Seniors Housing

Affordable Housing Sector is a Seller’s Market as New Buyers Enter the Fray, Says Exclusive Webinar Panel

by John Nelson November 17, 2020

Like many industries, the U.S. affordable housing sector has undergone a sea change stemming from the COVID-19 pandemic. Processes and protocols have changed for affordable housing professionals, some perhaps permanently. Closings are conducted virtually and some of the front-end work such as appraisals and subsidy applications look completely different than a year ago. The “new normal” that industry professionals are navigating has had a few stops and starts since March, but the sector is now in a place of relative comfort, and that’s led to investment sales picking up, according to Kevin Morris, senior director of Colliers International’s Affordable Housing Services team. “By trial and error, we’ve had to figure out systems and programs to do business,” said Morris, who is based in Fort Lauderdale, Florida. “We’ve gone through these couple of stages, and now we’re at a point where we can implement and have implemented systems and programs that will take us through this particular pandemic. We’re transacting now, and so in that regard it is kind of back to normal.” Morris was one of six panelists that comprised the broker and lender panel at Affordable Housing Southeast, a webinar hosted by Southeast Real Estate Business magazine. Kyle Shoemaker, …

November 17, 2020

Day-Creek-Senior-Villas-Rancho-Cucamonga-CA

California Development Loans Multifamily Seniors Housing Western

IEHP, National CORE Provide $1.5M for Construction of Day Creek Senior Villas in Southern California

by Amy Works November 16, 2020

RANCHO CUCAMONGA, CALIF. — Inland Empire Health Plan (IEHP) has partnered with National Community Renaissance (National CORE) to provide $1.5 million for the construction of Day Creek Senior Villas in Rancho Cucamonga, approximately 40 miles east of Los Angeles. Through this partnership with National CORE, one of the nation’s largest nonprofit developers of affordable housing, the health plan will receive access to 10 apartment units in the facility. These units will provide permanent housing for homeless seniors who are IEHP members transitioning out of long-term care. “It is a sad statement that one of the fastest-growing segments of homeless adults is seniors,” says Karen Hansberger, IEHP’s chief medical officer. “Seniors coming out of skilled nursing facilities many times have no safe place to call their home.”

November 16, 2020

Acquisitions Development Multifamily Seniors Housing Southeast Virginia

Standard Communities Invests $22M to Acquire, Upgrade Seniors Housing Community in Virginia Beach

by Alex Tostado November 16, 2020

VIRGINIA BEACH, VA. — Standard Communities, the affordable housing division of Standard Cos., has acquired The Commons at Princess Anne, an affordable seniors housing community in Virginia Beach. The buyer plans to make capital improvements at the 186-unit property. The acquisition and renovation have a total capitalization of approximately $22 million. Built in 2001, The Commons at Princess Anne features a central courtyard with picnic areas and grills, a large community room and amenity spaces such as a fitness center, hair salon and walking paths. With this transaction, Standard has created or preserved over 2,000 units of affordable housing in the Mid-Atlantic region. The seller was not disclosed.

November 16, 2020

Acquisitions Midwest Multifamily Ohio Seniors Housing

United Church Homes Expands in Northeast Ohio with Acquisition of Two Active Adult Communities

by Kristin Harlow November 16, 2020

BRUNSWICK AND NILES, OHIO — United Church Homes, an Ohio-based nonprofit provider of senior living residential and healthcare services, has acquired two active adult communities in Northeast Ohio for an undisclosed price. Harbor Woods Living at Brunswick and Harbor Woods Living at Niles were each built in 2016. The four-story, rental properties consist of 127 units each and cater to active adults over age 55. Amenities include a fitness center, salon, library, game room and gathering spaces. Harbor Woods Living was the seller. United Church Homes says the acquisition is aligned with its strategy of expanding its portfolio of market-priced housing for middle-income, older adults.

November 16, 2020

Loans Midwest Multifamily Ohio Seniors Housing

KeyBank Structures $31M in Financing for Renovation of Affordable Seniors Housing Property in Cleveland

by Kristin Harlow November 13, 2020

CLEVELAND — KeyBank Real Estate Capital (KBREC) and KeyBanc Capital Markets (KBCM) have structured $31 million in financing for the renovation of Carnegie Tower at Fairfax in Cleveland. Built in 1976, the affordable seniors housing property rises 12 stories and features 171 units. It is a project-based Section 8 building and is situated on two acres next to Cleveland Clinic. Units come in one- and two-bedroom floor plans and are reserved for residents age 62 and older. KBREC provided a $14 million HUD construction-to-permanent loan while KBCM sold $17 million of tax-exempt bonds. Additionally, KeyBank Community Development Corp. provided $10 million of low-income housing tax credit equity to purchase credits awarded to the project. Robbie Lynn, Kelly Frank, Ryan Olman and Sam Adams of KeyBank structured the financing on behalf of the borrower, Columbus-based National Church Residences. The project will preserve the building as affordable housing and ensure the long-term viability of the development, according to KeyBank.

