Capstone acquires six properties Through a partnership with a private, long-term care operator and developer, Capstone Capital Corp, Birmingham, Ala., acquired six nursing homes in Virginia and North Carolina. The nursing homes consist of 548 licensed beds and are operated by Life Care Centers of America, Living Centers of America, Laurel Health Care and Chancellor Health pursuant to long-term, triple-net leases. The purchase price was $23.85 million.
Sterling House hits landmark, forms new joint ventures After receiving $70 million of additional REIT financing commitments to further its development activities, Sterling House Corp., Wichita, Kan., has broken ground on its 100th Sterling House assisted living facility. Expected to open by this fall, the 42-unit property will be the first Sterling House to open in the Carolinas.
In related news, Sterling House has entered into a joint venture development agreement with Elderly Living LP, a Florida-based developer of assisted living residences, under which Sterling House will provide management services to the venture's assisted living facilities, while Elderly Living will provide equity. Sterling House will also have certain repurchase rights related to Elderly Living's interest in the joint venture residences. The company also reached an agreement to acquire a minority interest in Legacy Development, a developer and operator of assisted living residences, to develop up to 15 Sterling House residences. Sterling House will manage operations and will have purchase rights related to Legacy's interest in the residences to be developed.
EdenCare continues growth with management additions EdenCare Senior Living Services, an Atlanta-based developer of assisted living facilities, has added Mark T. Spiegel and Mark P. Maberry as partners.
McCarthy completes addition to Illinois retirement community St. Louis-based McCarthy has completed the $6 million Windsor Court addition for Windsor of Savoy, a retirement community belonging to The Carle Foundation, Urbana, Ill. The two-story addition is attached to an independent living apartment complex and contains 36 one- and two-bedroom apartment homes.
ValuExpress finances assisted living facility ValuExpress LLC, New York, financed a 159-unit assisted living facility in Liberty, Mo., for $3.52 million. The property, Cedars of Liberty, was built in 1986 and is currently owned by Cedars of Liberty Inc. The financing was structured as a 10-year term, fixed-rate loan, which was sold to Smith Barney Mortgage Capital Group Inc. The property currently is operating at 87% occupancy.
Ground broken on 92-unit seniors project Ground has been broken on Carillon Crossing, a luxury condominium community with a 92-unit assisted living facility, Montchanin Residence, adjacent to the A.I. DuPont Children's Hospital in New Castle County, Del., according to Bernardon & Associates, which completed land planning and design. It is owned and managed by Senior LifeChoice of PA and serves an upper-middle class seniors' market. Eighteen units are for Alzheimer's care.
Busy spring for WMF It was a busy spring for The WMF Group, Vienna, Va., and its subsidiaries as far as financing for seniors housing goes.
Washington Mortgage closed two loans in Michigan to congregate facilities for senior citizens. The first loan, for $4.5 million, went to refinance American House Lakeside I, an 81-unit facility. It is a 10-year loan at 9.11% with 25-year amortization. The second loan, for $3.25 million, went to refinance American House Bloomfield, an 89-unit, one- and two-story facility in Rochester Hills, a suburb of Detroit. It is a 10-year loan at 9.16% with 25-year amortization.
WMF Huntoon Paige provided $4.32 million in FHA-insured financing to Fred Lind Manor, an 82-bed, four-story assisted living facility in Seattle. The GNMA collateralized mortgage loan credit enhanced the refinancing of low-income housing tax-exempt bonds.
WMF Huntoon Paige provided $2.49 million in FHA-insured financing to build Genesis Place, a 68-bed assisted living facility in Concord, N.C. One of the first loans to close with pre-marketing funds included in the mortgage, it is a 40-year, self-amortizing loan at 8.375%.
Under Fannie Mae's Multifamily Aggregation Facility, Washington Mortgage closed a $2.1 million loan toward acquisition financing of New Horizons, an 80-unit garden apartment complex in Anaheim, Calif. The property restricts tenancy to residents 62 years of age or older.