Radiant Senior Living Acquires 64-Unit Community in Idaho
Radiant Senior Living recently acquired The Renaissance, a 64-unit assisted living and memory care community in Coeur d’Alene, Idaho.
Radiant currently owns and operates 19 independent living, assisted living, and memory care communities in Washington, Montana, Oregon, Colorado, Nevada, and Idaho.
Radiant is scheduled to start constructing a 16-unit expansion of The Renaissance in August, bringing the total size of the community to 80 units by February 2019.
Thorofare Capital Funds $13 Million Loan for Arizona Senior Living Community
National commercial real estate loan origination and servicing company Thorofare Capital recently funded a $13 million short-term bridge loan for the refinance and renovation of Park Terrace at Gateway, a 277-unit assisted and independent living community in North Phoenix, Arizona.
The two-year, floating-rate, interest-only loan provides an initial advance of $10 million to repay the construction loan and fund reserves to promote the lease-up of vacant units, with $3 million withheld for future funding of the completion of unit renovations and an “earn-outs” based on performance milestones, according to a press release.
The sponsor, a Southern California-based real estate investor with domestic and international assets, purchased acquired the asset, then an Embassy Suites Hotel, in 2015 out of a bank’s REO portfolio. It was transformed into a senior living community in 2016.
The ADA-compliant property currently has 184 independent living units and 93 assisted living units.
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CBRE Arranges $48 Million Financing for Senior Housing Community in Michigan
CBRE National Senior Housing Vice Chairman Aron Will recently arranged financing on behalf of a joint venture between Michigan-based regional operator Cedarbrook Senior Living and private equity firm Blue Moon Capital Partners for Cedarbrook of Northville, a Class A, 201-unit senior housing community in Plymouth, Michigan.
Specifically, CBRE Multifamily Capital originated a $48 million, 10-year, fixed-rate loan, with full term interest only through its Fannie Mae DUS Multifamily loan origination program.
The community was developed as part of a joint venture partnership between Blue Moon and Cedarbrook. The property comprises one main campus comprised of 98 independent living units, 43 assisted living units and 41 memory care units. Additionally, it has 19 independent living cottages.
Blueprint Arranges $14.7 Million Sale of Land for Assisted Living Developments
Blueprint Healthcare Real Estate Advisors recently arranged the sale of four plots of land in California totaling 21 acres for $14.7 million. The buyers intend to develop assisted living on the land.
Blueprint’s Jacob Gehl, assisted by Giancarlo Riso and Scott Frazier, handled the transactions.
The seller was private equity firm PDC Capital, which specializes in EB-5 investments.
One plot of land is located in Lincoln, California, next to an existing active adult community called Sun City of Lincoln Hills. Lincoln MCC US LLC, a division of MCC China, purchased those seven acres for $8.7 million.
Carefield Senior Living acquired the other three plots, totaling 14 acres, for $6 million. The location of those plots was not revealed.
Artis Senior Living Secures $40.6 Million Construction Loan for Chicago Community
Virginia-based Artis Senior Living recently obtained a $40.6 million construction loan from MB Financial for a 136-unit assisted living and memory care community under development in Chicago.
Artis currently manages 16 senior housing communities in nine states.
HCP Sells Community in New York for $7 Million
A Peregrine Senior Living community in Orchard Park, New York, was recently sold by HCP, Inc. (NYSE: HCP) to Michigan-based private-equity investment manager Valstone Asset Management for $6.65 million, The Buffalo News reported.
The transaction will not have any impact on either the Peregrine operation or the residents, Peregrine President Stephen S. Bowman told the publication.
Written by Mary Kate Nelson