REBusinessOnline

AMWA to Develop 255-Unit Affordable Seniors Housing Community in Arlington, Washington

ARLINGTON, WASH. — AMWA Development Inc. has closed on a construction financing transaction for Cedar Pointe, a 255-unit affordable seniors housing community in Arlington, approximately 45 miles north of Seattle. Located on a four-acre site in the city’s Smokey Point neighborhood, the property will offer 175 one-bedroom units and 80 two-bedroom units, including a one-bedroom manager's unit. All residents must be over the age of 55 and earning 60 percent or less of the area median …

Development, Multifamily, Seniors Housing, Washington, Western

Largest Skilled Nursing Operator in Texas, Senior Care Centers, Declares Bankruptcy

DALLAS — Senior Care Centers, a Dallas-based operator of more than 100 seniors housing communities in Texas and Louisiana, has filed for Chapter 11 bankruptcy protection in U.S. bankruptcy court for the Northern District of Texas. The company is the largest skilled nursing provider in Texas, but has struggled to pay its rent. Sabra Health Care REIT (NASDAQ: SBRA) and LTC Properties (NYSE: LTC) — two publicly traded real estate investment trusts that combined own 49 Senior Care Centers …

Multifamily, Seniors Housing, Texas, Top Stories

Greystone Provides $100.8M HUD Financing for Skilled Nursing Facilities in New York

NEW YORK CITY — Greystone has provided a total of $100.8 million in HUD-insured loans to refinance two seniors housing properties in the state of New York. Fred Levine, managing director in Greystone’s Monsey office, originated the separate transactions for the same borrower. Although the borrower was not disclosed, Centers Health Care operates both facilities. Greystone provided a $71.8 million loan for Triboro Center for Rehabilitation and Nursing in the Bronx. The facility features 405 …

Loans, Multifamily, New York, Northeast, Seniors Housing

LCS Starts Construction of 262,000 SF Seniors Housing Community in New Jersey

BRIDGEWATER, N.J. — LCS has closed acquisition financing and started construction of The Delaney of Bridgewater, a new seniors housing community in Bridgewater, approximately 45 miles southwest of Manhattan. Totaling 262,000 square feet, the property will be the fifth under the Delaney brand for LCS and the first outside Texas. When complete, the community will offer 122 independent living apartments, 15 freestanding villas, 56 assisted living units and a 32-unit memory care …

Development, Multifamily, New Jersey, Northeast, Seniors Housing

Clear Information, Smart Analysis Fuel Successful Seniors Housing Market Studies

PHILADELPHIA — If you own a piece of land that you think might be suitable for a seniors housing development, what is your best course of action to determine the feasibility of such a project? “The first step is to do a desktop study,” advises Cheri Clarke-Doyle, senior vice president of Trammell Crow Co. In other words, conduct a supply-demand analysis that projects demand based on current supply and population growth within a radius of five to seven miles, or a 15- to 20-minute drive …

Conference Coverage, Features, Multifamily, Seniors Housing

Marcus & Millichap Negotiates $5.4M Sale of Mixed-Use Property in Brooklyn

NEW YORK CITY — Marcus & Millichap has negotiated the $5.4 million sale of a 12,088-square-foot mixed-use property in Brooklyn. The six-unit property is located at 85 Quay St. Shaun Riney and Michael Salvatico of Marcus & Millichap’s Brooklyn office represented the seller, a private investor, in the transaction. The buyer was also a private

Acquisitions, Mixed-Use, New York, Northeast, Seniors Housing

Wolff Breaks Ground on Independent Living Community in Scottsdale, Arizona

SCOTTSDALE, ARIZ. — The Wolff Company, a Scottsdale-based private equity firm and senior living developer, has broken ground on Revel Scottsdale, an independent living apartment community in the company’s hometown. The three-story community is expected to open in late 2020 and will feature 157 units in studio, one- and two-bedroom layouts. Wolff cited an underserved and growing affluent senior population in Scottsdale as the reason for building. The U.S. Census Bureau named …

Arizona, Development, Multifamily, Seniors Housing, Western

Cushman & Wakefield Brokers $12M Sale of Seniors Housing Community in Phoenix

PHOENIX — Cushman & Wakefield has arranged the sale of Zen Senior Living, a 99-unit seniors housing community in Phoenix’s Paradise Valley neighborhood. Investment Concepts Inc., a California-based investor, acquired the property from FPA5 Paradise Village, an entity of San Francisco-based FPA Multifamily. The price was $12 million. The two-story, garden-style community was built in 1985 but recently underwent a $1.6 million renovation project. Floor plans average 846 square …

Acquisitions, Arizona, Multifamily, Seniors Housing, Western

Wolff Opens 146-Unit Seniors Housing Community in Metro Las Vegas

HENDERSON, NEV. — The Wolff Company, a Scottsdale-based private equity firm and multifamily developer, has opened the doors on Revel Nevada. Located in the Las Vegas suburb of Henderson, the three-story independent living property offers 146 units in a mix of one- and two-bedroom options. Clearwater Living will operate the community. The Wolff Company is currently developing numerous senior living communities throughout the country with plans to broaden its portfolio by investing $300 …

Development, Multifamily, Nevada, Seniors Housing, Western

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 …

Colorado, Loans, Multifamily, Seniors Housing, Western
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