MALDEN, MASS. — Berkeley Point Capital has closed a $16.2 million Freddie Mac loan for Atria Senior Living and its partners. The 7-year loan, which features a floating rate, will be used to refinance an existing first mortgage debt from MassHousing and facilitate the buyout of its tax credit equity partner. Additionally the loan will refinance Atria Maplewood Place, a 98-unit assisted living and memory care community in Malden. Doug Harper of Berkeley Point Capital negotiated the loan.
DALLAS — Grandbridge Real Estate Capital has arranged a $6 million loan for Acadia Assisted Living, an 88-unit seniors housing community located in Dallas. BB&T Real Estate Funding’s Structured Loan Program provided funding for the acquisition. Richard Thomas and Meredith Davis of Grandbridge originated the transaction. Grandbridge’s seniors housing and healthcare finance team offers construction, non-recourse acquisition/bridge and permanent financing options to seniors housing owners nationwide.
ST. AUGUSTINE, FLA. — Capital Health Group LLC and Fortress Ventures LLC have formed a joint venture to develop a 64-bed memory care community on nine acres of land located at 840 State Road 16 in St. Augustine. The land was purchased by the venture in December 2014, and the new facility is scheduled to open in the second quarter of 2016. Symphony Manor at St. Augustine will be a single-story facility with a secure memory care courtyard, large activity space, surround sound theater with an 80-inch screen and a dining room. Resident apartments will have cable TV, Wi-Fi, 24-hour emergency call systems, walk/roll-in showers and individual thermostats. Symphony Manor will also offer residents 24-hour staffing, dining services, concierge assistance, linen services, housekeeping, daily entertainment, fitness programming, educational services, social events and a private town car for resident appointments. Compass Pointe Healthcare System will manage Symphony Manor at St. Augustine.
FORT LAUDERDALE, FLA. — Housing Trust Group (HTG) has completed the construction of Village Place Apartments, a $15 million, 112-unit senior affordable housing community for ages 55 and up. The mid-rise community is located at 720 N.E. 4th Ave. in downtown Fort Lauderdale, blocks from the Las Olas Boulevard district. The property, which is already 100 percent leased, features units with granite countertops, split-level designs and eco-friendly features such as low-flow plumbing fixtures, low-VOC paint, Energy-Star qualified appliances, Energy-Star windows and energy efficient HVAC systems. HTG and architect Sotolongo Salman Henderson of Miami have designed and constructed Village Place to be designated a green building in line with the National Green Building Standards. The apartment community includes a gated entrance, community center with computers and Wi-Fi access throughout, swimming pool and a fitness room with exercise equipment. Residents will also have access to The Wave Modern Streetcar transit system that is scheduled to open in 2017. Project financing was provided by U.S. Bank in the amount of $38.6 million through its community development subsidiary, including a $13.2 million construction loan; a $3 million permanent financing loan; and $22.4 million of Low-Income Housing Tax Credit (LIHTC) equity from U.S. Bancorp Community …
TRUMBULL, CONN. — Massachusetts-based National Development, in partnership with EPOCH Senior Living, has begun construction on Bridges by EPOCH at Trumbull, a state-of-the-art memory community in Trumbull. Located at 2415 Reservoir Ave., the 64-unit apartment complex is slated to open in summer 2015. Bridges by EPOCH will feature a 24-hour specially-trained health care staff. The project team includes Boston-based CBT as architect; Portsmouth, N.H.-based JSA Inc. as interior designer; and Middletown, Conn.-based C.E. Floyd Company as general contractor.
DUNKIRK, N.Y. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has completed the sale Chautauqua County Home, a 133-room skilled nursing facility located near Lake Erie in Dunkirk. The asset sold for $16 million, or $74,000 per bed. The buyer has upgrades planned for the 216-bed facility that will improve operations and profitability. Joshua Jandris and Mark Myers of IPA Marcus & Millichap’s Manhattan office represented the seller, Chautauqua County, and procured the buyer, a regional provider.
ATLANTA — Wingate Cos. and Columbia Residential have broken ground on City Lights, an 80-unit affordable seniors housing development located at 430 Boulevard in Atlanta’s Old Fourth Ward district. The project is the first phase of the redevelopment of the Village of Bedford Pine. The property’s one-bedroom apartments will be made available to qualifying seniors aged 62 or older. The project’s financial partners include Community Affordable Housing Equity Corp., Sugar Creek Capital, HUD, the Georgia Department of Community Affairs and Atlanta’s Office of Housing. Prudential Huntoon Paige is providing construction financing for the project, which is slated for a summer 2016 completion. Amenities at City Lights will include a fitness center, TV and movie room, community kitchen, sundeck, covered garage, Wi-Fi access and a business center.
GLENDALE, ARIZ. – The 345-unit Thunderbird Retirement Resort in Glendale has received $21.2 million in financing. The seniors housing community is located at 5401 West Dailey Street. The fixed-rate, non-recourse loan was provided to ROC Seniors for the acquisition of the community. It features a three-year term with two, one-year extensions. The initial term is interest-only, with amortization beginning in the extensions. The loan includes about $5 million for renovations and repurposing. Financing was originated by Richard Thomas and Meredith Davis of the Seniors Housing and Healthcare Finance team at Grandbridge Real Estate Capital. It was provided through BB&T Real Estate Funding’s Structured Loan Program.
LAFAYETTE, IND. – Mainstreet and Trilogy Health Services will open The Springs at Lafayette, a 66,786-square-foot transitional care (short-stay rehabilitation and therapy) and assisted living facility in Lafayette. The property is located at 2402 S. St. Construction started on The Springs at Lafayette in April 2014 and the property is tentatively scheduled to open by the first week of February. The Springs at Lafayette will include 100 beds and will provide hospitality-oriented care with amenities such as a therapy gym, an outdoor rehabilitation courtyard, a movie theatre, a game room, a spa, an on-site chef and more. The project, which represents a total investment of $14 million in the community, created more than 350 construction jobs and 120 part-time and full-time jobs. Mainstreet is the developer and owner of The Springs at Lafayette and Trilogy will operate the facility.
NEW YORK CITY — Housing & Healthcare Finance (HHC Finance) has closed and funded a $47 million loan for the acquisition of The Phoenix Center for Rehabilitation and Nursing, formerly Atlantis Rehab Center, in Brooklyn’s Fort Greene section. CareRite Centers purchased the 11-story, 400-bed skilled nursing facility, which overlooks Fort Greene Park and is adjacent to Brooklyn Hospital. The facility provides short-term rehab, respiratory care, IV therapy, wound care, long-term healthcare and hospice care services. The acquisition financing comprised a $41.6 million first mortgage and a $5.2 million mezzanine loan provided by HHC Finance. Additionally, the overall financing package included a $4 million accounts receivable line of credit.
