Seniors Housing

Weitz, LCS Start Construction of 101-Unit Expansion at Seniors Housing Community in Arizona

by Amy Works February 27, 2019

PHOENIX — Owner-Operator Life Care Services (an LCS Company) and general contractor The Weitz Company have started construction of a four-story independent living expansion at Sagewood, a continuing care retirement community in Phoenix. This is the largest expansion at the property since it opened in 2010.The 280,000-square-foot project includes 101 new units, 23,000 square feet of common space and a 156-stall underground parking garage. The independent living units will feature both one- and two-bedroom floor plans with a living room and full-size kitchen. New amenities will include an 18-hole putting course, chapel, top-floor lounge and guest suites. This phase of construction will also deliver new administration offices for the Sagewood operations staff; renovations to the existing Canyon Café and Palo Verde kitchen and dining hall; and a new dining venue. Designed by architect Todd & Associates, this phase of construction is scheduled for completion by the end of 2020. This will be the 14th project Weitz has built at Sagewood since originally constructing the 85-acre community, and the fourth since the start of 2017.

February 27, 2019

Loans Multifamily Northeast Pennsylvania Seniors Housing

Capital Funding Provides $16.1M HUD Refinancing for Skilled Nursing Facility in Pennsylvania

by David Cohen February 27, 2019

HATBORO, PA. — Capital Funding, a Baltimore-based lender, has provided a $16.1 million loan for Luther Woods Nursing and Rehabilitation Center in Hatboro, a small borough 15 miles north of Philadelphia. The HUD loan refinances existing debt on the 140-bed skilled nursing facility. The borrower was not disclosed. Capital Funding was the sole lender for the deal. Craig Casagrande, director of real estate finance, originated the mortgage.

February 27, 2019

Acquisitions Arizona Multifamily Seniors Housing Utah Western

MedCore, Trinity Acquire Four Seniors Housing Communities in Arizona, Utah for $98M

by Amy Works February 26, 2019

KEARNS, UTAH, AND CASA GRANDE, BULLHEAD CITY AND KINGMAN, ARIZ. — MedCore Partners, in partnership with Trinity Private Equity Group, has acquired four seniors housing assets throughout Arizona and Utah for $98 million. The acquisition is the first tranche of a five-property, 531-unit, $130 million portfolio acquisition for the partnership. The final property is still under construction, with the sale slated for completion upon delivery in May. SunTrust Bank provided financing for the transactions. The four communities involved in this deal total 409 units of assisted living and memory care. The properties include Caliche Senior Living in Casa Grande with 105 units, Joshua Springs Senior Living in Bullhead City with 104 units, White Cliffs Senior Living in Kingman with 103 units and the 97-unit Summit Senior Living in Kearns. Immediately upon closing on the assets, Watermark Retirement Communities took over the management of each of the properties.

February 26, 2019

Acquisitions Illinois Midwest Multifamily Seniors Housing

Blueprint Brokers Sale of Supportive Living, Skilled Nursing Campus in Illinois

by Kristin Harlow February 26, 2019

MT. CARMEL, ILL. — Blueprint Healthcare Real Estate Advisors has brokered the sale of a nonprofit healthcare campus in Mt. Carmel, located in the southern part of the state along the Indiana border. Arkansas-based General Baptist Health Care sold the property. The buyer was CareTrust REIT and its regional operating partner, WLC Management Firm. Although the price was not disclosed, Blueprint reports the purchase price translated to approximately $70,000 per licensed bed. The campus is made up of two adjacent healthcare buildings: Oakview Heights, a 90-bed skilled nursing and long-term care facility, and Oakview Villa, a 38-bed supportive living facility offering affordable assisted living services. Since acquiring the propertyin 1981, ownership continuously expanded the campus, adding a secure memory care unit, rehabilitation facility and supportive living building. Michael Segal and Josh Salzman of Blueprint handled the transaction.

February 26, 2019

Acquisitions California Multifamily Seniors Housing Western

Blueprint Negotiates Sale of 145-Bed Seniors Housing Community in Lodi, California

by Amy Works February 25, 2019

LODI, CALIF. — Blueprint Healthcare Real Estate Advisors has arranged the sale of The Ashley Place, a 145-bed assisted living community in Lodi, located south of Sacramento and east of San Francisco. A single-asset owner-operator seeking to exit seniors housing sold the property for an undisclosed price. The buyer was a joint venture between a Northern California-based operator and Atlantis Senior Living. The property does not currently offer memory care, so was marketed as a value-add opportunity for prospective buyers. Blueprint’s Jacob Gehl and Scott Frazier led the transaction.

