NAPLES, Fla. — Live Oak Bank and Renasant Bank have provided an undisclosed amount of financing for construction of a 158-unit assisted living and memory care community in Naples. The borrower is a joint venture between investment management firm Heitman and NexCore Group. Experience Senior Living, NexCore’s operating subsidiary, will manage the property.
WESTLAKE VILLAGE, Calif. — LTC Properties Inc. (NYSE: LTC), a Westlake Village-based real estate investment trust that primarily invests in seniors housing and healthcare properties, has made a $128 million investment in 12 assisted living/memory care properties totaling 937 beds and 568 units across North Carolina. An existing LTC partner operates all the communities. The majority of LTC’s $128 million investment is structured as a joint venture and a minor portion is structured as a senior mortgage loan secured by one property. The investment was funded from approximately $99 million …
LAWRENCEVILLE, Ga. — Live Oak Bank has arranged a $13 million loan to refinance debt on Mansions at Gwinnett Park, a seniors housing community in Lawrenceville, a northeastern suburb of Atlanta. The property, which opened in 2019, features 94 units of assisted living and memory care. The borrower is Mansions Senior Living, an Oklahoma-based operator. The property was still leasing up when the COVID-19 pandemic began, and the loan will allow additional time for the property to complete its lease-up, according to Live Oak.
RICHMOND, Va. — Watercrest Senior Living Group and joint venture partner Harbert Seniors Housing Fund II have completed Watercrest Richmond Assisted Living and Memory Care. The community features 76 assisted living units and 22 memory care units in Richmond. EMJ Corp. was the builder, while Trustmark Bank provided financing. This is the first senior living development project that Watercrest and Harbert Seniors Housing Fund II have jointly developed.
RICHARDSON, Texas — Cushman & Wakefield has arranged the sale of Appletree Court, a 112-unit assisted living community located in Richardson, 15 miles north of downtown Dallas. A Cushman & Wakefield team of Richard Swartz, Jay Wagner, Jim Dooley and Jack Griffin represented the seller, Franklin Park Senior Living, in the transaction. Winterpast Capital Partners, a seniors housing investor with a captive operator platform called Vitality Senior Living, was the buyer. Marcus Investments partnered with Winterpast Capital Partners for this investment. Cushman & Wakefield arranged the acquisition financing with a …
FRISCO, Texas — Senior Living Investment Brokerage (SLIB) has arranged the sale of Parsons House Frisco, a 64-unit assisted living and memory care community in the Dallas suburb of Frisco. The community totals approximately 53,651 square feet on 4.1 acres of land. A regional owner-operator that wanted to divest of a non-core asset sold the asset to a family office located in the Western U.S. for an undisclosed price. The buyer plans to use Ridgline Management Co. as the operator. Matthew Alley and Jason Punzel of SLIB handled the transaction.
GRAPEVINE, Texas — Evans Senior Investments (ESI) has arranged the sale of Dancing River, an 84-unit assisted living and memory care community in Grapevine, a suburb of Dallas that includes Dallas/Fort Worth International Airport. An institutional private equity group sold the property to Inspired Healthcare Capital for $25 million, or $297,619 a unit. ESI represented the seller. Built in 2010, Dancing River went from being 93 percent to 70 percent occupied during the pandemic, but census creeped back up to pre-pandemic levels during the marketing process. “With the community recently …
LINCOLN and ASHLAND, Neb. — Walker & Dunlop has provided HUD refinancings for Fallbrook Assisted Living and Memory Care in Lincoln and Oxbow Living Center in Ashland. Walker & Dunlop’s Kevin Giusti and Mikko Erkamaa led the teams in both deals on behalf of MJ Senior Housing. Both transactions refinanced floating-rate debt and provided cash proceeds. Fallbrook Assisted Living and Memory Care received a $13.3 million loan. The property is a 71-unit assisted living and memory care facility. It was built in 2018 and opened in 2019. Oxbow Living Center …
LAKE WALES and HAINES CITY, Fla. — Lument has provided a $6.1 million bridge loan to facilitate the acquisition of two assisted living communities in Florida totaling 90 units. Innovation Senior Living, a middle-market provider founded in 2016, acquired Savannah Court of Lake Wales, a 45-bed community, and Savannah Court of Haines City, a 45-bed community. The two properties are approximately 15 miles apart in small cities south of Orlando and east of Tampa. Casey Moore, Conner Girdley and Chris Mauger led the transaction for Lument. Lument’s M&A team, led …
ATKINSON, Wis. — Walker & Dunlop has arranged a $14.7 million refinancing for Reena Senior Living, an 80-unit/80-bed assisted living and memory care facility in Fort Atkinson, approximately midway between Milwaukee and Madison. Walker & Dunlop’s Kevin Giusti and Matthew Lund led the team in closing the HUD loan. The borrower was Tukka Properties. The property consists of a three-story assisted living building built in 2016 and a one-story memory care addition built in 2019.