BOZEMAN, MON. — Newmark has secured $11.8 million in permanent financing for Creekside Apartments in Bozeman. The new apartment building includes 72 residential units. Demetri Koston of Newmark’s Spokane, Wash., office arranged the financing for the undisclosed borrower. The non-recourse loan features five years of interest-only payments followed by a 30-year amortization schedule.
BUTTE, MONT. — Evans Senior Investments (ESI) has arranged the sale of Copper Ridge Health & Rehab Center, a 98-bed skilled nursing facility in Butte, for $5.7 million. Built in 1975, the facility underwent a significant renovation in 2008. The facility operates with 98 functional beds but is licensed for 186 beds. ESI represented the seller, an independent owner-operator. The buyer was a publicly traded healthcare REIT. Eduro Healthcare, a regional operator in the Wisconsin, Colorado and Utah area, will operate the property. Copper Ridge Health & Rehab Center will be Eduro’s first Montana community.
MISSOULA, MONT. — Campus Advantage has been awarded management of ROAM, a 498-bed student housing community currently under development near the University of Montana in Missoula. The property is the first purpose-built student housing complex to serve the University of Montana, according to Campus Advantage. Shared amenities will include a bike and ski tuning shop, outdoor kitchens with grilling stations, a fire pit and an expansive fitness center. Austin-based Catalyst will also manage brand development alongside Campus Advantage. The property is scheduled to open next fall.
KALISPELL, MONT. — Ziegler, a specialty investment bank, has arranged a total of $65.4 million in tax-exempt, fixed-rate bonds for Immanuel Lutheran Corp., which operates a seniors housing community in Kalispell, approximately 75 miles south of the Canadian border. The property is a nonprofit, faith-based community known as Immanuel Lutheran Communities. It features 106 units of independent living and assisted living and 155 units for skilled nursing on a 13-acre campus. Immanuel Lutheran Corp. will use the financing to refund two previous series of bonds and fund an expansion and renovation project at the community. The multi-phase plan will introduce entrance-fee independent living apartments, add a new memory care unit, expand amenities and “right-size” the skilled nursing area. Immanuel is partnering with seniors housing development and advisory firm Sawgrass Partners on the expansion project.
OLYMPIA, WASH. — Ventas has acquired six seniors housing communities from Koelsch Communities for $137 million and will immediately lease all the properties back to the Olympia-based operator. The communities acquired include Canterbury Park in Longview, Wash.; Cedarbrook in Fresno, Calif.; The Hampton & Ashley Inn and The Hampton at Salmon Creek both in Vancouver, Wash.; Madison House in Kirkland, Wash.; and Spring Creek Inn in Bozeman, Mont. The transaction increases the number of Ventas-owned, Koelsch-operated communities to 18. The properties span the continuum of care. Koelsch Communities operates 22 communities in seven states with eight more communities currently in development.
BROOMFIELD, COLO. — Old Chicago Pizza & Taproom has signed franchise development agreements with three of its existing franchise partners to open nearly two dozen new restaurants. These agreements will grow Old Chicago’s footprint across eight states. Among existing franchise groups to sign new agreements are the Johnson Group, which has plans to bring three restaurants to Wyoming and Montana. Old Chicago operates in 24 states with more than 100 restaurants nationwide. Broomfield, Colo.-based CraftWorks Restaurants &a Breweries, Inc. is the largest craft brewery restaurant operator in the country with nearly 200 franchised and company-owned restaurants primarily operating under the Old Chicago Pizza & Taproom, Gordon Biersch Brewery Restaurants, Rock Bottom Restaurants & Breweries and ChopHouse & Brewery brands.
BILLINGS, MONT. — The Hotel Group has completed a multi-million-dollar renovation on the newly rebranded, 289-room DoubleTree by Hilton Billings. The transformation includes a lobby redesign, updated guest rooms and meeting spaces, new furnishings and amenities. The hotel features 16,000 square feet of flexible meeting space that can accommodate business conferences, banquets and other events for up to 400 guests. There are also three additional ballrooms and 15 meeting rooms. DoubleTree by Hilton Billings is three miles from Billings Logan International Airport.
MISSOULA, MONT. — Farran Realty Partners has awarded Grand Campus Living management of 46 North Apartments, a 468-bed student housing community under development near the University of Montana in Missoula. The property will be the first purpose-built student housing community in Missoula. Community amenities will include dedicated study lounges and a study center, music practice rooms, a social lounge, fitness center, tanning lounge, bike storage and maintenance, ski tuning rooms, a cyber lounge, interior courtyards for community gardens and 6,500 square feet of street-level retail. The new development will offer a mix of studio, one-, two- and four-bedroom units with double occupancy available in select floor plans, alongside two levels of parking. The fully furnished apartments will feature modern appliances including full-size washers and dryers.
SIDNEY, MONTANA – A 22.5-acre, mixed-use development site in Sidney has received a $1.4 million loan. The site is located along East Holly Street in east-central Montana, near the North Dakota border. The development site contains 18 lots within the Sunrise Village subdivision. The project features 11 lots zoned for residential and seven lots zoned for commercial use. The developer is American Land Development-Sidney LLC, an affiliate of American Land Development Corp. The three-year, interest-only financing was closed by Kennedy Funding Financial LLC, which will also service the loan.
