COLONIA, N.J. — Ingerman and BCM Affordable Housing have broken ground on Reinhard Manor, a new affordable seniors housing community at 350 Outlook Ave. in Colonia. The project will transform a vacant and unused school facility into 62 one- and two-bedroom affordable rental residences for seniors. Ingerman was granted $8.7 million in tax credits over 10 years and a $4.8 million Community Development Block Grant to develop Reinhard Manor. The company is partnering with BCM Affordable Housing and the Woodbridge Affordable Housing Corp. to develop the community.
LEAGUE CITY, TEXAS — General contractor Weis Builders Inc. has completed Orchard Park at Victory Lakes, a 126-bed senior living community in the southeast Houston suburb of League City. Constructed in 14 months, the property features 60 assisted living units and 40 memory care units, as well as amenities including a fitness center, recreation area, therapy room and landscaped courtyard. Move-in began immediately upon completion of the HUD project.
TINLEY PARK, ILL. — A joint venture between New York-based Dune Real Estate Partners and Chicago-based Focus Healthcare Partners has purchased Hanover Place of Tinley Park, a 150-unit, Class A, age-restricted senior living property in Tinley Park. Berwyn, Pa.-based LCOR sold the property, which is located at 16851 S. Harlem Ave., for $19 million. Jeff Patterson of ARA Seniors Housing and Todd Stofflet of ARA Midwest represented the seller.
HOOVER, ALA. — Red Capital Partners LLC has closed a $25 million balance sheet loan for Somerby St. Vincent’s One Nineteen, a 199-unit, Class A seniors housing facility located in Hoover, an affluent suburb of Birmingham, Ala. The facility offers independent living, assisted living and memory care services. The financing is anticipated to be refinanced by a Fannie Mae permanent loan. Dominion Partners LLC developed the seniors housing facility, while Somerby Senior Living Services LLC is operating the property.
SPARTANBURG, S.C. — Berkadia Commercial Mortgage LLC has arranged a $5.6 million acquisition loan for Dillon Pointe Assisted Living and Memory Care in Spartanburg. Lisa Lautner of Berkadia’s seniors housing and healthcare group arranged the loan through Freddie Mac on behalf of the borrower, Capital Senior Living Corp., a national seniors housing operator.
INDIANA— Berkadia Commercial Mortgage LLC has arranged three acquisition loans totaling $43.7 million through Fannie Mae for Capital Senior Living Corp. Lisa Lautner, senior vice president of Berkadia’s Seniors Housing and Healthcare group, originated the loans for seniors housing properties located throughout Indiana. Each 10-year, fixed-rate loan includes 30-year amortization schedule and features a loan-to-value ratio in the low- to mid-70 percent range. Properties include Sugar Grove Senior Living ($21 million), Woodview ($12.4 million) and River Crossing Independent & Assisted Living Community ($10.3 million). The communities total 388 units, including 48 independent living units, 257 assisted living units and 83 memory care units. Average occupancy for the properties was more than 95 percent at the time of the transaction.
MISSOURI — Housing & Healthcare Finance LLC has closed $22.5 million HUD loan for the refinancing of four skilled nursing facilities totaling 596 beds in Missouri. The loan includes a fixed interest rate of 4.39 percent, and the loan-to-value ratio was 66 percent. The borrower plans to use the loan to consolidate the existing mortgage debt and fund approximately $123,000 in repairs and capital improvements. With the new HUD loan, the borrower will save an estimated $335,000 in annual debt service savings, according to Housing & Healthcare Finance.
PEACHTREE CITY, GA. — Marcus & Millichap has brokered the $33 million sale of Towne Club at Peachtree City, a 153-unit seniors housing property in Peachtree City. The property, located at 201 Crosstown Drive, provides independent living and assisted living services. The community was 92 percent occupied at the time of sale. The sales price equates to $215,686 per unit. Mike Pardoll and Michael Fasano of Marcus & Millichap represented the seller, Peachtree City Towne Club LLC, in the transaction.
FORT COLLINS, COLORADO SPRINGS, COLO. – A pair of Class A seniors housing communities in Colorado has received $73.8 million in financing. The communities are located in Fort Collins and Colorado Springs. They contain a total of 316 independent, assisted and memory care units. Both properties opened in 2008. They are operated by Leisure Care. The Fannie Mae cross-collateralized Structured Adjustable Rate Mortgage loans feature 10-year terms with two years interest-only. The loans were closed by Red Mortgage Capital, LLC, the mortgage banking arm of RED CAPITAL GROUP, LLC, which worked on behalf of HJ Sims Investments.
PEEKSKILL, N.Y. — Johnson Capital has arranged a $14 million loan for the refinancing of 120-unit Drum Hill Senior Living complex in Peekskill, located about 25 miles north of White Plains. The two-building property spans approximately 85,000 square feet and is situated a half mile from the Hudson River. Approximately 49 of the 120 units are Low-Income Housing Tax Credit units and the rest are affordable market-rate senior living units. Drum Hill is an adaptive reuse project. The project was converted from a high school to its current use in 1999. The owners of the property received a $13.9 million Industrial Development Bond issued by the City of Peekskill Industrial Development Authority for the project. The bond was refinanced with the $14 million note arranged by Lino DiLascio of Johnson Capital. A regional bank provided the 10-year loan, which includes a 30-year amortization schedule and a interest rate of approximately 5 percent.