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Iowa

DevelopmentFinanceIowaNews

Lument Arranges $21.8M Construction Loan for Fieldstone of DeWitt in Iowa

by Jeff Shaw

DEWITT, Iowa — Lument has arranged a $21.8 million loan via the U.S. Department of Agriculture’s Community Facilities (CF) Direct Loan program to fund the construction of Fieldstone of DeWitt, a 91-unit seniors housing campus. Located in eastern Iowa, the community will consist of a 70-bed replacement skilled nursing facility, of which 16 units will provide dementia care and 21 units will provide assisted living care. Previously, the community was attached to a hospital. The new skilled nursing beds will be located in four cottages, each with its own common …

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Assisted LivingFinanceIowaKeyBankNews

KeyBank Funds $17M HUD Refinancing for Two Bickford Properties in Iowa

by Jeff Shaw

DAVENPORT and MARION, Iowa — KeyBank Real Estate Capital (KBREC) has secured $17 million of fixed-rate Federal Housing Administration loans for Bickford Senior Living, a senior living owner and operator based in Olathe, Kansas. The loans will refinance debt for Bickford of Davenport and Bickford of Marion, both located in Iowa. The buildings each were built in 1998 on 2.5 acres. Bickford of Davenport comprises 42 beds, 35 for assisted living and seven for memory care. Bickford of Marion comprises 38 beds, 31 for assisted living and seven for memory …

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AcquisitionsIowaNews

Blueprint Negotiates Sale of Rowley Masonic Community Campus in Central Iowa

by Jeff Shaw

PERRY, Iowa — Blueprint Healthcare Real Estate Advisors has arranged the sale of Rowley Masonic Community, a seniors housing campus located on more than 20 acres in Perry, a suburb of Des Moines. The original Rowley Masonic Community was built in the late 1950s with eight independent living cottages added in the 1980s. In January 2014, the seller began constructing a 72,000-square-foot addition featuring 16 assisted living units and 57 skilled nursing and transitional care beds. The Board of Directors engaged Health Dimensions Group in 2018 to help stabilize operations …

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FinanceIowaMinnesotaNews

Colliers Mortgage Closes Three HUD Loans for Village Cooperative Age-Restricted Properties in Iowa, Minnesota

by Jeff Shaw

CEDAR FALLS, Iowa, MARSHALLTOWN, Iowa, and AUSTIN, Minn. — The Minneapolis office of Colliers Mortgage has closed three HUD 223(a)(7) loans totaling $18.8 million to refinance three Village Cooperative properties in the Midwest totaling 162 units: Village Cooperative of Cedar Falls, Village Cooperative of Marshalltown and Village Cooperative of Austin. All three market-rate properties are restricted to heads of household over age 62. The refinancing allowed the borrowers to reduce the interest rates and realize substantial annual savings. The loans for Village Cooperative of Cedar Falls and Village Cooperative of …

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AcquisitionsIllinoisIndianaIowaNewsSkilled Nursing

ESI Brokers Sale of 21 Skilled Nursing Facilities in the Midwest

by Jeff Shaw

CHICAGO — Evans Senior Investments (ESI), a Chicago-based brokerage firm, has arranged the sale of 21 skilled nursing facilities in the Midwest. The transactions represented the exit from the long-term care industry of a a regional owner-operator. The portfolio consisted of three separate transactions for each state — Indiana, Iowa and Illinois. The combined purchase price for all three transactions was $86 million, or $54,0000 per functional bed/unit. The Indiana portfolio consisted of 11 communities totaling 751 licensed skilled nursing beds and 109 senior living units. At the time of …

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AcquisitionsIndependent LivingIowaNews

Essex Acquires Arbordale Independent Living Community Near Des Moines

by Jeff Shaw

URBANDALE, Iowa — Essex Communities has acquired The Reserve on Walnut Creek in Urbandale, a suburb of Des Moines, a rebranded the community as The Arbordale. The 121-unit independent living community is being converted by Essex from an entrance-fee model community to a rental model community and is Essex’s sixth acquisition and conversion like this over the past three years. Essex has planned a multi-million-dollar renovation that will update apartments and community spaces as well as expand services and amenities.

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AcquisitionsIndependent LivingIowaNews

Essex Acquires 121-Unit Independent Living Community Near Des Moines

by Jeff Shaw

URBANDALE, Iowa — Essex Communities has acquired The Reserve on Walnut Creek in Urbandale, a suburb of Des Moines. The 121-unit independent living community is being converted by Essex from an entrance-fee model community to a rental model community and is Essex’s sixth acquisition and conversion like this over the past three years. The community will be rebranded as The Arbordale and will undergo a multimillion-dollar renovation that will update apartments and community spaces as well as expand services and amenities.

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AcquisitionsAffordable HousingIowaNews

SVN Chicago Commercial Arranges $2.8M Sale of Affordable Property in Northern Iowa

by Jeff Shaw

MASON CITY, Iowa — SVN Chicago Commercial has brokered the $2.8 million sale of Grant Village in Mason City in northern Iowa. The 64-unit affordable seniors housing property has a Section 8 contract with HUD, meaning tenants make a monthly contribution toward rent equal to 30 percent of their adjusted income. Cody Doran and Reid Bennett of SVN brokered the sale. A private buyer purchased the asset at the full asking price. The seller was not disclosed.

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AcquisitionsIowaNewsSkilled Nursing

Blueprint Negotiates Sale of Seven-Property Skilled Nursing Portfolio in Iowa

by Jeff Shaw

DES MOINES, Iowa — Blueprint Healthcare Real Estate Advisors has arranged the sale of seven skilled nursing homes in Iowa. Largely located in the Des Moines metro area, the properties total approximately 550 beds. LTC Properties sold the assets to a private owner-operator for an undisclosed price. The transaction was the third of five that Blueprint is brokering for LTC, which is divesting its entire portfolio of Preferred Care-branded properties.

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AcquisitionsIowaNew MexicoNewsOregon

Confluent Senior Living Sells Three MorningStar Communities in Iowa, Oregon, New Mexico

by Jeff Shaw

WEST DES MOINES, Iowa, BEAVERTON, Ore., and SANTA FE, N.M. — Confluent Senior Living, a subsidiary of Denver-based real estate investment and development firm Confluent Development, has sold three of its MorningStar-branded communities. Confluent Senior Living co-developed each community with its operating partner MorningStar Senior Living. MorningStar will maintain its role as operator for the communities. CBRE brokered the deal on behalf of Confluent Senior Living. In West Des Moines, the MorningStar at Jordan Creek community opened in March 2018. The 71,000-square-foot community provides 85 assisted living and memory care …

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