Seniors Housing

Joint Venture Plans $52.7M Renovation of Affordable Community in the Bronx

by Amy Works January 11, 2018

NEW YORK CITY — A joint venture between Fort Schuyler Housing Development Co., Smith & Henzy Advisory Group Inc., MDG Design + Construction LLC, Concord Management of New York and partners has unveiled a $52.7 million renovation and refinancing plan for Fort Schuyler House, a 139-unit affordable seniors housing development in the Bronx. In addition to $15.5 million in capital repairs, the project will preserve the affordability of 138 of the units. The 139th unit is reserved for the property manager. Fort Schuyler House was built in 1973 to offer independent living opportunities for low-income seniors age 62 and over. The eight-story building features 118 studio units, 20 one-bedroom units and one two-bedroom unit. The project will provide apartment improvements including the conversion of antiquated Dwyer units to fully functioning kitchens. The apartments will also receive new flooring; new electrical risers and CB panels; new emergency pull cords; and energy-saving appliances, radiator control valves, bath and kitchen fixtures, and LED lighting throughout. The renovations will be done with tenants remaining in their homes to minimize the disturbance to residents. The shared spaces and overall property will also receive upgrades including new flooring and finishes; new security and energy efficiency measures; …

January 11, 2018

Multifamily Seniors Housing Texas

CBRE Arranges Sale of 132-Unit Seniors Housing Community in Metro Dallas

by Taylor Williams January 11, 2018

CEDAR HILL, TEXAS — CBRE has arranged the sale of Primrose at Cedar Hill, a 132-unit seniors housing community located in the southwestern Dallas metro of Cedar Hill. Built in 2003, the property was 98 percent occupied at the time of sale. Amenities include a pool, fitness center, business center and an on-site laundry facility. Chris Deuillet and Chandler Sims of CBRE represented the seller, Cedar Hill Seniors Housing LLC, in the transaction. Kaufman Investments purchased the asset for an undisclosed price.

January 11, 2018

Loans Multifamily Seniors Housing Texas

Greystone Secures $19M in Refinancing for Two Seniors Housing Assets in Dallas Area

by Taylor Williams January 11, 2018

DALLAS AND DESOTO, TEXAS — Greystone has secured the $19 million refinancing of two undisclosed seniors housing assets located in Dallas and nearby suburb DeSoto. The properties, which total 500 units, represent affordable housing options for seniors earning 60 percent or less of the area median income (AMI). Both loans were secured through Freddie Mac’s Targeted Affordable Housing (TAH) Express program.

January 11, 2018

Florida Multifamily Seniors Housing Southeast

Validus Receives $117.5M Line of Credit from SunTrust to Acquire Three Seniors Housing Assets in Southeast

by Camren Skelton January 10, 2018

TAMPA, FLA. — Tampa-based Validus Senior Living has closed a $117.5 million syndicated revolving line of credit with SunTrust Robinson Humphrey for the acquisition of three seniors housing communities located in Louisiana, Florida and Georgia. SunTrust Robinson Humphrey, a division of SunTrust Banks Inc. that provides investment banking services including mergers and acquisitions and private equity financing, served as the lead arranger and bookrunner for the deal, while SunTrust Bank acted as the lead participant and administrative agent. The five-year deal is renewable, and Validus will use the credit line to acquire Inspired Living at Ocoee in Ocoee, Fla., and Inspired Living at Kenner in Kenner, La. A third community, Inspired Living at Alpharetta in Alpharetta, Ga., is expected to close in the coming weeks. The communities offer both assisted living and memory care units. The two initial acquisitions will add more than 250 units to Validus’ existing portfolio.

January 10, 2018

Multifamily Seniors Housing Washington Western

SLIB Brokers Sale of 65-Bed Skilled Nursing Facility in Washington

by Nellie Day January 5, 2018

CASHMERE, WASH. — Senior Living Investment Brokerage has arranged the sale of Cashmere Convalescent Center, a 65-bed skilled nursing facility in Cashmere, located between Seattle and Spokane. The price was not disclosed. A regional owner-operator based in Idaho purchased the property, seeking to expand its footprint beyond the northern Rocky Mountain region. The 21,820-square-foot facility sits on four acres of land, leaving room for future expansion. Jason Punzel, Brad Goodsell and Nick Cacciabando of Senior Living Investment Brokerage handled the transaction.

