RICHARDSON, TEXAS — Chicago Pacific Founders and its subsidiaries, CPF Living Communities and Grace Management, have purchased Twin Rivers Assisted Living and Memory Care, a seniors housing community located in Richardson. Situated on five acres, the community features 83 assisted living and memory care units, as well as amenities and programming for residents. The buyer plans to invest in the facilities to enhance the quality of life for all stakeholders — residents, families, associates and prospective residents. Terms of the deal were not disclosed. Grace Management will manage the property.
HOUSTON — Ilan Investments has broken ground on Arella on Jones, an independent senior living community located in Northwest Houston. The project developed by Houston-based Ilan Investments and co-financed by Ilan Development and Bancorp South. Designed by Meeks Partners, the community will be built by Dallas-based general contractor Spring Valley Construction. Slated to open for occupancy in summer 2022, Arella on Jones will feature 229 units and multiple amenities, including an outdoor pool, outdoor kitchen and dining area, dog park, golf putting green, outdoor gaming area, cabana, interior/exterior walking paths, a …
MONROE TOWNSHIP, N.J. — Greystone has provided a $16.5 million Freddie Mac Program Plus loan for the acquisition of Waterside Villas, an age-restricted community located in the Concordia neighborhood of Monroe Township. Sela Realty was the borrower and buyer. John Williams and Ephraim Kantor of Greystar’s New York office originated the loan, while Adam Zweibel of Gebroe-Hammer brokered the transaction. The loan carries a 10-year term and 30-year amortization schedule with a low, fixed interest rate and interest-only payments for the first five years. Built in 2009, Waterside Villas is a …
FERNANDINA BEACH, HAINES CITY, ORANGE COUNTY AND NORTH PORT, FLA. — Contemporary Healthcare Capital (CHC) has funded a $5 million mezzanine loan for the acquisition of four skilled nursing facilities in Florida. The borrowers were affiliates of Citadel Care Centers and Cascade Capital Group. Totaling 480 licensed beds, the properties are located in Fernandina Beach, Haines City, Orange County and North Port. The CHC loan was made in conjunction with a senior loan and accounts receivable line provided by SunTrust Bank. Proceeds of the loans were used for the …
CHAMBERSBURG, Pa. — Senior Living Investment Brokerage (SLIB) has negotiated the $21.5 million sale of Falling Spring, a skilled nursing facility located at 201 Franklin Farm Lane in Chambersburg, approximately 55 miles southwest of Harrisburg, Pa. Built in 1968 on nearly nine acres, the approximately 100,000-square-foot community features 186 skilled nursing beds. At commencement of marketing, the property generated nearly $3 million in annual net operating income at approximately 88 percent occupancy. Matthew Alley, Toby Siefert and Nick Cacciabando of SLIB represented the unnamed seller and secured the undisclosed buyer in …
CHICAGO — Walker & Dunlop has added a five-person team of property sales brokers to its Chicago office. This move expands the firm’s multifamily property sales platform to the Midwest. Managing directors Mark Myers and Josh Jandris along with vice presidents Jordyn Berger, Alex Vice and Mike Surak will focus on originating and executing on the full continuum of seniors housing property sales across the United States. Additionally, the team will work closely with Walker & Dunlop’s seniors housing financing group, which originated more than $900 million of seniors housing debt …
SUWANEE, Ga. — Suwanee-based Regional Health Properties (RHE) has completed the sale of three of four skilled nursing properties located in Oklahoma, Alabama and Georgia to affiliates of MED Healthcare Partners. The four-property transaction was previously disclosed by RHP in April. The three properties were sold for the purchase price of $26.1 million in cash. RHE and MED agreed to extend the closing date on the fourth property located in Oklahoma to Aug. 18. RHP used the cash proceeds from the sale to pay approximately $1 million in outstanding interest, fees …
BOERNE AND ROUND ROCK, Texas — CBRE Capital Markets has arranged a three-year, floating-rate loan, including 24 months of interest-only payments, on behalf of a joint venture between Harrison Street and Franklin Development Properties for the refinancing of two assisted living and memory care facilities in Texas. The portfolio consists of Franklin Park Boerne and Franklin Park Round Rock, two 76-unit assisted living and memory care community. Both properties were developed by the borrower in 2017. The communities feature a variety of amenities including a full-service hair and nail salon, theatre, …
BLOOMINGTON, Ind. — BMO Harris Bank’s Healthcare Real Estate Finance group has closed a $19.5 million acquisition loan for Gentry Park Senior Living, a seniors housing community located at 901 S. Hastings Drive in Bloomington. The owners are an institutional private equity group, and St. Charles, Mo.-based Arrow Senior Living is the new fee-based manager of the facility. Built in 2016, the 132-unit seniors housing facility 32 senior villas, 74 assisted living units and 26 memory care units. Additionally, the 80,611-square-foot property features common areas, concierge services, free chauffeured transportation, spacious …
DENTON, Texas — Investcor has started restoration work on Fairhaven Assisted Living. Renowned Texas architect O’Neil Ford designed the original property, which opened in 1965 in Denton, about 35 miles north of Fort Worth.