Seniors Housing

Public-Private Venture Breaks Ground on 123-Unit Affordable Seniors Housing Community in Miami

by Camren Skelton August 21, 2018

MIAMI — A public-private collaboration between Miami-Dade County, Pinnacle Housing Group and the South Miami Heights Community Development Corp. has broken ground on Caribbean Village, an affordable seniors housing property in Miami. Located in the South Miami Heights submarket, Caribbean Village will offer 123 units. The development is part of a two-phased plan to develop transit-oriented affordable housing in Miami. The community will be the first new affordable seniors housing project in the area in 25 years, according to the developers. Miami-Dade County, which will own the project, selected the partners following a competitive bidding process. The county contributed the land, as well as $11.5 million in funding. Other funding for the project came from tax-exempt bonds, housing tax credits and a $5.3 million loan from Florida Housing Finance Corp. Citibank purchased both the bonds and the tax credits. According to local media reports, Caribbean Village will be reserved for residents earning 60 percent or less of the area median income (AMI), and some units will be designated for people making as low as 28 percent of the AMI. The community will include one- and two-bedroom units and will feature a fitness center, cyber lounge, game room, outdoor recreation area …

August 21, 2018

Acquisitions Multifamily Oregon Seniors Housing Washington Western

JCH Negotiates $16.5M Sale of 152-Unit Seniors Housing Portfolio in Pacific Northwest

by Amy Works August 20, 2018

WASHINGTON AND OREGON — JCH Senior Housing Investment Brokerage has arranged the sale of four assisted living and memory care communities in Washington and Oregon. The existing operator matched the top offer of $16.5 million for the properties and will now take over ownership from the industry veterans selling the communities. The portfolio totals 152 units. The specific names and locations of the assets were not disclosed. Jim Hazzard and Nick Stahler were the lead advisors on the transaction.

August 20, 2018

Acquisitions Multifamily New York Northeast Seniors Housing Top Stories

Ventas to Acquire Independent Living Property in Manhattan for $194M in Sale-Leaseback with Brookdale

by Taylor Williams August 20, 2018

NEW YORK CITY — Brookdale Senior Living Inc. (NYSE: BKD) has agreed to sell Brookdale Battery Park, an independent living community in Manhattan, for $194 million. The buyer is Chicago-based REIT Ventas Inc. (NYSE: VTR), which expects the deal to close by year’s end. The sales price includes debt and translates to an exit capitalization rate of 5 percent for Brookdale. The 14-story property features 217 units overlooking the Hudson River and offers convenient access to areas such as Tribeca, SoHo and the Financial District. Amenities include a library, arts and crafts studio and a beauty/barber shop. “The Battery Park acquisition firmly establishes Ventas as the market leader in seniors housing in the elite Manhattan market,” says Debra A. Cafaro, chairman and CEO of Ventas. “Battery Park adds an irreplaceable, well-established community to our high-quality seniors housing portfolio and is uniquely positioned to benefit from New York City’s strong demographics.” HFF represented Brookdale, will continue to operate the property following the change in ownership, in the sale. Brookdale is the largest owner and operator of seniors housing communities in the United States, managing 988 communities in 46 states as of June 30. The company is undergoing a massive restructuring after …

August 20, 2018

Loans Massachusetts Multifamily Seniors Housing

Fantini & Gorga Arranges $20.5M in Construction Financing for Seniors Housing Community in Massachusetts

by David Cohen August 15, 2018

CHICOPEE, MASS. — Fantini & Gorga has arranged a $20.5 million construction loan for Chicopee Assisted Living at RiverMills, an assisted living community in the Western Massachusetts city of Chicopee. Once completed in Spring 2019, the three-story, 80,000-square-foot community will include 95 units. The development will be located along the Chicopee River in the city’s historic RiverMills District. Approximately 20 percent of the units will offer memory care services. An additional 20 percent of the units will be reserved as affordable units. The fixed-rate, nonrecourse loan made at a loan-to-cost ratio of 85 percent is for a period of 15 years.

August 15, 2018

Acquisitions California Multifamily Seniors Housing Western

Cadence Living Acquires 158-Unit Seniors Housing Community Near San Francisco

by Amy Works August 15, 2018

MILLBRAE, CALIF. — Cadence Living has acquired Marymount Greenhills Retirement Center, a 158-unit independent living, assisted living and memory care community in the San Francisco suburb of Millbrae. Cadence plans to renovate the property over the next year and rename it Cadence Millbrae. The project will modernize the apartments, corridors and common areas. Greenhills Retirement Center is located adjacent to Greenhills Park and has views of San Francisco Bay. Cadence Living is a developer, owner and operator based in Scottsdale, Ariz. The company’s portfolio includes properties in California, Arizona and Colorado, with plans to further expand in the South and West.