January 5, 2018

Midwest Minnesota Seniors Housing

Opus Begins Construction of 147-Unit Senior Living Facility in Minnetonka, Minnesota

by Kristin Harlow January 5, 2018

MINNETONKA, MINN. — The Opus Group has begun construction on a 147-unit senior living facility in Minnetonka. The project will encompass independent living, assisted living and memory care apartments. Ebenezer Management Services will operate and manage the four-story property upon completion, which is slated for spring 2019. Amenities will include a salon, chapel, club room, dining room and walking paths. Opus Development Co. is the developer and Opus Design Build is the design contractor. Opus AE Group is the architect and engineer of record, while Sperides Reiners Architects is the design architect. Consilium Associates is the project’s interior designer.

January 5, 2018

California Multifamily Seniors Housing Western

Sabra Health Care REIT Completes $103.3M Sale of 20 Skilled Nursing Facilities Leased to Genesis

by Nellie Day January 4, 2018

IRVINE, CALIF — Sabra Health Care REIT Inc. (NASDAQ: SBRA) has completed the previously announced sale of 20 skilled nursing facilities leased to Genesis Healthcare Inc. in Kentucky, Ohio and Indiana for $103.3 million. The 20 facilities are part of the original 35 facilities marketed for sale under the previously announced memoranda of understanding with Genesis. Under the terms of the deal, Genesis’s annual rent obligations to Irvine-based Sabra will be reduced by $9.3 million as a result of the sale of these facilities. Sabra expects to use the proceeds from the sale to repay borrowings under its revolving credit facility. The dispositions are part of the REIT’s “Sabra 3.0” plan to have more scale and diversification within the company’s portfolio as far as continuum of care, operator and geography. Sabra plans to sell its entire portfolio of Genesis-operated skilled nursing facilities for aggregate sales proceeds of $425 million to $475 million.

January 4, 2018

California Loans Multifamily Seniors Housing Western

The Ensign Group Receives $112M HUD Refinancing for 17-Property Seniors Housing Portfolio

by Nellie Day January 4, 2018

MISSION VIEJO, CALIF. — The Ensign Group Inc. (NASDAQ: ENSG), the parent company of the Ensign group of skilled nursing, rehabilitative care services, home health care, hospice care and assisted living companies, has completed a $112 million portfolio financing. The fixed-rate loans have an amortization schedule between 30 and 35 years, and are secured by mortgages on 17 of the 63 properties owned by Ensign subsidiaries. Jason Dopoulos of Lancaster Pollard Mortgage Company LLC arranged the loans, which are insured by the Department of Housing and Urban Development (HUD). Loan proceeds will be primarily deployed to pay down previously drawn amounts on Mission Viejo-based Ensign’s revolving line of credit. In addition to refinancing existing borrowings, the proceeds of the HUD-insured debt will be used to fund acquisitions; renovate and upgrade existing and future facilities; cover working capital needs; and for other business purposes.

January 4, 2018

Loans Multifamily Northeast Pennsylvania Seniors Housing

KeyBank Secures $57.7M in Financing for Two Seniors Housing Properties in Pennsylvania

by Amy Works January 4, 2018

PENNSYLVANIA — KeyBank Real Estate Capital has arranged a total of $57.7 million in FHA financing for a large regional owner and operator of healthcare facilities across the Northeast. The properties include a 180-bed skilled nursing facility and a 120-bed skilled nursing facility that also has a 73-bed assisted living/independent living wing. John Randolph of Key’s Commercial Mortgage Group arranged the permanent financing through the FHA 232/223(f) mortgage insurance program. Henry Alonso and Brandon Taseff of Key’s Healthcare Group structured the original bridge loan for the sponsor. The loan proceeds were used to pay down a portion of the existing bridge loan, which funded the initial acquisition and subsequent recapitalization of a pool of healthcare facilities located in the Northeast.

January 4, 2018

Loans Michigan Midwest Seniors Housing

Cohen Financial, Pillar Arrange $11.5M in HUD Loans for Seniors Housing Properties in Michigan

by Kristin Harlow January 3, 2018

ALLEGAN AND OWOSSO, MICH. — Cohen Financial and Pillar, both divisions of SunTrust Bank, have arranged $11.5 million in HUD loans for the refinancing of two seniors housing properties in Michigan. Cathy Bronkema of Cohen Financial and Joshua Hausfeld of Pillar arranged a $6.5 million loan for Oliver Woods Retirement Village, an 80-unit property in Owosso. They also secured a $5 million loan for Briarwood Assisted Living, a 39-unit property in Allegan. The borrower is a Grand Rapids-based senior living property owner and operator. The SunTrust/Pillar healthcare financing platform can meet borrowers’ financing needs from bridge financing to long-term, fully amortizing loans, according to Bronkema.

January 3, 2018

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