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.
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.
By:
Daniel Alpers
Director of Civil & Municipal Projects
Vizzda
