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FinanceNewsTexas

JLL Arranges $37.5M Refinancing for Hidden Springs of McKinney in Texas

by Jeff Shaw

MCKINNEY, Texas — JLL Capital Markets has arranged a $37.5 million refinancing for Hidden Springs of McKinney, a 194-unit independent living, assisted living and memory care community in McKinney, a growing submarket in the Dallas-Fort Worth area. The borrower was a joint venture between CREC Real Estate and Madison Marquette. A life insurance company provided the non-recourse, fixed-rate loan, which features a five-year term with extension options. Completed in 2020, Hidden Springs of McKinney is approximately 30 miles northwest of Dallas anf 15 miles west of Frisco. Joel Mendes and …

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FinanceNewsOperationsTexas

Edgemere Dallas, Lifespace Communities Enter Forbearance Agreement

by Jeff Shaw

DALLAS — Continuing care retirement community Edgemere Dallas and its owner-operator Lifespace Communities have entered into a forbearance agreement with UMB Bank as lender and Intercity Investment Properties as lessee. The forbearance is intended to provide the time necessary to proceed with ongoing discussions towards a consensual agreement among the parties designed to strengthen the community’s financial position for the long term and achieve a more sustainable future, according to Lifespace. During the forbearance period, the parties agree to work cooperatively to reach a consensual resolution of the bonds and …

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Active AdultDevelopmentNewsTexas

Greystar Prepares to Open Album Mansfield Active Adult Community in Texas

by Jeff Shaw

MANSFIELD, Texas — Greystar has started pre-leasing at Album Mansfield, an active adult community in the Dallas suburb of Mansfield, with plans to start move-ins this June. Apartments come in one- and two-bedroom layouts. The number of units was not disclosed. Album Mansfield is part of a larger project that also includes conventional multifamily apartments, retail and for-sale single-family homes in a neighborhood called Watson Branch.

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NewsOperationsSkilled NursingTexas

Blueprint Arranges New Tenant at The Lodge at Bear Creek in Grapevine, Texas

by Jeff Shaw

GRAPEVINE, Texas — Blueprint Healthcare Real Estate Advisors has arranged the placement of a new tenant at The Lodge at Bear Creek in Grapevine. The Lodge at Bear Creek was built in 2016 and is licensed for 100 beds of skilled nursing and short-term rehabilitation. Grapevine is an affluent suburb approximately 21 miles northwest of Dallas, and the facility benefits from being near two prominent regional hospitals. The owner, ServiceStar Capital Management, sought to reposition the asset with a new operator. A Utah-based management company, Eduro Healthcare, was selected as …

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Affordable HousingDevelopmentNewsTexas

Columbia Residential, Renaissance Heights Open Phase II of Columbia Renaissance Square in Fort Worth

by Jeff Shaw

FORT WORTH, Texas — Renaissance Heights United, in partnership with Columbia Residential and Purpose Built Communities, has opened the second phase of Columbia Renaissance Square Senior Residences, an affordable seniors housing community in Fort Worth. The $21.8 million expansion is the second of three phases, and included a three-story building with 120 apartments. The apartments average 792 square feet with 96 of the units reserved for low-income seniors. Construction was certified by National Green Building Standard for improved energy efficiency, indoor air quality and lower utility costs. Project partners included …

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Assisted LivingDevelopmentNewsTexas

MorningStar Senior Living Opens 112-Unit Community in Houston

by Jeff Shaw

HOUSTON — MorningStar Senior Living and Hines have opened MorningStar at River Oaks, a seniors housing community in Houston’s River Oaks neighborhood. The community features 85 assisted living and 27 memory care units. The community is Denver-based MorningStar’s first in Texas. Partners on the project include Munoz + Albin Planning & Architecture, Kirksey Architecture, Thoma-Holec Design, TBG Partners and D. E. Harvey Builders.

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AcquisitionsNewsSkilled NursingTexas

SLIB Negotiates $4.4M Sale of Retama Manor Nursing Home in Victoria, Texas

by Jeff Shaw

VICTORIA, Texas — Senior Living Investment Brokerage (SLIB) has arranged the sale of Retama Manor Nursing Home, a skilled nursing facility in Victoria, located between Houston and San Antonio. An independent owner sold the community for $4.4 million, as the lease with the operator was set to expire at the end of the year. The buyer is an owner-operator that will take over operations. The facility consists of 142 beds and was built in 1969 totaling approximately 29,510 square feet on three acres of land. Matthew Alley of SLIB handled …

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Affordable HousingDevelopmentNewsTexas

Merchants Capital Arranges $102M Financing for Historic Affordable Housing Redevelopment in San Antonio

by Jeff Shaw

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 …

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FinanceNewsTexas

Ziegler Arranges $116.1M Financing for Methodist Retirement Communities

by Jeff Shaw

THE WOODLANDS, Texas — Ziegler has arranged $116.1 million in bond financing for Methodist Retirement Communities (MRC), a nonprofit owner-operator based in the Houston suburb of The Woodlands. The borrower owns 13 seniors housing communities throughout Texas. The transaction brings The Crossings and Crestview under the same financing structure as four other MRC communities, while refinancing that debt. The bonds are privately placed with Truist Bank and Hancock Whitney Bank.

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DevelopmentNewsTexas

Three Starts Construction of Touchmark at 271-Unit Touchmark at Emerald Lake in McKinney, Texas

by Jeff Shaw

MCKINNEY, Texas — Architecture firm Three has completed design and started construction of Touchmark at Emerald Lake, a seniors housing community in the northern Dallas suburb of McKinney. Located on 81 acres, the community will be built in two phases. The first phase will feature 149 independent living apartments, six casitas (duplex residences), 84 assisted living and 32 memory care residences. Thirty-two of the assisted living homes will be studios offering a smaller neighborhood environment and higher resident-to-staff ratio. A future phase will add a health and fitness center with …

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