ATHENS, GA. — Atlanta-based Thrive Senior Living has commenced construction on The Village at Athens, a 70-unit assisted living and memory care facility located near the intersection of Highway 316 and the Oconee Connector in Athens. Thrive is co-developing the property in a joint venture with Paragon Real Estate and Summit Healthcare REIT. The general contractor for the project is Athens-based Compass Contracting. The facility will feature a spa, beauty salon, fitness center, doctors office, movie theater and courtyards with outdoor fireplaces.
Seniors Housing
FOUNTAIN VALLEY, CALIF. – The 456-unit Palm Island seniors housing community in Fountain Valley has received a $64-million refinance. The community is located at 11300 Warner Ave. Palm Island provides a community center, library, card room, billiard room, fitness center, computer room, 24-hour surveillance system, and heated pool and spa for its seniors aged 55 and older. The 10-year loan features a 4.47 percent fixed rate and interest-only payments for the full term. The transaction was a cash-out refinance of a first and second mortgage by a new first mortgage with a lower rate. The refinancing was originally structured in 2013 as a 10-year mortgage with five years interest-only payments. The borrower, a local sponsor, put the transaction on hold, however, after rates became volatile last summer. The refinance was negotiated by Seth K. Grossman of Meridian Capital Group and Greg Reed and Kristen Croxton of Capital One.
BOSSIER CITY, LA. — Kandu Capital LLC and its operating company Bloom Senior Living have purchased Glenview Gardens, a 119-unit independent living community in Bossier City, for $5.5 million. As part of the transaction, the asset will be renamed Bloom at Bossier and a portion of the community will be converted to offer assisted living and memory care services. Michael Morrison and Trent Siskron of Vintage Realty Co. represented both the buyer and the seller in the transaction.
BLOOMINGTON, MINN. — Dougherty Mortgage LLC has arranged an $11.4 million HUD 213 loan for the construction of Applewood Pointe Cooperative of Bloomington at Valley West, a 77-unit senior cooperative project located in Bloomington. United Properties is the developer of the project. Dougherty’s Minneapolis office arranged the 40-year loan. The cooperative site is located near a variety of shopping, dining and recreational opportunities. This is the fourth cooperative construction loan financed by Dougherty Mortgage for United Properties.
SEVILLE, OHIO — Global Healthcare REIT Inc., a Utah corporation, has agreed to acquire the Meadowview Nursing Home in Seville, approximately 40 miles south of Cleveland, for $3 million. The 27,500-square-foot facility, situated on five acres, is licensed for 100 skilled nursing beds. The purchase agreement is subject to satisfactory completion of a 45-day inspection period and other conditions. Global will need to secure financing to cover a portion of the purchase price. The closing is scheduled to occur on Sept. 30. Global intends to lease the facility to a unaffiliated third-party operator. The Meadowview acquisition increases Global’s portfolio to five properties. The company expects to acquire several additional properties this quarter.
EL CAJON, CALIF. – El Cajon Senior Towers, an 89-unit affordable seniors housing complex, has received a $6-million loan. The complex is located at 180 Ballantyne Street in the San Diego submarket of El Cajon. It was built in 1981. The borrower is a private investor who specializes in owning and operating multifamily properties servicing families and seniors with lower incomes. The loan was arranged by Jeff Kearns and Kent Carpenter of Johnson Capital under the HUD/FHA’s 223(f) loan program. The program offers 35-year, fixed-rate mortgages at very low interest rates.
HANOVER, N.H. — Capital One Specialty Healthcare Real Estate, part of Capital One Bank’s Commercial Real Estate Group, has provided an $8.8 million HUD 232/223(a)(7) loan to refinance Wheelock Terrace in Hanover. Constructed in 2000, the assisted living facility consists of a three-story building on a well-landscaped, 11-acre site. The property is owned by Terrace Communities, which owns assisted living communities in New Hampshire, Vermont, Maine and Florida. Carolyn Whatley of Capital One Bank originated the non-recourse, fixed-rate loan, which features a 35-year amortization schedule.
GRAND RAPIDS, MICH. —MidCap Financial LLC has provided an $8.6 million loan for Titan Real Estate Investment Group to acquire an independent living facility in Grand Rapids. MidCap Financial provided the first mortgage floating rate loan with a term of up to four years. The loan not only financed the acquisition, but will also enable the borrower to complete capital improvements and reposition the property within its market. The 153-unit independent living facility was built in 1984 by a local developer and operator team that operated the facility up until the sale. Los Angeles-based Titan Real Estate Investment Group is a real estate investment firm, and Titan SenQuest is its senior housing operating platform. This is Titan SenQuest’s sixth senior housing acquisition since it was formed in 2012. Jason Dopoulos of Lancaster Pollard arranged the financing.
FLOWER MOUND, TEXAS — StoneCreek Real Estate Partners has begun construction on Elan Oaks, an 82-unit assisted living and memory care facility. Elan Oaks will be located at 3281 Long Prairie Road in Flower Mound, Texas and is expected to create more than 100 new jobs. The property will be owned and funded by a joint venture between StoneCreek and The Collin Fund with financing from NorthStar Bank of Texas. The building’s design includes 58 studio, one-bedroom and two-bedroom assisted living apartments along with 24 private and semi-private memory care suites. The project is expected to be completed in July 2015.
NILES, ILL. — Holladay Properties has arranged the lease of a new 4,000-square-foot medical office building in Niles, a suburb northwest of Chicago. North Suburban Physicians Group will occupy space at The Park at Golf Mill, a senior independent living community located at 8975 West Golf Road. North Suburban Physicians Group is expanding its practice in Niles to meet the needs of its growing patient base in the northwest suburban areas of Chicago. Liza Passarelli of Tenant Advisors Inc. represented the tenant in the transaction. Michael O’Connor of Holladay Properties represented the owner.