Seniors Housing

Greystone Provides $37M Acquisition Loan for Seniors Housing Community Near Sacramento

by Amy Works January 16, 2020

ROCKLIN, CALIF. — Greystone has provided a $37 million Fannie Mae adjustable-rate mortgage loan for the acquisition of a 134-unit seniors housing property in Rocklin, a suburb of Sacramento. The Pines at Rocklin offers independent living, assisted living and memory care services. Merrill Gardens Senior Living is the operator and a joint venture partner in the community, which was built in 2015. The borrower was Harbert Seniors Housing Fund II. Greystone’s seniors housing finance team originated the 10-year loan with an adjustable rate and five years of interest-only payments. “Rocklin and the surrounding area are seeing overall population growth greater than the national average, so demand for this product type in this particular region is strong,” says Cary Tremper, head of Greystone’s seniors housing finance team.

January 16, 2020

Arizona Development Multifamily Seniors Housing Western

Watermark Opens Hacienda at the Canyon Seniors Housing Asset in Tucson

by Amy Works January 14, 2020

TUCSON, ARIZ. — Watermark Retirement Communities has opened The Hacienda at the Canyon, an independent living, assisted living and memory care community in Tucson. The property is located on 10.5 acres at the historic landmark site of St. Anne’s Convent at Sabino Canyon. The community features an on-site integrative healthcare clinic run by TMCOne, two on-site home health care agencies, integrated personal wearable technologies and fitness systems. The development is the first to open under Watermark’s new upscale Élan Collection brand. Future locations are slated for Brooklyn Heights, Napa Valley and Westwood Village (Los Angeles).

January 14, 2020

Acquisitions Illinois Midwest Multifamily Seniors Housing

Fundamental Advisors Sells 53-Story Continuing Care Retirement Community in Chicago

by Kristin Harlow January 14, 2020

CHICAGO — Fundamental Advisors has sold The Clare, a 53-story, 338-unit continuing care retirement community in downtown Chicago, to LCS for an undisclosed price. Fundamental partnered with Senior Care Development and LCS to acquire the community out of bankruptcy in 2012. A renovation plan was implemented that expanded the health center and augmented programs and services for residents. Additionally, Life Care Services, the management arm of LCS, was brought in to operate the community. During the years since the acquisition, occupancy increased from 34 percent to 98 percent. Located at 55 E. Pearson St. within the Gold Coast neighborhood, The Clare was developed in 2008 and features 248 independent living units, 26 assisted living units, 14 memory care units and 50 skilled nursing beds. Allen McMurtry and David Kliewer of Cushman & Wakefield represented the seller in the transaction.

January 14, 2020

Acquisitions Seniors Housing Texas

Ensign Group Buys 217-Unit Seniors Housing Community in San Antonio

by John Nelson January 13, 2020

SAN ANTONIO — The Ensign Group Inc. has purchased the real estate and operations of The Healthcare Center at Patriot Heights, a seniors housing campus located at 5000 Fawn Meadow in San Antonio. The property features 59 skilled nursing beds and 158 independent living units. The seller and sales price were not disclosed. The acquisition brings Ensign’s portfolio to 214 skilled nursing operations, 23 of which also include assisted living, across 13 states. Ensign owns the real estate at 90 of those properties.

January 13, 2020

Acquisitions Connecticut Multifamily Northeast Seniors Housing

Blueprint Arranges Sale of 100-Unit Seniors Housing Community in Stratford, Connecticut

by Alex Patton January 10, 2020

STRATFORD, CONN. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Atria Stratford, a 100-unit assisted living and memory care seniors housing community located in Stratford. Developed in 1999, the 87,000-square-foot community features 76 assisted living and 24 memory care units. A publicly traded REIT sold the property to partners of Woodbine Senior Living for an undisclosed price. Ben Firestone, Steve Thomes, Michael Segal and Alex Florea of Blueprint facilitated the sale.

