SALEM, N.H., AND SOUTH BURLINGTON, VT. — Cushman & Wakefield Senior Housing Capital Markets has arranged $49.6 million in construction financing and joint venture equity for two senior housing developments in New England. The projects are LCB Senior Living’s seventh and eighth senior housing developments since it began its development program in 2013. The properties are The Residence at Salem Woods in Salem and The Residence at Quarry Hill in South Burlington. The Salem property will offer 84 apartments with 88 beds for independent, assisted and memory-care living. Wells Fargo provided $15.6 million in construction financing while the joint venture equity was provided by an institutional investor. The project broke ground in November 2014 and is expected to open in early 2016. The South Burlington property features 102 apartments with 104 beds for independent, assisted and memory-care living. PNC Bank provided $18.4 million in construction financing, while Virtus Real Estate Capital provided $8.5 million in joint venture equity. Construction is slated to begin in January 2015 with a planned summer 2016 opening. Rick Swartz, Jay Wagner, Aaron Rosenzweig and Stuart Kim of Cushman & Wakefield negotiated the transactions.
BRICK, N.J. — Tryko Partners has acquired Burnt Tavern Rehabilitation and Healthcare Center in Brick for an undisclosed price. Located at 1049 Burnt Tavern Road, the center includes 148 skilled nursing beds with expansion potential and an assisted living component that can accommodate 23 clients. The company plans to launch a $1 million renovation program to upgrade the property, which has been renamed Willow Spring Rehabilitation and Healthcare Center. Planning renovations include a state-of-the-art sub-acute care unit, expanded rehabilitation facility with cutting-edge equipment and technology, and updated common areas, patient rooms and assisted living accommodations. Tryko Partners purchased the asset from the original developer, NuVision Management. Additional terms of the transaction were not released.
SAN ANTONIO — CBRE Capital Markets’ Senior Housing Debt & Structured Finance group has arranged $40.3 million in acquisition financing for a joint venture between Franklin Development Properties and Harrison Street Real Estate Capital. The financing will be used to acquire Franklin Park Stone Oak, a Class A assisted living and memory care community in San Antonio. CBRE negotiated an $18.2 million, five-year, 36-month interest-only, floating rate mortgage loan at a 70 percent loan-to-value ratio for Phase I, which was built in 2011. The company also negotiated a $22.1 million, five-year, 48-month interest-only, floating rate construction loan at a 70 percent loan-to-cost ratio to develop Phase II, which will be adjacent to the existing campus. The completed property will consist of 162 independent living units, 66 assisted living units and 33 memory care units.
BRICK, N.J. — Tryko Partners has acquired Burnt Tavern Rehabilitation and Healthcare Center in Brick for an undisclosed price. Located at 1049 Burnt Tavern Road, the center includes 148 skilled nursing beds with expansion potential and an assisted living component that can accommodate 23 clients. The company plans to launch a $1 million renovation program to upgrade the property, which has been renamed Willow Spring Rehabilitation and Healthcare Center. Planning renovations include a state-of-the-art sub-acute care unit, expanded rehabilitation facility with cutting-edge equipment and technology, and updated common areas, patient rooms and assisted living accommodations. Tryko Partners purchased the asset from the original developer, NuVision Management. Additional terms of the transaction were not released.
CYPRESS, TEXAS — Red Capital Partners LLC has provided a $13.5 million balance sheet construction loan to an affiliate of Avanti Senior Living. Avanti on Towne Lake will be a 90-unit assisted living and memory care facility located in Cypress near the Avanti headquarters in The Woodlands. The community will consist of 50 assisted living units and 40 memory-care units. Avanti Senior Living has partnered with an affiliate of Iron Point Partners to develop a portfolio of Class A senior living communities throughout Texas and the southeastern United States.
BROOMFIELD, COLO. – The 51-unit Villagio Senior Living has broken ground in Broomfield. The memory care continuum community is located at 5866 West 120th Ave. Common-area amenities include 24-hour care, a gourmet dining experience and community programs. The new community is expected to open next fall. The community will be designed by Van Tilburg, Banvard & Soderbergh and built by Pinkard Construction. It is being developed by Blackwood Development and Choice Capital Partners.
EAGAN AND PRIOR LAKE, MINN. — KeyBank Real Estate Capital has secured $31.7 million in Fannie Mae loans for two seniors housing communities. The properties included Keystone Communities of Eagan, which includes 129 units; and Keystone Communities of Prior Lake, which includes 107 units. Charlie Shoop of KeyBank secured financing for the borrower, Toronto, Ontario-based BayBridge Seniors Housing, in conjunction with local operator and joint venture partner Keystone Communities. The financing allowed BayBridge to refinance existing debt at low long-term, fixed interest rates and provided additional growth capital for the sponsor.
HOLYOKE, MASS. — Brick, N.J.-based Tryko Partners has acquired the Mont Marie skilled nursing and age-restricted affordable housing campus in Holyoke. The Sisters of St. Joseph of Springfield (SSJ Springfield) sold the property for an undisclosed price. The 52-acre property includes the 84-bed Mont Marie Health Care Center, as well as the Mont Marie Senior Residence and St. Joseph Residence, which offer a total of 80 senior HUD rental units. The purchase was financed through CapitalSource. SSJ Springfield will retain use of the property’s chapel and cemetery through a lease agreement with Tryko.
IPSWICH, MASS. — LCB Senior Living has opened The Residence at Riverbend, located at 149 Country Road in Ipswich. The seniors housing property features 53 studio, one-bedroom and two-bedroom units for traditional independent and assisted living, and 22 studio and shared memory-care living apartments. Situated on the former Riverbend Estate along the Ipswich River, the community offers 24-hour security, on-site laundry and cleaning services, a restaurant, an activities program, and building and grounds maintenance. Peabody, Mass.-based Congress Building Corp. provided construction management services for the 75-unit, 73,674-square-foot facility. The developers have conveyed approximately 3 acres of the original 15.5-acre site to the town and the Ipswich River Watershed Association (IRWA) as conservation land along the riverfront. Additionally, IRWA has been granted access to a wetland area of the site for public educational purposes. Norwood, Mass.-based LCB Senior Living was founded in 2010 by the management team of the former Newton Senior Living LLC.
LAUDERHILL, FLA. — Forest City Enterprises Inc. has completed the $18.5 million sale of Forest Trace, a 322-unit independent living seniors apartment community in Lauderhill. Forest Trace, which includes 40 assisted living beds, was purchased by Pacifica Lauderhill LLC. The buyer also assumed the existing mortgage on the property. The property was originally developed in 1989 and was acquired by a subsidiary of Forest City in 2000.