Seniors Housing

Village-Green-Retirement-Campus-Federal-Way-WA

CBRE Arranges $21.6M Financing for 167-Unit Seniors Housing Community Near Seattle

by Amy Works September 17, 2018

FEDERAL WAY, WASH. — CBRE has arranged $21.6 million in financing for Village Green Retirement Campus, a 167-unit independent living and assisted living community in the Seattle suburb of Federal Way. The borrower is The Powell Family, a Seattle-based developer and operator of many types of commercial real estate. The community is located less than a mile from St. Francis Hospital, which is a part of CHI Franciscan Health, one of the largest health care systems in the Puget Sound area. Situated on 12.9 acres, the property comprises two main buildings and 30 cottages. Mark Capeloto of CBRE’s Debt and Structured Finance office in Seattle and Aron Will of CBRE National Senior Housing arranged the financing. The Freddie Mac loan features a seven-year term, floating rate and 36 months of interest-only payments.

September 17, 2018

Development Florida Multifamily Seniors Housing Southeast

ZOM, Liberty Acquire 46 Acres in Palm Beach County for $180M Seniors Housing Development

by Camren Skelton September 13, 2018

WELLINGTON, FLA. — ZOM Senior Living, in a joint venture with Liberty Senior Living, has acquired a 46-acre lakefront site in Wellington, a village in Palm Beach County. The companies plan to build a $180 million, multi-phase, mixed-use seniors housing community on the plot. The site is located adjacent to 400,000 square feet of retail and restaurants, including The Mall at Wellington Green. When completed, the first phase of the community will offer 267 units of independent living, assisted living and memory care. Construction is scheduled to begin in first-quarter 2019. The centerpiece of the community will be a two-story, 65,000-square-foot clubhouse and amenity building. Units will be offered in a variety of formats, including single-story villas (with attached garages), three-story garden flats and residences within a six-story building attached directly to the main amenity building. At full build-out, the project is anticipated to include over 424 units. This will be the first project for ZOM Senior Living, which was recently formed by Orlando-based multifamily developer ZOM Living. It’s the first project in Florida for North Carolina-based operator Liberty Senior Living, a subsidiary of Liberty Healthcare. LS3P Architects and MSA Architects are providing design and architectural services, while Balfour Beatty …

September 13, 2018

Conference Coverage Features Multifamily Seniors Housing Southeast Feature Archive

Market Studies Are ‘Just One Piece of The Puzzle’ for Seniors Housing Developers, Says InterFace Panel

by Camren Skelton September 13, 2018

ATLANTA — Investing in a quality market study is an important step for a developer to take before breaking ground on a new seniors housing community, but the analysis alone cannot predict the success of a future property. “The report gives you a point-in-time idea of where you’re at, but it doesn’t take into consideration what’s really happening within the marketplace, on the ground, in competing communities each and every day,” said Joe Jasmon, CEO and managing partner of American Healthcare Management Group, a consultant to the seniors housing and healthcare industries. According to Jasmon, in order to get a true feel of the properties you are competing against, it’s imperative to have boots on the ground. “Everybody looks good on the Internet and everybody will tell a good story on the phone,” he said. “But if you don’t actually go into these communities, you’re missing out on a whole story about the marketplace.” Jasmon’s comments came during the “Getting Good Data” panel discussion at the fifth annual InterFace Seniors Housing Southeast conference held Wednesday, Aug. 29 at the Westin Buckhead in Atlanta. The one-day event drew nearly 520 developers, lenders, investors and operators in the senior living space. Joining …

September 13, 2018

Acquisitions Midwest Multifamily Ohio Seniors Housing

SLIB Negotiates $2M Sale of Skilled Nursing Community in Fremont, Ohio

by Kristin Harlow September 12, 2018

FREMONT, OHIO — Senior Living Investment Brokerage has negotiated the sale of Pristine Senior Living and Post-Acute Care of Fremont, an 82-bed skilled nursing facility, for $2 million. The three-story community is located in Fremont, approximately 40 miles southeast of Toledo. Constructed in 1965 and expanded in 1989, the 73,515-square-foot property sits on 6.8 acres. The seller was Sandusky County, which previously leased the community to Pristine Senior Living. The lease term ended and Pristine exited the Ohio market. The buyer was a New-Jersey based company with 11 other communities in Ohio. The transaction was positioned as a value-add play, as the community’s occupancy was below 50 percent at the time of sale. The new owner plans to make capital improvements to the building. The price equates to a price per bed of $24,390 and a capitalization rate of 7.04 percent.

September 12, 2018

Acquisitions Illinois Midwest Multifamily Seniors Housing

Interra Brokers $6M Sale-Leaseback of Skilled Nursing Facility in Chicago’s West Loop

by Kristin Harlow September 10, 2018

CHICAGO — Interra Realty has brokered the sale-leaseback of Monroe Pavilion, a four-story skilled nursing facility in Chicago’s West Loop, for $6 million. The property is located at 1400 W. Monroe Ave. David Goss and Lucas Fryman of Interra represented the buyer, JK Equities, which plans to repurpose the building but has not yet disclosed specific plans. Jon Morgan and Colin O’Malley of Interra represented the seller, Symphony Post Acute Network, a provider of post-acute care.

