Northbridge Senior Housing acquires 8-property New England senior housing portfolio
Northbridge Senior Housing, through its Northbridge Strategic Housing Fund II, received acquisition financing for an eight-property senior housing portfolio in New England, totaling 565 units.
The properties in the portfolio are:
– Avita of Brunswick in Brunswick, Maine
– Avita of Stroudwater in Westbrook, Maine
– Avita of Wells in Wells, Maine
– Carriage House at Lee’s Farm in Wayland, Massachusetts
– Laurelwood at the Pinehills in Plymouth, Massachusetts
– Ledgewood Bay at Milford in Milford, New Hampshire
– Stroudwater Lodge in Westbrook, Maine
– Sunnybrook in Brunswick, Maine
The properties are a mixture of 49 independent living, 256 assisted living and 260 memory care units that were nearly 90% occupied at closing.
HFF President and Executive Managing Director Jody Thornton, along with Senior Director of Freddie Mac Financing Luke Vanderpoel, originated the loans.
Avamere acquires Arizona assisted living and memory care community
The Avamere Family of Companies acquired its first senior living community in Arizona. Avamere at the Stratford is an assisted living and memory care community in Phoenix, Arizona capable of accommodating 164 residents.
This is the 18th community-based care building to join Avamere’s portfolio in the past 12 months.
KeyBank Originates $66 million loan for two New York senior living communities
KeyBank Real Estate Capital arranged $65.9 million in Freddie Mac financing for two senior housing properties in western New York state.
A $45.8 million first mortgage loan was secured by Orchard Heights in Orchard Park, New York. The two-story, 162-unit property includes 114 assisted living units, 32 independent living units and 16 memory care units.
A separate $20.1 million first mortgage loan was secured by Heather Heights of Pittsford, a seniors housing property located in Pittsford, New York. The 96-unit property includes 72 assisted living units and 24 memory care units.
Carolyn Nazdin of KeyBank’s Healthcare Group arranged the fixed-rate loans with 15-year terms, five-year interest only periods and 30-year amortization schedules. Both loans were used to refinance existing debt.
SunTrust provides $45 million construction financing for Virginia senior living community
SunTrust Banks provided Sunrise Senior Living $45.5 million to finance the construction of a 93-room assisted living and memory care community in the heart of Old Town Alexandria, Virginia.
NHI acquires Michigan assisted living facility for $10.8 million
National Health Investors (NYSE: NHI) acquired Hampton Manor of Shelby, an assisted living and memory care facility in Shelby Township, Michigan, for a total commitment of $10.8 million and will lease the facility to an affiliate of Comfort Care Senior Living.
The facility has 60 assisted living units in operation. An additional 14 memory care units are under construction, with an expected summer 2019 opening. The 10-year lease will have a lease rate of 7.75% plus annual escalators starting in year 3. The acquisition was funded by NHI’s revolving credit facility.
Lancaster Pollard originates $3.9 million refinancing package
Lancaster Pollard Senior Managing Director Jason Dopoulos assisted Summit Healthcare REIT in refinancing $3.9 million through the FHA Sec. 232/223(f) program for Sundial Assisted Living, a 45-unit facility in Redding, California.
The proceeds will improve Sundial’s overall cash flow and capital improvements at the facility.
Brookhaven IDA closes on incentive package for New York affordable assisted living development
Brookhaven Industrial Development Agency (IDA) closed on a package of economic development incentives for an affordable assisted living and memory support project proposed for an undeveloped site in Coram, New York.
The incentives will assist the development team, a venture of Jericho, New York-based Senior Management and Kaplan Development Group, to construct a 112-bed assisted living facility to be known as All American Assisted Living.
Charter Senior Living named new manager of Illinois memory care community
Charter Senior Living was selected to manage Autumn Leaves of Glen Ellyn, a 46-unit, full-service memory care community in Glen Ellyn, Illinois. The community will be renamed to Charter Senior Living of Glen Ellyn.
Charter’s portfolio now includes 14 senior living communities across nine states.
Companies featured in this article:
Avamere Family of Companies, Brookhaven IDA, Charter Senior Living, HFF, Kaplan Development Group, KeyBank Real Estate Capital, Lancaster Pollard, National Health Investors, Northbridge Companies, Senior Management, Summit Healthcare REIT, Sunrise Senior Living, SunTrust Banks