Seniors Housing

Mainstreet, Trilogy Health Services Open Transitional Care Facility in Indiana

by Danielle Everson March 6, 2015

TERRE HAUTE, IND. — Mainstreet and Trilogy Health Services is opening Harrison’s Crossing Health Campus, a 102-bed, 68,000-square-foot transitional care (short-stay rehabilitation and therapy) and assisted living facility, this month. The property is located at 395 8th Ave. in Terre Haute. Construction on Harrison’s Crossing Health Campus began in November 2013. Mainstreet developed the facility and Trilogy operates the property. Harrison’s Crossing Health Campus will offer amenities including a large therapy gym, outdoor rehabilitation courtyard, movie theater, game room, spa and an on-site chef. The project, which represents a total investment of $15 million in the community, created 317 construction jobs and 100 permanent jobs.

March 6, 2015

Kensington Park Maryland Seniors Housing

Loans Maryland Seniors Housing Southeast

Prudential Mortgage Capital Provides $41M to Refinance Seniors Housing Facility in Maryland

by John Nelson February 27, 2015

KENSINGTON, MD. — Prudential Mortgage Capital Co., the commercial mortgage lending business of Prudential Financial Inc. (NYSE: PRU), has provided a $41 million loan to Fountain Square Properties to refinance Kensington Park, a Class A independent, assisted and memory care community located in Kensington. Tom Goodsite and Trace Wilson of Prudential Mortgage Capital were the leads on the transaction. The loan was originated through Freddie Mac’s Senior Housing program. The property consists of 61 independent living units, 52 assisted living units and 51 memory care units and is situated on more than eight acres, just north of the I- 495 Beltway in Montgomery County. Kensington Park is managed by an affiliate of its owner, Fountain Square Properties.

February 27, 2015

Multifamily Seniors Housing Texas

Tribute Plans New Memory Care Community in Prosper

by Haisten Willis February 26, 2015

PROSPER, TEXAS — Dallas-based Tribute Senior Living will begin construction this spring on an advanced memory care and seniors living community at the corner of Preston Road and Broadway in Prosper, Texas. Upon completion in 2016, the 60,000-square-foot community will be home to 100 residents. “There are more than 5.2 million people living with Alzheimer’s disease in the United States,” says Charles Hodges, a partner with Tribute. “That number is expected to grow to more than 16 million by 2050. Those are very real numbers and when you also consider the family and friends touched by this horrible disease, we are talking about hundreds of millions of people affected in one way or another.” Sodalis Elder Living principal and Tribute Senior Living partner Mark Rushing will serve as the operating partner. The team has formally partnered with Dr. Paula Grammas, former executive director of the Garrison Institute on Aging and tenured professor of neurology at the Texas Tech University School of Medicine, to ensure that the communities utilize every environmental and care advantage in treating Alzheimer’s and dementia.

February 26, 2015

Loans Midwest Minnesota Multifamily Seniors Housing

NorthMarq Capital Arranges $33M in Refinancing for Two Multifamily Properties

by Danielle Everson February 18, 2015

MINNEAPOLIS AND ROSEVILLE, MINN. — NorthMarq Capital’s Minneapolis office has arranged $33 million in refinancing for two multifamily properties in Minneapolis and Roseville. The first property is ElseWarehouse Apartments, a mixed-use building that includes 116 apartment units and five commercial spaces. The property is located at 730 Washington Ave. N. in Minneapolis. NorthMarq arranged $21 million in financing for the borrower through its seller-servicer relationship with Freddie Mac. Cherrywood Pointe is the second property, which is a seniors housing property that includes 80 units. The property is located at 2996 Cleveland Ave. N. in Roseville. NorthMarq arranged $12 million in refinancing for the borrower through its seller-servicer relationship with Freddie Mac. Patrick Minea of NorthMarq arranged both of the loans.

February 18, 2015

Multifamily Seniors Housing Texas

Satterfield & Pontikes to Construct Skilled Nursing Facility in Metro Houston

by Haisten Willis February 13, 2015

KATY, Texas — Satterfield & Pontikes Construction has been selected by Medistar Corporation to construct an 80-bed skilled nursing facility at Katy Fort Bend Road and Colonial Parkway in far west Harris County. Work on the 60,000-square-foot building is scheduled to begin early this year. Construction is expected to take approximately 11 months. The $12.3 million Kindred Parkwest Skilled Nursing Facility was designed by architect Davis Stokes Collaborative PC of Brentwood, Tenn. The 5-acre site will have room for future expansion to 120 inpatient rooms. The two-story building will feature a structural steel frame and an exterior façade of synthetic stucco, brick and stone. A separate generator with a weatherproof enclosure will be installed to provide emergency power. Medistar Corporation is a full-service real estate development company that specializes in the design, development, financing and construction of office buildings and other facilities for the healthcare industry.

