Seniors Housing

Chicago Pacific Founders Buys 217-Unit Seniors Housing Property in Tucson, Arizona

by Amy Works February 20, 2019

TUCSON, ARIZ. — Chicago Pacific Founders (CPF) and its subsidiaries, CPF Living Communities and Grace Management Inc., have acquired The Country Club of La Cholla, a 217-unit senior living community in Tucson. Located in the picturesque La Cholla Hills of Tucson, the property is located near medical facilities, outdoor recreation and retail/restaurant options. The Country Club of La Cholla provides independent living and assisted living amenities and programming. CPF plans to invest an undisclosed amount of money in the community, and Grace Management will take over operations. The property is situated on a 10.64-acre parcel and comprises a central clubhouse; three two-story garden style independent and assisted living buildings; and three single-story buildings that house 19 casitas and surround a greenhouse and putting green. Originally constructed as an independent living community in 1991 and 1992, the property has undergone a series of multimillion dollar renovations including the conversion of 78 units to assisted living and the renovation of the community’s clubhouse. Matthew Whitlock of CBRE National Senior Housing represented the seller, an affiliate of MBK Senior Living, in the transaction. Aron Will, Austin Sacco and Tim Root of CBRE National Senior Housing arranged $35 million in acquisition financing for the …

February 20, 2019

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M&T Realty: Seniors Housing will be a Bright Spot for Lending for Years to Come

by Jaime Lackey February 19, 2019

Seniors housing seemed to rule the roost among attendees at MBA’s CREF 2019. Mark Gould, national production manager at M&T Realty Capital Corporation, thinks he knows why. The obvious answer would be the aging Boomer population, which will continue to require additional services for some time. However, Gould believes it’s more than demographics. He asserts that a tangible evolution has taken place among seniors housing operators that has made these dwellings more attractive to the elderly and their children. As demand shifts, opportunity abounds. Gould believes construction and permanent financing will remain active as these operators continue to perfect their communities. Watch the video for more insights on seniors housing finance from Gould.

February 19, 2019

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Alliant: Communication is a Commodity in Today’s Lending Environment

by Jaime Lackey February 19, 2019

Communication and transparency are always top priorities for commercial lenders and borrowers. Paul Letourneau, manager of commercial lending at Alliant Credit Union, believes these are the true skills lenders should leverage in today’s market. Letourneau knows we’re long in this cycle — and he says that’s not a bad thing. There is still a great need for capital, but with that demand comes the competition among suppliers. This, Letourneau asserts, has caused lenders like credit unions to make sure their relationships with mortgage brokers and sponsors are as strong as possible. The ability to remain competitive while disciplined is no easy task. Letourneau believes this starts with strong communication between all parties. Watch the video for more insights from Letourneau. Alliant Credit Union is a content partner of REBusinessOnline. Click here to view articles written in conjunction with Alliant.

February 19, 2019

Acquisitions Multifamily Seniors Housing Texas

Blueprint Brokers Sale of Eight Skilled Nursing Facilities in Texas

by Taylor Williams February 15, 2019

NEW YORK — Blueprint Healthcare Real Estate Advisors has brokered the sale of eight skilled nursing facilities located throughout Texas. Chicago-based Mozart Healthcare acquired seven of the facilities and negotiated leases with two Texas-based operators to run the portfolio. Regional operator Trinity Healthcare acquired the eighth facility. Christopher Hyldahl and Gideon Orion of Blueprint represented the seller, a national owner based in New York. The prices and names of the facilities were not disclosed.

February 15, 2019

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Walker & Dunlop Provides $39.3M in Financing for Seniors Housing Properties in Arizona, Oregon

by Amy Works February 15, 2019

MESA, ARIZ., AND SPRINGFIELD, ORE. — Walker & Dunlop has funded $39.3 million in financing for two seniors housing properties in Arizona and Oregon. Kevin Giusti, Michael Davis and Jeff Ringwald of Walker & Dunlop led the origination team for the transactions. The Walker & Dunlop team structured a $25.8 million Fannie Mae loan backed by The Summit at Sunland Springs, located at 2415 S. Signal Butte Road in Mesa. Owned Ahlstrom Investments and managed by Avista Senior Living, the facility offers assisted living and memory care units. Prior to the property’s full stabilization, Walker & Dunlop secured a 10-year, fixed-rate loan while recapitalizing the property owner’s equity. The team also arranged a $13.5 million refinance through Freddie Mac for The Rawlin at Riverbend Memory Care. The Freddie Mac loan enabled the sponsor, Onelife Investments, to recapitalize 100 percent of its equity while providing a 15-year, fixed-rate loan. The dedicated memory care facility is located at 3491 Game Farm Road in Springfield.

