Seniors Housing

Partnership Breaks Ground on 254-Unit Affordable Seniors Housing Community in Nashville

by John Nelson January 20, 2025

NASHVILLE, TENN. — A partnership between The Clear Blue Co., Urban Campus and Core and Born Again Church has broken ground on the Northview Housing Development, a 254-unit affordable housing project for seniors in Nashville. The 266,000-square-foot complex will be located at 876 W. Trinity Lane on Born Again Church’s campus in the city’s Haynes-Trinity neighborhood. Upon completion, which is slated for December 2026, Northview will feature a mix of one- and two-bedroom units reserved for seniors earning 40 percent to 80 percent of the area median income. Amenities will include a fitness center, rooftop deck, walking trails and recreational spaces. The design-build team includes STG Design, Thomas & Hutton and Bacar Constructors, and capital partners include the Urban League’s R.E.D. Academy, Amazon’s Housing Equity Fund, Regions Bank and Fannie Mae. Civic partners include the Tennessee Housing Development Agency and the Metropolitan Development and Housing Agency.

January 20, 2025

Acquisitions Seniors Housing Southeast Tennessee

CareTrust REIT Acquires 13 Skilled Nursing Facilities in Tennessee for $176M

by John Nelson January 16, 2025

SAN CLEMENTE, CALIF. — CareTrust REIT has acquired 13 skilled nursing facilities in Tennessee for $176 million. California-based CareTrust purchased the properties through a joint venture arrangement with an unnamed, third-party healthcare real estate owner. Each of the 13 facilities will be operated by existing CareTrust tenants under new, long-term master lease agreements. Affiliates of the Ensign Group will operate six of the facilities, with affiliates of Links Healthcare Group operating the remaining seven. The acquisition is Phase II of a larger $421 million portfolio transaction that ultimately involves 27 facilities in Tennessee.

January 16, 2025

Loans Multifamily Oregon Seniors Housing Western

JLL Arranges $40M in Acquisition Financing for Three Seniors Housing Communities in Oregon

by Amy Works January 16, 2025

EUGENE AND SPRINGFIELD, ORE. — JLL Capital Markets has arranged $40 million in acquisition financing for a portfolio comprising three seniors housing communities in Oregon. Totaling 344 units, the properties are located in Eugene and Springfield. Built between 1996 and 2006 and renovated in 2021, the communities include Evergreen Senior Living in Eugene and Timber Pointe and Woodside Senior Living in Springfield. Together, the properties offer 43 independent living, 245 assisted living and 56 memory care residences. Amenities at the communities include onsite dining, complimentary transportation, television lounges, libraries, beauty salons and barber shops, game rooms, movie and theater rooms and a billiards lounge. Alanna Ellis and Alex Sheaffer of JLL secured the three-year, floating-rate bridge financing on behalf of the undisclosed borrower.

January 16, 2025

California Development Loans Multifamily Seniors Housing Western

Live Oak Bank Provides $40M in Construction Financing for Assisted Living, Memory Care Community in California

by Amy Works January 15, 2025

CALIFORNIA — Wilmington, N.C.-based Live Oak Bank has provided a $40 million loan to finance the ground-up construction of a new seniors housing community in California. Upon completion, the property will feature 140 assisted living and memory care units. Additional details about the property were not released. Live Oak Bank provided the financing, which features a five-year term and 42 months of interest-only payments, in conjunction with a $39.6 million C-PACE loan provided by Nuveen Green Capital. A joint venture between Harbert Seniors Housing Fund II and Harbert South Bay Partners was the borrower.

January 15, 2025

Acquisitions Development Multifamily Northeast Rhode Island Seniors Housing

LRT Acquires Land in Providence for Development of $65M Seniors Housing Project

by Taylor Williams January 15, 2025

PROVIDENCE, R.I. — LRT Co., a developer of traditional multifamily and seniors housing properties, has acquired 12.4 acres in Providence for the development of a $65 million seniors housing project. Known as Tiffany Laurel Reserve, the property will total 157,000 square feet upon completion and feature 127 independent living residences and 77 assisted living and memory care units. Roughly 25 percent of the units will be reserved for low-income residents. The development will also feature 56 garage parking spaces. Construction is scheduled to begin this summer.

