REBusinessOnline

InterFace Panel: Seniors Housing Lenders’ Scrutiny of Potential Deals Increases As Market Conditions Shift

Billy Meyer, managing director of Seattle-based Columbia Pacific Advisors, doesn’t mince words when talking about the bridge lender’s cautious approach to financing seniors housing product today. “We don’t underwrite hope as a strategy anymore. It’s just not a good execution strategy, we believe.” Against the backdrop of elevated levels of construction, rising interest rates and operational challenges in seniors housing, Columbia Pacific Advisors is scrutinizing …

Legacy Breaks Ground on $175M Seniors Housing Community in Dallas

DALLAS — The Legacy Senior Communities, a not-for-profit organization based in Plano, has broken ground on The Legacy Midtown Park, a $175 million seniors housing community in Dallas. Situated on 10 acres just off North Central Expressway, the property will consist of 184 independent living apartments, 50 assisted living units, 36 memory care residences and 54 suites for short-term rehabilitation or long-term care. Amenities will include multiple dining options and a fitness, aerobics and …

Confluent, Harbor Retirement Break Ground on 112-Unit Seniors Housing Property in Oklahoma City

OKLAHOMA CITY — A partnership between Denver-based developer Confluent Senior Living and Florida-based management firm Harbor Retirement Associates has broken ground on a 112-unit seniors housing community, HarborChase of South Oklahoma City. The property will be situated on six acres and feature 80 assisted living units and 32 memory care units. Amenities will include a full-service bistro, chapel, clubrooms, beauty salon, library and a fitness and wellness center. The community is scheduled …

Willis Development Opens 106-Unit Assisted Living Community in Tucson, Arizona

TUCSON, ARIZ. — Willis Development has completed construction of Sage Desert, an assisted living and memory care community in Northwest Tucson. The community features 86 assisted living units and 20 memory care units, with views of the surrounding desert and mountains. Dekel Strategic Investors provided equity capital for the development, while East West Bank provided construction financing. Milestone Retirement is operating the property. The design team included Jeffrey Demure + …

InterFace Seniors Housing Southeast Conference to be Held August 28-29 in Atlanta

InterFace Conference Group is partnering with Seniors Housing Business and Southeast Real Estate Business magazines to host the 5th annual InterFace Seniors Housing Southeast conference on August 29 at the Westin Buckhead in Atlanta. The conference will focus on the state of seniors housing investment, development, operations and financing across markets in the Southeast. It is designed to bring together owners, operators, investors, developers and lenders/financial intermediaries active in …

Spectrum Opens 159-Unit Seniors Housing Community Near Phoenix

CHANDLER, ARIZ. — Spectrum Retirement Communities has opened The Enclave at Chandler Senior Living, an independent living, assisted living and memory care community in the Phoenix suburb of Chandler. The three-story, 165,000-square-foot community features a total of 90 independent living units, 45 assisted living units and 24 memory care units. The property will also offer Spectrum's Residence Club, which offers a transitional step between assisted living and memory care. Spectrum now …

Ziegler Arranges $110.5M in Bonds for Senior Living Development in New Hampshire

DURHAM, N.H. — Ziegler has closed on $110.5 million in bond financing for the development of RiverWoods Durham, a 222-unit continuing care retirement community (CCRC). The property will be located in Durham, near the Atlantic coast in the southeast corner of the state midway between Boston and Portland, Maine. The community will feature 150 independent living units, 24 assisted living units, 24 memory care units and 24 skilled nursing beds. The financing includes $53 million in permanent …

Griffin-American Healthcare Agrees to Acquire Eight-Property Skilled Nursing Portfolio in Missouri for $88.2M

MISSOURI — American Healthcare Investors and Griffin Capital Co. LLC, the co-sponsors of Griffin-American Healthcare REIT IV Inc., have entered into an agreement to acquire a portfolio of eight skilled nursing facilities throughout Missouri for $88.2 million. The undisclosed properties total 1,112 beds and approximately 384,000 square feet. The portfolio is fully leased under a 15-year absolute net lease. As of June 13, the REIT has acquired a 2.7 million-square-foot portfolio of 45 medical …

Margaret Wylde’s Message to Seniors Housing: Do a Better Job of Understanding Customers

CHICAGO — There is one surefire way to make sales hum in seniors housing, says Margaret Wylde, an industry consultant who has conducted research in this niche property sector for 34 years. Know who your customer is, the product they want and how much they will pay to get what they want. “If you deliver what they actually want, they actually pay more and feel there is value for the dollar spent,” says Wylde, CEO of Oxford, Miss.-based ProMatura Group. The problem is the …

Contemporary Healthcare Capital Closes $13.3M Refinancing for Skilled Nursing Facility in New Jersey

NEWTON, N.J. — Contemporary Healthcare Capital has closed $13.3 million in senior and mezzanine loans to refinance a 128-bed skilled nursing facility in Newton. The mezzanine loan was $1.9 million and the senior loan was a $10 million secured buy with $1.4 million cash secured. The borrower was an owner-operator that serves New York and New Jersey. Newton is located in the northwest portion of the state, approximately 60 miles west of New York City. Contemporary’s senior lending partner on …