LONGVIEW, Texas — Cambridge Realty Capital Cos. has provided a $3.9 million HUD Lean loan to refinance Summer Meadows, a 115-bed skilled nursing care facility in Longview. The fully amortized, 29-year loan was arranged for the owner, a New York limited liability company, using the HUD Section 232 pursuant to Section 223(a)(7) funding program. Cambridge Realty Capital Ltd. of Illinois, the Cambridge business that specializes in underwriting FHA-insured HUD loans, underwrote the transaction.
Texas
AUSTIN, Texas — Ziegler, acting as bank placement agent, has arranged $110.9 million in financing for Westminster, a nonprofit continuing care retirement community (CCRC) in West Central Austin. LCS has managed the property since 1981. Located on approximately 9.3 acres, the community comprises 327 independent living units, 22 assisted living units, 30 memory care units and 55 skilled nursing beds. The financing is a combination of $63.9 million in bank bonds and a $47 million short-term loan. The borrower expects to retire the short-term loans using entrance fees from an …
SAN ANTONIO — Aspen Heights Partners has broken ground on its first active adult community, Dolce Vita at Cibolo Canyon in San Antonio. The property will feature 150 age-restricted apartments and 208 parking spaces in a four-story building. “The Cibolo Canyons area is an ideal locale for a community such as Dolce Vita, which we are developing in response to the specific needs of the area’s population,” says Greg Henry, founder and CEO of Aspen Heights Partners. The neighborhood surrounding Dolce Vita is within a few miles of a wide …
FORT WORTH, Texas — Hunt Capital Partners, in collaboration with Saigebrook Development, has provided $12.9 million in federal low-income housing tax credit (LIHTC) equity financing for the new construction of Everly Plaza. Located in Fort Worth, the mixed-use development will provide 88 units comprised of nine market rate units and 79 affordable housing units. All units will be restricted to seniors who are 62 years and older, and the affordable units will be income restricted to households who earn up to 30, 50, and 60 percent of the area median …
HOUSTON — Colliers International has arranged the sale of a 15,610-square-foot assisted living facility in Houston. Ocean 4 LLC acquired the property from Best Personal Care for an undisclosed price. The three-story property features 46 beds in 26 units. It was built in 1976 and renovated in 2005 Richard Copeland of Keller Williams Commercial represented the buyer in the transaction. Elena Bakina of Colliers International represented the seller.
FORT WORTH, Texas — Locally based general contractor KWA Construction has broken ground on Phase II of the Columbia Renaissance Square multifamily project. The new building will add 120 independent living units. Phase I of the project, which Columbia Residential and Renaissance Heights Development Group are developing, delivered 140 units, the majority of which were affordable housing residences. Phase II is scheduled for completion in December.
FORT WORTH, Texas — Civitas Senior Living has completed construction of The Grandview of Chisholm Trail Senior Living in southwest Fort Worth. The luxury seniors housing community features 66 assisted living and 21 memory care residences. Civitas and Journey Capital co-own the community, and Civitas will also be the operator. “The Chisholm Trail Parkway is a booming part of Tarrant County, and we’re excited to be a part of that growth,” says Wayne Powell, founder and CEO of Civitas. Partners on the project include developer Journey Capital, management company Civitas …
TEXAS — CBRE has arranges an undisclosed amount of financing for the acquisition of a 60-unit assisted living and memory care community in North Texas. The borrower is a joint venture between HJ Sims and Voralto Living. The financing is a four-year, floating-rate loan with 24 months of interest-only payments. A national bank provided the funds. CBRE’s Aron Will, Austin Sacco and Adam Mincberg arranged the financing. The name and specific location of the property were not disclosed.
Survey Shows 96 Percent of Residents Agree with Social Distancing, Visitation Restrictions
by Jeff Shaw
DALLAS — A vast majority of residents in seniors housing communities — 96 percent of them — approve of the current visitation restrictions and social distancing rules to combat the COVID-19 pandemic, according to a survey by Dallas-based operator Buckner Retirement Services. The survey gathered 140 responses from residents across six different Buckner communities in Texas in early May. More than 75 percent of seniors surveyed listed family visits as something they miss most. Other top activities missed within the communities include going to church (56 percent) and group dining …
HOUSTON and DALLAS — Blueprint Healthcare Real Estate Advisors has brokered the sale of seven skilled nursing facilities in Texas for $23 million. The transaction was part of LTC Properties’ continuing divestment of its Preferred Care-branded properties. The portfolio totals 1,150 beds, with five of the communities located in major metros such as Houston and Dallas. A private company based in the Northeast was the buyer. The company was attracted to the immediate economies of scale with so many beds in a single state, according to Blueprint.