St. Louis-Area Assisted Living Communities Change Hands
- May 16, 2019
Triloma Seniors Housing has acquired The Fountains at Granite City and The Fountains at Godfrey, two senior housing communities in Madison County, Ill., totaling 135 units. County records show Triloma purchased the assets for $16.2 million and obtained $12.7 million in acquisition financing provided by Regions Bank through its Healthcare Real Estate Group.
Cedarhurst Living LLC partnered with Triloma on the acquisition and will manage the communities, now renamed Cedarhurst of Granite City and Cedarhurst of Godfrey. The partnership intends to spend roughly $1.8 million on renovating the communities and is also considering updates and improvements to the common areas.
Located at 3450 Village Lane, roughly 30 miles from downtown St. Louis, Cedarhurst at Granite City was built in 2000 and expanded in 2006, comprising 72 assisted living units. Cedarhurst at Godfrey, situated at 1000 Airport Road, within a 40-minute drive of St. Louis, was built in 2006 and has 63 assisted living units.
Both communities’ unit mix features studio, one- and two-bedroom floorplans. Their common-area amenities include a full-service beauty and barber shop, emergency call system with 24-hour care, movie theater, as well as a wellness center offering physical, occupational and speech therapy. Residents can also enjoy restaurant-style dining and benefit from transportation to doctor’s appointments, shopping and various outings.
Earlier this week, Merchants Capital arranged the bridge financing for three assisted living communities, totaling 363 units, in Columbus, Ohio and Cincinnati, Ohio. This will allow the properties to become eligible to be insured by the Federal Housing Administration (FHA).