Seniors Housing

WinnCompanies Completes $19.3M Adaptive Reuse for Multifamily Property in Ludlow, Massachusetts

by Amy Works October 30, 2017

LUDLOW, MASS. — WinnCompanies has completed the $19.3 million adaptive reuse project that transformed a 110-year-old mill building into Residences at Mill 10, an age-restricted seniors housing property located in Ludlow. The four-story, 108,163-square-foot building features 63 one-bedroom and 12 two-bedroom apartments for residents age 55 and older. On-site amenities include community spaces and common areas on each floor, a fitness center, laundry facilities, a resident lounge and parking. WinnResidential is managing the property, which is fully leased. Dellbrook Construction served as general contractor and The Architectural Team provided architectural services for the project.

October 30, 2017

California Loans Multifamily Seniors Housing Western

iBorrow Provides $12.5M Loan for Assisted Living Renovations Near Los Angeles

by Nellie Day October 27, 2017

OXNARD, CALIF. — iBorrow, a private commercial real estate lender, has provided a $12.5 million loan for an assisted living community currently undergoing major renovations in the Los Angeles suburb of Oxnard. Originally built in 1960, the 59,650-square-foot property sits on 2.4 acres. Following completion of the renovations in 2018, the property will feature 102 units. The borrower, Global Premier Development, has already invested $10 million into the property and plans to invest further. Meridian Senior Living will operate the community following the redevelopment project. Although the name of the community was not disclosed, Meridian lists Regency Palms Oxnard as its only community in Oxnard. The company’s website states that the community will open in March 2018.

October 27, 2017

Florida Multifamily Seniors Housing Southeast

Cushman & Wakefield Brokers $27.5M Sale of Seniors Housing Community in St. Augustine

by Camren Skelton October 27, 2017

ST. AUGUSTINE, FLA. — Cushman & Wakefield has arranged the $27.5 million sale of Glenmoor, a 223-unit seniors housing community in St. Augustine. Allen McMurty, Paul Carr, David Kliewer and Megan Fetter of Cushman & Wakefield represented the seller, Life Care St. John’s Inc., an affiliate of Life Care Pastoral Services Inc., in the disposition. Orlando-based Westminster Communities of Florida acquired the asset and will rename the property Westminster of St. Augustine. Constructed in 2001, the community is located at 235 Towerview Drive in St. Augustine’s World Golf Village. Westminster St. Augustine includes a mix of cottage homes, independent living apartments, assisted living units and skilled nursing units. Community amenities include a clubhouse, heated outdoor lap pool, putting green, bocce court, pub and a fitness center. In addition, residents can enjoy benefits at World Golf Village, including access to two golf courses, a swimming pool, fitness center and social areas.

October 27, 2017

California Multifamily Seniors Housing Western

JCH Arranges Sale of 97-Unit Assisted Living Facility in Southern California

by Nellie Day October 25, 2017

SOUTHERN CALIFORNIA — JCH Senior Housing Investment Brokerage has arranged the sale of an assisted living facility in Southern California for $9.6 million. The name of the 97-unit property was not disclosed. Both the buyer and seller are local, single-asset operators. Jim Hazzard and Nick Stahler were the lead agents on the transaction.

October 25, 2017

Multifamily Seniors Housing Texas

MRC to Develop 259-Unit Seniors Housing Project in Fort Worth

by Taylor Williams October 20, 2017

FORT WORTH, TEXAS — Methodist Retirement Communities (MRC), a non-profit seniors living developer operator based in The Woodlands, will develop Stevenson Oaks, a 259-unit seniors housing property that will be situated on 19 acres in Fort Worth. The project will deliver 159 independent living units, 36 assisted living units, 24 memory support suites, 24 rehab suites and 16 skilled nursing suites. Located off Chisholm Trail Parkway at Bryant Irvin and Altamesa boulevards, the property will offer amenities such as a fitness center, auditorium and walking trails. Construction is scheduled to begin in late 2019, with 2021 the target opening date.

