REBusinessOnline

Ziegler Arranges $44.8M Bond Financing for 236-Unit CCRC in Seattle

SEATTLE — Ziegler, a specialty investment bank, has arranged $44.8 million in bond financing for The Hearthstone Corp. The bonds will fund an expansion at the company's continuing care retirement community, The Hearthstone at Green Lake in Seattle. The Hearthstone comprises The Lakeside, a 10-story, 186,400-square-foot building constructed in 1966; and Cove West, a four-story, 48,243-square-foot building constructed in 2015 adjacent to The Lakeside. The combined buildings feature 147 …

Lancaster Pollard Arranges $400M Refinancing for Plum Healthcare Skilled Nursing Portfolio in California

SAN MARCOS, CALIF. — Lancaster Pollard has arranged $400 million in financing for Plum Healthcare Group, a San Marcos-based skilled nursing operator. The bridge-to-HUD loan refinances Plum's previous corporate term loan credit facility on a portfolio of 27 skilled nursing facilities throughout California. "Redesigning our capital structure for the emerging market is a key tenet of our strategic plan, which is focused on further enhancing our industry-leading clinical and patient …

Senior Housing Occupancy Hits Eight-Year Low as New Supply Continues to Outpace Demand

ANNAPOLIS, Md. — Average occupancy for seniors housing properties throughout the United States has fallen to 87.9 percent in the second quarter of 2018, according to the National Investment Center for Seniors Housing & Care (NIC). The rate is the lowest since first-quarter 2010, when it hit 86.9 percent. Assisted living occupancy, already at record lows, also fell further to 85.2 percent. The industry-wide occupancy slide represents a 40 basis-point drop over the previous quarter, an …

Rochester Management Plans Modernization of Seniors Housing Community in Rochester

ROCHESTER, N.Y. — The Rochester City Council has approved the renovation plans for Cobbs Hill Village, an affordable seniors housing community in Rochester. The approval was the last step before Rochester Management can begin work on the project. The modernization project will replace several existing structures at the property, which has served as affordable seniors housing since 1957. The new apartments will feature full-size appliances and energy-efficient HVAC systems. Amenities at the …

Áegis Living Opens 82-Unit, Italian-Inspired Seniors Housing Community in Seattle

SEATTLE — Áegis Living has opened the doors on Áegis at Ravenna, an assisted living and memory care community in Seattle's Maple Leaf neighborhood. The property will feature 82 total units. The Ravenna name is a reference to both a neighboring Seattle neighborhood and a 19th-century opera house in Ravenna, Italy, the inspiration for the community's design. The community features views of local landscapes, including Maple Leaf Reservoir Park, Waldo Woods and Lake Washington. Based …

Assisted Living Facility in St. Louis Undergoes $32M Renovation

ST. LOUIS — The renamed McKnight Place Assisted Living & Memory Care in St. Louis has undergone a $32 million renovation. The project’s first phase included a three-story, 102,000-square-foot expansion featuring 90 apartment units. The second phase included a 74,000-square-foot renovated space with 18 additional assisted living suites and 27 separate memory care suites. Amenities include a main-floor dining room, café bistro, fitness center, chapel, billiard room, beauty salon, art …

Columbia Residential to Open Transit-Oriented Seniors Housing Community Near Atlanta

DECATUR, GA. — Columbia Residential is set to open Columbia Senior Residences at East Decatur, a mixed-income seniors housing community located adjacent to the Avondale MARTA station in Decatur, roughly eight miles east of downtown Atlanta. Columbia Residential partnered with the DeKalb County Community Development Department, the Housing Authority of DeKalb County and the Development Authority of DeKalb to transform the former parking lot adjacent to the MARTA station into a seniors housing …

Columbia Pacific Advisors to Acquire Seniors Housing Owner-Operator Hawthorn Retirement Group

SEATTLE — Columbia Pacific Advisors, a Seattle-based investment firm, has agreed to acquire Vancouver, Wash.-based seniors housing owner-operator Hawthorn Retirement Group for an undisclosed price. Hawthorn owns, develops and operates communities located across 20 U.S. states and two Canadian provinces. Hawthorn currently operates 55 communities, with another 24 communities under construction or in pre-development. In addition to the real estate portfolio, the acquisition will include …

Dougherty Provides $5.7M HUD-Insured Loan for Refinancing of Seniors Housing Property in Iowa

CLINTON, IOWA — Dougherty Mortgage LLC has provided a $5.7 million HUD-insured loan for the refinancing of Village Cooperative of Clinton. The 44-unit seniors housing property was constructed in 2013. All units are restricted to persons age 62 and older. The HUD 213/223(a)(7) loan is fully amortized over 40 years. The refinancing lowered the interest rate and resulted in reduced annual debt-service payments for the borrower, according to

Live Oak Bank Provides $2.2M Acquisition Financing for Boutique Assisted Living Community Near Seattle

SEATTLE — Live Oak Bank has provided a $2.2 million loan for the acquisition of an assisted living community in a northern suburb of Seattle. The community features 12 beds across two adjacent buildings. The boutique community has monthly rents between $6,000 and $10,000. A husband-and-wife team, one of which is a longtime employee at the community, acquired the property from an undisclosed seller. The SBA loan features 90 percent loan-to-cost

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