REBusinessOnline

HFF Arranges $31M Financing for 160-Unit Independent Living Community in Colorado

COLORADO SPRINGS, COLO. — HFF has arranged $31 million in financing for Province Springs, a 160-unit independent living community in Colorado Springs. The borrower is Paxion Real Estate Holdings, an affiliate of The Wolff Company. The floating-rate bridge financing retires existing construction debt. Province Springs is located just east of multiple retail and entertainment amenities and just north of Peterson Air Force Base and Colorado Springs Airport. Completed earlier this year, the …

Harbor Retirement, Confluent to Break Ground on 144-Unit Seniors Housing Community Near Memphis

CORDOVA, TENN. — Harbor Retirement Associates (HRA) and Confluent Senior Living are set to begin construction on HarborChase of Cordova, a 158,083-square-foot, 144-unit senior living community in Cordova, about 20 miles east of Memphis. The project is expected to be completed in early 2020. The community will include 60 independent living, 50 assisted living and 34 memory care apartments in studio, one- and two-bedroom options. The community will feature 24-hour staff, a full-service bistro, …

Continuing Life Plans 480-Unit Seniors Housing Community in Orange County, California

SAN JUAN CAPISTRANO, CALIF. — Continuing Life has unveiled plans for Reata Glen, a 480-unit continuing care retirement community in San Juan Capistrano. Reata Glen is located on 60 acres in South Orange County, where 13 percent of the population are seniors. That number is expected to double by 2040, according to Continuing Life. Partners on the project include California-based W.E. O’Neil Construction and KTGY Group Architects. Construction is already underway, with a planned …

Buchanan Street Completes 298-Unit Active Adult Community Near Salt Lake City

HERRIMAN, UTAH — Buchanan Street Partners, a real estate investment management firm based in Newport Beach, Calif., has completed construction of Incline at Anthem. The active adult community, restricted to residents over age 55, brings 298 apartment units to the Salt Lake City suburb of Herriman. Buchanan Street Partners purchased the partially completed Incline project in 2017 with a vision to reposition the original development plan, adding high-end finishes and upscale amenities to …

Starwood, Ryan Cos., Cadence Start Construction of 198,000 SF Seniors Housing Community in Arizona

SCOTTSDALE, ARIZ. — Ryan Cos., Cadence Living and a controlled affiliate of private investor Starwood Capital Group have started construction of Acoya Scottsdale at Troon, an independent living and assisted living community in the Troon neighborhood of Scottsdale. The 198,000-square-foot community will sit on six acres and feature 135 units. Construction is slated for completion in mid-2020, with a leasing office opening before mid-year of 2019. Ryan A+E Inc. designed the community’s …

Joint Venture Acquires 558-Unit Affordable Seniors Community in Brooklyn for $150M

NEW YORK CITY — Jonathan Rose Cos., The NHP Foundation and Nuveen have acquired Shore Hill Housing, a two-building, 558-unit affordable seniors housing property in Brooklyn, for approximately $150 million. The seller was NYU Langone, a hospital system with many buildings located adjacent to the site. The property consists of two interconnected, 14-story towers in the Bay Ridge section of Brooklyn totaling 414,127 square feet. The property was built in 1977 and sits on 2.7 …

Complacency Equals Vulnerability in Seniors Housing Industry, Warns Benchmark CEO Tom Grape

Tom Grape has a sobering message for a senior living industry facing a growing number of disruptive forces, including rapid technological change and shifting consumer preferences that pose a threat to the long-term health of the sector. “If we continue to think of ourselves as senior living operators in the way that we have, I personally think we’re vulnerable. If we think of ourselves in ways that will allow us to compete for this new era, we’ll be positioning ourselves …

Blueprint Negotiates Sale of Two Assisted Living Communities in Philadelphia

PHILADELPHIA — Blueprint Healthcare Real Estate Advisors has negotiated the sale of two assisted living and memory care communities on the Philadelphia Main Line. A publicly traded REIT sold the properties to a growing seniors housing investor for an undisclosed price. The existing regional operator will remain in place. Ben Firestone and Michael Segal led the transaction for

KeyBank Provides $36.3M FHA Loan for Acquisition of Skilled Nursing Portfolio in Ohio

OHIO — KeyBank Real Estate Capital has provided a $36.3 million FHA 232/223(f) loan for the acquisition of a four-property skilled nursing portfolio in Ohio. Built between 1961 and 1984, the properties contain a total of 442 beds. Property names were not disclosed. John Randolph, Henry Alonso and Brandon Taseff of KeyBank originated the loan on behalf of the borrower, Foundations Health Solutions. The loan proceeds were used to pay down part of an existing $87.5 million bridge loan that …

Welltower, Hines Plan Second High-Rise Senior Living Community in Manhattan

NEW YORK CITY — Seniors housing REIT giant Welltower Inc. (NYSE:HCN) and international real estate firm Hines have announced plans for a 17-story seniors housing community on the Upper West Side of Manhattan. The project will be the second of its type for the partnership. A 16-story seniors housing community named The Welltower is currently under construction in Midtown. An undisclosed “passive institutional investor” is also involved in both projects. The companies acquired the …

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