bedroom ceiling fans and energy and water conservation features. The properties’ community amenities will include community rooms, fitness centers, business centers and swimming pools with deck areas. Index Living, through its affiliate Index Investment Group and an unnamed developer based in Florida, plans to deliver Sonoma Pointe this September. No completion date has been announced for Monterey Pointe, which will be an independent living property for seniors over 55 years old.
BOSTON — Boston Capital has closed Boston Capital Corporate Tax Credit Fund LX, a nationwide portfolio of 21 affordable apartment properties in 13 states with a fund size of $120 million. The fund includes 17 properties for families and four seniors housing developments. This portfolio added 1,068 apartment units to Boston Capital’s holdings. Fund XL also will result in the creation of nearly 870 local jobs and will generate $54 million in local salaries. With the closing of Fund XL, the company has raised $538 million in equity in the past 12 months. Boston Capital also recently launched Corporate Fund XLI, a $160 million fund expected to close in October.
PLAINFIELD, ILL. — A joint venture of American House Senior Living Communities and AEW has acquired Cedarlake Village in Plainfield. The seniors housing property is located at 14800 S. Van Dyke Road. Cedarlake Village includes 178 one-bedroom apartments in two buildings, Wheatland and Renwick. Currently, both buildings are independent living facilities. However, Renwick will be licensed and converted into assisted living. Beginning in late spring, the community will undergo renovations, including the addition of an Anytime Café, dining room, fitness center and game room. American House began managing the community on March 31. AEW acquired the property on behalf of AEW Senior Housing Investors II LP.
HOUSTON, AUSTIN AND ODESSA, TEXAS —Dallas-based Stroud Development and Stroud Investments have finalized the sale of four assisted living and memory care communities in the Houston, Odessa and Austin Markets to ROC Seniors. The sale, valued at more than $70 million, was financed using the HUD 232 debt program and has been a joint venture project with Orchard Park Senior Living. Development began in 2011. Bedford, Texas-based Arrive Architecture Group designed the Orchard Park communities. Each community serves 57 assisted living residents and includes a separate secured wing serving 40 Alzheimer’s and/or dementia care residents. The Orchard Park communities also feature landscaped courtyards, private dining amenities, special events venues, fitness and wellness areas, therapy rooms and a salon. Additional services include transportation, wellness programs, weekly linen and housekeeping services and assistance with activities of daily living.
PORT ROYAL, S.C. — Big Rock Partners and joint venture partner Millennium Real Estate Group plan to develop a $25 million seniors housing rental community in Port Royal, near Hilton Head Island in South Carolina’s Lowcountry region. The partnership plans to begin construction on the project in early 2016 and wrap up construction in early 2017. The property will span 126 rental residences — 60 independent living, 45 assisted living and 21 memory care. The new community will be located on a 50-acre property that Millennium Real Estate Group owns. The other components of the tract include The Preserve luxury apartments, Port Royal Center and the Keyserling Cancer Center, which is an affiliate of Duke Medicine. Winston-Salem-based CJMW Architecture is designing the community.
ACWORTH, GA. — Construction has begun on Celebration Village Acworth with plans to open the 16.5-acre seniors housing community in May 2016. The community includes 114 independent living apartments, 44 apartment homes, 55 assisted living units and 31 memory care apartments. Active Senior Concepts and AgeWell Living developed the Celebration concept. Active Senior Concepts’s developments are located throughout metro Atlanta. AgeWell, located in Palm Beach Gardens, Fla., will operate the community.
MURFREESBORO, TENN. — National Health Investors Inc. (NYSE:NHI) has obtained $78 million in Fannie Mae financing through KeyBank National Association. The debt financing consists of interest-only payments at 3.79 percent and a 10-year maturity. The mortgages are secured by 13 properties in NHI’s joint venture with Bickford Senior Living. Proceeds were used to reduce borrowings on NHI’s unsecured bank credit facility. NHI is a real estate investment trust (REIT) specializing in sale-leaseback, joint venture, mortgage and mezzanine financing of seniors housing and medical investments. NHI’s portfolio consists of independent living, assisted living and memory care communities, entrance-fee retirement communities, skilled nursing facilities, medical office buildings and specialty hospitals.
LOS ANGELES – Subsidiaries of Senior Housing Realty Trust (SHRT) have received a $635.6-million Fannie Mae credit facility. The new credit facility refinanced a 12-property senior care community portfolio throughout California, Arizona, Oregon and Georgia. The new structure provides a 10-year, fixed-rate, interest-only loan with releases, additions and substitutions. It also has the capacity to expand with additional fixed or floating debt. The facility was closed by Keybank Real Estate Capital. SHRT is a Maryland REIT that is owned by an affiliate of Senior Resource Group LLC (SRG). It received the new credit facility with its institutional partners. The firm also led an $84-million syndicated credit facility secured by a senior housing community in Los Angeles in 2013 that was owned by a predecessor SRG joint venture. When SHRT acquired the senior housing community in late 2014, that credit facility was expanded to $86 million. The $86-million Keybank credit facility was then refinanced by this new Fannie Mae credit facility.