RANCHO CORDOVA, Calif. — Marcus & Millichap Capital Corp. has arranged the $27 million refinancing of a 137-bed seniors housing asset in Rancho Cordova, a suburb of Sacramento. The 80,000-square-foot property, one of Summerset Senior Living’s two locations, offers assisted living and memory care. It was built in 2016. The new loan replaces $17 million in bridge financing that Marcus & Millichap also arranged. The refinancing features a 10-year term and a fixed rate. The lender was not disclosed.
Assisted Living
CAMARILLO, Calif. — Oakmont Senior Living has opened Oakmont of Camarillo, an assisted living and memory care community in the Ventura County city of Camarillo. The 86,839-square-foot property offers 91 units on a three-acre plot. The community is Oakmont’s first in the county. Ted Burgess serves as executive director of the property.
CANTON, Ohio — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 74-unit assisted living and skilled nursing facility in Canton. A local owner-operator seeking retirement sold the property to a regional developer, owner and operator for an undisclosed price. The name of the community was not released. The property was constructed in 2016. It was cash-flow neutral at the time of sale, so was marketed as a value-add opportunity. The incoming owner-operator plans to de-license the skilled nursing beds, introduce memory care, bring in new leadership and …
SELLERSVILLE, Pa. — Evans Senior Investments (ESI) has negotiated the sale of Hidden Meadows on the Ridge and The Laurels, a 94-unit assisted living and memory care campus in Sellersville, approximately 30 miles north of Philadelphia. An independent owner-operator sold the property, its only asset. An East Coast-based REIT bought the campus for $18,200,000 or $194,000 per unit. Hidden Meadows on the Ridge features 54 assisted living units, while The Laurels Memory Care features 40 units. Built in 2007 and renovated in 2018, the community boasts many recent updates including …
Buckner Opens Assisted Living, Memory Care Units at Ventana High-Rise Project in Dallas
by Jeff Shaw
DALLAS — Buckner Senior Living has opened the assisted living and memory care units at Ventana by Buckner, a 301-unit high-rise seniors housing community in Dallas. The 189 independent living units opened in November 2019. The State of Texas granted the license for the 38 assisted living and 26 memory care apartments, and residents have begun moving in. Ventana is Dallas’ first and only luxury high-rise continuing care retirement community, according to Buckner. The property also features 48 skilled nursing apartments and 24 rehabilitation suites.
ROUND ROCK, Texas — Blueprint Healthcare Real Estate Advisors has arranged the sale of Wyoming Springs, a 100-unit assisted living and memory care community in Round Rock, a suburb of Austin. One Liberty Properties Inc. (NYSE: OLP), a publicly traded REIT based in New York, sold the property for an undisclosed price. The buyer was a New York-based private equity fund looking to expand its seniors housing presence. Wyoming Springs was the only seniors housing asset in One Liberty’s portfolio and was being operated by Senior Care Centers LLC, which …
MOUNT LAUREL, N.J. — Capitol Seniors Housing has opened Arbor Terrace Mount Laurel, an 88-unit seniors housing community in Mount Laurel. The 75,000-square-foot community offers assisted living and memory care services. The Arbor Company is the operator. Mount Laurel is an affluent suburb east of Philadelphia. The community is just east of the Interstate 295 interchange and the New Jersey Turnpike, making the community very accessible to the entire market area. Meyer Senior Living Studio designed the property.
Walker & Dunlop Funds $11M Bridge Loan for Supportive Living Facility Acquisition in Illinois
by Jeff Shaw
AURORA, Ill. — Walker & Dunlop Inc. has provided $11 million in bridge financing for The Vistas Fox Valley, a 136-bed supportive living facility in Aurora. The borrower was Cascade Capital Group, which used the funds to acquire the community. Supportive living is an Illinois program to offer assisted living services while still allowing for government reimbursement. Walker & Dunlop’s bridge lending program utilizes the company’s own balance sheet to offer short-term, non-recourse loans for properties that are being acquired or repositioned. Joshua Rosen and the bridge lending team structured …
MATTESON, Ill. — Alexi Senior Living Corp. has received $17.7 million in HUD financing, allowing the company to start construction of Alexi Senior Community in Matteson, a southern suburb of Chicago. Upon completion the property will feature 55 assisted living and 20 memory care units. The 81,500-square-foot building will be the first of four planned for the property. Future buildings will include an independent living building, scheduled for groundbreaking in August 2020, plus areas for early learning and higher education, leading to an intergenerational community. The development team includes architectural …
FORT OGLETHORPE, Ga. — Summit Contracting Group has started construction of The Canopy at Boynton Ridge, an assisted living and memory care community n Fort Oglethorpe, just across the state border from Chattanooga, Tennessee. The community will feature 64 units in a two-story, 49,697-square-foot building. building, Construction is scheduled for completion in January 2021. The developer is Rimrock Cos. and the architect is Group 4 Design Inc.