Seniors Housing

BOSTON — Castle Square Tenants Organization and WinnDevelopment have been selected by the Boston Housing Authority to redevelop the Eva White Apartments, a 102-unit, low-income senior housing community at 440 Tremont St. in Boston’s South End. The 50-year-old, seven-story building includes 34 studio, 57 one-bedroom and 11 two-bedroom affordable apartments for seniors. As the majority owner, Castle Square will deliver programs and services to Eva White residents and will partner with WinnDevelopment on a two-year renovation project to upgrade apartment kitchens and baths as well as community spaces, mechanical systems and life-safety systems. A final project budget for renovations has not been set. Castle Square and WinnDevelopment first worked together in 1987 to purchase and renovate the 500-unit Castle Square Apartments in South End. The $50 million rehabilitation achieved a LEED Platinum rating from the U.S. Green Building Council.

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SAN MARCOS AND LUBBOCK, TEXAS — KeyBank Real Estate Capital has provided $23.7 million in financing for the acquisition of two affordable housing properties in Texas. The financing for the 220-unit Villas at Willow Springs in San Marcos and the 144-unit Cantibury Pointe in Lubbock was secured on behalf of nonprofit Harmony Housing. Both properties were developed in the early 2000s. John Gilmore IV and Jeff Rodman of KeyBank structured the loans through Fannie Mae.  

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BOULDER, COLO. — Evans Senior Investments (ESI) has arranged the sale of Flatirons Terrace, a 54-unit independent living community, for an undisclosed price. Built in 2007, Flatirons Terrace is a Class A community in the heart of Boulder. It was 95 percent occupied at the time of sale. ESI represented the seller, Golden West Senior Living, a Boulder-based nonprofit. The buyer was Dial Retirement Communities, which will also operate the community. The Omaha-based company operates 17 communities in Illinois, Iowa, Kansas and Nebraska, with Flatirons Terrace being its first Colorado community.

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BELLEVUE, WASH. — Koelsch Communities has announced plans for Belle Harbour Senior Community, a 140-unit assisted living and memory care community in the Seattle suburb of Bellevue. Groundbreaking is scheduled for October 2018 for a June 2020 opening. Development costs are estimated at $70 million. The campus will total 142,000 square feet on a 2.9-acre site. The two buildings will include The Inn Memory Care Community and The Park Assisted Living Community. Koelsch will operate the community upon completion. Partners include RJ Development. Koelsch Construction will act as general contractor, and Judy Koelsch and David Goularte of JSK Design will provide interior design services. Koelsch Communities operates 28 communities in eight states, with nine new communities in development.

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NEW CANAAN, CONN. — Grandbridge Real Estate Capital’s Seniors Housing and Healthcare Finance Group has provided a $35 million Freddie Mac refinancing for Brightview on New Canaan. The 90-unit seniors housing community is located in New Canaan, a suburb of Norwalk approximately 35 miles northeast of New York City. The permanent, fixed-rate financing features a 10-year term and 30-year amortization. Richard Thomas and Meredith Davis originated the loan.  

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YEADON, PA. — Tryko Partners has acquired ManorCare Health Services at Mercy Fitzgerald Hospital, a 52,000-square-foot skilled nursing facility at 600 S. Wycombe Ave. in Yeadon, a suburb of Philadelphia. A $2.5 million renovation is planned by Marquis Health Services, Tryko’s healthcare affiliate. The facility has been renamed the Providence Rehabilitation and Healthcare Center at Mercy Fitzgerald. Built in 1995, the facility sits adjacent to Mercy Fitzgerald Hospital, which is part of the Mercy Health System. The two-story, 129-bed facility provides post-hospital care, short-term rehab and long-term residential care. Tryko purchased the facility from a ManorCare Health Services/Mercy Fitzgerald Hospital joint venture for an undisclosed price. The hospital will retain ownership of the land. CIBC financed the transaction.

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KENNEWICK, WASH. — CBRE has arranged $26.4 million in financing for the acquisition of Fieldstone Grandridge and Fieldstone Memory Care, a 138-unit assisted living and memory care community in Kennewick, located in the southeast portion of the state. A joint venture between Bourne Financial Group and Cascadia Senior Living is the borrower. The community is composed of two facilities constructed in separate phases between 2015 and 2016. Cascadia will continue to operate the property following the acquisition. Aron Will of CBRE National Senior Housing arranged the seven-year, fixed-rate loan with 36 months of interest-only payments. A national bank provided the capital. Bourne is a real estate private equity company founded in 2014 in Winter Park, Fla. Cascadia is a Washington-based operator founded in 2013.

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AUSTIN, TEXAS — Hill & Wilkinson has completed the renovation and expansion of Buckner GreenRidge Villas, a seniors housing community in Austin that provides housing and services to 400 seniors each year. O2 Architecture provided design services for the project, which delivered 69 additional one- and two-bedroom units and 70 parking spaces, as well as a central courtyard. The community will now be able to house and serve up to 138 more seniors.

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TEXARKANA, TEXAS — Love Funding has secured a $5.6 million loan for the refinancing of Winfield Estates, a 156-unit affordable seniors housing community in Texarkana, a city on the Texas-Arkansas state line. Built in 2001, the property consists on 39 one-story buildings with units that are all reserved for senior residents earning no more than 60 percent of the area median income. The financing was secured through HUD’s 223(f) loan insurance program and will be used to implement capital repairs to the property, as well as to pay off existing debt.  

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CLEVELAND — Cleveland-based KeyBank Real Estate Capital has closed a $90.8 million FHA 232/223(f) loan for the refinancing of a portfolio of seniors housing properties in Texas. The portfolio consists of eight properties totaling 541 units and 1,063 beds across various markets in Texas. The FHA loan proceeds were used to pay off the balance of a $315 million bridge loan, which was provided by a KeyBank-led syndicate and used to fund the acquisition of 30 Texas-based skilled nursing facilities. The borrower was a joint venture led by Capital Senior Ventures and BlueMountain Capital Management. Grant Saunders and Peter Trazzera of KeyBank structured the initial syndicated bank loan.

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