$50 Million Sale of Seniors Housing Properties in Detroit

National Church Residences, a Columbus, Ohio-based not-for-profit organization that builds affordable housing, has acquired six senior housing properties and Wingate, a management company specializing in affordable and senior housing, for nearly $50 million. The six properties are located in suburban Detroit, and were financed by tax-exempt bonds and low-income housing tax credits. All the properties were developed over the past 30 years by the principals of Wingate and transferred to NCR for new non-profit ownership as part of the transaction. Love Funding originated the transaction for NCR.

Chartwell Seniors Housing REIT has acquired the Trilogy Long-Term Care residence in Scarborough, Ontario for approximately $27.7 million, including the assumption of mortgage costs. Trilogy consists of seven stories and has 197 private suites. The Class-A facility is conveniently located adjacent to major transportation routes and a newly constructed retirement residence. Trilogy opened in the summer of 2003 and is fully occupied.

Baltimore County and developers Enterprise Homes and Mark Building have agreed to develop the county’s first major renaissance project, Kingsley Park Renaissance. Baltimore County acquired the property in 2004 with the intention of redeveloping the site to include affordable senior housing. The master plan includes 78 senior housing units as well as townhouses and homes. The senior rental units will be affordable to seniors 62 and older who earn up to 60% of the area’s median income.

Emeritus Corp., a national provider of assisted living and related dementia care services to seniors, has acquired 12 communities for approximately $101.6 million. The communities are dispersed throughout five states and total 786 units. Emeritus has leased the 12 communities since 2003 and with this transaction has purchased a total of 36 communities this year.

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