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Seniors Housing

DevelopmentSeniors HousingSoutheastVirginia

Watercrest, Partners Underway on 142-Unit Seniors Housing Community in Fredericksburg, Virginia

by John Nelson

FREDERICKSBURG, VA. — Watercrest Senior Living Group and partners Harbert Seniors Housing Fund II and Centric Development are underway on the development of Watercrest Fredericksburg Assisted Living and Memory Care in Fredericksburg, approximately 50 miles outside Washington, D.C. Upon completion, the property will feature 106 assisted living units and 36 memory care residences. Amenities at the community will include a promenade, fireplace lounge, dining options, a theater, library, spa, billiards and courtyards. Centric Development is constructing the project, which is scheduled for completion in spring 2025. Carter Bank & Trust is financing the development.

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Affordable HousingDevelopmentMidwestMultifamilyOhioSeniors Housing

Woda Cooper Completes 42-Unit Affordable Seniors Housing Community in Carrollton, Ohio

by Kristin Harlow

CARROLLTON, OHIO — Woda Cooper Cos. Inc. has completed Hemming Crossing, a 42-unit affordable seniors housing community in Carrollton, about 55 miles south of Akron. The three-story development is reserved for residents age 55 and older with incomes between 30 and 70 percent of the area median income. Hemming Crossing represents a $12.5 million investment in the community. Rents range from $315 to $830 per month, depending on income restriction and size of unit. Amenities include a community room with kitchenette, fitness center, grandchild playroom and outdoor playground. The project was made possible with funding supported by Low-Income Housing Tax Credits (LIHTCs) allocated by the Ohio Housing Finance Agency, which also provided an equity bridge loan. Marble Cliff Capital invested in the LIHTCs allocated to Hemming Crossing. Consumer National Bank provided a construction loan and first mortgage, and was a secondary investor in the tax credits. Appalachian Growth Capital provided a second soft mortgage. The project team included PCI Design Group, civil engineer Chadan Engineering and sustainability consultant Sol Design + Consulting. Woda Construction Inc. was the general contractor, and Woda Cooper’s management division, Woda Management & Real Estate, oversees leasing and property management.

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DevelopmentMultifamilySeniors HousingWashingtonWestern

PMB, Springs Living Complete Development of 250-Unit Senior Living Community in Vancouver, Washington

by Amy Works

VANCOUVER, WASH. — PMB and The Springs Living have completed the development of The Springs at Waterfront, a 250-unit senior living community located in Vancouver, roughly 10 miles outside Portland, Ore. Situated within the Waterfront master-planned, mixed-use community, the property comprises 360,000 square feet across 12 stories.  PMB served as the developer on behalf of The Springs Living. The project team also included general contractor Howard S. Wright and GBD Architects. Capital partners include Harrison Street, Huntington Bank, City National Bank, Comerica Bank and First National Bank.  Opened earlier this month, The Springs at Waterfront features 182 independent living residences, 48 assisted living residences and 20 memory care units. Amenities at the property include a spa and wellness center; an indoor pool; multiple dining venues, including Fancho’s Public House; a terrace; putting green; gardens and private wine lockers.  According to PMB, the community will create more than 100 permanent jobs. 

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DevelopmentMidwestMultifamilySeniors HousingWisconsin

McShane to Build 72-Unit Senior Living Community in Mukwonago, Wisconsin

by Kristin Harlow

MUKWONAGO, WIS. — McShane Construction Co. will build Azura Mukwonago, a three-building senior living community with 72 units in Mukwonago, about 30 miles southwest of Milwaukee. Azura Living is developing the assisted living and memory care property. In addition to dining rooms, kitchens, community rooms and sunrooms, residents will have access to a fitness area, spa and salon. Outside, residents will be able to enjoy a community garden, walking paths, putting greens, bocce ball courts and courtyard amenities. Completion is slated for December 2025. EUA is the architect.

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AcquisitionsMultifamilyNew HampshireNortheastSeniors Housing

Continuum Advisors Negotiates $11M Sale of Seniors Housing Property in Central New Hampshire

by Taylor Williams

MEREDITH, N.H. — Continuum Advisors has negotiated the $11 million sale of Meredith Bay Colony Club, an 85-unit seniors housing property in central New Hampshire. Built in 2008, the continuing care retirement community (CCRC) offers 41 independent living apartments, 20 assisted living residences and 24 memory care units, as well as an additional 18 undeveloped acres for future expansion. Amenities include an indoor pool and a fitness center. The buyer was nonprofit owner-operator Taylor Community.

