Seniors Housing

Dougherty Provides $34M HUD-Insured Loan for Construction of Seniors Housing Property in St. Paul

by Kristin Harlow July 23, 2018

ST. PAUL, MINN. — Dougherty Mortgage LLC has provided a $34 million HUD-insured loan for the construction of The Legends at Berry Senior in St. Paul. The 241-unit affordable seniors housing property will be situated on the former Weyerhaesuer Lumber site. All of the units will be restricted to persons age 62 and older who earn 60 percent or less of the area median income. Amenities will include a beauty salon, craft room, community room, fitness room, theater room, courtyard and patio. The FHA 221(d)(4) loan guaranteed by HUD is fully amortized over 40 years. Financing also involves 4 percent low-income housing tax credits. St. Paul Leased Housing Associates IX LLLP was the borrower.

July 23, 2018

Development Multifamily Nevada Seniors Housing Western

Mission Senior Living Starts Construction of $8M Community in Nevada

by Amy Works July 23, 2018

MESQUITE, NEV. — Mission Senior Living has started construction of Mesa Valley Estates Assisted Living and Memory Care, an $8 million seniors housing community in Mesquite, near the Arizona border. The 61,386-square-foot, one-story community will feature 54 assisted living apartments and a memory care neighborhood with 24 apartments. Project partners include Pinnacle Architects and MSL Construction. The project is scheduled for completion in summer 2019.

July 23, 2018

Loans Massachusetts Multifamily Northeast Seniors Housing

Capital One Provides $47.2M HUD Refinancing for Three Skilled Nursing Facilities in Massachusetts

by David Cohen July 20, 2018

CHELSEA, FALL RIVER, BROCKTON, MASS. — Capital One has provided $47.2 million to refinance a portfolio of skilled nursing facilities in Massachusetts. The three facilities have a combined 512 beds and were purchased as part of a four-facility portfolio in 2016. The properties are Eastpointe Rehabilitation and Skilled Care Center in Chelsea with 195 beds, Southpointe Rehabilitation and Skilled Care Center in Fall River with 152 beds, and Baypointe Rehabilitation and Skilled Care Center in Brockton with 169 beds. Although the borrower was not disclosed, the properties are all listed on the website of The Pointe Group. Joshua Rosen of Capital One originated the transaction. The three HUD loans feature fixed rates and 35-year terms.

July 20, 2018

Loans Multifamily Seniors Housing Southeast Virginia

STCC Provides $11.2M Financing for Two Seniors Housing, Retail Redevelopment Projects in Richmond

by Camren Skelton July 20, 2018

RICHMOND, VA. — SunTrust Community Capital (STCC) has provided $11.2 million in financing for two redevelopment projects in Richmond’s historic Jackson Ward neighborhood. The Community Preservation and Development Corp. (CPDC) is leading the redevelopments, which will replace current public housing with new workforce housing, seniors housing and retail. The first project, dubbed Jackson Ward, will include 72 newly constructed, one-bedroom seniors housing units in a four-story building. The second project will provide 82 units of mixed-income housing and 6,000 square feet of retail in one building that will be located adjacent to the seniors housing building. CPDC’s Jackson Ward project is part of a larger redevelopment effort to provide replacement housing for 200 units at the Fay Towers Senior Public Housing site in Richmond’s Gilpin neighborhood. CPDC is utilizing the United States Department of Housing and Urban Development (HUD)’s Rental Assistance Demonstration (RAD) program to fund the . CPDC is currently developing replacement housing at three other sites in Richmond.

July 20, 2018

Loans Michigan Midwest Multifamily Seniors Housing

Cohen Financial Arranges $4.1M HUD-Insured Loan for Refinancing of Assisted Living Community in Michigan

by Kristin Harlow July 20, 2018

ALMA, MICH. — Cohen Financial, a division of SunTrust Bank, has arranged a $4.1 million HUD-insured loan for the refinancing of Arbor Grove Assisted Living in Alma, which is located in Central Michigan. The assisted living community includes 41 units. Cathy Bronkema of Cohen arranged the fixed-rate loan, which is fully amortized over 35 years. The borrower was a Grand Rapids, Mich.-based senior living owner and operator.

