CEDARBURG, WI – LTC Properties, a real estate investment trust that invests in seniors housing and health care properties, announced it entered into a real estate joint-venture relationship with affiliates of Tealwood Senior Living and developer Tukka Properties to buy a land parcel and develop Hamilton House, a $23 million, 110-unit independent living, helped living and memory care campus in Cedarburg, Wisconsin.

Construction is slated to start prior to 2018, with a plotted opening date of spring 2019. Upon completion, the community will be operated by an affiliate of Tealwood Senior Living under a triple-net lease with the joint-venture. This deal marks a new relationship between Tealwood and LTC, and is LTC’s first joint venture using this model.

“We’ve listened to regional operators, know their need for more creative and flexible financing structures, and are executing accordingly,” said Wendy Simpson, LTC’s Chairman and Chief Executive Officer. “We are delighted that Tukka is developing this property and are thrilled to welcome Tealwood Senior Living into our portfolio of operators. We are excited about pursuing additional opportunities with them.”

Tealwood Senior Living started in 1989 and now has management and operational responsibilities in over 50 nursing home and helped living communities across Minnesota, Iowa, Nebraska and South Dakota. Tukka Properties is a developer based in Madison, Wisconsin, with both senior living facilities and other projects around the state.

“Breaking ground on Hamilton House brings us one step closer to fulfilling our passion of caring for seniors in underserved markets,” said Howie Groff, Tealwood’s President and Principal. “We are excited about having LTC as our capital partner, and look forward to expanding our relationship while growing our footprint.”

“Embracing Cedarburg’s gorgeous downtown architecture and heritage is vital to us. The building will have a warm and modern farmhouse feel with rustic wood beams, and garden inspired patterns and colors,” said Rachel Pientka, Tukka Properties’ VP of Operations. “Together with LTC and Tealwood, we are striving to make a place residents will truly be excited to call home.”

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NEW YORK, NY – Nationally acclaimed real estate development firm Extell Development Company announced that the company closed on its largest construction loan to date for Central Park Tower on December 29, 2017. Central Park Tower, a 1,550-foot-tall architectural landmark located on Manhattan’s Billionaires’ Row, will be the tallest residential building in the world. The financing package was comprised of a $900 million senior construction loan syndication led by J.P. Morgan and a $235 million preferred equity loan from a hedge fund.

“Extell has an exceptionally strong reputation with the lending and institutional investor communities and this sophisticated transaction affirms the confidence in Manhattan’s luxury condominium market,” said Gary Barnett, President and Founder of Extell Development Company. “New York City has never known a supertall tower of this caliber and we are pleased to have our institutional partners on board to deliver a product that will be truly exceptional.”

Central Park Tower will be the definitive New York skyscraper with an incomparable offering in every respect. Situated on 57th Street with Central Park directly to the north, the tower is supremely located at the intersection of Columbus Circle and the Plaza District. Designed by renowned firm Adrian Smith + Gordon Gill Architecture, known for such celebrated supertalls around the world including Burj Khalifa in Dubai and the Kingdom Tower in Saudi Arabia, the building will include 179 ultra-luxury residences with gracious layouts, stratospheric views and access to New York’smost elevated private club of full-service amenities.

Extell is co-developing Central Park Tower with SMI USA (SMI), the US subsidiary of Shanghai Municipal Investment, a leading infrastructural investment company responsible for the esteemed Shanghai Tower.

Central Park Tower will also be home to an approximately 300,000-square-foot Nordstrom department store. This new seven-tale retail space will be the Seattle-based fashion retailer’s flagship location in New York City, the first in its over 100-year history.

Extell pioneered the development of ultra-luxury skyscraper development on what is now considered the most prestigious residential corridor in Manhattan with One57, the first supertall tower on Billionaires’ Row. The record-breaking glass tower overlooking Central Park, which redefined the New York City skyline, includes 132 premier condominiums above the Park Hyatt’s new five-star flagship hotel. One57 is home to the most expensive residence ever sold in New York City history at $100.5 million. 

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TOLEDO, OH – Welltower announced it has entered into a definitive agreement to buy a portfolio of rental continuing care retirement communities. The transaction comprises four communities offering a full continuum of care including independent living, helped living, memory care and post-acute care concentrated in attractive markets within the Washington D.C., Miami and Charlottesville MSAs.

The portfolio is currently managed by Sunrise under triple-net leases. Welltower will buy the landlord’s ownership interest for $368 million and will transition the communities to a RIDEA structure to deliver next generation care. Welltower has closed on one of the communities with the remaining three to follow in the first quarter of 2018. This investment is projected to generate a nominal year one cap rate of 7%.

“We are pleased to announce the acquisition of this unique portfolio. Only Welltower, with our superior relationship investment model, is able to source, do and unlock immediate value in off market investments such as this,” said Tom DeRosa, CEO of Welltower. “These assets, located in top markets, represent both an enhancement to our Sunrise portfolio and a significant above market return for our shareholders.”

Sunrise Senior Living operates more than 300 communities in the United States, Canada and the United Kingdom, with a total unit capacity of over 30,000. Welltower has over $6 billion of investments with Sunrise Senior Living.

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