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CaliforniaLoansMultifamilySeniors HousingWestern

Northmarq Arranges $29.5M in Refinancing for Seniors Housing Community in Visalia, California

by Amy Works

VISALIA, CALIF. — Northmarq has arranged $29.5 million in refinancing for Quail Park at Shannon Ranch, a seniors housing property at 3440 W. Flagstaff Ave. in Visalia. Quail Park offers 120 independent living, assisted living and memory care studio, one- and two-bedroom floor plans, as well as adjoining studio suites. Units include full-size kitchens, in-home washers/dryers, weekly housekeeping and linen services, scheduled transportation and pet-friendly rooms with available personalized pet care. Community amenities include a sports den, theater, pub, beauty salon, chef-prepared meals with signature anytime dining options, a fitness center with a swimming pool and fitness classes, and an on-site personal trainer. The community is operated by Seattle-based Living Care Lifestyles, and the ownership group includes the principal of Living Care Lifestyles, several investors local to Visalia and Kaweah Health System of Visalia. Northmarq’s Seattle Debt + Equity team led by Stuard Oswald secured the financing on behalf of the borrower, Northwest Visalia Senior Housing LLC, through a correspondent relationship with Poppy Bank of California. The financing was structured on a 10-year term with interest-only payments for the first five years. The loan proceeds were used to retire a bridge loan that Northmarq originated in 2021.

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FloridaLoansSeniors HousingSoutheast

MonticelloAM Provides $87M Bridge and Working Capital Financing for Skilled Nursing Portfolio in Florida

by John Nelson

NEW YORK CITY — Multifamily and seniors housing bridge lending platform MONTICELLOAM LLC (MonticelloAM) has provided $87 million in bridge and working capital financing for a portfolio of skilled nursing facilities located in Florida. The portfolio comprises 450 skilled nursing beds across four properties. Proceeds from the loan, which features a 24-month term and two six-month extensions, were used to refinance existing debt on the properties. A $7 million working capital revolver will fund day-to-day operational expenses for the facilities. The borrower was not disclosed.

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Affordable HousingDevelopmentLoansMidwestMultifamilyOhioSeniors Housing

KeyBank Provides $93M in Construction Financing for Affordable Seniors Housing Community in Columbus

by Kristin Harlow

COLUMBUS, OHIO — KeyBank Community Development Lending and Investment (CDLI) has provided a $43.3 million construction loan and $23.8 million in Low-Income Housing Tax Credit financing for construction of The Caravel, a 234-unit affordable seniors housing community in Columbus. KeyBank Commercial Mortgage Group also arranged a $25.9 million Forward Fannie MTEB permanent loan for the project. The Caravel will provide affordable housing for individuals age 55 years or older who earn no more than 70 percent of the area median income. All units will be adaptable to residents with ADA needs, and 25 will be fully accessible. The developer, Kittle Property Group, is partnering with Homeport to provide residents with resources and connect them to services throughout the community. Homeport will provide a service coordinator for residents. Derek Reed and David Lacki of KeyBank CDLI structured the financing. Robbie Lynn of KeyBank Commercial Mortgage Group facilitated the permanent loan placement.

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Standard-Communities-Portfolio
AcquisitionsAffordable HousingCaliforniaMultifamilyNew YorkNortheastSeniors HousingTop StoriesWestern

Standard Communities Acquires $1B Affordable Housing Portfolio Across Four States

by Katie Sloan

LOS ANGELES AND NEW YORK CITY — Standard Communities has acquired a portfolio of 60 affordable housing properties totaling approximately 6,000 units for $1 billion. The transaction is the largest affordable housing acquisition this year, according to the firm.  The portfolio includes both traditional multifamily and seniors housing communities and locations across four states, growing the firm’s portfolio in California to 11,000 units and expanding its presence to three new states: Arizona, Colorado and Texas.  Properties include the Oaks at Georgetown multifamily community in Georgetown, Texas; Harmony Court, an affordable seniors living community in Redondo Beach, Calif.; and Maroon Creek Apartments in Aspen, Colo. The undisclosed seller developed many of the properties around 2002. Standard plans to invest over $30 million in capital improvements and deferred maintenance across the portfolio. No residents will be displaced during renovations and the communities will remain within the affordable price point, according to the new ownership.  An increasing number of households have been designated as “cost burdened” over the past year, leading to a push from policymakers to increase the amount of available affordable housing, according to a recent report by Yardi Matrix. In 2024, 69,600 units are expected to come on line with …

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GeorgiaLoansSeniors HousingSoutheast

Newmark Arranges $140M Recapitalization for Corso Atlanta Seniors Housing Community

by John Nelson

ATLANTA — Newmark has arranged the $140 million recapitalization for Corso Atlanta, a 203-unit upscale seniors housing community located at 3200 Howell Mill Road in the city’s West Paces Ferry area. Newmark’s Healthcare & Alternative Real Estate Assets group secured the 10-year Freddie Mac senior loan, which features five years of interest-only payments, and secured a preferred equity investment from Kayne Anderson Real Estate Debt. Sarah Anderson, Chad Lavender, Ryan Maconachy, Mills Poynor and Ben McElroy of Newmark facilitated the recapitalization on behalf of the borrower, Galerie Living. Corso Atlanta features independent living, assisted living and memory care residences, along with high-end amenities including chef-led dining options, a heated swimming pool, fitness center, full-service salon, multiple outdoor spaces, a theater, floral shop and a gift boutique.

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