Seniors Housing

Cushman & Wakefield Arranges $26.5M in Development Equity for Seniors Housing Project in New Jersey

by Alex Patton August 2, 2019

MONTVALE, N.J. — Cushman & Wakefield Markets has arranged $26.5 million of institutional equity capital from a private equity fund for the development of a 203-unit seniors housing project in Montvale, about 30 miles north of New York City. The community will feature a four-story building on an 11.5-acre site. Cushman & Wakefield acted as exclusive advisor to a joint venture between Pike Properties, Thrive Senior Living and Gallium Real Estate. Construction debt financing of $54.6 million has been secured an undisclosed seniors housing lender and is expected to close in late August. Richard Swartz, Jay Wagner and Jim Dooley of Cushman & Wakefield handled the debt placement.

August 2, 2019

California Loans Multifamily Seniors Housing Western

KeyBank Provides $29M HUD Refinancing for Skilled Nursing Facility in Northern California

by Amy Works August 2, 2019

SALINAS, CALIF. — KeyBank Real Estate Capital has provided a $29 million loan to refinance Pacific Coast Care Center, a 149-bed skilled nursing facility in Salinas, just south of the Bay Area proper. The facility was built in 1979. The borrower is an investor group led by BM Eagle Holdings and BlueMountain Capital Management. Financing for the property was closed using the U.S. Department of Housing and Urban Development’s 232/223(f) mortgage insurance program. Proceeds from the FHA loan were used to pay down a portion of an interim bridge loan. A KeyBank-led bank syndicate originally provided the acquisition financing in mid-2017 as part of a multi-asset skilled nursing portfolio. The deal team consisted of John Randolph of Key Bank’s FHA Healthcare team and Grant Saunders and Peter Trazzaera from Key Bank’s Healthcare Group.

August 2, 2019

Development Midwest Missouri Multifamily Seniors Housing

Tutera Opens Tiffany Springs Senior Living Community in North Kansas City

by Kristin Harlow August 1, 2019

NORTH KANSAS CITY, MO. — Tutera Senior Living & Health Care has opened the 172-unit independent living portion of Tiffany Springs Senior Living Community in North Kansas City. The $55 million, 289,000-square-foot property is located at 9101 N. Ambassador Drive. Amenities include a day spa, heated pool, outdoor courtyard, yoga studio, art studio, theater room, chapel, dog park, multiple dining venues, concierge and transportation services. A breezeway connects the property to Tutera’s Tiffany Springs Rehabilitation & Health Care Center, which offers both short-term rehabilitation services and extended stays. The project team included Nearing Staats Prelogar & Jones Architects, BHC RHODES and Luke Draily Construction Co. A grand opening event is scheduled for Thursday, Sept. 26 to showcase the completion of the 89 memory care and assisted living units.

August 1, 2019

Acquisitions Multifamily New Mexico Seniors Housing Western

Marcus & Millichap Brokers Sale of 101-Bed Skilled Nursing Facility in New Mexico

by Amy Works August 1, 2019

FARMINGTON, N.M. — Marcus & Millichap has brokered the sale of Cedar Ridge Inn, a skilled nursing facility located at 800 Saguaro Trail in Farmington. A private investor sold the asset to another private investor for an undisclosed price. Built in 2002 on 4.5 acres, the single-story, 39,232-square-foot facility features 101 beds for seniors. Prior to the sale, the seller reduced operating capacity to fully renovate the 10-unit short-term rehabilitation wing. Tony Cassie and Sam Thompson of Marcus & Millichap’s Portland, Ore., office represented the seller, while Rod Llanos of Marcus & Millichap’s Houston office represented the buyer in the deal. Matthew Reeves, also of Marcus & Millichap, assisted in the transaction.

August 1, 2019

Acquisitions Healthcare Midwest Multifamily Northeast Ohio Seniors Housing Southeast Texas Top Stories Western

Welltower Shakes Up Portfolio, Commits to Nearly $2.75B in Transactions

by Alex Tostado August 1, 2019

TOLEDO, OHIO — Welltower Inc. (NYSE: WELL) has expanded its senior living portfolio to the tune of 15 properties worth $949 million across the country. Simultaneously, the healthcare REIT giant exited its partnership with seniors housing operator Benchmark Senior Living, selling its 48-property portfolio to an undisclosed buyer for $1.8 billion. The 48 properties that Benchmark operates total 4,137 units and are located in Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island and Vermont. As part of the recapitalization, Benchmark will invest in improvements at the properties. Benchmark will continue to manage the portfolio under a new management agreement with the new capital partner. Ted Flagg of the JLL Capital Markets team represented Welltower in the Benchmark transaction. With the new acquisitions, Welltower expanded its footprint by entering into or expanding partner agreements with senior living operators Balfour Senior Living, Sunrise Senior Living and Discovery Senior Living. The three partnerships yielded 14 properties in Maryland, Colorado, California and Texas. Welltower acquired six properties from Balfour, including Balfour’s flagship Balfour at Riverfront in Denver and the recently opened Lavender Farms, for $308 million. The other four properties are situated in the Denver and Boulder metro areas. Additionally, Welltower has the option to …

