MILLBRAE, CALIF. — Cadence Living, a senior living development and management company based in Arizona has acquired Marymount Greenhills Retirement Center an undisclosed price. The independent living, assisted living and memory care community is located in Millbrae, a suburb near the San Francisco International Airport. The new owner has rebranded the property as Cadence Millbrae and plans extensive renovations for the next year. The project is part of the city’s plans to redevelop areas into hubs for commercial and residential activity. The renovation project will include fully modernized apartments and common-area corridors, as well as renovation of all common area spaces such as the dining room, activity spaces, and lobby. Cadence Living currently owns and operates communities in California and is expanding its footprint throughout the South and West.
RENSSELAER, N.Y. — Red Stone Tax-Exempt Funding LLC has provided $20.2 million in tax-exempt bonds for the rehabilitation of two affordable seniors housing communities in Rensselaer, located just across the Hudson River from downtown Albany. The Section 8 properties, Van Rensselaer Heights and Renwyck Place, were originally constructed in 1980. Millennia Housing Development will perform the renovations on a budget exceeding $45,000 per unit. An affiliate of Red Stone is the borrower, and will also use the funding to acquire the properties. Boston Capital Corp. purchased approximately $9.5 million in Low-Income Housing Tax-Credits (LIHTCs) in association with the properties.
MILLCREEK, UTAH — Live Oak Bank has provided $5 million in financing. The borrower, All Seasons Health Services Co., will use the funds to acquire two assisted living properties in the Salt Lake City suburb of Millcreek. The two properties were built in 2013 and 2016 and feature 20 and 24 beds, respectively. Each stabilized community operates under the BeeHive Homes franchise system. The principal of the borrower lives in the area and is an operator of six BeeHive Homes locations in Utah. Live Oak’s loan package features a fully amortizing 25-year term. The bank sourced the financing in collaboration with Brady Johnson of Hunt Real Estate Capital.
NASHVILLE, TENN. — Walker & Dunlop Inc. has arranged $19.5 million in financing for the acquisition and rehabilitation of Dandridge Towers, an affordable seniors housing community in Nashville. The community features 153 units. The borrower was LHP Capital LLC, which developed and manages the property. The seller was not disclosed. Rob Rotach of Walker & Dunlop secured the 40-year, fixed-rate, fully amortizing loan through HUD’s Substantial Rehabilitation program, which insures mortgage loans to facilitate the new construction or substantial rehabilitation of multifamily housing for moderate-income families, elderly and the handicapped. The property was financed in conjunction with 4 percent Low Income Housing Tax Credits from the Tennessee Housing Development Agency, designated for affordable properties. In addition to unit upgrades and accessibility enhancements, the renovations will feature a number of water- and energy-related green improvements. Dandridge Towers was originally constructed in 1983.
FRISCO, TEXAS — Greystone Real Estate Advisors has arranged the sale of The Aspens at Wade Park, a 162-unit, age-restricted residential community located in the northern Dallas metro of Frisco. Built in 2017, the property includes a resort-style pool and spa, fitness center, movie theater, salon/barbershop, library and outdoor barbeque area. Texas-based Aspens Senior Living sold the property to a joint venture between The Carlyle Group and Greystar. Cody Tremper and Mike Garbers of Greystone represented the seller in the transaction.
BUTLER, PA. — SunTrust has served as joint lead arranger and Ziegler as placement agent for a $71 million refinancing to Quality Life Services. The Butler-based healthcare services company will use the funds for an expansion of its communities, which include skilled nursing facilities and continuing care retirement communities (CCRC). The first renovation project is already underway at Quality Life Services – Sugarcreek, a CCRC in Worthington. The project is slated for completion in February 2019. When the projects are completed, all 10 of Quality Life Services’ skilled nursing facilities will be renovated and expanded. Additionally, the company will improve upon its home health and hospice divisions.
SEATTLE — Áegis Living has opened the doors on Áegis of West Seattle, an 83-unit assisted living and memory care community in Seattle. The project was designed to look like a Mediterranean resort. Áegis’ most recent communities are designed on such themes. Its community under construction on nearby Mercer Island is lodge-themed, and the company recently opened an Italian-themed community in Seattle. Áegis Living is a Bellevue-based developer and operator with 31 seniors housing communities in Washington, California and Nevada.
ATLANTA — The seniors housing business is beset with labor concerns, and developers and operators are convinced that the solution lies in upping the number of millennials on staff. According to recent data from Pew Research Center and the U.S. Census Bureau, approximately 56 million American workers are between the ages of 21 and 36. That means more than one-third of all labor force participants are millennials, a generation that industry experts say generally wants emotionally meaningful careers with fast-tracked advancement. There are challenges in creating and marketing a positive perception of the seniors housing industry to prospective millennial workers, as well as in retaining them. This subject was broached during the “State of the Industry” panel at the InterFace Seniors Housing Southeast conference on Wednesday, Aug. 29. Held at the Westin Buckhead hotel in Atlanta, the event drew nearly 520 developers, lenders, investors and operators in the senior living space. “There’s a lot of talent that’s drawn to hospitality, but it can be hard selling them on seniors housing,” said panelist Eric Mendelsohn, president and CEO of Tennessee-based REIT National Health Investors (NYSE: NHI). “We have to show people that there’s so much more to this business than serving Jell-O …
NEWBURYPORT, MASS. — Nauset Construction has finished building Port Healthcare Center, a 123-bed skilled nursing facility in Newburyport, located in the very northeastern corner of the state. Whittier Health Network, a family-owned healthcare organization with operations in Massachusetts and New York, owns and operates the facility. The new center is a replacement property, more than doubling the bed count of the original asset. Designed by longtime Whittier architect Ranere Associates Inc., the two-story, steel-and-concrete building totals 62,000 square feet.
DENVER — HFF has arranged financing for the development of Solera at Cherry Creek, a Class A seniors housing development in the Cherry Creek neighborhood of Denver. Solera at Cherry Creek will comprise 64 assisted living apartments and 32 memory care units within a three-story building totaling approximately 55,000 rentable square feet. A joint venture between affiliates of Banner Senior, Solera Senior Living and Wheelock Street Capital are developing the property. Rosemann & Associates is designing the community, which is scheduled for completion in 2019. The HFF team representing the borrower included David Fasano, Sarah Anderson and Brock Yaffe. A national bank is providing the nonrecourse loan. The amount of the financing was not disclosed.