February 25, 2019

Acquisitions Hospitality Multifamily New York Northeast Seniors Housing

Capital Senior Housing Buys Hotel on Long Island for Seniors Housing Conversion

by David Cohen February 21, 2019

PLAINVIEW, N.Y. — Capital Senior Housing has acquired the Plainview Residence Inn by Marriott in Plainview, with plans to convert the property into seniors housing. Metropolis Property Group LLC represented the seller, Greenbriar Associates LLC, in the $20.3 million sale. Metropolis collaborated with Avison Young’s hospitality group to negotiate the sale. The 150,000-square-foot property houses 170 rooms. Capital plans to spend another $12 million to convert the hotel into a 111-unit seniors housing community.

February 21, 2019

Arizona Loans Multifamily Seniors Housing Western

Hunt Real Estate Capital Funds $7M Acquisition Loan for Memory Care Property in Phoenix

by Amy Works February 21, 2019

PHOENIX — Hunt Real Estate Capital has provided a $7 million bridge loan for the acquisition of Hawthorne Court at Ahwatukee, a seniors housing property located in the Ahwatukee area of Phoenix. The borrower is a joint venture partnership between Pasadena, Calif.-based CALCAP Real Estate Advisors and Greg Roderick, president and CEO of Frontier Management. Brady Johnson, Kathryn Burton Gary and Michael Jones of Hunt Real Estate Capital originated the 24-month loan, which features interest-only payments for the entire term. Built in 2000 and renovated in 2016, Hawthorne Court features 44 memory-care units in a mix of private and semi-private rooms, all with private bathrooms. On-site amenities include an outdoor courtyard and patio, dining room, lounge area, activity room, beauty salon and open-concept sitting space. The seller was Senior Resource Group, represented by Blueprint Healthcare Real Estate Advisors.

February 21, 2019

Features Midwest Multifamily Northeast Seniors Housing Southeast Texas Western

Paul Ryan: Positive Reforms Will Come to Seniors Housing, but Slowly

by David Cohen February 21, 2019

SAN DIEGO — Politics may slow down progress, but positive changes are on their way to the seniors housing industry and U.S. healthcare system, according to former Speaker of the House of Representatives Paul Ryan. Ryan’s comments during the opening general session Feb. 21 at the National Investment Center for Seniors Housing & Care (NIC) 2019 Spring Conference. The event drew nearly 1,700 seniors housing professionals to the Hilton San Diego Bayfront. Ryan, a Wisconsin Republican, gave a speech before sitting down for a discussion with moderator John Kelliher, managing director of Berkeley Resource Group. Ryan identified Kelliher as a long-time friend with a deep background in legislation, law and the military. The event was Ryan’s first speech since retiring from his political office six weeks prior. “We’ve got a lot of work to do because we are not ready for the baby boomer generation,” Ryan said regarding seniors housing. Ryan identified the top political challenges facing the seniors housing industry as healthcare reform, immigration reform and entitlements such as Medicare, Medicaid and Social Security. Facing the labor shortage Ryan said low unemployment is good for the economy as a whole, but creates struggles for business owners who simply can’t …

February 21, 2019

Development Multifamily Seniors Housing Texas

MedCore, TNRG Break Ground on 200,000 SF Seniors Housing Community in Metro Houston

by Taylor Williams February 20, 2019

ATASCOCITA, TEXAS — A partnership between Dallas-based MedCore Partners and Houston-based TNRG has broken ground on Fountainwood at Lake Houston, a 200,000-square-foot seniors housing community in Atascocita, a northeastern suburb of Houston. The property will offer 98 independent living units, 68 assisted living residences and 24 memory care apartments. California-based Integral Senior Living will manage the community. The opening is slated for August 2020.

February 20, 2019

StoneCreek-Flying-Horse-Colorado-Springs-CO

Colorado Development Multifamily Seniors Housing Western

Civitas, StoneCreek to Build 115,000 SF Seniors Housing Community in Colorado Springs

by Amy Works February 20, 2019

COLORADO SPRINGS, COLO. — Civitas Senior Living, a senior living management company, and StoneCreek Real Estate Partners, a senior living developer, have announced plans for StoneCreek of Flying Horse, an upscale senior living community in Colorado Springs. This will be the fifth collaboration between the two companies. The 115,000-square-foot project will feature nine detached villas and 16 flats for independent living, 73 assisted living apartments, and 16 memory care residences. The community will be located in the master-planned Flying Horse neighborhood near the United States Air Force Academy with views of Pikes Peak. The official groundbreaking for StoneCreek of Flying Horse is scheduled for March 2019, with construction expected to begin April 1. Completion is anticipated in either late spring or early summer of 2020. This community is a joint venture for the two companies, with StoneCreek Real Estate Partners as the developer and Civitas Senior Living as the management company. Other project partners include D2 Architecture, Brinkmann Constructors and Senior By Design will provide the interior and exterior design.

February 20, 2019

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