February 13, 2015

Florida Georgia Multifamily Seniors Housing Southeast

Dominion Partners to Develop Seniors Housing Facilities in Florida, Georgia

by John Nelson February 13, 2015

BIRMINGHAM, ALA. — Dominion Partners, a Birmingham-based developer of senior living properties across the Southeast, has two projects underway in Georgia and Florida. Somerby of Peachtree City senior living community in Peachtree City was split into two phases of construction. Phase I, currently in lease-up, has 72 assisted living and 24 memory care apartments. Dominion Partners recently broke ground on the $25 million Phase II of Somerby, which is expected to reach completion in the fall of this year. The 13-acre project will add a four-story building with 101 one- to three-bedroom independent living units, as well as nine villas that will provide flow for the existing assisted living units. The company is also developing a property in Florida called Somerby of Santa Rosa Beach. The $13.8 million project includes 52 assisted living and 24 memory care apartments.

February 13, 2015

Claiborne Hughes Health Center Franklin Tennessee

Multifamily Seniors Housing Southeast Tennessee

CFG Capital Markets Brokers $7.5M Sale of Tennessee Skilled Nursing Facility

by John Nelson February 12, 2015

FRANKLIN, TENN. — CFG Capital Markets has brokered the $7.5 million sale of Claiborne Hughes Health Center, a 157-bed skilled nursing facility (SNF) located in the town of Franklin. The facility is located approximately 30 minutes south of Nashville and is one of five licensed skilled nursing facilities in the county. The building was originally constructed in 1949 as a high school and converted into a SNF in 1981. Claiborne Hughes was sold for $47,770 per bed to a private investor group. Proceeds were used to fully retire HUD mortgage debt and other liabilities. Michael Burchell, Mike Coiro and Samer Tahboub of CFG Capital Markets were the advisors on the transaction representing the seller.

February 12, 2015

Illinois Midwest Multifamily Seniors Housing

Walker & Dunlop Provides $20M Financing to Assisted Living Facility in New Lenox, Ill.

by Danielle Everson February 9, 2015

NEW LENOX, ILL. — Walker & Dunlop has provided a $20 million loan for the refinancing of Cottages of New Lenox, an 80-unit, 100-bed assisted living and memory care facility in New Lenox. The loan was structured with three years of interest-only payments using Walker & Dunlop¹s interim loan program. The borrower is an affiliate of a joint venture between Chicago-based Focus Healthcare Partners LLC and Artemis Real Estate Partners LLC. John Pantone led the Walker & Dunlop team that structured the loan. Located 42 miles southwest of Chicago, Illinois, Cottages of New Lenox features five stand-alone, 20-resident cottages, including one building that provides assisted living. Additional amenities include personalized care, health care coordination, chef prepared meals, housekeeping, and secure courtyards.

February 9, 2015

Midwest Missouri Multifamily Seniors Housing

Senior Capital Advisors Arranges $28.5M Sale of 73-Unit Seniors Housing Facility

by Danielle Everson February 6, 2015

KANSAS CITY, MO. — Senior Capital Advisors, representing seller Principal Senior Living Group, has sold Benton House of Shoal Creek, a 73-unit, 88-bed assisted living and memory care community in Kansas City, Mo. The facility was sold to American Realty Capital Healthcare Trust II for $28.5 million, or $390,000 per unit. Bruce Gibson, principal with Senior Capital Advisors, led the sale. Principal Senior Living Group will continue to manage the property on behalf of the new owners. The property’s all-private-pay census was above 90 percent at closing. The community opened in 2012 and was expanded in late 2014.

February 6, 2015

Connecticut Loans Multifamily Northeast Seniors Housing

Capital One Bank Closes $52M in Refinancing for Seniors Housing Community in Connecticut

by Amy Works February 6, 2015

NORTH BRANFORD, CONN. — Capital One Bank has closed a $52 million senior secured term loan for the refinancing of Evergeen Woods, a continuing care retirement community in North Branford. The property features 227 independent living units, 22 assisted living units and 50 skilled nursing beds. The Shelter Group and affiliates of Herbert J. Sims & Co jointly own the facility. First Niagara also participated in arranging the loan.

February 6, 2015

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