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Seniors Housing

LoansMichiganMidwestMultifamilySeniors Housing

Bayview PACE Provides $4.3M in C-PACE Financing for Seniors Housing Property in Taylor, Michigan

by Kristin Harlow

TAYLOR, MICH. — Bayview PACE has provided $4.3 million in C-PACE financing for the 81-unit Hampton Manor-Taylor seniors housing community in Taylor near Detroit. The project sponsor is Florida-based Build Senior Living, the development arm of Hampton Manor. Licensed for 102 beds, Hampton Manor-Taylor features 65 assisted living units and 16 memory care units. The $4.3 million in C-PACE funds are part of a refinancing on the already-completed Taylor project, which is substantially leased. C-PACE, or Commercial Property Assessed Clean Energy, can be used in a variety of applications including new construction and renovations. It can be utilized to recapitalize projects completed within three years in many jurisdictions.

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MorningStar-Old-Town-Fort-Collins-CO
Conference CoverageFeaturesMultifamilySeniors Housing

InterFace Panel: Seniors Housing Operators Must Embrace Healthcare-Based Models

by Taylor Williams

By Taylor Williams ATLANTA — Seniors housing has long been established as a viable property type within the spectrum of commercial real estate investment, and at the institutional level, major seniors housing owners oftentimes happen to be major healthcare owners as well. The pairing is only logical. Seniors tend to require disproportionate amounts of healthcare resources, which is why ideal sites for their residential facilities tend to have proximity to hospitals. It also explains why the staffers who make these facilities run often have medical training backgrounds. Therefore, to continue to evolve as an asset class and investment proposition, it follows that seniors housing owners must, from top to bottom, deepen their embrace of healthcare technologies and operating philosophies within their properties. 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. At the InterFace Seniors Housing Southeast conference in Atlanta in late August, several panelists representing prominent owner-operators encouraged a crowd of 400-plus attendees at the Westin Buckhead Hotel to do just that. Incorporating both tangible and intangible features of pure-play healthcare properties and operations reflects an …

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ArizonaLoansMultifamilySeniors HousingWestern

Live Oak Bank Provides $54M Bridge Loan for Seniors Housing Portfolio in Arizona

by Amy Works

PHOENIX AND PRESCOTT, ARIZ. — Live Oak Bank has provided a $54 million bridge loan for an Arizona-based owner and operator of seniors housing communities. Loan proceeds were used to retire existing bank debt for a four-property campus portfolio in the metropolitan statistical areas (MSAs) of Phoenix and Prescott Valley. The loan provides a bridge-to-agency option and features a two-year initial term and 24 months of interest-only payments.

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Affordable HousingDevelopmentLoansMultifamilySeniors HousingTexas

NHH Underway on 120-Unit Affordable Seniors Housing Project in Metro Houston

by Taylor Williams

MAGNOLIA, TEXAS — New Hope Housing (NHH), a nonprofit affordable and workforce housing owner-operator, is underway on construction of a 120-unit affordable seniors housing project that will be located in the northwestern Houston suburb of Magnolia. The site at 7520 Avenue C spans 3.5 acres, and the development will house 90 one-bedroom units and 30 two-bedroom units. Of those, 19 units will be reserved for households earning 30 percent or less of the area median income (AMI); 44 units will be made available to seniors earning 50 percent or less of AMI; and 57 units will be earmarked for renters earning 60 percent or less of AMI. Amegy Bank provided $20 million in construction financing for the project, which is expected to be complete in 2026.

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LoansSeniors HousingSoutheastWest Virginia

Live Oak Bank Closes $39M Loan for Seniors Housing Community in Morgantown, West Virginia

by John Nelson

MORGANTOWN, W.VA. — Live Oak Bank has closed a $39 million unitranche loan — a hybrid financing structure that combines senior debt and subordinated debt into one loan — on behalf of a Charleston, S.C.-based owner and operator of seniors housing communities. Loan proceeds were used to retire existing bank debt along with partnership debt associated with the sponsor’s 2021 purchase of a 175-unit independent living, assisted living and memory care community located in Morgantown, home city of West Virginia University. The three-year loan provides a bridge-to-agency option and includes 24 months of interest-only payments and no exit fee. Berkadia Commercial Mortgage’s Seniors Housing & Healthcare Group funded the subordinate debt.