January 10, 2020

Loans Multifamily New Jersey Northeast Seniors Housing

M&T Realty Capital Provides $79.5M Financing for Seniors Housing Facility in Blackwood, New Jersey

by Alex Patton January 8, 2020

BLACKWOOD, N.J. — M&T Realty Capital Corp. has closed a $79.5 million FHA-insured loan to refinance a 458-bed skilled nursing facility in Blackwood, a southeastern suburb of Philadelphia. The 30-year loan is fully amortizing and features a fixed interest rate of 3.28 percent. The borrower and name of facility were not disclosed. Paula Quigley and Matthew Pipitone of M&T Realty Capital Baltimore office led the transaction in collaboration with Aaron Anglada of M&T Bank’s Paramus office. Quigley also serves as the FHA/HUD program manager for the company.

January 8, 2020

Acquisitions California Multifamily Seniors Housing Western

Blueprint Arranges Sale of 185-Unit Assisted Living Community in Escondido, California

by Jeff Shaw January 8, 2020

ESCONDIDO, Calif. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Las Villas Del Norte, a 185-unit assisted living and memory care community in Escondido. A publicly traded REIT sold the property for an undisclosed price. The buyer was a locally based and privately held real estate investment firm with experience repurposing senior care properties. Constructed in 1986 with an expansion completed in 2006, Las Villas Del Norte is situated in an affluent submarket north of San Diego. The community had initially offered a wider spectrum of senior care including independent living and a dedicated wing for skilled nursing and long-term care. Following the campus addition of the independent living building, it was eventually converted to house high-acuity assisted living residents. As community management underwent several corporate-level changes, operational performance suffered, leading to the closure of the skilled nursing wing as new management focused on a lower acuity product. During the marketing process, Blueprint highlighted the value-add proposition of repurposing specific areas of the community to reset Las Villas Del Norte’s care levels to a mix of independent living, assisted living and memory care. By strategically reconverting the former high acuity assisted living building back to independent living …

January 8, 2020

Loans Multifamily New York Northeast Seniors Housing

JLL Arranges $47.5M Refinancing for Seniors Housing Facility in Manhattan

by Alex Patton January 7, 2020

NEW YORK CITY — JLL has arranged a $47.5 million loan for the refinancing of The 80th Street Residence, a seniors housing facility in Manhattan. The assisted living facility specializes in enhanced memory care and comprises 61 units and 70 beds. IDB Bank, a New York-based private and commercial bank, provided the loan. Peter Rotchford, Zach Rigby, Jason Skalko and Dillon Donald of JLL arranged the loan on behalf of property owners Wayne Kaplan and Larry Morehead.

January 7, 2020

Acquisitions Multifamily Seniors Housing Washington Western

NHI, LCS Form Joint Venture to Acquire Timber Ridge CCRC in Washington for $133M

by Amy Works January 7, 2020

ISSAQUAH, WASH. — National Health Investors (NHI) has formed a joint venture with an affiliate of Life Care Services (LCS) to acquire and operate Timber Ridge at Talus, a continuing care retirement community (CCRC) in Issaquah. The buyers will acquire Timber Ridge from a joint venture between Westminster Capital and LCS for $133 million, exclusive of closing costs that are estimated to be approximately $2 million. Originally built in 2008 and expanded in 2017, the property features 401 units, including 330 independent living apartments, 14 assisted living apartments, 12 memory care apartments and 45 skilled nursing beds. At the time of sale, the property was more than 95 percent occupied. The joint venture consists of two parts: the property company and an operating company. The operating company will be capitalized with $3.2 million initially. NHI will own an 80 percent ownership interest in the property company and LCS will own the remaining 20 percent; NHI will own a 25 percent interest in the operating company and LCS will own 75 percent. Additionally, NHI is contributing $43.2 million to the property company and $800,000 to the operating company for working capital. NHI has also agreed to provide financing to the property …

January 7, 2020

Colorado Development Multifamily Seniors Housing Western

Resort Lifestyle Communities Opens Sky Pointe Independent Living Community in Colorado

by Amy Works January 7, 2020

LITTLETON, COLO. — Resort Lifestyle Communities has opened Sky Pointe, an independent living community in the Denver suburb of Littleton. Sky Pointe offers 128 apartments for rent in studio, one-, two- and three-bedroom options. “From our research, we found that Denver’s metro was in great need of additional independent senior living options,” says Phil Benjamson, COO of Resort Lifestyle Communities. Based in Lincoln, Neb., Resort Lifestyle Communities has 45 independent living communities either open or under construction throughout the country.

January 7, 2020

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