MINNETONKA, MINN. — The Opus Group has completed its first senior living community in the Twin Cities known as Orchards of Minnetonka. The 147-unit development offers independent living, assisted living and memory care. Amenities include a salon, chapel space, clubroom, community room and two dining areas. Outdoor areas include a putting green, gardening beds and orchard. Ebenezer Management will operate the property. Sperides Reiners Architects and Consilium Home made up the project team.
INDIAN ISLAND, MAINE— Hunt Capital Partners has provided $2.1 million in federal low-income housing tax credit (LIHTC) equity financing for the construction of Penobscot Elder Homes. The community will be located on Indian Island within the Penobscot Nation Reservation, approximately 12 miles northeast of Bangor. The development will provide 24 affordable housing apartments for seniors. Penobscot Elder Homes is Hunt Capital Partners’ 11th LIHTC investment in Indian Country and Penobscot Nation’s first LIHTC development. All units will be restricted to households that earn up to 50 and 60 percent of the area median income. The two-story development will also include a lobby with a common area as well as a community kitchen, community room and laundry rooms.
CARLSBAD, Calif. — Seniors housing investment and construction in the United States slowed in the first part of 2019, but investors are confident in the long-term outlook for this sector, according to a “Senior Housing Snapshot” report by Real Capital Markets (RCM). Following several years of robust sales and construction activity, the seniors housing market is redefining itself, adjusting to shifts in investor activity and a focus by many investors on a long-term horizon, the report concludes. RCM’s national report incorporates the sentiments of investors across the country and national statistics on investment activity from Real Capital Analytics (RCA), as well as construction and occupancy statistics from the National Investment Center for Seniors Housing & Care (NIC). Based in Carlsbad, RCM is a marketplace for selling commercial real estate properties. U.S. investment sales in seniors housing totaled $2.8 billion in the first two months of 2019, down from $3 billion in the same time period in 2018. This follows $15.2 billion in sales for all of 2018. According to U.S. investors, developers and real estate brokers surveyed and interviewed for the report, 66 percent believe that activity levels in 2019 will be comparable to the total sales for 2018. “Perspective …
GREENVILLE, S.C. — A partnership between Cardinal Ventures LLC and Blake Management Group will develop an 88,000-square-foot seniors housing community in Greenville. The property will offer assisted living units in studio, one- and two-bedroom formats and memory care units in studio and one-bedroom floor plans. Construction is scheduled to be complete by spring 2020.
TEXAS AND LOUISIANA — Blueprint Healthcare Real Estate Advisors has arranged the $282.5 million sale of 28 skilled nursing facilities in Texas and Louisiana. Blueprint represented the buyer, a joint venture between BlueMountain Capital Management, BM Eagle Holdings and Capital Funding Group. The seller was Sabra Health Care REIT Inc. Blueprint collaborated with the joint venture to find local operating partners and tenants for the portfolio of assets. Further details on the names and locations of the properties were not disclosed. KeyBank Real Estate Capital arranged acquisition financing for the deal.
CORAOPOLIS, PA. — Tapestry Senior Living will open Tapestry Moon Township, a 224-unit community that will be located in Coraopolis, about 12 miles northwest of Pittsburgh. The community will offer 93 memory care units and 131 assisted living units. A timeline for the opening was not provided, but the company has announced that the property is currently accepting deposits.
LUFKIN, TEXAS — The ITEX Group, a Houston-based development and investment firm, has acquired land in Lufkin, located about 120 miles northeast of Houston, for the development of a 76-unit seniors housing project. The project, which will be branded Providence at Ted Trout, is valued at $11.8 million and is expected to be complete by year’s end. The property will be comprised of 48 one-bedroom units and 28 two-bedroom residences for seniors aged 55 and older.
KANSAS CITY, MO. — Tutera Senior Living & Health Care is nearing completion of the $55 million Tiffany Springs senior living community in Kansas City. Tutera expects the 172 independent living units to be available in June, followed by 89 memory care and assisted living units in July. Community amenities at the 289,000-square-foot property include a spa, pool, outdoor courtyard, yoga studio, art studio, theater room, chapel, dog wash, concierge services and multiple dining venues. The new community will be connected via a breezeway to a rehabilitation and healthcare center that will offer short-term rehabilitation services and extended stays. Nearing Staats Prelogar & Jones Architects, BHC Rhodes and Luke Draily Construction Co. make up the project team.
ZEBULON, N.C. — Woda Cooper Cos. has cut the ribbon on Shepard Greene, a 50-unit affordable seniors housing community in Zebulon, approximately 20 miles east of Raleigh. The three-story community features age-in-place features and energy-efficient apartments for residents aged 55 years and older who earn 60 percent or less of the area median income. All units have emergency alert systems and six units are available with features for those with disabilities, such as roll-in showers. Two units are designed for those with hearing/sight impairments. Shepard Greene is located a half-mile from downtown Zebulon. An onsite manager oversees leasing and property maintenance and is available to assist residents in accessing transportation, Meals On Wheels and other resources and activities. Shepard Greene was financed in part through housing tax credits allocated by the North Carolina Housing Finance Agency. Bank of America Merrill Lynch was the equity investor for the tax credits and also provided construction financing. Bellwether Enterprise also facilitated a USDA Rural Development 538 loan.
NEW JERSEY — Greystone has provided a $24 million Fannie Mae loan to refinance a 138-unit assisted living facility in New Jersey. D.J. Elefant of Greystone’s New York office originated the transaction on behalf of Sage Healthcare Partners. Neal Raburn of Greystone’s Atlanta office provided support in structuring, underwriting and closing the transaction. The name and location of the property were not disclosed. The loan carries a 10-year term and 30-year amortization schedule with an interest-only payment period of two years. Greystone originally provided a bridge loan to the borrower to acquire the facility in 2017 and make investments to increase its overall value. The permanent loan enables the borrower to refinance out of the bridge loan and continue with its ongoing facility improvements.
