Cornerstone Healthcare Plus REIT Acquires TN Assisted Living/Memory Care Facility for $8.5 Million
Cornerstone Real Estate Funds, and its strategic alliance partner and sub-advisor Servant Healthcare Investments, announced that the Cornerstone Healthcare Plus REIT has acquired Terrace at Mountain Creek – a senior living facility that provides independent and assisted living as well as memory care services. The property is a 110,000 square foot facility located in Chattanooga, TN and was acquired for $8.5 million. Terrace at Mountain Creek has 116 units – 42 independent living, 61 assisted living and 13 memory care. As of June, 25, 2010, the property was 96.6% occupied.
The property will continue to be managed by the current operator, Good Neighbor Care, a subsidiary of Wilkinson, Corp. Good Neighbor Care is considered one of the larger senior housing operators in the country and has managed two other senior living facilities in Tennessee. Servant Healthcare CEO John Mark Ramsey commented, “We’re excited to be aligned with Good Neighbor Care on this acquisition. They have a tremendous reputation as a top-tier operator in the senior living space. Their track record not only includes outstanding quality of care but also above-average facility occupancy and financial results.”
Affordable Community Housing Trust and Triad Senior Living Announce Successful Refinancing of Chicago Retirement Community
Triad Senior Living, Inc., a Dallas based retirement living provider, has announced the successful refinancing of the Waterford Estates retirement community in Hazel Crest, Illinois. The 254 unit independent and assisted living property is managed by Triad and owned by Affordable Community Housing Trust – Epsilon, a national owner of senior living communities and other multi-unit housing communities in Texas, Colorado, Illinois and Florida.
“We’re very pleased to have achieved this refinancing for Waterford Estates in this challenging economic climate,” stated Triad president, Blake N. Fail. “Over the past several years, Waterford’s excellent reputation and high occupancies have allowed this community to flourish and this new, fixed rate, long-term loan just add to that success.” Jon Paden, President of Affordable Community Housing Trust, added “Waterford Estates is one of our larger assets and this new $20,000,000+ financing strengthens our ability to continue to provide quality, affordably-priced retirement housing options to residents in the south Chicago suburbs.”
Wilk Auslander Represents Millennium Management in $162 Million HUD-Insured Refinancing of 16 Nursing Homes
Wilk Auslander LLP announced that it recently represented Millennium Management, L.L.C., a Miami-based owner and manager of skilled nursing facilities, in the refinancing of a portfolio of nursing home facilities that were purchased by Millennium from General Electric in December of 2008. The portfolio was comprised of 19 facilities located throughout Florida and the transaction involved the refinancing of 16 of the 19 facilities containing 2,088 beds. The HUD-insured lender in the transaction was Walker & Dunlop based in Bethesda, Maryland, with Steve Ervin heading the lender team. Each loan was structured with an all-in interest rate of 4.95%, a 35 year term and a 35-year amortization.
“The nursing home industry is one of the areas where, even during this economically challenging time, financing is readily available because of existence of HUD programs,” said Wilk Auslander partner Aaron Kinderlehrer, who led the firm’s work on behalf of Millennium. “HUD insured lending is a lengthy, detailed and difficult closing process. However, because of this transaction as well as the other transactions we have completed in this area, our firm has become well versed in the intricacies of HUD financings and has been able to help our clients navigate them successfully.”
Cambridge refinances $30.3 Million HUD LEAN Loan for Skilled Nursing Care Center in Melville, New York
Cambridge Realty Capital Companies has closed a $30.2 million FHA-insured HUD Lean mortgage to refinance the Huntington Hills Center for Health & Rehabilitation, a 320-bed skilled care nursing facility in Melville, New York. The loan was coordinated by Cambridge’s National Origination Manager Hymie Barber and underwritten by Cambridge Realty Capital Ltd. Of Illinois, the Cambridge business unit that specializing in underwriting HUD Lean loans.
