INDIAN LAND, S.C. — Resort Lifestyle Communities (RLC) has planned an Oct. 1 groundbreaking ceremony for Greenway Square, an independent living community in Indian Land, located across the North Carolina border from Charlotte. The $30 million, 180,000-square-foot community is the fourth RLC location in South Carolina.
News
DCHFA Provides $78M in Financing for Development of The Residences at Kenilworth Park in Washington, D.C.
by Jeff Shaw
WASHINGTON, D.C. — The District of Columbia Housing Finance Agency (DCHFA) is funding the construction of The Residences at Kenilworth Park, an affordable assisted living community in Washington, D.C’s Ward 7. DCHFA issued $58 million in bond financing and underwrote $20 million in four percent Low Income Housing Tax Credit (LIHTC) financing for the 157-unit development. Apartments at The Residences at Kenilworth Park will be reserved for seniors age 60 and above who require assistance with two or more activities of daily living. Residents must earn 60 percent or less …
NASHVILLE, Tenn. — Brookdale Senior Living Inc. (NYSE: BKD) has secured $267 million of non-recourse mortgage debt and terminated its $250 million revolving credit facility. The company obtained 10-year mortgage financing from Capital One, National Association pursuant to Freddie Mac’s Capital Markets Execution Program. The financing includes $191 million of 2.89 percent fixed-rate notes and $76 million of adjustable rate notes with an initial rate of 2.64 percent. Brookdale is securing the loans with 16 senior living communities, most of which had previously secured Brookdale’s revolving credit facility. At the …
FATE, Texas — Private equity firm Gardner Capital has partnered with the City of Fate, a small city northeast of Dallas, to develop Gala at Fate, a 185-unit affordable seniors housing community. The city will lease the land to Gardner Capital, with plans for long-term ownership by the public-private partnership. CREA and Citibank are additional financial partners for the project, with Citibank providing both construction and permanent financing. “An important piece of our community’s comprehensive plan is to provide a wide range of housing choices, from first-time home buyers up …
HOUSTON — Heavenrich & Co. has negotiated the sale of Villa Toscana at Cypress Woods, a 120-bed skilled nursing facility located in Northwest Houston. Villa Toscana was built in 2009 on an 80-acre medical campus, anchored by the Kelsey Seybold Clinic. Heavenrich & Co. represented the sellers, national owner-operator StoneGate Senior Living and a publicly traded REIT. The buyer was O&M Investments, a private equity firm focused on skilled nursing. The price was $5.3 million, or just over $44,000 per bed. Occupancy was 76 percent at the time of sale.
HIGHLAND PARK, Ill. — Capitol Seniors Housing has opened Atria Highland Park, an assisted living and memory care community in the Chicago suburb of Highland Park. The three-story, 72,000-square-foot community features 86 residential apartments on a 2.6-acre site. The operator is Atria Senior Living. Mosely Architects designed the project, while StudioSIX5 handled interior design. “Overlooking Sunset Valley Golf Club and located just south of Sunset Woods Park, the new community is also near medical facilities, downtown Highland Park shops and restaurants, a post office and many more local amenities,” says …
WASHINGTON, D.C. — The U.S. Department of Health and Human Services (HHS), through the Health Resources and Services Administration (HRSA), has announced that assisted living facilities may now apply for funding under the Provider Relief Fund Phase II. The move comes after months of lobbying by seniors housing industry associations amid the COVID-19 pandemic. Previously, while skilled nursing facilities received millions of dollars in governmental support, assisted living communities were left out of much of the funding. “Argentum, along with our trade association partners, have been advocating on behalf of …
Watercrest, United Properties Near Completion of 198-Unit Community in Sarasota, Florida
by Jeff Shaw
SARASOTA, Fla. — Watercrest Senior Living Group and United Properties have reached the final phase of construction of Watercrest Sarasota. The community features 72 independent living units, 94 assisted living units and 32 memory care residences. Walker & Co. is building the property alongside Interior Design Associates.
Carnegie Capital Arranges $11.5M Refinancing for Three-Property Skilled Nursing Portfolio in Oklahoma
by Jeff Shaw
OKLAHOMA — Carnegie Capital has arranged $11.5 million in refinancing for three skilled nursing facilities totaling 330 licensed beds in Southern-Central Oklahoma. The borrower is a local owner-operator, and the lender is an Arkansas-based regional bank. JD Stettin of Carnegie Capital arranged the financing, which features a 3.99 percent fixed rate for five years.
Lancaster Pollard Provides $33M Fannie Mae Refinancing for Plaza at Punchbowl in Honolulu
by Jeff Shaw
HONOLULU — Lancaster Pollard Mortgage Co. has provided a $33 million refinancing for The Plaza at Punchbowl, a seniors housing community in Honolulu. Built in 2003 and renovated in 2017, The Plaza at Punchbowl is a Class A facility that features 68 independent living units, 20 assisted living units and 20 memory care units. It is one of six seniors housing communities that The Plaza Assisted Living operates in Hawaii. The borrower is MW Group. The Fannie Mae loan features a 10-year term and five years of interest-only payments. The …