August 15, 2018

Acquisitions Multifamily Pennsylvania Seniors Housing

Blueprint Brokers Sale of 176-Bed Skilled Nursing Facility in Philadelphia

by David Cohen August 13, 2018

PHILADELPHIA — Blueprint Healthcare Real Estate Advisors has brokered the sale of Fairview Care Center of Bethlehem Pike, a 176-bed skilled nursing facility in the Chestnut Hill area of Philadelphia. The deal is a follow-up transaction to the recently announced “Lightning Portfolio,” where eight skilled nursing facilities in the Philadelphia metro traded hands. The seller sought to divest of the non-core assets, which featured a concentration of high-barrier-to-entry locations in the Philadelphia area. The buyer was a regional owner-operator looking for a growth opportunity. The price was not disclosed. Blueprint’s Ben Firestone, Christopher Hyldahl, Michael Segal and Gideon Orion handled the transaction.

August 13, 2018

Cedar-Creek-Memory-Care-Community-Edmonds-WA

Development Multifamily Seniors Housing Washington Western

Koelsch Communities Completes $17M Memory Care Community in Edmonds, Washington

by Amy Works August 13, 2018

EDMONDS, WASH. — Koelsch Communities has completed Cedar Creek Memory Care Community, a 60-unit memory care community in the Seattle suburb of Edmonds. Project costs were just over $17 million. Wells Fargo provided $13 million in financing, and the remainder came from private investors. Cedar Creek was designed with what Koelsch calls “historical surprises.” The community features several rooms designed to look like the 1950s, including a Julia Child-style kitchen, a garage featuring a classic car and a great room designed to look like the interior of a traditional log cabin. More than 50 percent of the rooms were reserved prior to the opening of Cedar Creek. Koelsch Communities operates 29 seniors housing properties in eight states, with nine new communities in development.

August 13, 2018

Arizona Loans Multifamily Nevada Seniors Housing Western

CBRE Arranges Refinancing for Two-Property CPF Living Portfolio in Arizona, Nevada

by Amy Works August 13, 2018

TUCSON, ARIZ., AND PAHRUMP, NEV. — CBRE has arranged the refinancing of The Echelon of Tucson in Tucson and Inspirations Senior Living in Pahrump. The portfolio totals 140 independent living units, 60 assisted living units and 12 memory care units. The borrower was CPF Living Communities. Aron Will of CBRE National Senior Housing arranged the three-year, floating-rate loan with 36 months of interest-only payments. Grace Management, CPF Living’s management subsidiary, will continue to operate the properties. The amount of the loan was not disclosed. CPF Living acquired the communities in 2016, and projects that both properties will reach stabilization in 2019.

August 13, 2018

Acquisitions Arizona Development Multifamily Seniors Housing Western

Wolff Co. Acquires Scottsdale Tennis Club for Seniors Housing Conversion

by Amy Works August 13, 2018

SCOTTSDALE, ARIZ. — The Wolff Co. has purchased Scottsdale Tennis Court, including 11 tennis courts and a pool, for $9 million. The buyer plans to redevelop the property into Revel Scottsdale, a 159-unit seniors housing community. The asset is situated on 5.5 acres on Inland Bend Road. Larry Kush of Orion Investment Real Estate represented the seller, Robert Hing, in the transaction.

August 13, 2018

Loans Multifamily New York Seniors Housing

BMO Harris, Wells Fargo Arrange $200M Loan for Seniors Housing Redevelopment in Brooklyn

by David Cohen August 10, 2018

NEW YORK CITY — BMO Harris Healthcare Real Estate Finance and Wells Fargo Bank National Association have arranged a $200 million loan to support the redevelopment of the former Leverich Towers Hotel in Brooklyn into a seniors housing community. The companies acted as lead arrangers as bookrunners on the transaction, which refinances the acquisition and redevelopment loans. BMO acted as administrative agent and Wells Fargo partnered with Capital One to form the syndicate for the facility. The project will convert the building into a 314,000-square-foot, 273-unit independent living, assisted living and memory care community. The borrowers are Kayne Anderson and Watermark Retirement Communities.

August 10, 2018

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