NEW YORK — Formation Capital and Safanad Limited have acquired a portfolio of 14 skilled nursing facilities in the mid-Atlantic region for approximately $150 million. The 1,658-bed portfolio includes 11 facilities in Virginia, two in Maryland and one in Pennsylvania. Consulate Health Care, the sixth-largest skilled nursing care provider in the United States, operates the 14 properties.
Seniors Housing
ST. AUGUSTINE, FLA. — A joint venture between Montgomery Land Co. and Zerga Development has selected general contractor Adolfson & Peterson to build an assisted living and memory care facility in St. Augustine. The 120-unit, multi-story property will be located near the intersection of Lightsey Road and State Road 207. Adolfson & Peterson expects to deliver the facility in the third quarter of 2015.
GURNEE, ILL. — The LaSalle Group will begin construction later this month on Autumn Leaves of Gurnee, an $11.3 million memory care community in Gurnee, a northern suburb of Chicago.The 29,000-square-foot facility, scheduled to open in 2015, will provide specialized care to nearly 46 residents living with Alzheimer’s, dementia, and memory impairment. The community will also offer respite care. The property is located at 505 N. Hunt Club Road, approximately two miles from Gurnee Mills Mall and Six Flags Great America and about three miles from the United Hospital System Gurnee Physician Clinic. Autumn Leaves of Gurnee is the result of a partnership between The LaSalle Group, MedProperties and TCF National Bank. The community will provide some free services for families in the area including educational seminars and Alzheimer’s support groups.
LINCOLN PARK, N.J. — Housing & Healthcare Finance (HHC Finance) has closed a $19.4 million 232/233(f) HUD loan for a skilled nursing facility in Lincoln Park. Flushing, N.Y.-based Center Management Group purchased the two-building, 189-bed property in 2012. The 35-year HUD loan refinanced the property’s high-rate, short-term conventional acquisition debt, as well as capital expenditures.
COSTA MESA, CALIF. — Vivante on the Coast, a 185-unit seniors housing community in Costa Mesa, has received $72 million in financing. The newly built community is located at 1640 Monrovia Ave. It was completed in 2013. Vivante contains a mix of independent, assisted and memory care units. Amenities include an indoor saltwater pool, salon, putting green, theater, lounge, sports bar, yoga and fitness facilities, bocce ball court, wine lockers, large outdoor courtyards and a 2.5-acre park with designated dog park. The facility also offers a culinary program, chauffeur service, 24-hour concierge, on-site nurses and pet care. The three-year loan features a 3.75 percent floating interest rate. It was arranged by HFF’s James Fowler and Charles Halladay on behalf of the borrower and Nexus Companies, the borrower’s affiliated developer. Financing was secured through a specialty finance company.
NEW YORK CITY — Eastern Union has arranged a $24 million HUD loan for the refinancing of Union Care Plaza Center. The 289-unit nursing home is located at 33-21 Union St. in the Flushing neighborhood of Queens. The 12-year loan features a fixed annual interest rate of 3.25 percent. Shaya Ackerman of Eastern Union secured the financing on behalf of the borrower, David Marx.
STATE COLLEGE, PA. — Bloomfield, N.J.-based Juniper Communities has acquired Brookline Village in State College for $35.5 million. The five-building, 274-unit property offers a mix of residential units: 116 skilled nursing/rehabilitation, 38 memory care, 87 personal care and 33 independent living. The buyer plans to rename the property Juniper Village at Brookville. Juniper Communities is one of the largest seniors housing providers with a concentration of operations in Pennsylvania, New Jersey, Florida and Colorado. This acquisition will increase Juniper’s size and resident capacity by 25 percent.
NEW YORK CITY — Capital One Specialty Healthcare Real Estate, part of Capital One Bank’s Commercial Real Estate Group, has provided a $24.2 million HUD 232/223(a)(7) loan to refinance an assisted living facility in Queens’ Flushing neighborhood. The 154-unit facility offers 280 beds and a full array of skilling nursing services and amenities, including rehabilitation therapy, hospice and palliative care, as well a beautician/barber and recreational activities. Joshua Rosen of Capital One’s Chicago office originated the financing.
CARMEL, IND. — Leo Brown Group has opened two senior living communities in the Indianapolis area and began construction on two new senior living communities in Ohio and Kentucky. The four projects combined total $66 million in new investment by the Carmel-based developer, owner, and operator of healthcare properties. The newly open properties include Traditions at Solana, a 105-unit senior community within the new Solana at the Crossing residential development; and Traditions at Reagan Park, an 82-unit assisted living and memory care community. The $16.7 million Traditions at Solana project is located at 78th Street and Keystone Avenue. The $11.5 million Traditions at Reagan Park is located in Avon just west of the Indiana University Health West hospital campus. The new facility is part of the larger Reagan Park senior living campus developed by Leo Brown Group. Both projects opened in June. Through its management company affiliate, Traditions Management, Leo Brown Group will run day-to-day operations at both of the communities. Leo Brown Group broke ground on Middleton of Granville in Ohio and plans to break ground on Traditions at Beaumont in Kentucky. Middleton of Granville is a joint venture between Leo Brown Group and Columbus, Ohio-based Continental Real Estate …
EDWARDSVILLE, ILL. — IMPACT Strategies has completed construction on Cedarhurst of Edwardsville, an $8 million memory care facility in Edwardsville, approximately 23 miles northeast of St. Louis. The property is located at 7108 Marine Road and is near I-55. Cedarhurst of Edwardsville is a 32,987-square-foot, single-story building with 54 memory care apartments. The building is divided into four neighborhoods to foster care for its residents all with access to the interior outdoor courtyard. Oregon-based Lenity Group LLC designed the memory care facility. Dover Capital LLC, which also has Cedarhurst facilities in Collinsville and Shiloh, developed and will manage the property. Construction management firm IMPACT also built the Shiloh assisted living property in 2010 and recently completed an expansion to the property.