Seniors Housing

CBRE Arranges $55.5M Loan for Refinancing of Seniors Housing Community in Houston

by Taylor Williams August 23, 2019

HOUSTON — CBRE has arranged a $55.5 million loan for the refinancing of The Village of River Oaks, a Class A, 198-unit continuing care retirement community (CCRC) in Houston. The borrower was a joint venture between Bridgewood Property Co. and Harrison Street. A national bank provided the loan, which features a four-year term, floating interest rate and 30 months of interest-only payments. Aron Will, Austin Sacco and Adam Mincberg of CBRE National Senior Housing arranged the transaction. CBRE also arranged the development financing for the property in 2015. Retirement Center Management, Bridgewood’s wholly owned management affiliate, will continue to operate the property.

August 23, 2019

Massachusetts Multifamily Northeast Seniors Housing

Capitol Seniors Housing Opens 96-Unit Community in Andover, Massachusetts

by Alex Patton August 21, 2019

ANDOVER, MASS. — Capitol Seniors Housing, a developer based in Washington D.C., has opened Stone Hill at Andover, a 96-unit community located about 25 miles north of Boston. The 81,500-square-foot community offers one- and two-bedroom units and provides independent living, assisted living and a specialized program focusing on Alzheimer’s disease and dementia care. Additional amenities include a bistro, activity room, fitness room, theater, salon and courtyard. Pennsylvania-based Meyer Senior Living Studio designed the property.

August 21, 2019

Development Multifamily New Mexico Seniors Housing Western

MorningStar, Confluent Senior Living Deliver 70,863 SF Seniors Housing Community in New Mexico

by Amy Works August 21, 2019

RIO RANCHO, N.M. — Co-developers MorningStar Senior Living and Confluent Senior Living, a subsidiary of Confluent Development, have delivered MorningStar of Rio Rancho, a seniors housing community located at 2301 Golf Course Road SE in Rio Rancho. Situated on 5.5 acres, Morningstar of Rio Rancho features a total of 77 units, with 51 suites for assisted living and 26 suites for residents with memory impairment, in a mix of studio, one- and two-bedroom layouts. The one- and two-bedroom assisted living suites feature stacked washer/dryers, and all units include advanced technological features including an emergency call system and community-wide wireless internet. Additionally, the community offers restaurant-style and private dining options, a 24-hour bistro/bar, a workshop and art studio, community activities space with demonstration kitchen, a spa and massage therapy room, fitness center, theater/chapel, library and salon. Outdoor amenities include courtyards with trellises, walking paths, resident gardening areas and a barbecue area with grill and fire pit. MorningStar of Rio Rancho is the 12th joint venture between MorningStar and Confluent Senior Living. Confluent is the project owner and MorningStar serves as the operator of the property. The project team included Rosemann & Associates as architect, New Mexico-based Bradbury Stamm Construction as general …

August 21, 2019

Loans Multifamily New York Northeast Seniors Housing

Contemporary Provides $2.1M Mezzanine Loan for Refinancing of Seniors Housing Community in Upstate New York

by Alex Patton August 19, 2019

NEWFANE, N.Y. — Contemporary Healthcare Capital has provided a $2.1 million mezzanine loan for the refinancing of a 165-bed seniors housing community in Newfane, a city located about 40 miles north of Buffalo. The borrowers were affiliates of Maximus Healthcare Group. CoastalStates Bank (CSB) provided an accompanying senior loan. The loans will refinance an existing and maturing term loan originally provided by Contemporary and another regional bank for the acquisition of the facility.

August 19, 2019

Acquisitions California Multifamily Seniors Housing Western

Mogharebi Group Arranges $34.4M Sale of Age-Restricted Community in San Gabriel Valley

by Amy Works August 16, 2019

HACIENDA HEIGHTS, CALIF. — The Mogharebi Group (TMG) has brokered the sale of Sagewood Gardens, an age-restricted community located on Gale Avenue in Hacienda Heights. A San Gabriel Valley-based private investor acquired the asset from a Los Angeles-based private owner for $34.4 million. Built in 1988, Sagewood Gardens is a one- and two-story apartment community comprising 21 residential buildings totaling 93,930 rentable square feet. Situated on 5.3 acres, the property features 162 apartments in a mix of one- and two-bedroom layouts, as well as a detached single-family residence. The property is restricted to residents age 55 or older. On-site amenities include a fitness facility, resident lounge with media room, covered parking and an activity center. Alex Mogharebi and Otto Ozen of TMG represented the seller and the buyer in the deal.

