EAGLE LAKE, Texas — Nexion Health has opened Eagle’s Landing, a memory care community within its Arbor Hills Rehabilitation and Healthcare Center at Eagle Lake. Located in the small city of Eagle Lake, approximately 70 miles west of Houston, the asset offers 20 units. The Arbor Hills Rehabilitation and Healthcare Center was one of nine Texas facilities where Nexion Health took over operations in December 2020.
EL PASO, Texas — Ziegler has arranged $13.6 million in financing for an affiliate of Altitude Health Services. The loan will refinance debt on Mountain View Health and Rehabilitation, a 187-bed skilled nursing facility in El Paso. Altitude acquired the community in 2016 using bank financing. The HUD 232/223(f) refinance allowed Altitude to lock in fixed-interest, non-recourse debt for 35 years.
TYLER, Texas — LifeCare Properties and New Orleans-based investment group ERG Enterprises have released plans for The Blake at Tyler, a senior living community in the East Texas city of Tyler. Scheduled to open in 2023, the property will be the third Blake-branded community in Texas. Blake Management Group will be the operator. The community will total 100,000 square feet and offer assisted living and memory care units.
SEBRING, Fla., RAVENNA, Ohio, and GRAND PRAIRIE, Texas — KeyBank has provided $21.5 million of capital for National Church Residences (NCR) to rehabilitate three affordable seniors housing properties in Florida, Ohio and Texas. Fair Havens Village is an 80-unit property in Sebring, with 79 studios and one-bedroom affordable units plus a manager unit in three buildings. The property was originally constructed in 1985. The renovation will improve safety and accessibility and includes roof repairs, common area and residential unit improvements, and modernization of HVAC, electrical and plumbing systems. In addition …
BENBROOK, Texas — Plains Commercial has arranged the sale of Benbrook Nursing and Rehab in Benbrook, approximately 10 miles southwest of Fort Worth. Originally built in 1969 the facility is currently licensed for 115 beds. The seller is a regional owner-operator that decided to cull its portfolio and exit the Dallas-Fort Worth metroplex. The buyer was a regional owner-operator looking to expand its Texas portfolio via a 1031 exchange. The price was not disclosed. Daniel Morris with Plains Commercial handled the transaction.
DALLAS — Volunteers of America National Services (VOANS) has been selected by DHA Housing Solutions for North Texas to develop The Oaks, a mixed-income affordable seniors housing community in Dallas. The project is slated for completion in 2023. The community will feature 260 units for residents age 62 or older. VOANS is the wholly controlled nonprofit subsidiary of Volunteers of America created as the sponsor and parent entity for new Volunteers of America housing development projects.
BUDA, AUSTIN and KYLE, Texas — JCI Senior Housing, a developer based in Austin, has added three communities in Texas to its portfolio. The communities are Buda Oaks Assisted Living and Memory Care in Buda, SoCo Village Assisted Living and Memory Care in Austin, and The Philomena Assisted Living and Memory Care in Kyle. JCI will operate the communities.
AUSTIN and CEDAR PARK, Texas — The Ensign Group Inc. (NASDAQ: ENSG) has acquired the operations of Sedona Trace Health and Wellness Center, a 119-bed skilled nursing facility located in Austin, and Cedar Pointe Health and Wellness Center, a 122-bed skilled nursing facility located in Cedar Park. CareTrust REIT Inc. (NASDAQ: CTRE) acquired the real estate in the transaction and each operation will be added to an existing long-term, triple-net master lease, which is currently in place between Ensign affiliates and CareTrust. Terms of the transactions were not disclosed. This …
AUSTIN, Texas — Ziegler has arranged $56.9 million in bond financing through the New Hope Cultural Education Facilities Finance Corp. for an expansion at Westminster, a continuing care retirement community (CCRC) in Austin. The community is located on approximately 9.3 acres in west central Austin and comprises 324 independent living units, 22 assisted living units and 85 skilled nursing beds (of which 30 are utilized for memory care). Life Care Services (LCS) has operated the property since 1981. Additionally, LCS is providing development services for Westminster’s expansion project. The project …
ILLINOIS and TEXAS — KeyBank Real Estate Capital has arranged $105.9 million in financing to recapitalize a portfolio of six assisted living and memory care properties. The portfolio features 631 units operating under the Heartis brand. The borrower is Dallas-based Caddis Partners. The financing structure consisted of an $80 million syndicated senior credit facility and a $25.9 million mezzanine loan provided by an institutional partner. The portfolio includes: Heartis Clear Lake in Clear Lake Heartis Longview in Longview Heartis San Antonio in San Antonio Heartis Arlington in Arlington Heartis Waco …