August 1, 2019

Acquisitions Multifamily Seniors Housing Texas

SLIB Arranges $2.8M Sale of Assisted Living Facility in Mount Vernon, Texas

by Taylor Williams July 31, 2019

MOUNT VERNON, TEXAS — Senior Living Investment Brokerage (SLIB) has arranged the sale of Mount Vernon House, a 50-unit assisted living community in Mount Vernon, approximately 100 miles east of Dallas. The 41,000-square-foot property sits on 2.5 acres and was constructed in 1994. A local doctor acquired the community from an independent owner-operator for $2.8 million, or $56,000 per unit. The community was approximately 58 percent occupied at the time of sale. Matthew Alley of SLIB arranged the transaction.

July 31, 2019

Avesta-Residences-Hamilton-Hill-Novato-CA

California Development Multifamily Seniors Housing Western

Sundt Starts Construction of Seniors Housing Community in Bay Area

by Amy Works July 30, 2019

NOVATO, CALIF. — Sundt Construction Inc. has started construction of Avesta Residences at Hamilton Hill, a seniors housing community in the Bay Area city of Novato. The four-story building will sit on four acres and total 68,000 square feet. The community will offer 80 units of assisted living and memory care. The architect on the project is LPAS. The project is scheduled for completion by fall 2020.

July 30, 2019

Features Multifamily Seniors Housing

Despite Headwinds, Demand Remains High for Seniors Housing, Says CBRE Survey

by Jeff Shaw July 30, 2019

LOS ANGELES — Appetite for seniors housing remains strong despite higher operating costs, with nearly two-thirds of investors planning to increase their buying over the next 12 months, according to the CBRE U.S. Seniors Housing & Care Investor Survey. CBRE is a global real estate services firm based in Los Angeles. The survey polled more than 100 seniors housing investors, developers, lenders and brokers throughout the United States. The results reflect pricing and sentiment at the end of 2018. The majority of investors (62 percent) aim to expand the size of their portfolios over the next year. More than one third (34 percent) are expecting no change to their level of acquisitions. The percentage of investors who plan to increase (or maintain) their level of investment in seniors housing is essentially unchanged from last year’s survey. “Senior housing demand should remain at relatively healthy levels through 2019, given expected steady economic growth and lower mortgage rates,” says Jeanette Rice, Americas head of multifamily research at CBRE. “Demographic trends are positive for the asset class, with the baby boomers nearing the traditional age for seniors housing and nearly 9,000 turning 70 every day this year.” Investors remain focused on “lifestyle” seniors housing, …

July 30, 2019

Development Multifamily Seniors Housing Texas

Discovery Completes Renovation Project at Seniors Housing Community in Tulsa

by Taylor Williams July 30, 2019

TULSA, OKLA. — Discovery Senior Living has completed renovations at Country Club at Woodland Hills, a senior living community in Tulsa. A grand unveiling of the updated areas was held Saturday, July 27. Country Club at Woodland Hills offers independent living and respite care. The number of units was not disclosed. The renovations largely took place in the common areas, including exterior enhancements, a new fitness center and improvements to other amenities and lifestyle programs.

July 30, 2019

Loans Multifamily Seniors Housing Texas

KeyBank Provides HUD Financing for 378-Bed Skilled Nursing Portfolio in Texas

by Taylor Williams July 26, 2019

CORPUS CHRISTI, BASTROP AND SAN ANTONIO, TEXAS — KeyBank Real Estate Capital has provided $35 million in HUD financing for a three-property, 378-bed skilled nursing portfolio located throughout Texas. The financing includes $16 million for the Regency-Windsor Calallen in Corpus Christi; $14.5 million for the Regency Bastrop Nursing & Rehabilitation Center in Bastrop; and $14 million for the Regency-Windsor Mission Oaks Nursing & Rehabilitation Center in San Antonio. The financing was closed using HUD’s 232/223(f) mortgage insurance program and paid off an acquisition loan structured by KeyBank’s Healthcare Group. Grant Saunders, Peter Trazzera and John Randolph of KeyBank handled the transaction.

July 26, 2019

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