Seniors Housing

Cushman & Wakefield Brokers Sale of 228-Unit Senior Living Campus in Corpus Christi

by Taylor Williams May 10, 2019

CORPUS CHRISTI, TEXAS — Cushman & Wakefield has brokered the $20.3 million sale of Mirador, a 228-unit seniors housing community in Corpus Christi. The Class A facility was developed in 2011 and offers 125 independent living apartments, 44 assisted living residences, 18 memory care units and 41 skilled nursing units. Mirador was 82 percent occupied at the time of sale. Allen McMurtry, Paul Carr and David Kliewer of Cushman & Wakefield represented the seller, Addison, Texas-based Senior Quality Lifestyles Corp., in the transaction. The buyer was an affiliate of Methodist Retirement Communities, which is based in metro Houston.

May 10, 2019

Development Multifamily Seniors Housing Texas

Civitas, LKP Ventures Break Ground on 83-Unit Seniors Housing Community in Roanoke, Texas

by Taylor Williams May 10, 2019

ROANOKE, TEXAS — Civitas Senior Living and LKP Ventures have broken ground on Harvest of Roanoke, an 83-unit seniors housing community in Roanoke, located due north of Fort Worth. Situated on 5.2 acres along the Texas 114 Corridor, the developers claim this is the first senior living community to be developed in the area. The community will feature 67 assisted living and 16 memory care apartments in a 67,000-square-foot building. Harvest of Roanoke is scheduled to open in fall 2020. Arrive Architects, Senior by Design and Ridgemont Commercial Construction are also contributing to the project.

May 10, 2019

Development Multifamily New York Northeast Seniors Housing

Sentinel Opens 160-Unit Seniors Housing Community in Port Jervis, New York

by Taylor Williams May 10, 2019

PORT JERVIS, N.Y. — Sentinel Senior Living LLC has opened The Sentinel of Port Jervis, a 160-unit assisted living community in Port Jervis, located along the Pennsylvania border approximately 70 miles northwest of New York City. The building was formerly a Days Inn, which was renovated and expanded for the project. The 65,000-square-foot building sits on over five acres. The Sentinel is seeking to expand its footprint in the area, completing a similar project in Amsterdam in 2017. The company plans to use these projects as a blueprint for future developments.

May 10, 2019

Development Florida Multifamily Seniors Housing Southeast

Solutions Advisors Group to Open $27.5M Seniors Housing Community in Tampa

by Alex Tostado May 9, 2019

TAMPA, FLA. — Solutions Advisors Group (SAG) has planned a May 16 grand opening for Tessera of Westchase, a seniors housing community in Tampa. The $27.5 million, 122,000-square-foot property features 64 assisted living apartments and 38 memory care apartments. Solvere Living, a division of SAG, will operate the community upon opening. Tampa-based Lindell Investments Inc. is the developer of the project, and the architectural firm is St. Petersburg-based Bessolo Design Group Inc.

May 9, 2019

Loans Multifamily Seniors Housing Texas

Capital Funding Provides $18.5M Acquisition Financing for Skilled Nursing Portfolio in Texas

by Taylor Williams May 9, 2019

TEXAS — Capital Funding LLC has provided a total of $18.5 million in bridge-to-HUD financing for the acquisition of four skilled nursing facilities in Texas. The portfolio totals 491 beds. The borrower, seller(s) and names of the facilities were not disclosed. A third-part operator will manage the properties. Patrick McGovern of Capital Funding originated the deal.

May 9, 2019

Development Michigan Midwest Multifamily Seniors Housing

Pathway to Living Completes Renovation of Assisted Living Community in Kentwood, Michigan

by Kristin Harlow May 9, 2019

KENTWOOD, MICH. — Pathway to Living has completed a $2.1 million renovation of Azpira Place of Breton, an 81-unit assisted living and memory care community in Kentwood near Grand Rapids. Pathway acquired the property, formerly known as Elmcroft of Kentwood, in February 2018. Pathway’s improvements to the property included upgraded common areas with new paint, carpeting and furniture; a remodeled community room and the addition of a fireplace in the dining room. Pathway also added an exercise room. All units received new paint, carpet and remodeled kitchenettes. The memory care portion received new windows, artwork and furniture.

May 9, 2019

Connecticut Loans Multifamily Northeast Seniors Housing

Greystone Funds $7.1M Acquisition of Skilled Nursing Facility in Connecticut

by Taylor Williams May 8, 2019

PLAINFIELD, CONN. — Greystone has provided $7.1 million in bridge financing for the acquisition of Colonial Health & Rehab, a 90-bed skilled nursing facility in Plainfield, located near the Rhode Island border. The borrowers were owner-operators Curtis Rodowicz and Robert Darigan. Lisa Fischman of Greystone originated the loan, with the expectation that it will eventually be converted to FHA-insured financing. The nonrecourse loan features a 35-year term and fixed interest rate.

May 8, 2019

Loans Midwest Multifamily Seniors Housing Wisconsin

Hunt Capital Partners Arranges LIHTC Financing for $34.4M Seniors Housing Development in Wisconsin

by Kristin Harlow May 6, 2019

FITCHBURG, WIS. — Hunt Capital Partners, in collaboration with Plesko Properties LLC, has arranged federal and state low-income housing tax credit (LIHTC) equity financing for the construction of Fitchburg Senior Apartments. Located in the Madison suburb of Fitchburg, the community will feature 160 affordable housing units for seniors who are age 55 and older. Units will be restricted to households who earn up to 80 percent of the area median income. The development team broke ground on Fitchburg Senior Apartments in March. The four-story community will provide 80 one-bedroom units and 80 two-bedroom units upon completion, which is slated for July 2020. The total development cost for Fitchburg Senior Apartments is $34.4 million. The development team was awarded $15 million in federal and state LIHTCs. Hunt Capital Partners facilitated the federal tax credits through its multi-investor fund, Hunt Capital Partners Tax Credit Fund 27. Advantage Capital purchased the state LIHTC credits through Fund 27 as well. The Wisconsin Housing and Economic Development Authority (WHEDA) provided $23 million in taxable and tax-exempt construction and permanent financing and $1.5 million in soft financing. Plesko Properties, the project developer, selected Baker Tilly Virchow Krause LLP as the project consultant. Stevens Construction Corp. is …

May 6, 2019

Development Multifamily Seniors Housing Southeast Virginia

Sunrise Senior Living Starts Redevelopment Project Near D.C.

by Alex Tostado May 3, 2019

ALEXANDRIA, VA. — Sunrise Senior Living has completed demolition of the former National Association of Professional Insurance Agents buildings in the Old Town neighborhood of Alexandria, with plans to build a 93-unit assisted living property on the land. Located south of Washington, D.C. along the Potomac River, this will be Sunrise’s second community in Alexandria. Rust | Orling Architecture is designing the project. SunTrust Bank provided a $45.5 million loan to finance the construction.

May 3, 2019

Connecticut Loans Multifamily Northeast Seniors Housing

Arbor Realty Trust Provides $7.5M Fannie Mae Loan for Community in Connecticut

by Taylor Williams May 3, 2019

HAMDEN, CONN. — Arbor Realty Trust Inc. has provided $7.5 million in Fannie Mae DUS financing for Meadow Mills Assisted Living & Memory Care in Connecticut. Located on two acres in Hamden, just north of New Haven near Long Island Sound, the property offers 60 units of assisted living and memory care. The loan includes a 10-year, fixed-rate term on a 30-year amortization schedule and will be used to refinance existing debt. Ari Short of Arbor’s New York City office originated the loan.

May 3, 2019

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