ORLANDO, Fla. — FK Architecture has completed design work for the second phase of Westminster Baldwin Park in Orlando. The 180,000-square-foot expansion will bring the continuing care retirement community to a total of 155 units and 40 rehabilitation beds. The second phase features three additional new residential buildings with 75 apartments. The general contractor for the project is Clancy & Theys.
WESTLAKE VILLAGE, Calif. — LTC Properties Inc. (NYSE: LTC) has provided a $52.5 million unitranche loan for the purchase of a 13‑property seniors housing portfolio located in North and South Carolina. An existing operator partner will manage the communities. The loan provides for additional commitments of $6.1 million for capital improvements and $650,000 for working capital, for a total investment commitment of approximately $60 million.
GAINESVILLE, Ga. — JLL Capital Markets has arranged an $18.5 million refinancing for Manor Lake Gainesville, a 88-unit, recently constructed assisted living and memory care community in Gainesville, approximately 50 miles northeast of Atlanta. JLL worked on behalf of the borrower, Manor Lake Development LLC, to secure the non-recourse, floating-rate loan through a debt fund. Manor Lake Gainesville was completed in 2019. The property offers studio, one-bedroom and companion suites ranging from 421 to 558 square feet. Joel Mendes and Trent Niederberger led the JLL Capital Markets Debt Advisory team …
SAVANNAH, Ga. — Senior Living Investment Brokerage (SLIB) has arranged the sale of John-Wesley Villas of Savannah, a 59-unit independent living and assisted living community in Savannah. Located on 4.1 acres, the property also features an adjacent 1.1-acre lot for expansion. The seller sought to divest of this asset to focus on development of its larger, campus-style communities. The buyer has existing operations in Savannah. The price was not disclosed. Bradley Clousing and Daniel Geraghty of SLIB handled the transaction.
MYRTLE BEACH, S.C. — Watercrest Senior Living Group and equity partners Peninsula Alternative Real Estate and Corecam Capital Partners have completed Watercrest Myrtle Beach Assisted Living and Memory Care, a seniors housing community in Myrtle Beach. The community features 76 units of assisted living and 22 units of memory care.
CLOSTER, N.J. — Reuten Associates has released site plans for the Residences at Reuten Park, a 195-unit luxury senior living development in Closter, approximately 15 miles north of Manhattan. Property owner Reuten Associates and developer Metropolis Property Group are seeking a variance to transform outdated industrial buildings at Reuten Corporate Park into a mix of independent living, assisted living and memory care. “The Residences at Reuten Park is a wonderful project that will convert an underutilized piece of industrial property into an upscale residential development that represents a new era …
JACKSONVILLE, Fla. — Validus Senior Living has opened Inspirations at Town Center, a 169-unit independent living community in Jacksonville. Located on 12.1 acres, the property features one- and two-bedroom options. Inspirations at Town Center is part of an ongoing relationship with Baxter Development LLC, a multi-generational, Iowa-based real estate development company.
PORTLAND, Ore. — M&T Realty Capital Corp. has arranged a $20 million FHA-insured loan to refinance a 98-unit memory care facility in Portland. The loan was completed under the U.S. Department of Housing and Urban Development (HUD) Federal Housing Authority (FHA) 232/223(f) program. At a 80 percent loan-to-value ratio, the non-recourse, 35-year, fully amortizing loan with a fixed interest rate below 2.4 percent refinanced M&T Realty’s bridge loan. Located within a designated Opportunity Zone, the FHA application was given priority treatment within the FHA queue resulting in the bridge loan …
SAN ANTONIO — Merchants Capital has arranged $102 million in combined debt and equity financing to support the redevelopment of Granada Homes, a historic affordable housing property located along the River Walk in the heart of downtown San Antonio. Originally constructed in 1927 as the Plaza Hotel, the property is currently a mixed-use, 14-story high-rise housing the low- and very-low-income senior population. The financing for the project includes a $43 million Merchants Bank of Indiana construction loan and $35 million in Merchants Capital syndicated tax credit equity. Merchants Capital also …
MEMPHIS, Tenn. — Sagestone Partners and The Arbor Company have unveiled plans for Opus East Memphis, a senior living facility in Memphis. The 237-unit community is scheduled to welcome residents in early 2023. Opus East Memphis will feature 47 cottages, 107 independent living apartments, 63 assisted living apartments and 20 memory care residences.
