Seniors Housing

Seniors Housing Struggles Will Continue Through Mid-2021, Say InterFace Panelists

by Jeff Shaw January 4, 2021

With two approved vaccines to combat COVID-19, the end of the pandemic is visible on the horizon. However, some seniors housing experts say it may be the third quarter of 2021 before the sector starts to see the turnaround take hold. “We have a much clearer picture of what the post-COVID world will look like,” said Adam Heavenrich, managing director of Heavenrich & Company. “The COVID world of 2020 will hopefully look drastically different from the post-COVID world of 2021.” The comments came during a panel titled “Investment Update: Should Today’s Investor Buy, Sell or Hold?” during France Media’s InterFace Seniors Housing Investment, Development & Operations conference, held virtually in early December. Heavenrich moderated the panel, which included Kevin Carden, senior vice president of acquisitions, REDICO/American House; Joe Weisenburger, senior vice president and relationship manager, Welltower; Isaac Dole, founder and CEO, Birchwood Health Care Partners; and Curtis King, senior vice president, HJ Sims. King noted that, while the vaccine is certainly good news, turnaround properties and new construction can expect occupancy woes to continue for the near future. “We’re saying 2021 is still going to be a very tough year,” said King. “Pre-vaccination news, we were out there lending, looking …

January 4, 2021

Acquisitions California Multifamily Seniors Housing Western

Kisco Buys 139-Unit Seniors Housing Community in Irvine, California

by Amy Works December 23, 2020

IRVINE, CALIF. — Kisco Senior Living has acquired Atria Park of Woodbridge, a 139-unit seniors housing community in Irvine, approximately 40 miles southeast of downtown Los Angeles. Healthpeak sold the 103,000-square-foot property for an undisclosed price. The seller recently completed a $9 million renovation at the community that converted some assisted living units into a memory care neighborhood. In addition to taking over management duties from Atria Senior Living, Kisco plans to rename the community Woodbridge Terrace of Irvine as part of the results of a resident poll. The executive director will remain in place at the community, and Kisco Senior Living plans to hire two new sales directors to help increase occupancy. “We have a large presence throughout California, and we saw this as an opportunity to expand our footprint in Southern California,” says Andy Kohlberg, CEO of Kisco Senior Living. “We are committed to retaining staff at the community and working with Healthpeak and Atria Senior Living to make this transition as seamless as possible.” Kisco Senior Living owns and operates 20 additional communities in California, North Carolina, Florida, Virginia and Utah.

December 23, 2020

Affordable Housing Development Multifamily Northeast Pennsylvania Seniors Housing

Redevelopment Authority Selects Tryko Partners for Seniors Housing Project in Pittsburgh

by Taylor Williams December 23, 2020

PITTSBURGH — The Urban Redevelopment Authority of Pittsburgh has tapped New Jersey-based Tryko Partners to redevelop the former Fairywood School into a 46-unit affordable housing community for seniors age 62 and older. The majority of the units (39) will be reserved for renters earning 60 percent or less of the area median income. The new community will feature one-bedroom units surrounded by walkable green space. A community building will allow residents to take advantage of financial literacy, nutrition and exercise programs, health screenings and other support services. The Pennsylvania Housing Finance Agency provided 9 percent low-income housing tax credits for the project. A construction timeline was not disclosed.

December 23, 2020

California Hawaii Loans Multifamily Seniors Housing Walker & Dunlop Western

Walker & Dunlop Arranges $86M in Financing for Two Seniors Housing Communities in California, Hawaii

by Amy Works December 18, 2020

PALO ALTO, CALIF., AND HONOLULU — Walker & Dunlop Inc. has arranged a total of $86 million in financing for two seniors housing properties. The loans provided $45 million to EWS Real Estate Investment Co. for Palo Alto Commons, a 181-unit property in Palo Alto, and $41 million to The MW Group for The Plaza at Moanalua, a 160-bed community in Honolulu. Both properties offer assisted living, independent living and memory care. Palo Alto Commons, built in 1989 and 2010, is a three-story, two-building complex with a mix of studio, one- and two-bedroom units. The Plaza at Moanalua is a Class A seniors housing community built in 2011. Russell Dey led Walker & Dunlop’s team in structuring the financing for MW Group, while Dey and Jay Thomas worked together to complete the loan for Palo Alto Commons. Both transactions were arranged with Freddie Mac financing and featured fixed rates and an interest-only component.