October 20, 2017

Loans Multifamily New York Northeast Seniors Housing

Greystone Provides $54.2M in Financing for Two Skilled Nursing Facilities in Queens

by Amy Works October 20, 2017

NEW YORK CITY — Greystone has provided $54.2 million in HUD-insured mortgage loans to refinance two skilled nursing facilitates in Queens. Fred Levine of Greystone’s Monsey, N.Y., office originated the two separate transactions for the borrower, SentosaCare. Greystone provided a $21.9 million loan to refinance Brookhaven Rehabilitation and Healthcare Center, a 298-bed property in the Far Rockaway neighborhood and $32.3 million in refinancing for Cypress Garden Center for Nursing and Rehabilitation, a 278-bed facility in Flushing. Both loans were 30-year self-amortizing FHA loans at low fixed rates.

October 20, 2017

Arizona Multifamily Seniors Housing Western

P.B. Bell Plans 165-Unit Seniors Housing Community Near Phoenix

by Nellie Day October 19, 2017

GLENDALE, ARIZ. — Multifamily developer P.B. Bell is returning to the seniors housing industry with the development of Inspira Arrowhead, a 165-unit community in the Phoenix suburb of Glendale. The property will be located within the 75-acre Aspera mixed-use development. It will feature 123 units split between independent living and assisted living, as well as 42 memory care units. Inspira Arrowhead will complement the 286-unit Velaire at Aspera, P.B. Bell’s luxury multifamily community also located within Aspera. P.B. Bell is partnering on the project with Cadence Senior Living, a Scottsdale-based seniors housing development and management company. Floor plans range in size from a 367-square-foot studio in the memory care area to a 1,076-square-foot, two-bedroom residence in the independent living area. Inspira at Arrowhead is slated for completion in January 2019 with reservations scheduled to begin in mid-2018.

October 19, 2017

Multifamily Northeast Pennsylvania Seniors Housing

The Waters Begins Pre-Leasing 143-Unit Community in Pennsylvania

by Amy Works October 18, 2017

WEXFORD, PA. — The Waters Senior Living has started pre-leasing for The Waters of Wexford, a 143-unit independent living, assisted living and memory care community in Wexford, approximately 15 miles north of Pittsburgh. The community is scheduled to open in June 2018. Once completed, it will feature 114 apartments for independent living with assisted living services available, as well as 29 memory care studios. The property is located on an 18-acre plot that The Waters acquired in November 2016. Development costs at that time were estimated at $38 million. The Waters of Wexford will be the 10th senior living community developed by The Waters Senior Living and the first in Pennsylvania. All of the companies’ current properties are in the its home state of Minnesota.

October 18, 2017

California Multifamily Seniors Housing Western

Eden Housing Starts Construction of 90-Unit Affordable Seniors Housing Community in Bay Area

by Nellie Day October 18, 2017

FREMONT, CALIF. — Eden Housing has broken ground on Mission Court Senior Apartments, an affordable seniors housing community in the San Jose suburb of Fremont. KTGY Architecture + Planning designed the property for the nonprofit developer, which is building the community along with the City of Fremont. The 90 units are reserved for those over 62 years of age making between 30 percent and 50 percent of the area median income. The three-story building will be located in the Warm Springs area of Fremont on a 2.25-acre site near transportation, shopping and services. Mission Court Senior Apartments is part of Mission Falls, a master-planned development that includes five villages on a 23.5-acre parcel. When complete, the property will include 500 residential units and a 15,000-square-foot senior community center. Mission Court Senior Apartments is scheduled for completion in November 2018.

October 18, 2017

Loans Multifamily Seniors Housing Texas

KeyBank Arranges $74.6M Loan for Seniors Housing Portfolio in Texas

by Taylor Williams October 17, 2017

CLEVELAND — KeyBank Real Estate Capital has arranged a $74.6 million loan for the refinancing of a portfolio of seniors housing properties located in various markets throughout Texas. The portfolio consists of six skilled nursing facilities totaling 806 beds. John Randolph, Grant Saunders and Peter Trazzera of KeyBank arranged the financing through the FHA’s 232/223(f) mortgage insurance program. The borrower was a joint venture between Capital Senior Ventures, a subsidiary of Baltimore-based Capital Funding Group, and New York-based Blue Mountain Capital Management.

October 17, 2017

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