CORCORAN, MINN. — Specialty investment bank Ziegler has closed on $47 million in financing for Saint Therese of Corcoran LLC, and its sponsor, Saint Therese, for the construction of a new senior living community in Corcoran, about 30 miles northwest of Minneapolis. The financing is comprised of $18.2 million of Series 2022AB and $28.8 million of Series 2023 Senior Living Revenue Notes placed with Bremer Bank. Proceeds of the notes, along with other available funds, will be used to finance the construction of Saint Therese of Corcoran, fund interest on the notes, and pay certain costs of issuance associated with the financing. Saint Therese is a Catholic senior living organization originally organized in 1965 as a single-site nursing home in New Hope, Minn. Now based in St. Louis Park, Minn., Saint Therese has grown across the Minneapolis-St. Paul metropolitan area as a provider of housing and supportive services with nearly 1,000 units offering independent living, assisted living, memory care, skilled nursing, inpatient/outpatient therapy, community wellness, and other related services. Saint Therese team members annually provide services to more than a dozen senior living locations for approximately 3,250 Minnesotan seniors. Saint Therese is the sponsor of the new senior living community, …
NAPLES, FLA. — Grandbridge Real Estate Capital’s Senior Housing Investment Sales team has arranged the $81 million sale of The Arlington at Naples, a 298-unit continuing care retirement community located within the Lely Resort master-planned community in Naples. Situated on 39 acres, the community offers 47 independent living estate homes, 128 independent living apartments, 42 assisted living units, 37 memory care units and 44 skilled nursing units. The Arlington opened in 2015. Prior to the sale, the property was operating under a forbearance agreement. The Grandbridge team, led by Dave Kliewer and Jay Jordan, initiated a marketing process that highlighted the ability for a buyer to restore the property’s financial stability. Life Care Services (LCS) acquired the asset through a court-directed process to deliver the property free and clear of its bond debt. At the time of closing, independent living occupancy was approximately 75 percent, while the health center (assisted living, memory care and skilled nursing) was approximately 69 percent occupied. Average entrance fees at the community were in excess of $950,000, according to Grandbridge.
MONTEBELLO, N.Y. — A partnership between owner-operator FilBen Group and Dallas-based private equity firm RSF Partners has broken ground on Braemar at Montebello, a $54 million assisted living facility in New York’s Lower Hudson Valley region. The site is located near Good Samaritan Hospital — Suffern, as well as numerous commercial establishments. The property will span 133,675 square feet and will feature one- and two-bedroom units with an average size of 500 square feet, as well as an array of entertainment- and wellness-based amenities. H2M Architects + Engineers designed the project, and McAlpine Contracting is handling construction. M&T Bank provided a $34.8 million construction loan for the project, a completion date for which was not disclosed.
COLUMBIA, S.C. — Greystone has arranged $27.1 million in financing for Merrill Gardens at Columbia, a 120-unit seniors housing community in Columbia. The five-year loan for the independent living and assisted living community featured a floating interest rate, 30-year amortization schedule, three years of interest-only payments and a mid-200 basis point loan spread. Tyler Armstrong of Greystone worked with the client in placing the regional bank loan on behalf of the borrowers, AEW Capital Management and Merrill Gardens, a seniors housing owner-operator based in Seattle.
CLINTON, UTAH — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Barrington Place, a 66-bed memory care community in Clinton, 30 miles north of Salt Lake City. The facility was built in 2016, totaling approximately 32,862 square feet on 2.9 acres of land. A national owner-operator seeking to sell non-core assets sold the property to a family office based in the West for an undisclosed price. The new owner plans to install Ridgeline Management Co. as the operator. Jason Punzel, Vince Viverito and Brad Goodsell of SLIB handled the transaction. “Barrington Place is a well-constructed, newer, standalone memory care community that fits in well with the new owner’s long-term strategy to expand its seniors housing portfolio,” says Punzel.
RICHARDSON, TEXAS — Texas-based owner-operator Franklin Park Senior Living has sold Appletree Court, a 112-unit assisted living facility in Richardson, a northeastern suburb of Dallas. The property was built in 1999 and was 90 percent occupied at the time of sale. Richard Swartz, Jay Wagner, Jim Dooley and Jack Griffin of Cushman & Wakefield represented Franklin Park in the transaction. The buyer was a partnership between Winterpast Capital Partners and Marcus Investments. Cushman & Wakefield also arranged acquisition financing through a regional lender for the deal.
WACO, TEXAS — Greystone has arranged a $30 million loan for the refinancing of The Delaney at Waco, a 169-unit seniors housing property. The community offers independent living, assisted living and memory care services. Tyler Armstrong of Greystone originated the financing, which was structured with a floating interest rate, seven-year term and a 30-year amortization schedule. The borrower was Iowa-based owner-operator Life Care Services. An undisclosed bank provided the loan.
OGDEN, UTAH — Greystone has arranged a $22.5 million loan to refinance debt on TREEO South Ogden, a seniors housing community in Ogden, approximately 30 miles north of Salt Lake City. Tyler Armstrong, managing director at Greystone, placed the bank loan for Leisure Care, which owns the 143-unit independent living community. The regional bank loan was executed as a floating-rate financing carrying a five-year term and 30-year amortization. The loan featured 12 months of interest-only payments and a mid-200 basis points loan spread.
LEAGUE CITY, TEXAS — Greystone has provided a $40.4 million Fannie Mae loan for the refinancing of The Delaney at South Shore, a 204-unit seniors housing property in League City, a southeastern suburb of Houston. Tyler Armstrong of Greystone originated the nonrecourse loan, which carries a fixed interest rate, 10-year term and a 30-year amortization schedule. In addition, the debt was structured with five years of interest-only payments. The borrower was Life Care Services, a seniors housing owner-operator based in Des Moines, Iowa.
FRISCO, TEXAS — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Parsons House Frisco, a 64-unit assisted living and memory care community located on the northern outskirts of Dallas. The community spans 53,651 square feet on a 4.1-acre site. A regional owner-operator sold the asset to a family office located in the Western part of the country for an undisclosed price. The buyer plans to use Ridgline Management Co. as the operator. Matthew Alley and Jason Punzel of SLIB brokered the deal.