HENDERSON, KY. — Senior Living Investment Brokerage (SLIB) has arranged the sale of a four-property portfolio in Henderson, located in western Kentucky along the Ohio River and approximately 11 miles south of Evansville, Ind. Known as the Colonial Portfolio, the properties in the transaction included Colonial Assisted Living (69 units), Colonial Court Independent Living (22 units), Colonial Senior Living (51 assisted living units) and Colonial Cottages (16 independent living units). The seller was a local owner that developed and operated the assets since their inception. The buyer was a Kentucky-based owner and operator looking to grow its portfolio strategically in western Kentucky. Ryan Saul and Daniel Geraghty led the transaction for SLIB.
By Channing Hamilton ATLANTA — Investment markets have been tumultuous over the past year, with high interest rates and inflation impacting the flow of debt and equity across the commercial real estate industry. Last year, many investors and brokers chose to weather the storm and try to make it to 2025, when it was estimated that interest rates would begin to moderate. Recently, however, conditions seem to be improving in the seniors housing sector, where many investors are leaving behind the “survive till 2025” strategy that defined 2023. Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. “The relative positioning of seniors housing compared with other real estate asset classes has improved dramatically since last year,” said Blake Peeper, senior managing director of Bridge Investment Group, which is based in Salt Lake City. Peeper attributed his optimism in the seniors housing sector to a variety of factors. “Supply and demand dynamics are in our favor,” he explained. “There’s been a lot of confidence in future net operating income (NOI) growth, and the bid-ask spread has really narrowed. All of that …
SARASOTA, FLA. — Aztec Group has arranged a $54.5 million bridge loan for Alloro at University Groves, a seniors housing community located in Sarasota. An affiliate of United Group of Cos. is the borrower, and Mortgage REIT provided the debt. Developed in 2023, Alloro at University Groves features 183 units for residents aged 55 and older. Amenities at the community include a 12,587-square-foot clubhouse, fitness center, yoga room, salon, movie theater, pickleball and bocce courts, a spa, community garden, dog park and onsite dining facilities.
MESA, SURPRISE, PEORIA, SEDONA AND YOUNGTOWN, ARIZ. — JLL Capital Markets has arranged $96.5 million in refinancing for a five-property, 971-unit seniors housing portfolio in Arizona. Alanna Ellis, Brad Miner and Ace Sudah of JLL Capital Markets Debt Advisory secured the financing for the borrower, Douglaston Development and The Hampton Group. Recently renovated between 2021 and 2024, the portfolio consists of 510 independent living units, 339 assisted living units and 122 memory care units. The portfolio includes Canyon Winds at 2851 N. Boulder Canyon and 7311 E. Oasis St. in Mesa, Chaparral Winds at 16617 N. West Point Parkway and 16623 N. West Point Parkway in Surprise, Desert Winds at 20554 N. 101st Ave. and 20545 N. Lake Pleasant Road in Peoria, Sedona Winds at 405 Jacks Canyon Road and 475 Jacks Canyon Road in Sedona, and Ventana Winds at 12322 N. 113th Ave. in Youngtown.
TAYLOR, MICH. — Bayview PACE has provided $4.3 million in C-PACE financing for the 81-unit Hampton Manor-Taylor seniors housing community in Taylor near Detroit. The project sponsor is Florida-based Build Senior Living, the development arm of Hampton Manor. Licensed for 102 beds, Hampton Manor-Taylor features 65 assisted living units and 16 memory care units. The $4.3 million in C-PACE funds are part of a refinancing on the already-completed Taylor project, which is substantially leased. C-PACE, or Commercial Property Assessed Clean Energy, can be used in a variety of applications including new construction and renovations. It can be utilized to recapitalize projects completed within three years in many jurisdictions.
By Taylor Williams ATLANTA — Seniors housing has long been established as a viable property type within the spectrum of commercial real estate investment, and at the institutional level, major seniors housing owners oftentimes happen to be major healthcare owners as well. The pairing is only logical. Seniors tend to require disproportionate amounts of healthcare resources, which is why ideal sites for their residential facilities tend to have proximity to hospitals. It also explains why the staffers who make these facilities run often have medical training backgrounds. Therefore, to continue to evolve as an asset class and investment proposition, it follows that seniors housing owners must, from top to bottom, deepen their embrace of healthcare technologies and operating philosophies within their properties. Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. At the InterFace Seniors Housing Southeast conference in Atlanta in late August, several panelists representing prominent owner-operators encouraged a crowd of 400-plus attendees at the Westin Buckhead Hotel to do just that. Incorporating both tangible and intangible features of pure-play healthcare properties and operations reflects an …
PHOENIX AND PRESCOTT, ARIZ. — Live Oak Bank has provided a $54 million bridge loan for an Arizona-based owner and operator of seniors housing communities. Loan proceeds were used to retire existing bank debt for a four-property campus portfolio in the metropolitan statistical areas (MSAs) of Phoenix and Prescott Valley. The loan provides a bridge-to-agency option and features a two-year initial term and 24 months of interest-only payments.
MAGNOLIA, TEXAS — New Hope Housing (NHH), a nonprofit affordable and workforce housing owner-operator, is underway on construction of a 120-unit affordable seniors housing project that will be located in the northwestern Houston suburb of Magnolia. The site at 7520 Avenue C spans 3.5 acres, and the development will house 90 one-bedroom units and 30 two-bedroom units. Of those, 19 units will be reserved for households earning 30 percent or less of the area median income (AMI); 44 units will be made available to seniors earning 50 percent or less of AMI; and 57 units will be earmarked for renters earning 60 percent or less of AMI. Amegy Bank provided $20 million in construction financing for the project, which is expected to be complete in 2026.
MORGANTOWN, W.VA. — Live Oak Bank has closed a $39 million unitranche loan — a hybrid financing structure that combines senior debt and subordinated debt into one loan — on behalf of a Charleston, S.C.-based owner and operator of seniors housing communities. Loan proceeds were used to retire existing bank debt along with partnership debt associated with the sponsor’s 2021 purchase of a 175-unit independent living, assisted living and memory care community located in Morgantown, home city of West Virginia University. The three-year loan provides a bridge-to-agency option and includes 24 months of interest-only payments and no exit fee. Berkadia Commercial Mortgage’s Seniors Housing & Healthcare Group funded the subordinate debt.
ATLANTA — Though the older population is often seen as removed from modern technology, tech products offer great promise to the seniors housing sector. Participants in the “Technology Revolution: Enhancing Resident Care and Operational Cost Effectiveness” panel at the InterFace Seniors Housing Southeast conference (held recently in Atlanta) all agreed on this point. Importantly though, the panel — which was moderated by Mark Petty, vice president of corporate accounts with ICON — also highlighted the fact that seniors housing is an industry rooted in human interaction. Given this fact, the panelists concluded that technology can complement and enhance, but never replace, the human touch. Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. Three Questions A strategic approach in the purchase and application of technology within seniors housing communities is paramount, pointed out Joe Jasmon, CEO and managing partner of American Healthcare Management Group. In addition to being highly helpful, the products offered by tech companies can be costly. “To have tech just to have tech is really a waste of time, effort and money,” asserted Jasmon. …