EDENCARE SERVICES EdenCare Senior Living Services, an Atlanta-based developer of assisted living communities, has acquired and leased seven facilities located throughout the Southeast in a $23.2 million deal. EdenCare purchased three existing assisted living facilities in South Carolina in which a partnership with Spartanburg, S.C.-based Pulliam Investment Co. and Aaron Enterprises of Hendersonville, N.C. The firm also signed long-term leases for three properties that offer assisted living and dementia-related services. At present, EdenCare is developing a 66-unit assisted living facility in North Carolina.
MEREDITH & GREWencor INTERNATIONAL Boston-based Meredith & Grewencor International has arranged a $13.5 million first mortgage loan through John Hancock Real Estate for Westfield Court, a 168-unit assisted living facility located in Stamford, Conn. The transaction for the 15-story, 150,000 sq. ft. complex was negotiated on behalf of the owner, B & G Associates, by Meredith & Grew Vice President Stephen M. Horan. "Westfield Court is a first class residential complex providing comfortable, full-service housing for its elderly residents," says Horan. "Although several lenders had strong interest in this opportunity, the owners were impressed with John Hancock's quick turnaround."
LEGGETT MCCALL RETIREMENT PROPERTIES Leggett McCall Retirement Properties LLC (LMRP), a Boston-based affiliate of Leggett McCall Properties Group LLC, has developed four new seniors housing facilities, at a cost of $28.5 million, located in Connecticut, Kentucky, New York and Massachusetts. The campus-style retirement developments are focused toward middle-income seniors with annual incomes between $15,000 and $35,000. The facilities are managed by third-party operators that specialize in retirement housing: Holiday Retirement Corp. manages all the independent living facilities, and Emeritus Corp. manages and net-leases the assisted living facilities. The four seniors facilities encompass 570 units, with LMRP targeting the completion of 1,872 units by year-end 1997 at a cost of $174.8 million. By year-end 1998, LMRP will have invested $215 million in developing more than 2,600 units to supply the seniors housing market.
ARV ASSISTED LIVING Costa Mesa, Calif.-based ARV Assisted Living (NASDAQ:ARVI) and New York-based Prometheus Assisted Living LLC, an affiliate of Lazard Freres Real Estate Investors LLC, have completed a $135 million investment for Prometheus in the ARV portfolio. The transaction has Prometheus acquiring approximately 9.6 million newly issued shares of ARV at $14 per share, providing a 49% stake of the company. The Prometheus investment will be used by ARV to continue its acquisition and development plans, to expand services, and to strengthen systems and operations. ARV reports total revenue for its fiscal year ending March 31, 1997, at $83.9 million, an increase of 154% over the same time period in 1996.
SENIOR CAMPUS LIVING Catonsville, Md.-based Senior Campus Living (SCL) will begin construction on two new campus-style retirement communities in the fall of this year. The $250 million project includes Seabrook Village, a 134-acre community in Tinton Falls, N.J., and Greenspring Village, a 167-acre community in Springfield, Va. Each of the new communities will eventually be home to more than 2,100 residents. All SCL retirement communities include an assisted living facility, a nursing home and an on-site medical center. The new campuses join SCL's three ongoing communities, located in Maryland and Michigan, where 4,600 residents live.
SENIOR LIFECHOICE Senior LifeChoice, a Kimberton, Pa.-based seniors housing developer, will break ground on Mallard Landing Retirement Community in Salisbury, Md., in September of this year. The approximately $25 million, 30-acre project will consist of 44 cluster-cottages, 103 garden-styled condominiums, a 20,000 sq. ft. community center and a 90-unit assisted living facility. Mallard Landing will offer home equity ownership coupled with the traditional retirement community atmosphere.
CS/FIRST BOSTON CS/First Boston, New York, financed a $200 million loan to CareMatrix Corp., an assisted living company, and Chancellor Senior Housing, a majority owner of CareMatrix's facilities. Both are based in Needham, Mass. The loan will be used for development of new facilities and leases for CareMatrix. "This financing represents some of the best terms in the market, which will benefit us as we enter into leases for the facilities, and it helps to ensure the continuity of our development," says Robert M. Kaufman, president of CareMatrix.