July 20, 2018

Development Multifamily Seniors Housing South Carolina Southeast Top Stories

Big Rock, Kiawah Partners to Develop $125M Seniors Housing Community Near Charleston, South Carolina

by Camren Skelton July 19, 2018

KIAWAH ISLAND, S.C. — Big Rock Partners, in a joint venture with Kiawah Partners, has unveiled plans to develop a $125 million seniors housing community on Kiawah Island, a barrier island located 21 miles southwest of Charleston. The 200-unit community will be for residents ages 55 and older and will include independent living, assisted living and memory care units. The unnamed project will be built overlooking a lake next to the Freshfields Village shopping center. “There’s been exponential growth in the active senior population in the Charleston area,” says Richard Ackerman, senior managing partner at Big Rock. “We wanted to bring a state-of-the-art senior living experience to the Lowcountry.” The community will feature its own movie facility, multiple pools, a fitness center with a yoga studio, and multiple food and beverage options. “There are current Kiawah homeowners who are aging, who want to downsize and require higher degrees of service levels,” says Chris Randolph, partner at Kiawah Partners. “They don’t want to lose touch with their social circles by moving off the island. Senior living on Kiawah allows them to keep their ties to the island, and for many, to the Kiawah Island Club.” Kiawah Partners is the master developer …

July 19, 2018

Acquisitions Multifamily New Jersey Northeast Seniors Housing

LCS Acquires 299-Unit Continuing Care Community in New Jersey

by David Cohen July 18, 2018

BRIDGEWATER, N.J. — LCS has acquired Arbor Glen, a continuing care retirement community (CCRC) in Bridgewater, for an undisclosed price. Located southwest of New York City, the community sits on 23 acres and features 183 independent living units, 19 independent living villas, 23 assisted living units, 10 memory care units and 64 skilled nursing beds. LCS changed the community’s name to Laurel Circle and plans to implement an $8 million capital improvement plan at the property. The seller and former operator was Friends Retirement Concepts. Based in Des Moines, Iowa, LCS Real Estate currently has an ownership stake in 37 seniors housing communities nationwide.

July 18, 2018

Development Multifamily Seniors Housing Texas

Tradition Breaks Ground on 23-Story Seniors Housing Property in Houston

by Taylor Williams July 16, 2018

HOUSTON — Tradition Senior Living has broken ground on The Tradition-Woodway, a 23-story seniors housing property that will be located in the Tanglewood area of Houston. The community will feature 222 independent living residences and 92 assisted living/memory care units. Amenities will include lounges and card rooms, a movie theater, indoor golf simulator, indoor pool, fitness center, dog park and a putting green. Jackson & Ryan Architects is handling design of the project and D.E. Harvey Builders is serving as general contractor. The opening is scheduled for April 2020.

July 16, 2018

Development Multifamily Northeast Pennsylvania Seniors Housing

Pennrose Starts Construction of 160-Unit Affordable Senior Housing Community Near Philadelphia

by David Cohen July 13, 2018

CHERRY HILL, N.J. — Pennrose, a multifamily developer and operator, and the Jewish Federation of Southern New Jersey have broken ground on The Commons at Springdale, an affordable seniors housing community. The project is located in Cherry Hill, just across the Delaware River from Philadelphia. The first phase of development will include 80 units, followed by a second phase of another 80 units. Twenty percent of the total units will be designed to support individuals with special needs by creating four smaller cottages out of four one-bedroom units. The cottages will contain a shared common space where individuals can receive access to services and community programming in a safe setting. All units are reserved for seniors or special needs adults earning at or below 60 percent of the area median income (AMI). At least 40 percent of the units are for those earning at or below 50 percent of AMI and at least 10 percent are for 30 percent of AMI. Phase one of the project is scheduled to open in the summer of 2019. Financing for the Springdale Road development came from a variety of sources, including $2.4 million in conventional financing, $1 million in Township Affordable Housing Trust Funds, …

July 13, 2018

Loans Multifamily Seniors Housing Texas

Berkadia Provides $24M HUD Construction Loan for Seniors Housing Project in San Antonio

by Taylor Williams July 13, 2018

SAN ANTONIO — Berkadia has provided a $24 million construction loan for Brookwood Senior Apartments, a 197-unit community being developed in northwest San Antonio. Chad Bedwell, Franklin Brown and Lloyd Griffin of Berkadia secured the loan, which has a 4 percent fixed interest rate and a 40-year amortization schedule, through HUD’s 221(d)(4) program. The property will feature one- and two-bedroom units and amenities such as a pool, fitness center and a business center.

July 13, 2018

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