Continuing Life Communities signed a $250 million construction loan for Stoneridge Creek Pleasanton, its new 46-acre continuing care retirement community in Pleasanton, Calif. The loan represents one of the largest non-government construction loans signed since the downturn, according to Continuing Life Communities COO Justin Wilson.
Bank of America was the leading lender on the syndicated financing.
When completed, Stoneridge Creek Pleasanton will contain 635 independent living residences, 68 assisted living apartments and 73 skilled nursing beds and will employ approximately 450 people. In addition to the living facilities, it will offer several restaurant venues, a movie theater, a library, billiard and card rooms, a business center, a fitness center, an open-air pool and an art studio, among other amenities.
Continuing Life Communities broke ground on the project last October. Completion is scheduled for the second half of 2013. Approximately 75 percent of the homes included in Phase I have already been reserved, according to Wilson.
“We are excited to complete this construction loan for Stoneridge Creek. We’ve been working on the entitlement process for nearly seven years and now look forward to working on additional communities we have in the pipeline,” said Wilson in a statement. “Although it is extremely difficult to entitle and build a CCRC in California, the end product is worth the wait.”
CNL Lifestyle Properties Inc. will acquire four assisted living communities in the Atlanta area from Solomon Holdings III Dogwood Four LLC for $80 million, excluding closing costs. The transaction, which is subject to due diligence completion and other factors, is scheduled to close in May.
The acquired communities will include Dogwood Forest of Alpharetta in Alpharetta, Ga., Dogwood Forest of Eagles Landing in Stockbridge, Ga., Dogwood Forest of Fayetteville in Fayetteville, Ga. and Dogwood Forest of Gainesville in Gainesville, Ga. Solomon’s affiliated management company, Trinity Lifestyles Management, will continue to operate them under an agreement with CNL.
“We believe this acquisition will further diversify and enhance CNL Lifestyle Properties’ portfolio of senior living communities,” said CNL Senior Vice President and CFO Joe Johnson in a statement.
“Dogwood Forest has a history of providing services and programs that create living environments that produce positive outcomes for their residents. Trinity Lifestyle’s goals for the properties align with our desire to expand our presence in the assisted living asset class.”
Brightview Senor Living, a Baltimore-based provider of housing and care for seniors, plans to develop several new communities in the next two years. The firm will open a total of seven new communities in 2012 and 2013, including four in Maryland, two in Massachusetts and one in northern Virginia. The communities will create about 775 new jobs, according to Marilynn K. Duker, president of The Shelter Group, the parent company of Brightview Senior Living.
Since January 2008, Brightview already opened eight new communities, including in Massachusetts, New Jersey, Pennsylvania and Maryland. When completed, the communities create new jobs in resident programming and activities, healthcare, kitchen and wait staff, housekeeping, grounds and plant maintenance, general operations, sales and marketing and human resources.
“The senior living industry has and continues to offer bright prospects for those who choose to make their career in this growing profession,” said Andrea Griesmar, vice president of human resources with Brightview, in a statement. “During the recession, our company added an impressive number of new jobs. And opportunities will continue to be available for those just starting out in their careers or with years of experience.”
LTC Properties Inc. acquired a skilled nursing property in Red Oak, Texas for $18.6 million. Simultaneous with the purchase, the company added the property to an existing master lease with an unrelated third-party operator at an initial cash yield of 9 percent and an incremental GAAP yield of 10.8 percent.
The facility was completed in 2002 and includes 144 licensed beds. It is located in the Dallas-Ft. Worth metropolitan area.
LTC funded the transaction using its unsecured revolving line of credit.
Lancaster Pollard negotiated refinancing of $13.2 million in debt on behalf of Vintage Senior Living for Vintage Newport, an assisted living facility in Newport Beach, Ca. The firm utilized the FHA Sec. 223(a)(7) program for the transaction and negotiated less restrictive prepayment penalties for the borrower. Jason Dopoulos, of Lancaster Pollard’s Los Angeles office, negotiated this transaction.
Vintage Newport includes 140 private rooms and a secured Alzheimer’s care wing. It will benefit from annual debt service savings of $117,556 without extending the term of its existing loan.
HFF hired Ryan Maconachy and Chad Lavender to lead its seniors housing investment sales business. The two will be based in the firm’s Dallas office and will be part of the firm’s national seniors housing group, focusing on seniors housing investment sales.
In the past year, the HFF national seniors housing group closed more than $225 million in institutional seniors housing sales.
Maconachy, who will serve as managing director with the group, has more than six years of experience in the seniors housing market. Prior to joining HFF, he worked as national director of ARA’s National Seniors Housing Group.
Lavender, who will serve as director, also worked at ARA’s National Seniors Housing Group, as well as director of acquisitions and dispositions with Harwood International.
“We are pleased to have Ryan and Chad as part of HFF’s national seniors housing team. They bring with them a wealth of knowledge and client relationships in the seniors housing market, which we are looking forward to expanding as a property specialty,” said Jody Thornton, executive managing director in HFF’s Dallas office, in a statement.
Ryan Cos. Us. Inc. will soon complete construction of Thomas Place Gurnee, a $25.4 million, 100-unit affordable senior apartment community in Gurnee, Ill. The company plans to start phased move-in of residents into the community in April.
The project is a three-story complex on a 12-acre site that will include 33 one-bedroom, one-bath units and 67 two-bedroom, two-bath units. The apartments will range from 784 sq. ft. to 1,033 sq. ft. and will include a balcony or a patio, a full-sized kitchen, a washer and dryer and walk-in closets. The common area will include a dining room and a kitchen, a TV and entertainment lounge, a game room and a fitness center. The exterior of the property will feature a private courtyard and a covered drop-off area for residents and guests. The complex will also come with 152 parking spaces.
Thomas Place Gurnee will be an age-restricted community, with at least one resident in each unit being 55 years of age or older. Income restrictions will also apply.
Design Build Architectural Services Inc., a wholly-owned Ryan subsidiary, provided architectural design and engineering services for the project.