August 16, 2019

evergreen-walk-south-windsor-connecticut

Connecticut Development Multifamily Northeast Seniors Housing

Confluent, Harbor Retirement to Build 113-Unit Senior Living Community in South Windsor, Connecticut

by Alex Patton August 15, 2019

SOUTH WINDSOR, CONN. — A partnership between Confluent Development, a Denver-based developer, and Harbor Retirement Associates will break ground this month on HarborChase of Evergreen Walk, a 113-unit senior living community in South Windsor, located near Hartford. The 111,915-square-foot community will offer one- and two-bedroom units and access to The Promenade Shops at Evergreen Walk, an outdoor mall with retail and restaurants. Milwaukee-based Plunkett Raysich Architects designed the project, and Whiting-Turner is the general contractor. Construction is slated for completion in December 2020.

August 15, 2019

Loans Multifamily New York Northeast Seniors Housing

NorthMarq Arranges $7.5M Loan for Refinancing of Seniors Housing Community in Mount Vernon, New York

by Alex Patton August 15, 2019

MOUNT VERNON, N.Y. — NorthMarq has arranged a $7.5 million loan for the refinancing of Lohman Village, a 31-unit seniors housing community in Mount Vernon, a northern suburb of New York City. The loan features a fixed interest rate with a seven-year term on a 30-year amortization schedule. Robert Ranieri of NorthMarq arranged the loan through PCSB Bank. The borrower was New York-based seniors housing owner Wartburg.

August 15, 2019

Acquisitions Multifamily Seniors Housing Texas

Blueprint Negotiates Sale of 33-Unit Memory Care Community in Dallas

by Taylor Williams August 14, 2019

DALLAS — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 33-unit memory care community in the Turtle Creek neighborhood of Dallas. A publicly traded REIT sold the property, the name of which was not disclosed, to local owner-operator Iris Senior Living. Blueprint’s Ben Firestone and Joshua Salzman handled the transaction.

August 14, 2019

Loans Midwest Multifamily Ohio Seniors Housing

KeyBank Provides $14.5M Refinancing for Seniors Housing Property Near Akron, Ohio

by Kristin Harlow August 13, 2019

TALLMADGE, OHIO — KeyBank Real Estate Capital has provided a $14.5 million Freddie Mac loan for the refinancing of a 101-unit seniors housing property in Tallmadge, just east of Akron. Built in 2016, Danbury Tallmadge offers independent living, assisted living and memory care. Lee Delaveris of KeyBank originated the loan. Danbury Senior Living was the borrower.

August 13, 2019

Arizona Development Multifamily Seniors Housing Western

Life Care Services Underway with $100M Second Phase at Sagewood CCRC in Phoenix

by Amy Works August 12, 2019

PHOENIX — Life Care Services is developing the $100 million second phase at Sagewood in Phoenix. Westminster Capital is the joint venture development partner of the property, which opened in 2010 and currently has 316 units. Situated on 3.5 acres, the 220,000-square-foot second phase will include 101 independent living apartments. Phase II will feature one- and two-bedroom apartment homes; an 18-hole championship golf putting course; new dining facilities, including The Owl’s Nest restaurant and lounge; expansion of the existing Canyon Café; and an expansion of the current Palo Verde Dining Room, which will become an entirely new, separate venue. Additionally, the second phase will include card rooms and new administrative offices. The new phase will offer 13 different apartment home floor plans, ranging from one-bedroom units to two-bedroom plus den layouts. The units will measure between 873 square feet and 2,351 square feet. All residences will also include patios or balconies offering scenic views. Todd & Associates is serving as architect and The Weitz Co. is building the project. Phase II will be the largest addition to Sagewood since opening in 2010. The new phase is slated for completion in late 2020. Sagewood features a fitness center, movie theaters, indoor …

August 12, 2019

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