Seniors Housing

Marcus & Millichap Brokers Sale of Former Embassy Suites Pittsburgh Airport for $25M

by David Cohen May 7, 2018

PITTSBURGH — Marcus & Millichap has brokered the sale of the former 223-room Embassy Suites Pittsburgh Airport hotel in Coraopolis for $25 million. Coraopolis is located about five miles north of Pittsburgh International Airport. The hotel, which was built in 1990, closed in early 2018. Jerry Swon and Daniel Zagoria represented the seller, NHH CMS Pittsburgh LP, in the transaction. The buyer was a private developer. The Pittsburgh Post Gazettehas reported that the building will be repurposed into a 220-unit assisted living and memory care facility called Tapestry Senior Living at Moon Township. The property is located on a hilltop and is highly visible from the intersection of Coraopolis Heights Road and Cherrington Parkway.

May 7, 2018

Illinois Loans Midwest Multifamily Seniors Housing

ASC Secures $5.8M Refinancing for Skilled Nursing Facility in Sterling, Illinois

by Kristin Harlow May 4, 2018

STERLING, ILL. — American Street Capital (ASC) has secured a $5.8 million loan for the refinancing of Sterling Healthcare, a 121-bed skilled nursing facility in northwest Illinois. Services at the property include short-term rehabilitation, memory, post-surgical and long-term care. Igor Zhizhin of ASC arranged the five-year loan, which features a 25-year amortization schedule. The lender was not disclosed.

May 4, 2018

Colorado Loans Multifamily Seniors Housing Western

Lancaster Pollard Arranges $88M Construction Financing for Seniors Housing Community Near Denver

by Amy Works May 4, 2018

DENVER — Lancaster Pollard has arranged $88 million in financing for the construction of The Ridge Pinehurst, a luxury senior living community in the Denver suburb of Lakewood. Construction is already underway for the community, which will offer 318 units of independent living, assisted living and memory care. Los Angeles-based Ridge Senior Living is the owner and developer. Ridge currently owns four communities in California and Utah. Jason Dopoulos, Ross Holland and Joe Munhall led the transaction for Lancaster Pollard. A national bank is providing the capital, with several other banks syndicating portions of the loan.

May 4, 2018

Company News Maryland Multifamily New York Northeast Seniors Housing Southeast Top Stories

Annaly to Acquire Healthcare Real Estate Specialist MTGE for $900M in REIT Merger

by Camren Skelton May 3, 2018

NEW YORK AND BETHESDA, MD. — New York-based Annaly Capital Management Inc. (NYSE: NLY) has agreed to acquire Bethesda-based real estate investment trust MTGE Investment Corp. (NASDAQ: MTGE) for $900 million in cash and stock. The transaction values healthcare real estate specialist MTGE at $19.65 per share. Under the deal, MTGE shareholders will have the option to receive cash, stock or a combination of the two. In addition, Annaly will assume the existing $55 million in MTGE preferred stock. The transaction is expected to close in the third quarter. “The acquisition of MTGE adds complementary assets, deepens the breadth of our investment alternatives, is accretive to earnings and provides immediate cost savings and efficiencies to shareholders,” says Kevin Keyes, chairman, CEO and president of Annaly. MTGE invests in and manages a portfolio of mortgage-backed securities and investments in triple net leased healthcare real estate. The company is externally managed and advised by MTGE Management LLC, an affiliate of AGNC Investment Corp. As of Dec. 31, MTGE’s portfolio included $6.6 billion in assets. With approximately $104.3 billion in assets as of March 31, Annaly’s portfolio includes securities, loans and equity in the residential and commercial markets. The transaction marks Annaly’s third …

May 3, 2018

Development Multifamily Seniors Housing Washington Western

Capitol Seniors Housing Completes Renovations of Four Communities in Seattle

by Amy Works May 2, 2018

SEATTLE — Capitol Seniors Housing, a Washington, D.C.-based private equity firm, has completed renovations to four of its independent living and assisted living communities in the Seattle metro area. MBK Senior Living, based in Irvine, Calif., operates all four properties. The communities include Northgate Plaza, Mountlake Terrace, The Creekside and Island House. Renovations included the addition of wine/coffee bistro areas, activity spaces, fitness rooms, game rooms and libraries. Interior work included new furniture, fixtures, flooring, paint, cabinets and lighting upgrades. Community exteriors received fresh paint and landscaping. Residential suite renovations included new paint, flooring, quartz countertops, stainless steel appliances and light fixtures.