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Amira Choice
Conference CoverageFeaturesGeorgiaSeniors HousingSoutheastSoutheast Feature Archive

Technology Can Complement — But Never Replace — The Human Touch in Seniors Housing Communities, Say InterFace Panelists

by John Nelson

ATLANTA — Though the older population is often seen as removed from modern technology, tech products offer great promise to the seniors housing sector. Participants in the “Technology Revolution: Enhancing Resident Care and Operational Cost Effectiveness” panel at the InterFace Seniors Housing Southeast conference (held recently in Atlanta) all agreed on this point. Importantly though, the panel — which was moderated by Mark Petty, vice president of corporate accounts with ICON — also highlighted the fact that seniors housing is an industry rooted in human interaction. Given this fact, the panelists concluded that technology can complement and enhance, but never replace, the human touch. 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. Three Questions A strategic approach in the purchase and application of technology within seniors housing communities is paramount, pointed out Joe Jasmon, CEO and managing partner of American Healthcare Management Group. In addition to being highly helpful, the products offered by tech companies can be costly. “To have tech just to have tech is really a waste of time, effort and money,” asserted Jasmon. …

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Affordable HousingDevelopmentLoansMarylandMultifamilySeniors HousingSoutheast

Enterprise Community Development Secures $116.4M Financing for Three Affordable Housing Properties in Maryland

by John Nelson

BALTIMORE — Enterprise Community Development Inc. has secured $116.4 million in financing for three affordable housing communities in Maryland. The properties include College Parkway Place in Annapolis and The Greens at Irvington Mews II and Park Heights Place, both located in Baltimore. Built in 1978, College Parkway Place features 170 apartments and will undergo extensive renovations to unit interiors. The property will serve households earning 50 percent or less of the area median income (AMI) and all apartments will receive federally funded rental assistance. The rehabilitation financing for College Parkway Place totals $74 million, with financing from the Maryland Department of Housing and Community Development and equity generated through the sale of federal Low Income Housing Tax Credits (LIHTC) and gap financing from the State of Maryland. The Greens at Irvington Mews II is a new construction project that will add 59 apartments for independent seniors, including 47 apartments for residents earning up to 50 percent of AMI and 12 apartments for those earning up to 30 percent AMI. The property, set to come on line in October 2025, represents Phase II of the existing Irvington Mews development. The total development cost for the Greens at Irvington Mews II is approximately …

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AcquisitionsMultifamilyNortheastPennsylvaniaSeniors Housing

ESI Negotiates Sale of Continuing Care Retirement Community in Somerset, Pennsylvania

by Taylor Williams

SOMERSET, PA. — Evans Senior Investments (ESI) has negotiated the sale of The Patriot, a continuing care retirement community (CCRC) in Somerset, located in southwest Pennsylvania. The transaction was executed on behalf of a nonprofit organization. The CCRC features 100 licensed skilled nursing beds, 47 personal care units and two independent living units. At the time of sale, the skilled nursing component of the property was 77 percent occupied, and the personal care beds were 47 percent occupied.

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LoansMultifamilySeniors HousingUtahWestern

EBSC Lending Closes $14.5M Refinancing for Seniors Housing Property in Bountiful, Utah

by Amy Works

BOUNTIFUL, UTAH — EBSC Lending has arranged the closing of a $14.5 million loan to refinance an assisted living and memory care community in Bountiful, a suburban community between Salt Lake City and Ogden, Utah. The undisclosed sponsor acquired the facility in 2019 and has expanded the property’s memory care capacity to capture more of the market demand for high-quality memory care and increased the allowable density by obtaining a zoning amendment allowing up to 73 beds. The sponsor increased occupancy, improved operations and hired a new management company to oversee the property. Additional amenities offered at the property include personalized care, healthcare coordination, chef-prepared meals, housekeeping and secure courtyards.

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CaliforniaDevelopmentLoansSeniors HousingWestern

EBSC Arranges $31.2M in Construction Financing for Luxury Los Angeles Seniors Housing Facility

by Amy Works

LOS ANGELES — EBSC Lending has arranged $31.2 million in construction financing for a new luxury senior living community under development in Los Angeles. The undisclosed borrower operates senior living facilities in the Southeast, with a primary focus on Florida. Brian Stark, manager of information technology at EBSC Lending, led the transaction. The 172,163-square-foot facility will offer a total of 198 catered living, assisted living and memory care units in three buildings spread over a 7.8-acre campus. It will also feature gourmet restaurant-style dining, boutique hotel décor and a variety of luxury amenities. “This deal had tremendous headwinds, given the rising interest rates,” says David Palmer, vice president, special assets at EBSC Lending. “Working together with the sponsor, we were able to structure the deal with favorable terms and sizing parameters that allowed us to preserve millions of dollars. We regard healthcare as highly strategic. We are committed to the future of this growing sector and to supporting our healthcare clients.” Based in Irvine, Calif., EBSC is a private lender that offers customized solutions to real estate investors and developers. The company has emerged as a provider of senior financing to alternative real estate bridge lenders.

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