Seniors Housing

Blueprint Negotiates Sale of 87-Unit Seniors Housing Community Near San Diego

by Amy Works March 5, 2019

SAN DIEGO — Blueprint Healthcare Real Estate Advisors has brokered the sale of an 87-unit assisted living and memory care community in North County, just outside San Diego. A publicly traded REIT sold the community to a San Diego-based owner-operator with an existing California portfolio. The name of the community and price were not disclosed. The property was sold as a value-add proposition, as new competition in the area had lowered occupancy. The buyer intends to renovate the community and capitalize on operational synergies within its larger management platform. Ben Firestone, Michael Segal and Scott Frazier of Blueprint facilitated the transaction.

March 5, 2019

Development Multifamily Seniors Housing Texas

Bridgeview Realty Completes $21M Seniors Housing Project in Fredericksburg, Texas

by Taylor Williams March 5, 2019

FREDERICKSBURG, TEXAS — Bridgeview Realty Capital, in collaboration with ACRON USA, Tulsa OK and First Capital Bank of Texas, has completed construction of a seniors housing community in the central Texas city of Fredericksburg. Development costs were estimated at $21 million for the 73,000-square-foot property, which was not named and offers 60 assisted living units and 24 memory care units. Approximately 50 percent of the newly delivered space is preleased, and Bridgeview is planning a second phase to add independent living units.

March 5, 2019

Loans Midwest Multifamily Nebraska Seniors Housing

CBRE Arranges $11.9M Loan for Refinancing of Seniors Housing Community in Omaha

by Taylor Williams March 1, 2019

OMAHA, NEB. — CBRE has arranged $11.9 million in financing for Esprit Whispering Ridge, a 91-unit assisted living and memory care community in Omaha. The borrower is a joint venture between South Dakota-based real estate firm Hegg Cos. and management/consulting firm Paradigm Senior Living. Situated on 6.9 acres, the community is located less than five miles from the only full-service hospital in West Omaha. Aron Will and Austin Sacco of CBRE originated the 10-year, fixed-rate, Fannie Mae loan with 36 months of interest-only payments. The funds will be used to refinance the original construction loan for the property.

March 1, 2019

Development Midwest Multifamily Ohio Seniors Housing

CA Senior Living Starts Construction of 192-Unit Seniors Housing Community Near Cleveland

by Taylor Williams February 28, 2019

MAYFIELD HEIGHTS, OHIO — CA Senior Living LLC, the senior housing investment and development division of Chicago-based CA Ventures, has started construction of a seniors housing community in Mayfield Heights, approximately 12 miles east of downtown Cleveland. The two-story building will offer 100 independent living, 60 assisted living and 32 memory care units. Apartment sizes range in size from 403-square-foot studios to 836-square-foot two-bedroom units. The property will offer five single-story cottages, each offering two 1,680-square-foot residences. Common areas will add 61,000 square feet to the property, which is slated to open in summer 2020. Southfield, Mich.-based Harley Ellis Devereaux designed the project, which is located near restaurants, retail and healthcare, including Hillcrest Hospital. Chattanooga, Tenn.-based EMJ Corp. is serving as general contractor. CA Senior Living currently has 23 communities operating or under construction throughout the U.S. CA entered the Ohio senior housing market in 2017 with the completion of The Sheridan at Mason, located in Deerfield Township near Cincinnati.

February 28, 2019

Development Midwest Multifamily Seniors Housing Wisconsin

Evergreen Completes $2M Renovation of Affordable Community in Racine, Wisconsin

by Taylor Williams February 28, 2019

RACINE, WIS. — Evergreen Real Estate Group has completed a $2 million renovation of Durand Plaza, a 72-unit affordable seniors housing community in Racine, approximately 25 miles south of Milwaukee. Evergreen acquired the property in October 2017 and has managed it since then. Durand Plaza comprises four two-story buildings originally constructed in 1970. In addition to the 72 residential units, the property includes a community room with television and shared kitchen, as well as an onsite laundry room. During the remodel, all buildings received new roofs and windows as well as mechanical improvements. Corridors, stairwells and common areas were refreshed with new carpet, paint and lighting. Exterior improvements included repaved parking lots, repaired sidewalks, masonry updates, new perimeter fencing, landscaping, a new monument sign and a new patio with seating that complies with the Americans with Disabilities Act (ADA).

February 28, 2019

Arizona Development Multifamily Seniors Housing Western

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

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