GROVE CITY, OHIO — BWE has provided a $28.3 million permanent loan for Grove City Senior Living, an independent living, assisted living and memory care community in Grove City, part of the Columbus metropolitan area. Taylor Hawkins, senior vice president in BWE’s Cleveland office, originated the financing on behalf of an Ohio-based developer through Fannie Mae. BWE is a Fannie Mae Delegated Underwriting and Servicing (DUS)-approved lender. The loan will be used to take out existing construction debt and return equity to investors as the borrower plans for a long-term hold of the property, which opened in May 2023. The loan features a 10-year term with three years of interest-only payments and a 30-year amortization, as well as a 100 percent loan-to-cost ratio. “When Grove City Senior Living reached full occupancy, our client knew it was the right time to move on from its existing construction debt and find a permanent loan,” says Hawkins. “We considered multiple agency options when determining the right financing for this property. Although Fannie Mae’s senior book is shrinking, the strong fundamentals of Grove City Senior Living made it an attractive property [for lending]. And we secured strong terms that will allow the borrower to …
By Beth Mattson-Teig Healthcare REITs are well-capitalized, and they’re putting that significant financial muscle to work with big moves to expand their seniors housing portfolios. As the world’s largest healthcare REIT with a market capitalization of nearly $170 billion, Welltower Inc. (NYSE: WELL) continues to dominate the investment market. Year-to-date through mid-August, Toledo, Ohio-based Welltower had a staggering $15.5 billion in new investments that it had closed or under contract, and another $6 billion in deals in the pipeline. A major focus for the REIT has been expanding its Seniors Housing Operating Portfolio (SHOP) platform. SHOP allows REITs to share in the operational upside of properties compared to the fixed rents with traditional triple-net lease structures (see sidebar). Across the industry, there is no shortage of mega-deals. American Healthcare REIT Inc. (NYSE: AHR), based in Irvine, California, recently announced plans to acquire eight seniors housing properties managed by Kensington Senior Living for $873 million. Earlier this year, Chicago-based Ventas Inc. (NYSE: VTR) announced a $540 million deal to acquire a majority stake in an 11-community luxury senior living platform owned by the Wolff Co. It’s no secret that REITs have been active buyers for the past several years. “This external …
REHOBOTH BEACH, DEL. — A joint venture between Michigan-based development and investment firm REDICO and operator Ciel Senior Living has broken ground on a 144-unit project in the coastal Delaware community of Rehoboth Beach. Ciel of Rehoboth will offer independent living, assisted living and memory care services in addition to resort-style amenities, social programming and personalized wellness and care services. Completion is slated for 2028.
NEWPORT BEACH, CALIF. — JLL has arranged two loans totaling $276 million for the refinancing of a two-property seniors housing portfolio in the Newport Beach area of Southern California. The portfolio totals 395 units. The borrower is an affiliate of owner-operator Nexus Development. The first piece of the transaction involves a $140 million loan for Vivante Newport Center, a six-story, luxury community that features 99 independent living, assisted living and memory care units. Vivante Newport Center also offers a theater, bowling alley and a golf simulator, in addition to multiple onsite food-and-beverage options. The second component of the deal features $136 million in agency financing for Vivante Newport Mesa, a 296-unit community that was built in phases between 2013 and 2020. Vivant Newport Mesa comprises two buildings on a 6.8-acre site that also offer independent living, assisted living and memory care services. An undisclosed national bank provided the loan for Vivante Newport Center, and the name of the agency that originated the financing for Vivante Newport Mesa was also not disclosed. Greg Brown and Aaron Rosenzweig of JLL acted as intermediaries on both deals.
EAST ISLIP, N.Y. — JLL has arranged a $41.1 million construction loan for Benchmark at East Islip, a seniors housing project on Long Island. Benchmark at East Islip will offer 64 assisted living units and 26 memory care apartments across 104 licensed beds. Amenities will include multiple dining venues, a theater, fitness center, salon and various outdoor spaces. Jim Dooley led the JLL team that arranged the debt on behalf of the borrower, a joint venture between National Development and an affiliate of Benchmark Senior Living. The direct lender was not disclosed. Construction is underway and expected to be complete in early 2028.
