URBANDALE, Iowa — Oak Grove Capital, a Minnesota-based lender, has concluded a $3.6 million refinance of Senior Suites of Urbandale, a 63-unit assisted living coplex in Urbandale, Iowa.
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BLUFFTON, Ind. — As part of a Chapter 11 planned bankruptcy sale, Senior Living Investment Brokerage has sold River Terrace Estates, a continuing care retirement community in Bluffton, Ind. The purchase price for the real estate was $6 million, but as part of the bankruptcy, the buyer also assumed about $2 million of refundable deposit liability and took over AP/AR. The all-in purchase price is approximately $8 million, which computes to a realized 7 percent cap rate.
AdCare Health Systems Leases Two Facilities in Georgia; Continues Move Away from Owner/Operator Model
by Jeff Shaw
ATLANTA — AdCare Health Systems, Inc. (NYSE MKT: ADK), (NYSE MKT: ADK.PRA), a long-term care provider, has leased two Georgia skilled nursing facilities as part of its ongoing strategic plan to transition from an owner and operator of healthcare facilities to a healthcare property holding and leasing company. The agreement is with affiliates of C-Ross Management, an operator of long-term care facilities.
ST. PAUL, Minn. — Dougherty Mortgage has arranged a $5.1 million Fannie Mae loan for the refinancing of Riverview Highlands, a 54-unit seniors housing property in St. Paul. The 12-year loan includes a 30-year amortization schedule. Dougherty’s Minneapolis office arranged the loan for the borrower Riverview Highlands LLC.