REBusinessOnline

Erickson Living Plans Two-Building Seniors Housing Expansion in Highlands Ranch, Colorado

HIGHLANDS RANCH, COLO. — Erickson Living has unveiled plans for a two-building residential expansion at Wind Crest, a continuing care retirement community (CCRC) in Highlands Ranch, about 15 miles south of Denver. The property already opened an expansion in 2019, an independent living building named Prospect Crossing. The two new buildings, named Summit Square and Quincy Point, will add more than 200 independent living units. They are both scheduled to open in 2020. The expansion will …

Resort Lifestyle to Build on $30M Seniors Housing Community in Connecticut

TRUMBULL, CONN. — Resort Lifestyle Communities (RLC) will soon break ground on River Valley, an independent living seniors housing property in Trumbull, located approximately 50 miles southwest of Hartford. The 180,000-square-foot community will offer one- and two-bedroom units, though the number of units is not yet disclosed. The property will provide cooking, cleaning and valet parking services, as well as fitness classes and community events. River Valley will be the second RLC location in …

Memory Care is Down But Not Out, Say Investors

ATLANTA — Seniors housing investors are pumping the brakes on acquiring memory care facilities as the property type’s fundamentals and high turnover have proven to be worrisome. That’s according to an investment panel during the annual InterFace Seniors Housing Southeast conference. Held on Wednesday, Aug. 28 at the InterContinental Buckhead Atlanta, the one-day conference attracted more than 430 seniors housing professionals from all over the Southeast. Memory care is a subsector …

Healthcare Trust Buys 117-Bed Seniors Housing Community Near San Diego

ESCONDIDO, CALIF. — Healthcare Trust Inc., a New York-based public, non-traded REIT, has acquired Felicita Vida, a seniors housing community located in Escondido, for an undisclosed price. The seller was Torrey Pines Development Group. Built in 2015 on 4.3 acres, Felicita Vida features 91 units, totaling 117 beds, in a mix of 53 assisted living units and 38 memory care units. Rick Swartz, Jay Wagner, Aaron Rosenzweig, Dan Baker, Tim Hosmer and Bailey Nygard of Cushman & Wakefield …

M&T Provides $56.2M Financing for Two Seniors Housing Assets in New Jersey, New York

SPRING LAKE, N.J., and NEW YORK CITY — M&T Realty Capital Corp. has provided two loans totaling $56.2 million for seniors housing communities in Spring Lake, New Jersey, and New York City. In the first transaction, Paula Quigley, Aaron Anglad and Matthew Pipitone of M&T provided a $16.1 million Fannie Mae Seniors Housing loan to refinance a 106-unit seniors housing property in Spring Lake. The 15-year loan was structured with a 4.66 percent fixed interest rate loan and four years of …

Independent Living Struggles to Keep Up With Active Adult, Say Conference Panelists

ATLANTA — Seniors housing operators and developers are facing pressure to adapt as a new category of lower-acuity housing rises in popularity. The new player in the seniors housing game — active adult — is undercutting independent living developers by appealing to a slightly younger population of empty nesters and retirees. Active adult housing refers to residential communities designed for residents age 55 and older, but often do not have a strict age restriction. These are …

Cushman & Wakefield Negotiates $58M Sale of Massive Seniors Housing Asset in Southern California

RIVERSIDE, CALIF. — Cushman & Wakefield has arranged the sale of Altavita Village, California’s third-largest seniors housing community. Senior Living Riverside LP, an affiliate of La Jolla, Calif.-based Westmont Living, acquired the asset for $58 million, or $98,500 per unit. The seller was Air Force Village West Inc. Totaling more than 1.2 million square feet, Altavita Village is a continuing care retirement community (CCRC) comprising 267 independent living cottages, 103 …

HJ Sims Funds $5.1M Mezzanine Loan for Seniors Housing Asset Expansion in Arizona

MESA, ARIZ. — HJ Sims has provided $5.1 million in mezzanine financing for Madison Realty Cos. The funds are part of a financing package that will fund an expansion project at Heritage Village Assisted Living in Mesa. Madison acquired the property in 2017. The property currently features six assisted living and memory care homes and a medical building, though the actual number of units was not disclosed. SAL Management Group operates the community. The planned expansion will add two …

Grandbridge Arranges $34M Construction Loan for Seniors Housing Community in Pennsylvania

LIMERICK, PA. — Grandbridge Seniors Housing and Healthcare Finance Group has arranged a $34 million construction loan for Arcadia at Limerick Pointe, a seniors housing development in Limerick, approximately 30 miles northwest of Philadelphia. Vantage Pointe Retirement Living is the borrower. Upon completion, the property will feature 160 units of independent living, assisted living and memory care. BB&T provided the funds. The Grandbridge team leading the transaction included Richard …

Resort Lifestyle Communities Completes Seniors Housing Projects in Arizona, Nevada

PEORIA, ARIZ., AND HENDERSON, NEV. — Resort Lifestyle Communities has completed construction of two independent living communities, Arrowhead Valley Retirement Resort in the Phoenix suburb of Peoria and Cactus Valley Retirement Resort in the Las Vegas suburb of Henderson. A grand opening is being hosted Sept. 12 at Arrowhead Valley, while Cactus Valley has already opened its doors. The Henderson community features 128 units, but the size of the Peoria community was not disclosed. Resort …

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