INDIANAPOLIS — Walker & Dunlop Inc. has arranged a $17.3 million loan for the construction of Oasis at 56th in Indianapolis. The 124-unit affordable assisted living facility will be located on three acres at 4940 W. 56th St. The property will feature 73 one-bedroom units and 51 studios. Amenities will include a dining area, exercise room, café and laundry facilities. Jeff Lawrence and Matt Baptiste of Walker & Dunlop arranged the 40-year HUD loan on behalf of the borrower, Integral Community Development.
FORT COLLINS, COLO. — Confluent Senior Living has sold MorningStar of Fort Collins, an assisted living and memory care community in Fort Collins. Kayne Anderson Real Estate purchased the property for an undisclosed price. Confluent co-developed the project with MorningStar Senior Living, which will stay on as operator following the transaction. The 79-unit, 69,000-square-foot community opened in December 2015.
OXNARD, CALIF. — Clearwater Living has acquired Clearwater at Riverpark, a newly delivered, 136-unit independent living community in Oxnard. Clearwater already operated the community, which seller The Wolff Company developed. The transfer of ownership was part of the development plan, according to Clearwater. The price was not disclosed. The property is located along the Santa Clara River approximately 75 miles west of Los Angeles. It is adjacent to The Collection at Riverpark, a 600,000-square-foot lifestyle retail center including restaurants, shops and theaters. Clearwater already operates nine communities in Western markets, but this is the first community the company will also own.
LAS VEGAS — NorthMarq Capital has arranged an $11.3 million loan for the construction of Centennial Hills Skilled Nursing Facility in Las Vegas. The facility features 72 beds. The loan has a 12-month interest-only term followed by a 25-year amortization schedule. The loan-to-cost ratio is 75 percent. A national bank provided the capital. Jordan Johnson and Jerry Peterson of NorthMarq Capital’s Las Vegas office arranged the loan. The borrower was not disclosed.
CONROE, TEXAS — CBRE has arranged the $34.5 million refinancing for Woodhaven Village, a 157-unit independent living, assisted living and memory care community in the Houston suburb of Conroe. The borrowers are Padua Realty Co. and Paradigm Senior Living, the joint venture developers of the property. The Freddie Mac loan features a 10-year term, floating interest rate and five years of interest-only payments. Aron Will of CBRE National Senior Housing arranged the financing. Opened in January 2017, Woodhaven Village is located one mile from Conroe’s largest medical center and was more than 90 percent occupied at the time of the refinancing.
LAGUNA NIGUEL, CALIF. — Steadfast Senior Living has started pre-leasing at Crestavilla, a 201-unit, $95.5 million independent living, assisted living and memory care community in the Los Angeles suburb of Laguna Niguel. Atria Senior Living has been brought on to manage the 215,000-square-foot, three-story community. A luxury community located on 11.5 acres, rents will range from $6,600 to $15,000 per month. Santa Ana-based William Hezmalhalch Architects designed the community, which Bernards is building. Steadfast is pursuing LEED certification for Crestavilla, which would make it Atria’s 11th LEED-certified community.
SAN DIEGO — Marcus Buckingham has a rather simple yet effective piece of advice for seniors housing operators: stop focusing on the negative. “We have strengths and we have weaknesses. What should you spend more time on?” he asked. “Most people are way more focused on the weaknesses and identifying flaws and fixing them. It has a lot to do with fear. We should be honoring strengths.” Buckingham, a leadership and management expert, delivered the comments to more than 2,500 seniors housing executives on May 15 at the 2018 Argentum Senior Living Executive Conference & Expo held at the San Diego Convention Center. There are currently 93,300 people working in seniors housing in the U.S., according to Argentum, an inadequate number Buckingham said. Experts note there should be a one-to-one ratio of employees to residents. Compounding matters is that more exciting industries like technology and creative professions draw the younger generations away from traditional career roles, resulting in a jobs crisis. While seniors housing may not be as sexy as the tech sector, Buckingham believes a change in attitude can do wonders for employee retention. “There is a lot of turnover in the first 90 days, but people don’t measure …
MCKINNEY, TEXAS — Houston-based PRMG will develop Hidden Springs, a $40 million senior living community that will be located in the northern Dallas metro of McKinney. The property will span 215,000 square feet and include 132 independent living units, 40 assisted living units and 28 memory care units. Amenities will include an art studio, dog park, community market, library, media room, putting green and a salon/spa. The groundbreaking is scheduled for this summer and initial occupancy is expected to begin in July 2019.
NOBLESVILLE, IND. — Lancaster Pollard has arranged a $19.9 million HUD-insured loan to fund the construction of Heritage Woods of Noblesville, a 124-unit affordable assisted living facility in Noblesville, a suburb of Indianapolis. Completion is slated for January 2019. The borrowers are Gardant Management Solutions and Horve Builders. The loan features a fixed interest rate and 40-year term. Brett Murphy led the transaction for Lancaster Pollard.
HOWELL, MICH. — Capital One has provided a $13.2 million, fixed-rate HUD loan to refinance an 88-bed skilled nursing facility in Howell, approximately 50 miles northwest of Detroit. The unnamed facility has earned a five-star rating from Medicare, and was 98.9 percent occupied at the time of refinancing. The name of the facility and borrower were not disclosed. Joshua Rosen of Capital One originated the loan. The transaction enabled the borrower to replace bank debt with long-term financing and to recoup capital expenditures. “The substantial additional cash flow that this transaction frees up illustrates the benefits of HUD’s 232/223(f) program,” says Rosen. “The borrowers are benefiting from both a lower rate and an extended amortization period, which in the case of this loan is 35 years.”