May 2, 2018

Loans Midwest Multifamily Nebraska Seniors Housing

Lancaster Pollard Provides $23.4M HUD Loan for Refinancing of Skilled Nursing Facility in Papillion, Nebraska

by Kristin Harlow May 1, 2018

PAPILLION, NEB. — Lancaster Pollard has provided a $23.4 million HUD loan for the refinancing of The Cottages at Hillcrest Country Estates in Papillion, about 15 miles southwest of Omaha. The Cottages features 126 skilled nursing beds and 12 independent units. The property is located within Hillcrest Country Estates, a planned 44-acre community featuring independent living, assisted living, memory care and long-term care. The campus was designed and managed in such a way to allow for the individual components, such as the Cottages, to be financed separately. The 35-year, FHA 232/223(f) loan refinances the existing bank debt and inter-company notes used to construct and stabilize The Cottages. Quintin Harris led the transaction for Lancaster Pollard.

May 1, 2018

California Development Multifamily Seniors Housing Western

Carlton Senior Living to Build $30M Seniors Housing Community in Santa Rosa, California

by Amy Works April 30, 2018

SANTA ROSA, CALIF. — The Sonoma County Board of Zoning Adjustments has approved plans by Carlton Senior Living LLC to build a senior living complex in Santa Rosa. The Concord-based Carlton owns and operates 11 Northern California seniors housing communities. The company expects to break ground soon on the 134 rental apartments on the 3.7-acre site. Development costs were estimated at $30 million. The property will offer independent living, assisted living and memory care. Construction is expected to take approximately 14 months.

April 30, 2018

Development Florida Multifamily Seniors Housing Southeast

Big Rock Partners Opens $82M Seniors Housing Community in Central Florida

by Camren Skelton April 30, 2018

CELEBRATION, FLA. — Delray Beach, Fla.-based Big Rock Partners has opened Windsor at Celebration, a 239-unit seniors housing community in Celebration, the Disney-originated master-planned community in Central Florida. Windsor at Celebration features a mix of independent living, assisted living and memory care units. Community amenities include dining venues, a theater, rooftop bar, indoor aquatic center, fitness center, salon, spa and entertainment and leisure programs. Life Care Services, an LCS Company, is managing the community. Balfour Beatty was the project’s general contractor, and Gensler was the architect. Walker & Dunlop arranged a $41 million construction loan through Bank of the Ozarks for the project.

April 30, 2018

Loans Multifamily New York Northeast Seniors Housing

Monticello Provides $31.2M Acquisition Financing for 200-Bed Seniors Housing Community on Staten Island

by Amy Works April 27, 2018

NEW YORK CITY – Monticello Asset Management, through one of its investment vehicles, has provided $31.2 million bridge-to-HUD loan for New Broadview Manor Home For Adults, a 200-bed seniors housing facility on Staten Island. The borrower is The W Group at New Broadview LLC, which will use the funds to acquire the property. New Broadview was built in 1974, with a fifth floor added in 1999. Of the 200 beds, 116 are licensed for the New York State Assisted Living Program (ALP). The remaining 84 beds will be managed by an affiliated home health care agency. The community totals 42,694 square feet on 0.8 acres of land. The facility is located in the residential South Beach section of Staten Island near the Verrazano Bridge and one block from the ocean and boardwalk.

April 27, 2018

Arizona Loans Multifamily Seniors Housing Western

CBRE Negotiates $37M Refinancing for 170-Unit Seniors Housing Community in Arizona

by Amy Works April 27, 2018

SCOTTSDALE, ARIZ. — CBRE has arranged a $37 million refinancing for Andara Senior Living, a 170-unit independent living and assisted living community in the Phoenix suburb of Scottsdale. The borrower is The Reliant Group, which acquired the community in 2013 from the original developer. At that time, Reliant brought in Senior Lifestyle Corp. as operator and implemented a capital improvement plan, leading to an occupancy rate regularly above 90 percent. The Freddie Mac loan includes a seven-year term, fixed rate and 36 months of interest-only payments. Aron Will of CBRE National Senior Housing, along with Andrew Behrens and Jesse Weber of CBRE Multifamily Institutional Group, arranged the financing.

April 27, 2018

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