Transactions and Financings: SunTrust’s $67 Million Loan; Watermark Expands Management Portfolio

SunTrust provides $67 million construction loan for South Carolina community expansion

Rolling Green Village, a non-profit continuing care retirement community (CCRC) in Greenville, South Carolina, secured a $67 million loan for an expansion project that broke ground last August. The loan was provided by SunTrust Banks.

When completed in fall 2020, the expansion will include 60 new one- and two-bedroom apartments, 23 stand-alone cottages and duplexes, new dining venues including a restaurant with an open kitchen design, billiards and game rooms, a lounge and hearth room, an arts and crafts room and a salon.

Jewish nonprofit lands $50 million refinancing for East Village NYC senior housing community

Jewish Association Serving the Aging, a nonprofit committed to sustaining and enriching the lives of New York City seniors, secured a $50 million refinancing package for the Evelyn and Louis A. Green Residence at Cooper Square, a 110,000 square-foot, 150-unit affordable senior living community in Manhattan’s East Village.

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The group obtained the loan from Orix Real Estate Capital, and the debt is insured via U.S. Department of Housing and Urban Development (HUD) funds.

MassHousing lends $44.8M to Boston-area senior housing

MassHousing, a Boston-based agency charged with providing financing for affordable housing in Massachusetts, provided a $44.8 million refinancing package to B’Nai B’rith Housing for Covenant House, a 200-unit affordable senior living community in Brighton, Massachusetts. The funds were secured through MassHousing’s Multifamily Accelerated Processing (MAP)/Ginnie Mae joint venture initiative in partnership with lender Rockport Mortgage Corp.

B’nai B’rith Housing will use the funding to execute capital improvements such as accessibility upgrades, the replacement of bathtubs with walk-in showers, computer lab and fitness renovations. Covenant House’s rental affordability was also extended through 2052.

CBRE facilitates $15 million sale of two California senior housing communities

CBRE SVP Dan Blackwell represented the buyer, Marlon LTD, and seller, RC Hobbs Companies, in the sale of two newly constructed senior housing communities in Orange County, California for a combined $15 million.

The two communities are a 28-unit property at 184 N. Prospect St. and a 12-unit property at 130 S. Hewes St., both located in Orange.

Watermark adds 6 new communities to its portfolio

Watermark Retirement Communities is now providing management services to six additional assisted living and memory care communities in Arizona and California.

The communities are:

  • Caliche Senior Living, Casa Grande, Arizona
  • Joshua Springs Senior Living, Bullhead City, Arizona
  • White Cliffs Senior Living, Kingman, Arizona
  • Crown Cove, Corona del Mar, California
  • Raincross at Riverside, Riverside, California
  • Whittier Place, Whittier, California

Watermark is bringing a host of signature resident engagement programs to the communities such as its award-winning Watermark University, featuring engaging classes for residents and area seniors; the Thrive Dining for memory care program; and Extraordinary Outings, in which residents help plan excursions to explore new places beyond the ordinary.

Senior Living Retirement Brokerage facilitates sale of Oregon residential care facility

Senior Living Retirement Brokerage’s Jason Punzel, Brad Goodsell and Vince Viverito facilitated the sale of Rn Villa Care Center, a 38-unit residential care facility in Portland, Oregon. The seller is a local operator who will use the proceeds to invest in other real estate products. The buyer is a private equity company in northern California that owns several senior housing communities in Portland and is expanding its Pacific northwest portfolio.

Blueprint facilitates sale of New Hampshire assisted living community

Blueprint Healthcare Real Estate Advisors Managing Director Steve Thomes, with special assistance from Live Oak Bank senior care industry expert Adam Sherman, represented both parties in the sale-leaseback of Wadleigh House, an assisted living community in Dover, New Hampshire. The buyer is a local developer and operator looking to renovate and expand the property. The seller, a husband-and-wife team, will remain as operators under a lease until the new owner completes the development project.

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