December 18, 2020

Acquisitions Arizona Multifamily Seniors Housing Western

Colliers Brokers Sale of Prescott Lakes Age-Restricted Apartments in Arizona

by Amy Works December 18, 2020

PRESCOTT, ARIZ. — Colliers International has arranged the sale of Prescott Lakes, an age-restricted apartment community in Prescott. CA Prescott Lakes Owner LLC acquired the asset from BAZV Prescott Lakes LLC for an undisclosed price. Restricted to residents age 55 or older, the 99,972-square-foot Prescott Lakes features 128 condominium-style one- and two-bedroom apartments. Built in 2003 on four acres, the community includes a dog park, fitness center, game room, media center, pool, spa, outdoor entertainment veranda and fully furnished guest suites. Cindy Cooke, Brad Cooke, Matt Roach, Chris Roach and Tim Dulany of Colliers International handled the transaction.

December 18, 2020

Loans Multifamily Seniors Housing Texas

Cushman & Wakefield Arranges Loan for Refinancing of Seniors Housing Property in San Antonio

by Taylor Williams December 17, 2020

SAN ANTONIO — Cushman & Wakefield has arranged a loan of an undisclosed amount for the refinancing of Franklin Park Alamo Heights, a 221-unit seniors housing community in San Antonio. Built in 2017 by locally based owner-operator Franklin Park, the property offers independent living, assisted living and memory care services. Richard Swartz, Jay Wagner, Jim Dooley and Jack Griffin of Cushman & Wakefield arranged the loan through an unnamed regional bank on behalf of Franklin Park.

December 17, 2020

Acquisitions Massachusetts Multifamily Northeast Seniors Housing

Elevation Financial Buys 121,000 SF Seniors Housing Property in Brewster, Massachusetts

by Taylor Williams December 16, 2020

BREWSTER, MASS. — Private equity firm Elevation Financial Group has purchased Wingate Residences at Brewster Place, a 121,000-square-foot seniors housing property in Brewster, located on Cape Cod. The sales price was $4 million. The property was originally built in 1973, expanded in 1995 and offered skilled nursing and assisted living services before it closed in 2019. Elevation will reposition the site to serve as an independent living community with affordable housing for adults age 55 and above that will be rebranded as Serenity Apartments at Brewster. The seller was not disclosed.

December 16, 2020

Development Multifamily Northeast Pennsylvania Seniors Housing

Partnership to Build 96 Affordable Seniors Housing Units Near Philadelphia

by Taylor Williams December 16, 2020

RIDLEY TOWNSHIP, PA. — A partnership between Pennrose, the Delaware County Housing Authority, the County of Delaware and the Pennsylvania Housing Finance Agency has closed on financing for the final phase of the Kinder Park redevelopment in Ridley Township. The project will add 96 units of affordable seniors housing to the Kinder Park site, located near Philadelphia International Airport. The site already features 160 existing affordable apartments for seniors and individuals with disabilities, 154 townhomes, a community building and several parks. This phase is slated for completion in spring 2022.

December 16, 2020

Development Multifamily Seniors Housing Texas

SilverPoint, Journey Capital Begin Work on 93-Unit Seniors Housing Community in Saginaw, Texas

by Taylor Williams December 15, 2020

SAGINAW, TEXAS — A partnership between management firm SilverPoint Senior Living and developer Journey Capital has begun construction on Edition Senior Living, a 93-unit community in Saginaw, a northern suburb of Fort Worth. The 6.1-acre property will consist of 22 independent living cottages, 54 assisted living units and 19 memory care residences. Residents will have access to resort-quality amenities, chef-prepared meals and concierge-style services. A tentative completion date was not disclosed.

December 15, 2020

Development Multifamily Seniors Housing Texas

Buckhead Investment, Zane Segal Break Ground on 142-Unit Active Adult Project Near Houston

by Taylor Williams December 14, 2020

SUGAR LAND, TEXAS — A partnership between Houston-based Buckhead Investment Partners and Zane Segal Projects has broken ground on Arista Riverstone, a 142-unit active adult community that will be located in the southwestern Houston suburb of Sugar Land. The four-story building will border a lake and connect to the walking trails within the Riverstone master-planned development. Additional amenities will include a fitness and wellness center, a pool, multiple game rooms and lounges, conference and craft rooms, multiple dog parks, a hair and nail salon and climate-controlled storage units. San Antonio-based Gonzalez Newell Bender Architects is designing the project. Galaxy Builders Ltd., also based in San Antonio, is the general contractor, and Greystar is the leasing agent. Move-ins are slated to begin in early May, with full completion scheduled for fall 2021.

December 14, 2020

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