OCEANSIDE, N.Y. — Sunrise Senior Living has acquired a 2.8-acre development site in the Long Island community of Oceanside for $7.5 million, with plans to develop an 84-unit assisted living and memory care facility. Kelly Koukou of Lee & Associates represented Sunrise in the land acquisition. Marlon Matza of Strategic Realty Advisors represented the seller, a partnership between Grossman Nurseries and Breslin Development. A construction timeline was not disclosed.
LAS VEGAS — A joint venture between Confluent Development and Ovation Group has sold MorningStar at The Canyons, a seniors housing community located in Las Vegas. Confluent and Ovation co-developed the property, which totals 168 units, with MorningStar Senior Living. Delivered in 2024, the community features independent living, assisted living and memory care units in studio, one- and two-bedroom layouts. Amenities at MorningStar at The Canyons include multiple dining venues, a salon and spa, theater, fitness center and swimming pool, as well as walking paths, a central courtyard and outdoor dining areas. JLL Capital Markets brokered the sale on behalf of the joint venture. JLL also secured a five-year acquisition loan on behalf of the undisclosed buyer. MorningStar will remain as the operator and a joint venture partner.
BOYNTON BEACH, FLA. — Green Cay Life Plan Village Inc., a nonprofit corporation, has broken ground on a continuing care retirement community (CCRC) project in Boynton Beach, approximately 30 miles north of Fort Lauderdale. Greenbrier Development LLC and BRP Senior Housing Management LLC, a Delray Beach-based affiliate of private equity real estate firm Big Rock Partners, are co-developers for the project, called The Winsberg at Green Cay. Greenbrier Development will also manage the seniors housing property, which is the first new CCRC built in Palm Beach County since 2016. Upon completion, the project — which was first announced in 2022 — will span 15 acres. The community will total 220 residences in a 510,000-square-foot building, with 189 independent living units and 32 assisted living and memory care units. Amenities will include multiple dining venues, a bar and bistro, fitness center, yoga studio, salon, theater, pickleball court, swimming pool and spa. Moss Construction is the construction manager for The Winsberg at Green Cay. The opening is scheduled for 2028.
VIRGINIA BEACH, VA. — Pembroke Realty Group has provided updates on the $300 million redevelopment of Pembroke Mall, a regional shopping mall in Virginia Beach that dates back to 1966. The project, renamed Pembroke Square, will comprise The Pembroke, a 284-unit luxury apartment community set to break ground in the coming months, and Tempo by Hilton, a 163-room hotel that is underway. Two additional phases are in pre-development, while approximately 26,000 square feet of retail space is expected to come on line through 2028. Existing components at Pembroke Square include Aviva Pembroke, a 153-unit senior living community that opened in December 2024, and existing shops and restaurants including Bath & Body Works, Kohl’s, Latitude Climbing + Fitness, Nordstrom Rack, Old Navy, REI Co-Op, Target, The Fresh Market and Walgreens. Delivery dates for The Pembroke and Tempo by Hilton were not released.
ROSEVILLE AND SAN JOSE, CALIF. — A joint venture between Affinius Capital and Alliance Residential has sold a two-property seniors housing portfolio totaling 545 units in Northern California. The portfolio includes Sonrisa Senior Living in Roseville and The Watermark at Almaden in San Jose. Sonrisa Senior Living comprises 201 independent living units, 120 assisted living units and 24 memory care units across two buildings that were constructed in 2021 and 2023. The Watermark at Almaden, which features 200 independent living, assisted living and memory care units, opened in 2021. Amenities at the communities include outdoor pools, fitness centers, salons and spas, theaters and bocce ball and pickleball courts. Aaron Rosenzweig, Dan Baker and Sandis Seale of JLL Capital Markets arranged the transaction on behalf of the seller. A publicly traded REIT acquired the properties for an undisclosed price. According to a statement released by JLL, the transaction represents one of the largest seniors housing portfolio sales in Northern California in recent years.
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