Seniors Housing

Hines, Welltower Break Ground for 151-Unit Seniors Housing Tower in Manhattan

by Amy Works March 6, 2018

NEW YORK CITY — Hines and Welltower Inc. have broken ground for the construction of Sunrise at East 56th, a seniors housing property located at 139 E. 56th St. in Midtown Manhattan. As known as The Welltower, the 16-story tower will be the neighborhood’s first purpose-built assisted living and memory care community. Designed by SLCE, the property will feature complementary retail at the base and 151 assisted living and memory care units. Community amenities will include dining rooms, a salon, exercise facilities, medical examination rooms, an art studio and a theater. Slated for completion in early 2020, the development will be managed by Sunrise Senior Living. Champalimaud is serving as interior designer for the property.

March 6, 2018

Arizona Multifamily Seniors Housing Western

LCS, Westminster Funds Start Construction of 44-Unit CCRC Expansion in Phoenix

by Nellie Day March 5, 2018

PHOENIX — A joint venture between Life Care Services and Westminster Funds has broken ground on Desert Willow Assisted Living, a 44-unit assisted living building on the campus of Sagewood, a continuing care retirement community (CCRC) in Phoenix. Located within Sagewood’s Acacia Health Center, the assisted living expansion will be available to those currently in the community as well as new residents. The building will add to Sagewood’s current 316 units. The two-story building is scheduled to open in fall 2018. Todd & Associates is serving as the architect on the project. Spellman Brady & Co. is providing interior design. The Weitz Company is the general contractor.

March 5, 2018

Company News Multifamily Seniors Housing Top Stories

Seniors Housing Operator HCR ManorCare to File for Bankruptcy Following $385M Rent Delinquency

by Taylor Williams March 5, 2018

BETHESDA, MD. — HCR ManorCare, an Ohio-based seniors housing operator, will file for Chapter 11 bankruptcy protection and transfer its management operations to its landlord, Quality Care Properties (NYSE: QCP). HCR ManorCare, which currently manages about 320 seniors housing properties, is the second-largest skilled nursing operator in the country. The company’s management contracts also span the assisted living, hospice and home care sectors. The move follows HCR’s declaration of approximately $385 million in delinquent rent payments. Reuters reports that the company’s total debt is roughly $7.1 billion and that QCP will put its own management teams in place at properties previously managed by HCR. Under the terms of the agreement, HCR’s operating subsidiaries will not file for Chapter 11 bankruptcy protection. The parent company’s name and brand will also remain in place, but as a wholly owned subsidiary of QCP. QCP itself is a spin-off of healthcare REIT HCP (NYSE: HCP), which created the company specifically to remove HCR ManorCare’s 320 properties from its portfolio. QCP and HCR have been in negotiations for months regarding hundreds of millions in unpaid rent. In addition, QCP will give up its REIT designation, as it will now both own and operate its properties. “This …

March 5, 2018

Multifamily New York Northeast Seniors Housing

Spellman Brady Completes Interior Design for 87,700 SF Seniors Housing Community on Long Island

by Amy Works March 2, 2018

PATCHOGUE, N.Y. — Spellman Brady & Co. has completed interior design work for Village Walk, a five-story assisted living community in the Long Island village of Patchogue. Carlisle Senior Living Communities, an affiliate of The D&F Development Group, is developing the 87,700-square-foot community. Spellman Brady & Co. is a St. Louis–based interior design firm specializing in senior living, healthcare and higher education.

March 2, 2018

Multifamily Oregon Seniors Housing Western

Wolff Plans 140-Unit Independent Living Community Near Portland

by Nellie Day March 2, 2018

HILLSBORO, ORE. — The Wolff Company has announced plans for Revel AmberGlen, a 140-unit independent living community in the Portland suburb of Hillsboro. Wolff plans to break ground later this year for a planned completion in 2020. The four-story property will be located in the Tualatin Valley on the west side of Portland. Revel AmberGlen is the 12th senior living community that The Wolff Company has developed since 2016. The company plans to invest $300 million to $400 million annually in the development of new independent and assisted living communities, in addition to the purchase and renovation of existing communities.

