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Seniors Housing

ArizonaDevelopmentMultifamilySeniors HousingWestern

Spectrum Opens 159-Unit Seniors Housing Community Near Phoenix

by Amy Works

CHANDLER, ARIZ. — Spectrum Retirement Communities has opened The Enclave at Chandler Senior Living, an independent living, assisted living and memory care community in the Phoenix suburb of Chandler. The three-story, 165,000-square-foot community features a total of 90 independent living units, 45 assisted living units and 24 memory care units. The property will also offer Spectrum’s Residence Club, which offers a transitional step between assisted living and memory care. Spectrum now owns and operates seven seniors housing communities in the Phoenix metro. The developer is based in Denver.

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LoansMultifamilyNew HampshireNortheastSeniors Housing

Ziegler Arranges $110.5M in Bonds for Senior Living Development in New Hampshire

by David Cohen

DURHAM, N.H. — Ziegler has closed on $110.5 million in bond financing for the development of RiverWoods Durham, a 222-unit continuing care retirement community (CCRC). The property will be located in Durham, near the Atlantic coast in the southeast corner of the state midway between Boston and Portland, Maine. The community will feature 150 independent living units, 24 assisted living units, 24 memory care units and 24 skilled nursing beds. The financing includes $53 million in permanent bonds, $45.4 million in temporary bonds, and a $12.1 million subordinated note. The bonds are tax-exempt, non-bank qualified bonds issued through the New Hampshire Health and Educational Facilities Authority. RiverWoods Exeter, another property from the same owner-operator, will provide the taxable subordinated note. TD Bank and SunTrust Bank were selected as co-lead banks and People’s United Bank was selected as participant bank for the financing package.  

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AcquisitionsMidwestMissouriMultifamilySeniors Housing

Griffin-American Healthcare Agrees to Acquire Eight-Property Skilled Nursing Portfolio in Missouri for $88.2M

by Kristin Harlow

MISSOURI — American Healthcare Investors and Griffin Capital Co. LLC, the co-sponsors of Griffin-American Healthcare REIT IV Inc., have entered into an agreement to acquire a portfolio of eight skilled nursing facilities throughout Missouri for $88.2 million. The undisclosed properties total 1,112 beds and approximately 384,000 square feet. The portfolio is fully leased under a 15-year absolute net lease. As of June 13, the REIT has acquired a 2.7 million-square-foot portfolio of 45 medical office buildings, senior housing facilities and skilled nursing facilities in 16 states.

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FeaturesSeniors Housing

Margaret Wylde’s Message to Seniors Housing: Do a Better Job of Understanding Customers

by Jeff Shaw

CHICAGO — There is one surefire way to make sales hum in seniors housing, says Margaret Wylde, an industry consultant who has conducted research in this niche property sector for 34 years. Know who your customer is, the product they want and how much they will pay to get what they want. “If you deliver what they actually want, they actually pay more and feel there is value for the dollar spent,” says Wylde, CEO of Oxford, Miss.-based ProMatura Group. The problem is the industry’s knowledge of customers is “not good,” Wylde is quick to add. “We know them in a generic manner. We know their age, we know how many of them there are, and we know how much money [they have]. But we don’t know who they are. And once they get to that golden age, we think they want seniors housing, and that everybody who wants seniors housing is exactly the same because we are giving them a list of stuff.” What’s worse, she believes, is that the industry is by and large chasing the luxury market, which is less than 10 percent of the potential market. “The middle market is 320 percent larger than the market …

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LoansMultifamilyNew JerseyNortheastSeniors Housing

Contemporary Healthcare Capital Closes $13.3M Refinancing for Skilled Nursing Facility in New Jersey

by David Cohen

NEWTON, N.J. — Contemporary Healthcare Capital has closed $13.3 million in senior and mezzanine loans to refinance a 128-bed skilled nursing facility in Newton. The mezzanine loan was $1.9 million and the senior loan was a $10 million secured buy with $1.4 million cash secured. The borrower was an owner-operator that serves New York and New Jersey. Newton is located in the northwest portion of the state, approximately 60 miles west of New York City. Contemporary’s senior lending partner on the transaction was Commercial Bank of Harrogate, Tenn.

