Transactions & Financings: Greystone, Integral Senior Living

Greystone Closes Sales of Three Separate Senior Living Properties

Greystone Real Estate Advisors has announced its role in the sales of three senior living communities in Oklahoma, Texas and Illinois.

The firm recently arranged the sale of Storey Oaks of Tulsa, a 38-unit/66-bed memory care community in Tulsa, Oklahoma; Wood Glen Court, a 72-unit/78-bed assisted living community in Spring, Texas; and The Springs of Vernon Hills, a 70-unit/70-bed memory care community in Vernon Hills, Illinois.

Cody Tremper and Mike Garbers of Greystone advised the seller in each of the separate transactions.

Solvere Senior Living Assumes Management of Six More Communities

Solvere Senior Living has assumed management of three independent living communities near Dallas and another three close to Detroit.

Communities now under the company’s management in the Dallas/Fort Worth metro-area Preston Place in Plano, Meadowstone Place in Dallas and Parc Place in Bedford, Texas. A fourth community, The Villages of Windcrest in Fredericksburg, Texas, is under construction and slated to open in October under Solvere Senior Living management.

The communities in the Detroit area include Pine Ridge of Shelby in Shelby Township, Pine Ridge of Plumbrook in Sterling Heights and Pine Ridge of Garfield in Clinton Township, Michigan.

Last September, the firm also assumed management of two independent living communities in Virginia: Verena at the Reserve in Williamsburg and Verena at the Glen in Glen Allen.

Integral Senior Living to Manage Forthcoming Texas Community

Integral Senior Living will manage Spring Cypress Assisted Living and Memory Care, a senior living community owned by MedCore Partners that’s due to open next month in Cypress, Texas.

The community’s assisted living and memory care apartments are slated to open in April. When it opens, Spring Cypress will have studio, one- and two-bedroom apartments for its residents. Planned amenities include a wellness center, a pond with a walking path and gazebo, a salon and barber, a dog park and a theater.

Workers are expected to break ground on a second construction phase later this year that would add 120 independent living apartments.

Dial Retirement Communities Takes Over Iowa Property

Senior living provider Dial Retirement Communities has taken over management of an assisted living community located in Des Moines, Iowa.

The community, Prairie Hills Assisted Living and Memory Care, will continue normal operations while the transition moves forward, Dial announced.

Capital One Closes $11.3 Million HUD Loan to Refinance New Mexico Assisted Living Community

Capital One announced that it has provided a $11.3 million fixed-rate HUD 232/223(f) loan to refinance Wheatfields Senior Living Community, a 101-bed assisted living facility near the Texas border in Clovis, New Mexico.

Construction of Wheatfield began in 2007. Its five, detached independent living cottages opened in 2008, and its assisted living building was completed in 2011, according to Capital One.

BMO Harris Bank Provides Financing for Acquisition of North Carolina Community

BMO Harris Bank’s commercial real estate health care group provided in excess of $30 million for Bridge Seniors Housing & Medical Properties Fund II to acquire and renovate an independent and assisted living community in Charlotte, North Carolina.

Senior Lifestyles Communities will manage the community.

Written by Tim Regan

New in the resource center

Source Article