September 10, 2018

Development Multifamily Seniors Housing Texas

General Contractor Hill & Wilkinson Completes 534-Bed Student Housing Property on UTA Campus

by Taylor Williams September 10, 2018

ARLINGTON, TEXAS — Richardson-based general contractor Hill & Wilkinson has completed West Hall, a 534-bed student housing property in Arlington. The community, which is the first of two phases of planned development, is located on the campus of University of Texas at Arlington (UTA). The four-story, 100,000-square-foot residence hall offers double-occupancy, semi-suite or pod-style configurations. Amenities include community learning and social spaces, as well as a game room and outdoor grilling areas. BOKA Powell designed the project.

September 10, 2018

Acquisitions Multifamily Oregon Seniors Housing Western

Non-Traded REIT Acquires 286-Unit Seniors Housing Community in Portland for $92M

by Amy Works September 10, 2018

PORTLAND, ORE. — Strategic Student & Senior Housing Trust Inc. (SSSHT) has acquired Courtyard at Mt. Tabor, a seniors housing community in Portland, for $92 million. The property offers 286 units of independent living, assisted living and memory care. The new owners will execute an existing plan to add 23 additional memory care units, with groundbreaking scheduled for fall 2018. The buyer is a non-traded REIT sponsored by SmartStop Asset Management. Located on 7.1 acres in the Mt. Tabor submarket of Portland, the property was constructed in 1999 and renovated in 2009. The community was 94 percent occupied at the time of sale. Integral Senior Living, which has operated the asset since 2011, will stay on as manager under the new ownership. SSSHT now owns a portfolio of four seniors housing communities and two student housing communities acquired for an aggregate price of approximately $275 million.

September 10, 2018

Development Multifamily Nevada Seniors Housing Western

Mission Senior Living Breaks Ground on $8M Assisted Living Community in Nevada

by Amy Works September 10, 2018

MESQUITE, NEV. — Mission Senior Living has broken ground on Mesa Valley Estates Assisted Living and Memory Care, a 78-unit community in Mesquite, near the Utah and Arizona borders. Development costs were estimated at $8 million. MSL Construction will build the property, which Pinnacle Architects will design. The site is across the street from Mesa View Regional Hospital. Mesa Valley Estates will feature 54 assisted living units and 24 memory care units in a single-story, 61,386-square-foot building. The project is scheduled for completion in fall 2019. Based in Carson City, Mission Senior Living operates six communities in Arizona, Nevada and Oregon.

September 10, 2018

Conference Coverage Features Multifamily Property Type Seniors Housing

Senior Living Communities Invest in Technology to Improve Resident Care

by David Cohen September 6, 2018

ATLANTA — As internet-connected technology continues to become ubiquitous in our everyday lives, residents at senior living facilities across the United States are using more and more devices. “From seven years ago to today, the average resident has gone from two devices to seven to nine devices,” said Kevin Merrill, business development director at Inviacom during an “Investing in Technology” panel at the InterFace Seniors Housing Southeast conference. The event was held Wednesday, Aug. 29 at the Westin Buckhead hotel in Atlanta, drawing nearly 520 developers, lenders, investors and operators from the senior living space. “Seniors are adopting the technology and bringing it into communities like you wouldn’t believe,” added Merrill. “We continue to see the evolution of technology pushing in and contributing to the improvement of every aspect of the community. The panel was moderated by Matt Haywood, CEO of Tazergy, and tackled how seniors housing communities can invest in technology that both increases revenue and improves resident care. Participating were: Kevin Isakson, director of sales and marketing at Isakson Living; Jesse Marinko, CEO and founder at Phoenix Senior Living; Dan Phelps, SVP Healthcare at ServingIntel; and Merrill. Technology Empowers Businesses, Prospects Technology is changing the way that those …

September 6, 2018

Loans Multifamily Northeast Pennsylvania Seniors Housing

USDA Approves $34M Funding for 240-Bed Skilled Nursing Facility in Pennsylvania

by David Cohen September 5, 2018

COLLEGE TOWNSHIP, PA. — The U.S. Department of Agriculture has approved a $34 million direct loan for development of Centre Care Health Center in College Township. Located in Central Pennsylvania near Penn State University, the 240-bed, 135,645-square-foot skilled nursing facility will replace the existing Centre Crest property. The USDA’s funding is contingent upon the developer — Centre Care — providing an additional $6 million for the project through a fundraising campaign. Miles Kingston of Lancaster Pollard structured the financing and helped Centre Crest secure the USDA commitment. The loan represents an 85 percent loan-to-cost ratio, and features a fixed interest rate of 3.9 percent for the entire 36-year term. The loan also has a year of interest-only payments and no pre-payment penalties. In March, the College Township Council unanimously approved plans for the facility. In June, Centre Care closed on a 30-acre parcel of land where construction would occur. The development is scheduled to open in 2020.

September 5, 2018

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