February 15, 2019

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Covenant to Break Ground on $48M Senior Living Expansion in Connecticut

by David Cohen February 14, 2019

CROMWELL, CONN. — Covenant Retirement Communities, a nonprofit, faith-based seniors housing owner-operator, will break ground Feb. 21 on a $48 million expansion at Covenant Village of Cromwell, located just south of Hartford. The community originally opened in 1964. The expansion project will add 54 new apartments and a town center with three dining venues, lobbies, a game room, art studio, wellness center and event center. Approximately 87 percent of the units have already been pre-sold. The development team for the expansion includes general contractor C.E. Floyd Co., architecture firm THW Design, landscape architect Milone & Macbroom, project manager JFW Inc. and law firm Dowley & Associates. Construction is scheduled to begin in March with an anticipated completion in the fall of 2020. A ministry of the Evangelical Covenant Church, Covenant Retirement Communities serves 5,000 residents at 16 retirement communities throughout the United States.

February 14, 2019

Development Midwest Multifamily Ohio Seniors Housing

110-Unit Seniors Housing Property Opens in Suburban Dayton, Ohio

by Kristin Harlow February 14, 2019

BEAVERCREEK, OHIO — Project partners Confluent Senior Living and Harbor Retirement Associates (HRA) have opened HarborChase of Beavercreek, a 110-unit seniors housing property in Beavercreek, a suburb of Dayton. Located at 4175 Indian Ripple Road, the property includes 64 assisted living units and 46 memory care apartments. Community amenities include a bar and lounge, beauty salon, library, fitness center, game room, putting green and concierge services. The project team included Eppstein Uhen Architects and The Douglas Company as general contractor.

February 14, 2019

Acquisitions California Multifamily Seniors Housing Western

Blueprint Negotiates $6.1M Sale of Assisted Living Facility in Riverside, California

by Amy Works February 14, 2019

RIVERSIDE, CALIF. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Meridian of Riverside, a 109-bed assisted living facility located in the Inland Empire metro of Riverside. A private equity firm based in Florida sold the community to Ventura Park Management for $6.1 million, or $56,000 per bed. The Blueprint transaction team consisted of Jacob Gehl, Humair Sabir and Scott Frazier.

February 14, 2019

California Development Multifamily Seniors Housing Western

Belmont Village Opens 149-Unit Seniors Housing Community in Orange County, California

by Amy Works February 13, 2019

ALISO VIEJO, CALIF. — Belmont Village Senior Living has opened Belmont Village Aliso Viejo, a 149-unit assisted living and memory care community in the Orange County city of Aliso Viejo. A grand opening celebration was held Feb. 9 for the community, which is Belmont’s 29th overall and 13th in California. Van Tilburg, Banvard & Soderbergh Architects designed the project, which W.E. O’Neil constructed. The three-story, Mediterranean-style building offers views of Saddleback Valley and is near Aliso Viejo Town Center and other neighborhood amenities.

February 13, 2019

Acquisitions Multifamily Oregon Seniors Housing Western

Cushman & Wakefield Brokers Sale of Two-Property Seniors Housing Portfolio in Portland

by Amy Works February 13, 2019

PORTLAND, ORE. — Cushman & Wakefield National Senior Housing Capital Markets, exclusively advising seller Focus Healthcare Partners LLC, has arranged the sale of a portfolio of two seniors housing assets in Portland. The portfolio included Vancouver Pointe Senior Village, a 127-unit independent living community, and Hawthorne Gardens, a 58-unit assisted living and memory care community in the Sunnyside/Hawthorne neighborhood. A private equity investor acquired the properties for an undisclosed price. Artegan, the current operator, will continue to manage the communities. Vancouver Pointe Senior Village was originally built in 2006 and recently underwent renovations to the common areas totaling nearly $1 million. Hawthorne Gardens was built in 2007 featuring 36 assisted living units and a 22-unit memory care wing. The community also underwent a recent capital improvement program to complete a memory care conversion and a general upgrade of the community.

February 13, 2019

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