Mainstreet growth
Mainstreet Health Investments (Mainstreet) is adding seven seniors housing and care properties to its portfolio from several sellers, representing a total purchase price of approximately $152 million. First, the company bought four Mainstreet Property Group (MPG)-developed transitional care/assisted living facilities, which are scheduled to open between November 2016 and March 2017 in Texas and Kansas, for $92.8 million, or almost $247,000 per bed, with a year-one cap rate of 7.7%. The Ensign Group will manage the facilities. Second, Mainstreet is acquiring one transitional care/memory care facility in Evanston, Illinois from its existing operating partner Symphony Post-Acute Network for... Read More »TLC and Seniors Housing
Lancaster Pollard’s Propero® Seniors Housing Equity Fund II is in the news again. BMO Harris Bank’s Commercial Real Estate Healthcare group recently closed a $30+ million construction loan for the development of a 242-bed assisted living/memory care/skilled nursing facility in Ocala, Florida. TLC Management, an owner/operator of skilled nursing facilities and seniors housing communities for nearly 30 years in Indiana and Florida, is developing the property with Propero, which provided the equity. Read More »
Love in Carrollton
A new independent living community is being developed in Carrollton, Texas, with the help of a $26.3 million HUD construction loan arranged by the team at Love Funding. Sitting on 5.5 acres in the Dallas-Fort Worth area, this community will feature 183 apartments and five stand-alone cottages, as well as a clubhouse and other amenities. The 40,000-member Prestonwood Baptist Church is also located across the street, which should provide a boost to occupancy. Laura Saull-Smith of Love secured the financing, which came with a 40-year term. An ownership group is behind the development, which includes principals Charlie Nicholas, Luke Harry, Steven Rumsey and Chris Willhite. Read More »Minnetonka mania
Three seniors housing developments are breaking ground this summer in the Minnetonka, Minnesota area. First, United Properties started construction on its 100-unit community, which will include 72 independent/assisted living units, 22 memory care units and six care units. Then, Oppidan Investment Company and Minnesota-based not-for-profit Ebenezer announced the expected September groundbreaking of their newest community, a 136,000-square foot, 105-unit community that will feature independent living, assisted living and memory care. Finally, The Waters plans to break ground in nearby Excelsior on its new 110-unit independent living community by the end of the year. We will see how these... Read More »
Development for Denver joint venture
A joint venture between three different parties enlisted the help of Aron Will from CBRE to help finance a to-be-built senior living community in Denver, Colorado. Blue Moon Capital Partners, MGL Partners and Leisure Care are set to break ground in September on a 163-unit independent living, assisted living and memory care community located near the heart of the Denver Tech Center. Mr. Will secured a $28.7 million, non-recourse floating rate loan, with a six-year term and 48 months of interest only, provided by a regional bank. The community is set to open in Spring 2017. Read More »Schedule a demo
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