Seniors Housing

Pointe-View-Aspen-Hill-MD

ASPEN HILL, MD. — Pennrose has completed vertical construction of Pointe View at Aspen Hill, a 120-unit, mixed-income seniors housing community in Aspen Hill, located just north of Washington, D.C. Located on a nearly six-acre parcel, the development features 61 one-bedroom and 59 two-bedroom apartments. Harkins Builders is the general contractor, while Architecture by Design is the architect. The affordable, independent living community will be restricted to residents age 62 or older, with 108 units reserved for those making between 30 percent and 60 percent of area median income. The remaining 15 percent of units are designated as “very low income.” Pennrose has partnered with The Senior Connection to provide residents with transportation resources and programing to assist with daily living activities, such as managing bills or household paperwork. In addition, the development will be served by both the Montgomery County Transit Ride-On and WMATA bus lines and residents will be near to retail, healthcare resources and the county’s largest senior center.

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LAS VEGAS — The Ensign Group, through its Bridgestone Living portfolio company, has acquired Villa Court Assisted Living and Memory Care in Las Vegas. The community features 53 units of assisted living and 20 units of memory care. Villa Court had an occupancy rate of approximately 74 percent at the time of acquisition. This acquisition brings Ensign’s portfolio to 186 skilled nursing operations (22 of which also include assisted living), 52 assisted and independent living operations, 21 hospice agencies, 22 home health agencies and six home care businesses across 16 states. Ensign owns the real estate at 69 of its 237 healthcare operations.

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BROOKLINE, MASS. — Jewish Community Housing for the Elderly (JCHE) has announced plans for a 62-unit affordable seniors housing community in Brookline, a town just southwest of downtown Boston. The community, which has not yet been named, will be located in the densely populated neighborhood of Coolidge Corner. Construction is scheduled to begin in the first quarter of 2019 for completion in summer 2020. JCHE and synagogue Congregation Kehillath Israel (KI) are working together to create a multi-generational village center that simultaneously addresses the issues of social isolation and housing affordability. KI will lease space on its Harvard Street campus to JCHE to develop the property, which will be connected both physically and programmatically to the synagogue. The community, located on a half-acre site, will also offer 1,000 square feet of retail space and a public pocket park. Although the property features no parking, the transit-oriented development is near to the MBTA Green Line and bus line, and also offers transportation via Zip Car, Brookline’s ElderBus service and JCHE’s van service.  

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DES PLAINES, ILL. — Capital One has provided a $28.4 million HUD-insured loan to refinance a 383-unit seniors housing community in the Chicago suburb of Des Plaines. The community features 162 assisted living units, 150 supportive living units and 71 skilled nursing beds. Supportive living is an Illinois program that allows assisted living services to be paid by Medicaid. The name of the community was not disclosed. The facility was originally constructed in 1967 as an independent living facility. In 2015, the borrower began upgrading the independent living portion of the building, qualifying it for an assisted living license. The borrower then constructed a skilled nursing wing, which was completed in 2018. Joshua Rosen originated the 35-year, fixed-rate loan. The refinancing was conducted under HUD’s revised 232/223(f) healthcare rules, which now allow a borrower to refinance and recapture equity without having to complete a two-year debt seasoning period. In this case, the maximum loan-to-value ratio was 70 percent.

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Bella-Vita-Carson-CA

CARSON, CALIF. — Affirmed Housing has opened Bella Vita, a 65-unit affordable seniors housing community in Carson, located approximately 15 miles south of downtown Los Angeles. The $25 million project also features 15,150 square feet of amenities, 62 parking spaces and 3,000 square feet of commercial space on its 1.2-acre plot. Units are reserved for seniors earning between 30 percent and 60 percent of the area median income. Design and development partners include the City of Carson, Withee Malcolm Architects, HA Builder Group, Nexus for Affordable Housing, Fuscoe Engineering and IVY Landscape Architects. Financial partners include Raymond James, US Bank and California Community Reinvestment Corp. Solari Enterprises manages the property and EngAge provides on-site services for the residents. Affirmed Housing is a San Diego-based affordable housing developer.