March 2, 2018

Multifamily Seniors Housing Utah Western

Strategic Student & Senior Housing Trust Acquires Three Assisted Living Communities in Salt Lake City

by Nellie Day March 1, 2018

SALT LAKE CITY — Strategic Student & Senior Housing Trust Inc. has acquired a portfolio of three assisted living communities in Salt Lake City totaling 294 units. The seller and price were not disclosed. The portfolio includes The Wellington, Cottonwood Creek and The Charleston at Cedar Hills. Although the operator was not named, all three communities appear on the website of California-based operator MBK Senior Living. The Wellington features 119 units, Cottonwood Creek features 111 units and The Charleston features 64 units. Strategic Student & Senior Housing Trust Inc. is a private real estate investment trust sponsored by SmartStop Asset Management. This acquisition marks SmartStop’s first entry into the seniors housing space. The company specializes in self-storage assets.

March 1, 2018

Colorado Multifamily Seniors Housing Western

Juniper Communities Buys Two-Property Seniors Housing Portfolio in Metro Denver

by Nellie Day March 1, 2018

LAKEWOOD, COLO. — Juniper Communities has acquired Applewood Place and Lakewood Reserve, two seniors housing communities in the Denver suburb of Lakewood. The seller and price were not disclosed. Built in 2008, Applewood Place is a 90,500-square-foot, two-story community featuring 65 assisted living units and 42 memory care units. Lakewood Reserve, built in 1999, is a 112,516-square-foot, two-story community featuring 118 assisted living units and 19 memory care units. The acquisitions bring Juniper’s total portfolio size to 1,862 units in 23 communities. Is also expands the company’s presence in the Denver area, where it already owns and operates three communities.

March 1, 2018

Loans Multifamily North Carolina Seniors Housing Southeast

KeyBank Provides $15.5M Refinancing for Seniors Housing Asset in Mebane, North Carolina

by Camren Skelton March 1, 2018

MEBANE, N.C. — KeyBank Real Estate Capital has provided a $15.5 million Fannie Mae loan for the refinancing of Mebane Ridge Assisted Living, a 65-unit seniors housing property in Mebane, roughly 25 miles northwest of Durham. Charlie Shoop of KeyBank arranged the 10-year loan with two years of interest-only payments and a 30-year amortization schedule. The name of the borrower was not disclosed, but the property website lists Ridge Care Inc. as the owner/operator. The one-story Mebane Ridge Assisted Living was constructed in 2014 and includes assisted living and memory care units.

March 1, 2018

Florida Loans Multifamily Seniors Housing Southeast

NorthMarq Arranges $4M Permanent Loan for Seniors Housing Community in Deland, Florida

by Camren Skelton February 28, 2018

DELAND, FLA. — NorthMarq Capital has arranged a $4 million permanent loan for Whisperwood Manufactured Home Park, a 396-unit seniors housing/manufactured home park located at 3070 Whisper Blvd. in Deland, roughly 40 miles north of Orlando. Larry Curry of NorthMarq arranged the loan on behalf of the undisclosed borrower through its correspondent relationship with a life insurance company. The community features a 9-hole pitch and putt golf course, two swimming pools, billiard and poker tables, lighted tennis courts, shuffleboard courts, bocce ball courts, horseshoes, library and a fully equipped kitchen.

February 28, 2018

Multifamily Seniors Housing Texas

Greystone Brokers Sale of 114-Unit Seniors Housing Portfolio in DFW

by Taylor Williams February 27, 2018

GARLAND, GRAPEVINE AND MCKINNEY, TEXAS — Greystone Real Estate Advisors has brokered the sale of the Grand Brook Portfolio, a trio of memory care communities in the DFW metroplex totaling 114 units. The Class A properties were developed between 2004 and 2006 and are located in Garland, Grapevine and McKinney. Cody Temper and Mike Garbers of Greystone represented the seller in the transaction. Other terms of sale were not released.

February 27, 2018

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