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The-Arbor-Assisted-Living-&-Memory-Care-Nacogdoches-Texas
LoansMultifamilySeniors HousingTexas

Capital One Provides $9.3M Loan for Refinancing of Seniors Housing Property in Nacogdoches, Texas

by Taylor Williams

NACOGDOCHES, TEXAS — Capital One has provided a $9.3 million Fannie Mae loan for the refinancing of The Arbor Assisted Living & Memory Care, a 59-unit seniors housing property in Nacogdoches, a city roughly midway between Houston and Shreveport, La. The property was built in the late 1990s. The borrower was Prevarian Senior Living, an owner of seven assisted living and memory care communities across the country.

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Prairie-City-Landing-Folsom-CA
CaliforniaLoansMultifamilySeniors HousingWestern

CBRE Arranges $35.8M Acquisition Financing for 130-Unit Seniors Housing Community in Folsom, California

by Amy Works

FOLSOM, CALIF. — CBRE has arranged financing for the acquisition of Prairie City Landing, a 130-unit independent living, assisted living and memory care community in Folsom, a suburb of Sacramento. A joint venture between AEW Capital Management, Tenfold Senior Living and Artēgan Senior Living acquired the property for an undisclosed price. The seller was another joint venture that developed the property. That group includes Tenfold, Artēgan and a global investment manager. The community opened in February 2017 and was over 90 percent occupied at the time of sale. Artēgan Senior Living will continue to operate the property. Aron Will of CBRE National Senior Housing arranged the $35.8 million Freddie Mac loan with a seven-year term, fixed rate and 48 months of interest-only payments.

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ArizonaLoansSeniors HousingWestern

Capital One Provides $20.8M HUD Refinancing for Seniors Housing Community in Tucson

by Amy Works

TUCSON, ARIZ. — Capital One has provided a $20.8 million loan for the refinancing of a seniors housing community in Tucson. The facility opened in 1964, with expansions added in 1977 and 1990. It currently features 24 independent living units, 19 assisted living units and 270 skilled nursing beds distributed across 132 units, making it one of the largest facilities in the Tucson area. The fixed-rate HUD 232/223(f) loan will replace bank debt with low-rate, long-term financing, allowing the owner-operators to recoup capital expenditures and retire partner debt. The operators have invested in newly redesigned therapy center and are installing LED lighting to reduce energy consumption.

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LoansMultifamilyNew YorkNortheastSeniors Housing

KeyBank Provides $14.2M Construction Financing for Two Affordable Seniors Housing Renovations in Buffalo

by David Cohen

BUFFALO, N.Y. — KeyBank Community Development Lending & Investment has provided $14.2 million in construction financing for the renovation of Riverview Manor and Piotr Stadnitski Gardens in Buffalo. The two-building property consists of 210 one-bedroom units for seniors. Riverview Manor is a 12-story building built in 1977 and was last renovated in 1989. Stadnitski Gardens is an 11-story building built in 1978. Kyle Kolesar of KeyBank originated the financing. Alliant Capital and New York State HFA provided additional funding. The project will be developed in partnership with Smith & Henzy Advisory Group and MDG Design + Construction and is supported by existing project-based HUD Section 8 vouchers.

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AcquisitionsGeorgiaMultifamilySeniors HousingSoutheast

Greystone Brown Arranges Sale of Presidential Tower in Atlanta, Buyer Planning Seniors Housing Conversion

by Camren Skelton

ATLANTA — Greystone Brown Real Estate Advisors has arranged the sale of the Presidential Tower, a 15-story commercial building located at 4001 Presidential Parkway in Atlanta. Taylor Brown of Greystone Brown arranged the transaction on behalf of the seller, Hays Financial Consulting LLC. Known for its cylindrical shape, the building is visible from one of the city’s main traffic corridors — Spaghetti Junction, which is situated at the intersection of Interstates 285 and 85. Originally constructed in 1973, Presidential Tower was the former Presidential Hotel. Over the last several years, the property fell into disrepair. Peacock Partnership Inc. acquired the building for an undisclosed price, with plans to convert the property into a seniors housing community. Once complete, the complex will be one of the largest seniors housing communities in Atlanta, according to Greystone Brown. A construction timeline for the project was not disclosed.

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