Sunday, March 9, 2014

The Montecito Senior Living Facility in Peoria Transacts

Vizzda – March 9th, 2014 – An 195-unit assisted and independent living facility in Peoria sold to Dune Real Estate Partners on March 4th, 2014 for $35.92m. The nineteen-building complex named The Montecito exists west of the northwest corner of the loop-101 & Bell road intersection in Peoria, or at 17271 N 87th Ave, Peoria. Lifehouse Health Services was the seller.

The nineteen-building complex totals 253,239 square feet, consisting of a two-story, 137,308 square foot main building and eighteen satellite buildings totaling 115,931 square feet, on 10.06 acres zoned C-2. Due to the inclusion of $4.4m in personal property, no price per unit calculation is applicable to the transaction. Dune Real Estate paid $9.92m down, and $26m new debt with Blackstone REIT affiliate recorded with sale.

Lifehouse had previously acquired this property as land only on May 6th, 1998 for $665,400 or $1.52 per square foot and $12,555,800 new debt with PFC Bank, with a 7% interest rate, maturing 2014. The property was developed by Lifehouse in 1999. PFC Bank issued an additional $6,466,100 of note to the project on December 18th, 2000 having a 7.55% interest rate, maturing 2042. Both prior notes with PFC Bank were released January 2nd, 2013 and a $10m new note with Capital One Bank was issued concurrently.


Daniel Alpers
Director of Civil & Municipal Projects

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