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The-Ridge-Pinehurst-Denver-CO

LAKEWOOD, COLO. — The Ridge Senior Living has completed vertical construction of The Ridge at Pinehurst, an 18-acre independent living, assisted living and memory care community in the first-ring Denver suburb of Lakewood. Development costs are estimated at $150 million for the project. When completed, the community will offer 222 independent living units, 96 assisted living units and 42 memory care units. Construction is scheduled for completion in fall 2019. The community will offer residents views of the Rocky Mountains, Marston Lake and downtown Denver, as well as a number of amenities including an on-site health and wellness center. The Ridge partnered with Denver-based companies Shaw Construction and Lantz-Boggio Architects to execute the project. The Ridge Senior Living is a developer with two existing communities in the Salt Lake City area. The new development will be its first expansion outside Utah.

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DALLAS — Adolfson & Peterson Construction (A&P) has completed a 109-unit seniors housing community located at 8130 Meadow Road in Dallas. The property consists of 80 skilled nursing units and 29 assisted living suites. Amenities include a bistro for coffee and retail, a restaurant-style dining room, health and wellness therapy gym and a full-service salon and spa. National architecture firm Page designed the property. Corsair Ventures is the developer and U.S. Freedom Capital provided project financing. Construction began in February 2016.

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KAPOLEI, HAWAII — Gardena, Calif.-based Highridge Costa Cos., in partnership with Honolulu-based Coastal Rim Properties, has broken ground on Kulana Hale, a mixed-use and affordable seniors housing project in Kapolei, near Honolulu. Designed by SVA Architects, Hawaiian Dredging Construction Co. is building the property. Located at 1020 Wakea St., the $130 million project consists of three components — two 13-story towers and a single-story commercial space — to be built in three phases. The $64 million first phase will feature 154 affordable apartment units for seniors in a unit mix of 22 studio, 109 one-bedroom and 22 two-bedroom layouts, as well as a one-bedroom manager’s unit. All residential units are equipped with an oven, stove, microwave and refrigerator. Project amenities will include a community meeting room, picnic area, community workspace with high-speed internet access and neighborhood-serving retail space on the ground floor. The second phase will add a tower with 143 affordable units for families, as well as additional ground-floor retail space. Construction of the second phase is slated to start in 2019. The final phase will be a single-story retail space to serve the residents and larger community. “My administration has been working hard to expand affordable rental housing …

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COAL TOWNSHIP, PA. — Lancaster Pollard has provided a $16.8 million HUD-insured loan for the refinancing of Mountain View, a 271-bed skilled nursing facility located in Central Pennsylvania’s Coal Township. The facility also includes eight independent living units. The borrower, Complete Healthcare Resources, acquired the property in 2009 and has made many improvements, including the addition of a memory care wing and improving common areas and therapy spaces. The refinancing via the HUD Section 232/223(f) program reduces overall debt service and puts in place a permanent debt structure with a fixed interest rate. In addition, the refinancing improves overall cash flow and provides funds for future improvements. Tony Ruberg led the transaction for Lancaster Pollard.

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Richmond-Gardens-Fullerton-CA

FULLERTON, CALIF. — Blueprint Healthcare Real Estate Advisors has brokered the sale of Richman Gardens, a standalone memory care community in the Orange County city of Fullerton. A joint venture between a REIT and a national operator sold the community as part of a larger portfolio disposition strategy. A Los Angeles-based owner-operator acquired the property for an undisclosed price. The buyer plans to implement a substantial renovation of the community, as well as implement operational changes to reduce expenses. This is the company’s first Orange County acquisition. Blueprint’s Jacob Gehl, Ben Firestone and Scott Frazier handled the transaction.

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