Welltower acquires San Antonio senior living portfolio
Toledo, Ohio-based health care real estate investment trust (REIT) Welltower (NYSE: WELL) acquired a two-building senior housing portfolio in San Antonio, Texas, totaling 335 units. The seller was Dallas-based senior housing developer, South Bay Partners.
The two adjacent buildings, Watercrest at Dominion (230 units) and Isle at Watercrest Dominion (105 units), will be rebranded together as Discovery Village at Dominion, and managed by Discovery Senior Living.
SunTrust arranges $69 million acquisition financing for California senior living portfolio
SunTrust Banks Inc. (NYSE: STI) provided a $69.5 million acquisition package to a venture of Watermark Retirement Communities and Kayne Anderson, for the acquisition of three senior living communities in California. The communities are Whittier Place in Whittier, Raincross at Riverside in Riverside and Bayside Park in Emeryville. Bayside Park has been rebranded as The Watermark by the Bay.
Whittier Place and Raincross at Riverside provide assisted living and memory care services to the Los Angeles area. The Watermark by the Bay provides assisted living and memory care services for residents in Emeryville, Oakland and Berkeley.
Walker & Dunlop provides $52 million refinancing for Colorado senior living portfolio
Walker & Dunlop Managing Directors Stuart Wernick and Jeff Ringwald, along with Senior Vice President Bill Jackson arranged a refinancing package totaling $52,035,000 for three senior housing communities in Colorado. The portfolio, totaling 196 units, is owned by a joint venture of MorningStar Senior Living and an alternative investment fund based in the Middle East.
The communities — MorningStar at Jordan, MorningStar at Mountain Shadows, and MorningStar at Bear Creek — were refinanced with Fannie Mae loans carrying ten-year, fixed-rate terms with interest-only for a portion of the term.
Preservation of Affordable Housing acquires $24 million affordable senior housing portfolio
Preservation of Affordable Housing (POAH) acquired six affordable senior housing apartment buildings in Chicago and the suburb of Harvey, Illinois. The buildings, totaling 462 units, were acquired from YMCA Foundation entities, POAH Chicago area Vice President Bill Eager told Senior Housing News.
The six communities are:
- Harvey II Elderly Housing (60 units), 166 West 151st St., Harvey
- Harvey III Elderly Housing (60 units), 174 West 151st St., Harvey
- South Suburban Elderly Housing (120 units), 178 East 155th St., Harvey
- South Chicago Elderly Housing (101 units), 3039 East 91st St., Chicago
- Greater Roseland Elderly Housing (60 units), 19 East 110th Place, Chicago
- Washington Park Elderly Housing (60 units), 5040 South Indiana Ave., Chicago
POAH is partnering with Claretian Associates on the South Chicago property, and plans to renovate the buildings starting with two in the next year, Eager said.