Grand Court Lifestyles buys Denver community Boca Raton, Fla.-based Grand Court Lifestyles has purchased a 151-unit independent-living center in Denver with a $10.5 million loan arranged by Holliday Fenoglio Fowler LP. Anthony M. Cuccia of Holliday's Edison, N.J., office secured the 10-year, fixed-rate financing through First Union Real Estate Capital Markets, a division of Charlotte-based First Union National Bank.
The community, which has been renamed The Grand Court Denver, provides three daily meals, weekly housekeeping, scheduled transportation and emergency call response. Other features include an exercise room, a chapel and a beauty salon/barber shop.
Cambridge and Corus Bank make relationship official Cambridge Realty Capital Cos. and Corus Bank N.A., both of, have created a strategic partnership that will provide conventional new construction loans of $5 million or more to developers of congregate retirement apartments, assisted-living facilities and nursing homes. The two companies have jointly closed about $75 million in various kinds of conventional seniors-housing and healthcare loans over the years.
"The new alliance will enable us to better address the newlending requirements of our clients in an efficient and timely fashion," says Cambridge chairman Jeffrey A. Davis.
Senior Housing Properties Trust spins off Senior Housing Properties Trust (SNH) has been spun-off from Newton, Mass.-based HRPT Properties Trust. Its shares have begun trading on the New York Stock Exchange under the symbol SNH.
SNH is a REIT with $770 million invested in 93 seniors-housing properties leased to nine tenants; 97% of the trust's investment properties are leased to public companies. Marriott International Inc. is SNH's largest tenant, leasing 42% of its portfolio.
David J. Hegarty serves as the president, COO and secretary of SNH, the same titles he held at HRPT.