ROLLING MEADOWS, ILL. — Greystone has provided a $16.8 million HUD LEAN 232/223(f) green loan for the refinancing of Plum Creek at Rolling Meadows. The 102-unit supportive living facility is situated in the Northwest Chicago suburb of Rolling Meadows. The three-story property was constructed in 1986 as a hotel and converted into supportive living in 2006. The supportive living program in Illinois is an alternative to nursing home care for low-income older persons requiring mid-range care needs as opposed to skilled nursing. Adam Lipkin and Michael Zukerman of Greystone originated the 35-year loan. Brent Connell of Geneva Capital acted as correspondent on the transaction. The owner committed to implementing green improvements that will result in an estimated 15 percent in energy savings and 10 percent in water savings annually, amounting to projected savings of over $20,000 per year. The new HUD-insured green seniors housing program can cut closing costs by 75 basis points and reduce the interest rate by almost half a percent, according to Greystone.
PORT ST. LUCIE, FLA. — Concord Summit Capital has arranged a total of $122 million in construction financing for the development of Encore at Tradition, a 415-unit active adult residential community underway in Port St. Lucie. David Larson, Daniel Eidson and Keegan Burger of Concord Summit arranged the financing, which comprised a $95 million principal loan and $27 million in mezzanine debt. Madison Realty Capital provided the senior loan, and the lender for the mezzanine loan was not disclosed. The borrower is America Walks at Port St Lucie LLC, a partnership between Pride One Construction, Brokaw Development Services and Riley Hotel Group that has collectively built more than 20,000 multifamily units. The borrower is using the funds to recapitalize the existing construction debt and complete the project. Encore at Tradition is roughly 40 percent complete and has a target delivery date of second-quarter 2024. The gated community is reserved for households age 55 and up and will feature one- and two-bedroom units ranging in size from 750 to 1,250 square feet, as well as two-bedroom villas spanning 2,030 square feet. Onsite amenities will include a salon, movie theater room, golf simulator, resort-style clubhouse, pickleball courts and medical/physical therapy services.
ALLENDALE, N.J. — Marquis Health Consulting Services has begun renovations at Allendale Senior Living, an assisted living and healthcare facility in Northern New Jersey. The unit count was not disclosed, but the property spans 146,000 square feet and sits on a 12-acre site. Renovations include a refresh of corridors, expansion of some apartments and the introduction of new amenities, including lounges, a private dining room and a salon. Marquis will also upgrade the movie theater and landscaping, and has already completed the redesign of the lobby and main dining room.
BROOKSVILLE, LAKE PLACID AND SPRING HILL, FLA. — Grandbridge Real Estate Capital has arranged the sale of three seniors housing communities in Florida on behalf of a national REIT. Florida-based TJM Properties Inc. acquired two of the properties: The Grande, a 144-unit independent living, assisted living and memory care community in Brooksville, and Balmoral, a 125-unit assisted living and memory care community in Lake Placid. An undisclosed, Florida-based buyer purchased the third property — Forest Oaks, an 80-unit assisted living and memory care community in Spring Hill. This sale completes the disposition of a portfolio totaling eight properties that Grandbridge arranged for the seller. Dave Kliewer and Jay Jordan led the Grandbridge team in selling the communities.
WARRENTON, VA. — Foundry Commercial has acquired White Springs Senior Living, a 90-unit seniors housing community located in Warrenton, approximately 48 miles outside of Washington, D.C. White Springs, which opened in 2020, offers assisted living and memory care services. Ryan Weekes and Zach Strunk of Foundry arranged the transaction, with support from Spring Arbor Associates. Capital Funding Group (CFG) provided funding for the acquisition. The seller, sales price and loan amount were not disclosed.
SHEBOYGAN, WIS. — Charter Senior Living has partnered with DMK Development Group and American Cos. to build a new senior living community in Sheboygan, about 57 miles north of Milwaukee. Charter Senior Living of Sheboygan, in conjunction with Van Horn Real Estate, will be located within the North Town master-planned development. It will offer a total of 175 senior apartments in a variety of floor plans, including 108 independent living units, 46 assisted living units and 21 memory care suites. Development costs are estimated at $50 million. Construction is expected to begin in spring 2024.
AMSTERDAM, N.Y. — A public-private partnership between the State of New York and 3D Development Group has completed renovations of New Amsterdam Apartments, a 116-unit affordable seniors housing complex located about 35 miles northwest of Albany. Residences in the 12-story building are reserved for households with incomes at or below 80 percent of the area median income and with at least one household member aged 55 or older. The scope of renovations included asbestos abatement, the modernization of elevators and replacement of fire alarms, as well as the installation of new common doors, energy-efficient hot water boilers, LED light fixtures and cast iron sanitary lines. Unit interiors were also upgraded with Energy Star-rated appliances and fixtures.
WESTERVILLE, OHIO — Ziegler has arranged $59.9 million in bond financing for Ohio Living, a Westerville-based nonprofit operator of 12 seniors housing communities in Ohio. Proceeds of the bonds will be used to refund existing bank debt, terminate an interest rate swap agreement, fund a debt-service reserve fund equal to approximately one year of debt service, fund approximately $3 million of capital expenditures and pay certain costs of issuance associated with the financing. The bonds consist of tax-exempt, fixed-rate serial and term bonds with an 18-year final maturity. The financing includes a three-year interest-only period with annual principal amortization starting in 2026. Ohio Living decided to utilize fixed-rate bonds to refund a portion of its bank capital following the turbulence experienced in early 2023 in the bank credit markets.
FORT COLLINS, COLO. — Evans Senior Investments (ESI) has arranged the sale of a skilled nursing facility in Fort Collins for $7.6 million. The seller was an independent owner-operator. Although the number of beds was not released, the per-bed price of $79,166 equates to 96 beds. Initially built in 1968, the seller owned and operated the community for nearly two decades, achieving a four-star CMS rating. However, being its only skilled nursing facility, the company faced the challenges of today’s operating environment and lacked economies of scale. Upon marketing, the facility was 68 percent occupied, generating over $7.5 million in annual revenue, leading to negative net operating income of over $500,000. ESI was able to showcase the possibility for a new ownership group to align the community’s census with the averages of competitors in the area, as well as the potential to tap into the robust network of hospitals in Fort Collins. “Evans Senior Investments was able to showcase Colorado’s recent Medicaid rate increase, which was projected to add over $450,000 in revenue beginning in July 2023,” says Hank Fuller, senior associate at ESI. The buyer was a West Coast-based operator with an existing presence in the state of Colorado.
GREAT FALLS, MONT. — Community Preservation Partners (CPP) has acquired two affordable seniors housing communities in Great Falls: Sunshine Village and Broadview Manor East & West. CPP plans to renovate both properties, and has partnered with The Hampstead Cos., which will be the owner and co-developer. This is the second project closing in Montana for CPP and Hampstead together, totaling three communities in the area. CPP and Hampstead’s total development investment is approximately $23.1 million, which includes the purchase price of $10.8 million and an estimated renovation cost of $72,850 per unit. The properties’ HUD subsidy was set to expire, but with CPP and Hampstead’s involvement the homes will now remain affordable and prevent displacement of residents earning up to 50 percent and 60 percent of the area median income (AMI) until 2074. “New affordable housing developments in the Great Falls area have significant waitlists, so the preservation and modernization of the existing affordable housing stock is important to the residents of this community,” says Karen Buckland, vice president at CPP. Built in 1979, Sunshine Village features 72 one- and two-bedroom units in a single three-story building. Also built in 1979, the Broadview Manor properties offer three- and four-bedroom units. …