November 13, 2020

Development Florida Multifamily Seniors Housing Southeast

Moss Construction to Build $120M Expansion of Seniors Housing Community in South Florida

by Alex Tostado November 12, 2020

POMPANO BEACH, FLA. — Moss Construction will expand John Knox Village, a seniors housing community in Pompano Beach, by 150 units and 508,513 square feet of retail, outdoor and event space. The two-phase expansion is expected to cost $120 million to execute. Construction on the first phase has started. The 37,117-square-foot project will consist of a first-level pavilion featuring a performing arts center, pre- and post-event gallery space, two restaurants with indoor and lakeside dining, a bar in between the two restaurants, a lakefront promenade and gathering spaces. A timeline for completion was not disclosed. The second phase is scheduled to start in the first quarter 2022. The 471,396-square-foot project will include two podium-style towers with 150 independent living residences, a 153-space parking garage, three restaurants and other common areas. The expansion will also involve infrastructure improvements and revisions to lakes and roadways in the vicinity.

November 12, 2020

Development Midwest Multifamily Ohio Seniors Housing

Anthology Senior Living Opens 180-Unit Property in Suburban Cleveland

by Kristin Harlow November 11, 2020

MAYFIELD HEIGHTS, OHIO — Anthology Senior Living, a new organization created by real estate development firm CA Ventures, has opened Anthology of Mayfield Heights in suburban Cleveland. The property is home to 180 independent living, assisted living and memory care residences. The community serves as the company’s first “Life Plan Community,” a new design strategy for seniors housing created in collaboration with national design firm HED. This type of community consists of a main building and a small arrangement of cottages. Courtyards enable residents to participate in outdoor activities such as swimming, pickleball, gardening, lounging and meditating. Indoors, residents have access to multiple dining options such as a bistro, pub, private dining and large dining room. Other amenities include a business center, clubhouse, fitness center, golf simulator, library, pottery room and theater.

November 11, 2020

Conference Coverage Features Loans Multifamily Seniors Housing Southeast Feature Archive

InterFace Roundtable: Capital for Active Adult Investment is Available, but ‘Fickle’

by Jeff Shaw November 10, 2020

While the recession caused by the COVID-19 pandemic has certainly made life tougher for active adult investors, there is still capital available. It has just become harder to get. “The equity is pretty rational right now. It’s the TINA phenomenon — there is no alternative,” said Mark Marasciullo, chief investment officer with The United Group of Companies, which develops active adult properties. “There is, institutionally speaking, more and more equity piling up on the sidelines. The market’s pretty liquid, but that doesn’t mean it’s easy. There’s a lot of capital out there, but it’s fickle.” The comments came during a roundtable session titled “Investment Outlook for the Active Adult/55+ Market” at France Media’s InterFace Seniors Housing Southeast conference. The event was held virtually on Nov. 5 and 6. Marasciullo hosted the session, which invited attendees to openly lead the discussion. Marasciullo noted that continued high housing prices could keep move-ins high for active adult operators. Housing website Redfin reports that home-buying demand surpassed pre-pandemic levels by June. “If you’re contemplating selling your house, you’re looking around and saying ‘there’s never going to be a better time.’ Our industry has caught a bit of a tailwind,” said Marasciullo. “I’m actually very …

November 10, 2020

Loans Michigan Midwest Multifamily Seniors Housing

Bernard Financial Group Arranges $11.5M Refinancing for Seniors Housing Property in Detroit

by Kristin Harlow November 9, 2020

DETROIT — Bernard Financial Group has arranged an $11.5 million loan for the refinancing of an 82-unit seniors housing property in Detroit. Walker & Dunlop provided the Freddie Mac loan, terms of which were undisclosed. Dennis Bernard and Joshua Bernard of Bernard Financial Group arranged the loan on behalf of the borrower, OP Senior Limited Dividend Housing Association LLC.

November 9, 2020

Acquisitions Multifamily Seniors Housing Texas

The Ensign Group Acquires 82-Bed Skilled Nursing Facility in Amarillo

by Taylor Williams November 9, 2020

AMARILLO, TEXAS — The Ensign Group Inc. (NASDAQ: ENSG) has acquired the real estate and operations of The Medical Lodge of Amarillo, an 82-bed skilled nursing facility in Amarillo. The property was 45 percent occupied at the time of acquisition. This property brings Ensign’s portfolio to 227 healthcare operations, 24 of which also include assisted living operations, across 13 states. Ensign owns 95 real estate assets.

November 9, 2020

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