January 15, 2025

Acquisitions Florida Seniors Housing Southeast

Titan Development Sells Three Seniors Housing Communities in Central Florida

by John Nelson January 14, 2025

THE VILLAGES AND WINTER PARK, FLA. — Titan Development has sold a portfolio of three seniors housing communities in Central Florida. The properties include Watercrest Buena Vista and Watercrest Spanish Springs in The Villages and Watercrest Winter Park in Winter Park. AEW Capital Management acquired the 416-unit portfolio for an undisclosed price. JLL represented Titan in the sale. Additionally, JLL is arranging acquisition financing for two of the properties on behalf of the buyer. Built in 2018, Watercrest Buena Vista features 224 residences, with 118 independent living, 74 assisted living and 32 memory care units. Amenities at the community include underground parking, a heated pool, fitness center, salon, media room, bistro and bar and a golf cart charging station. Watercrest Spanish Springs, which opened in 2016, comprises 86 assisted living and memory care units. Amenities at the property include restaurant-style dining, gathering areas, salon services and wellness and exercise programs. Built in 2019, Watercrest Winter Park is an assisted living and memory community that totals 106 units. AEW Capital Management will retain the current, third-party operator of the properties, Watercrest Senior Living.

January 14, 2025

Loans Seniors Housing Southeast Tennessee

Brookdale Senior Living Obtains $344.2M Loan for Refinancing of 47-Property Portfolio

by John Nelson January 9, 2025

BRENTWOOD, TENN. — Brookdale Senior Living has obtained a $344.2 million Fannie Mae loan for the refinancing of a 47-property seniors housing portfolio. Allison Holland and Alex Sheaffer of JLL originated the seven-year, fixed-rate loan on behalf of the Brentwood-based borrower that will repay $312.5 million of variable-rate debt that was due September 2027. The portfolio comprises 5,102 independent living, assisted living and memory care units across 14 states, with properties ranging from 32 to more than 300 units.

January 9, 2025

Acquisitions Multifamily Seniors Housing Washington Western

SLIB Brokers Sale of 131-Unit Seniors Housing Community in Spokane, Washington

by Amy Works January 9, 2025

SPOKANE, WASH. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Moran Vista Senior Living, a 131-unit seniors housing community located in Spokane. Originally built in 1997 and renovated and expanded in 2008, the property features independent living, assisted living and memory care residences. A regional owner-operator acquired the community from a Pacific Northwest-based seller. The buyer’s portfolio comprises roughly 20 properties throughout Washington and Arizona. Jason Punzel of SLIB brokered the transaction.

January 9, 2025

Capital-Markets-Panel_Philadelphia-Seniors-Housing-Conference

Features Multifamily Seniors Housing

Why Are So Many Seniors Housing Lenders Still on the Sidelines? Capital Markets Panel Weighs in

by Taylor Williams January 9, 2025

By Matt Valley PHILADELPHIA — Despite industry-wide improvement in operating performance, many senior living providers are still finding it difficult to secure bank financing. Kathleen Shields, founder and president of Health Financing Consultants, said there are three root causes of the problem, starting with insufficient cash flow. “Operators have done a good job of pushing through [rental] rate increases in order to keep up with inflation and higher interest rates. So, the margins are normalizing and getting a little bit better. But banks are looking for historical cash flow of at least six months, if not 12, at coverage levels that they’re comfortable with. And I’m not hearing 1.25 anymore [for the debt-service coverage ratio]. I’m hearing more like 1.4,” explained Shields, a panelist at the InterFace Seniors Housing Northeast conference, which took place Dec. 4-5 in Philadelphia. Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. “It depends on the lender, but you do need to have a track record of historical cash flow that supports your request, and that’s not easy,” emphasized Shields. The other two main …

January 9, 2025

Florida Loans Seniors Housing Southeast

BWE Secures $76M Refinancing for Carlisle Naples Seniors Housing Community in Southwest Florida

by John Nelson January 6, 2025

NAPLES, FLA. — BWE has secured a $76 million loan for the refinancing of The Carlisle Naples, a Class A seniors housing community in Naples. Operated by Senior Resource Group (SRG), the 18-acre community features 257 independent living apartments and 93 assisted living units. Ryan Stoll and Taylor Mokris of BWE arranged the financing on behalf of the borrower, a joint venture between Harbert Management Co. and SRG. The sponsors recently completed a capital improvement program at The Carlisle Naples.

January 6, 2025

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