Transactions & Financings: Lancaster Pollard, Blueprint, CBRE

Lancaster Pollard Helps Secure Financing for Assisted Living Project

Lancaster Pollard recently aided Gardant Management Solutions and Horve Builders in securing financing to build Heritage Woods of Noblesville, a planned 124-unit affordable assisted living community in Noblesville, Indiana.

Lancaster Pollard obtained a $19.9 million loan insured by the FHA Sec. 232 program to fund the new construction project. The loan has a low, fixed interest rate and 40-year term, and allows Gardant to focus on operations and avoid interest rate risk.

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Brett Murphy led the transaction for Lancaster Pollard.

Blueprint Arranges Sale of New York Community

Blueprint has announced the successful sale of Parkrose Estates, a 100-unit independent living community in the Syracuse, New York, suburb of Liverpool. Blueprint executed the sale on behalf of a private equity investor and a property manager.

Originally,  Capitol Seniors Housing acquired the community in a sale-manage back transaction that retained Spectrum Retirement Communities. Ultimately, Chicago Pacific Founders Living Communities (CPF Living) purchased the community.

Based in Chicago, CPF Living acts as owner and operator in all communities acquired by the fund. Grace Management, which is wholly owned by CPF Living, will operate Parkrose Estates.

The transaction was handled by a team of Blueprint advisors including Ben Firestone; Jacob Gehl, who originally sold the property; Michael Segal; and Steve Thomes.

The financial terms of the deal were undisclosed.

CBRE Arranges Financing for Texas Community, Two-Property Acquisition

CBRE National Senior Housing recently arranged financing for a senior living community in Texas, and the acquisition of two new communities in Utah and Ohio.

Aron Will, vice chairman of CBRE National Senior Housing, arranged acquisition financing on behalf of a joint venture between CA Ventures and a global investment manager a portfolio of two senior housing communities in Cincinnati and Salt Lake City.

Both communities in that portfolio were originally developed by CA Ventures in partnership with another institutional equity partner and Senior Lifestyle Corporation (SLC).

For that transaction, CBRE secured a three-year floating rate, non-recourse loan with 36 months of interest only from a debt fund. The communities are managed by SLC under a third-party management agreement.

Will also arranged financing on behalf of Padua Realty Company and Paradigm Senior Living for Woodhaven Village, a 157-unit senior living community that opened in Conroe, Texas, last year.

The property was developed in joint venture partnership between Padua and PSL. Since its opening, Woodhaven has averaged 10 move-ins per month, and is currently more than 90% occupied.

CBRE, through its Freddie Mac Seller Servicer direct lending program, was able to secure a $34.5 million, 10-year floating rate loan with 60 months of interest.

Confluent Senior Living Sells Colorado Community to Kayne Anderson

Confluent Senior Living, a subsidiary of Denver-based real estate investment and development firm Confluent Development, has agreed to sell its MorningStar of Fort Collins senior living community in Fort Collins, Colorado, to Kayne Anderson Real Estate.

The senior living community, which spans 69,000 square feet and includes 79 assisted living and memory care suites, first opened its doors in 2015. Confluent Senior Living originally co-developed the community with its operating partner, MorningStar Senior Living. Going forward, MorningStar will continue to operate the community.

The Fort Collins community represents Confluent’s first sale of a senior living asset to Kayne Anderson Real Estate. The deal’s terms were undisclosed.

North Carolina Community Changes Hands

A 122-bed adult care home in North Carolina has a new owner.

The property was originally built in 1984, and operated for years as a skilled nursing facility. The buyer, an assisted living operator based in the South Atlantic states, is planning to renovate the facility and operate it as an assisted living community with a memory care component. The seller is a regional operator based in North Carolina.

The total purchase price was $1.7 million. Patrick Burke of Senior Living Investment Brokerage, Inc. handled this transaction.

Written by Tim Regan

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